Civic Intelligence

Wake Preparatory Academy

EIN 81-3748488 • 501(c)3 • Wake Forest, NC

Pub. 78 Eligible990-N CoverageNTEE B29

Profile

Operation of a North Carolina public charter school

14111 Capital BLVDWake Forest, NC 27587

www.wakeprep.org

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$41,434,344

Down $2,022,186 (-4.7%) from 2024

Liabilities

Down

$42,675,404

Down $2,018,098 (-4.5%) from 2024

Net Assets

Down

-$1,241,060

Down $4,088 (-0.3%) from 2024

Operations

Revenue

Up

$30,649,526

Up $5,111,866 (+20%) from 2024

Expenses

Up

$30,653,614

Up $5,698,707 (+23%) from 2024

Net Income

Down

-$4,088

Down $586,841 (-101%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0-$20MAssets 2023: $45,359,098Liabilities 2023: $47,178,823Net Assets 2023: -$1,819,7252023Assets 2024: $43,456,530Liabilities 2024: $44,693,502Net Assets 2024: -$1,236,9722024Assets 2025: $41,434,344Liabilities 2025: $42,675,404Net Assets 2025: -$1,241,0602025

Highlighted filing

2025

Assets$41,434,344
Liabilities$42,675,404
Net Assets-$1,241,060
Open 2025 Filing

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$30M$20M$10M$0-$10MRevenue 2023: $18,153,112Expenses 2023: $19,972,837Net Income 2023: -$1,819,7252023Revenue 2024: $25,537,660Expenses 2024: $24,954,907Net Income 2024: $582,7532024Revenue 2025: $30,649,526Expenses 2025: $30,653,614Net Income 2025: -$4,0882025

Highlighted filing

2025

Revenue$30,649,526
Expenses$30,653,614
Net Income-$4,088
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$41,434,344
Liabilities
$42,675,404
Net assets
-$1,241,060
Revenue
$30,649,526
Expenses
$30,653,614
Net income
-$4,088
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$41.4$42.7$1.24$30.6$30.7$0.00
2024Detailed filing. Detailed filing data is available for this year.$43.5$44.7$1.24$25.5$25.0$0.58
2023Detailed filing. Detailed filing data is available for this year.$45.4$47.2$1.82$18.2$20.0$1.82
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 25, 2026
Return Version
2024v5.2
Gross Receipts
$30,649,526
Mission and Program Overview

Mission

Operation of a North Carolina public charter school

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$42,571,124$40,052,396▼ $2,518,728
Cash and Non-Interest-Bearing Accounts$773,298$1,275,705▲ $502,407
Accounts Receivable$105,413$99,548▼ $5,865
Prepaid Expenses and Deferred Charges$6,695$6,695→ $0
Total Assets$43,456,530$41,434,344▼ $2,022,186
Liabilities
Other Liabilities$42,318,602$40,311,594▼ $2,007,008
Mortgage Notes Payable Secured by Investment Property$2,048,520$2,007,008▼ $41,512
Accounts Payable and Accrued Expenses$326,380$356,802▲ $30,422
Total Liabilities$44,693,502$42,675,404▼ $2,018,098
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,236,972$-1,241,060▼ $4,088
Total Net Assets Fund Balance$-1,236,972$-1,241,060▼ $4,088
Total Liabilities and Net Assets / Fund Balance$43,456,530$41,434,344▼ $2,022,186

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$39,584,784$6,985,551$46,570,335
Equipment$454,573$466,561$921,134
Leasehold Improvements$13,039$16,883$29,922
Compensation and Service Providers

Board Members and Trustees

NameTitle
Kyle ShraugerPresident
Michael FeathamVice President
Rev Dr William SeamanBoard Member
Rev Larry WilderBoard Member
Valeska Lipani-GarrettBoard Member
Dustin BaptisteSecretary
Tammy AlexanderTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$839,565
Program Service Revenue
$29,809,961
Investment Income
$0
Other Revenue
$0
All Other Contributions
$53,067
Change in Net Assets
$-4,088

Audited Revenue Reconciliation

Revenue per Audited Statements
$30,649,526
Total Revenue per Audited Statements
$30,649,526
Total Revenue per Form 990
$30,649,526
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$16,705,613
Salaries, Compensation, and Employee Benefits$13,948,001
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$11,722,819$475,074-$12,197,893
Occupancy$299$2,769,474-$2,769,773
Depreciation Depletion$2,014,983$503,745-$2,518,728
Interest-$2,191,274-$2,191,274
Payroll Taxes$867,325$32,160-$899,485
Other Employee Benefits$590,084$93,306-$683,390
Other Expenses$1,619,040$581,650-$581,650
Insurance-$242,301-$242,301
Pension Plan Contributions$162,044$5,189-$167,233
Advertising-$102,383-$102,383
Fees for Services Legal-$45,697-$45,697
Fees for Services Accounting-$8,101-$8,101
Total Functional Expenses$18,809,730$11,843,884$0$30,653,614

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$30,653,614
Total Expenses per Audited Statements$30,653,614
Total Expenses per Form 990$30,653,614
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes$40,311,594
Due in more than one year-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Charter One - management and accounting services”

Form 990, Part VI, Section B, Line 11B

“The executive director reviews the 990 and presents to the board of directors for approval.”

Form 990, Part VI, Section B, Line 12C

“At monthly board meetings the board discusses any potential conflicts of interest. If any member has a potential conflict that person does not participate in the decision-making process or vote on the matter.”

Form 990, Part VI, Section B, Line 15A

“Executive directors compensation is approved by the board and is based on comparability data and performance.”

Form 990, Part VI, Section B, Line 15B

“Officers do not receive compensation. Key employees salaries are based on the state salary scale.”

Form 990, Part VI, Section C, Line 19

“Governing documents, school policies, and financial statements are available for viewing by the public at the organizations office upon request.”

Filing and Contact Details

Filer

Filer Name
Wake Preparatory Academy
EIN
81-3748488
In Care Of
% W Corwin
Address
14111 Capital BLVD, Wake Forest, NC 27587

Signing Officer

Name
W Corwin
Title
Chair
Signed
2026-02-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
W Corwin
Formed
2022
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
Employees
313

Preparer

Firm
Rebekah Barr CPA PC
Address
2505-B Nash Street NW, Wilson, NC 27896
Preparer
Rebekah T Barr
Phone
2522946920
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IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0North Carolina charter schools are funded by the State and Local governments. The School also receives various federal grants
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc06a
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Charter One - management and accounting services
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The executive director reviews the 990 and presents to the board of directors for approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2At monthly board meetings the board discusses any potential conflicts of interest. If any member has a potential conflict that person does not participate in the decision-making process or vote on the matter.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Executive directors compensation is approved by the board and is based on comparability data and performance.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Officers do not receive compensation. Key employees salaries are based on the state salary scale.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Governing documents, school policies, and financial statements are available for viewing by the public at the organizations office upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt043456530
IRS990/TotalAssetsEOYAmt041434344
IRS990/TotalAssetsGrp/BOYAmt043456530
IRS990/TotalAssetsGrp/EOYAmt041434344
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0839565
IRS990/TotalEmployeeCnt0313
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt011843884
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt018809730
IRS990/TotalFunctionalExpensesGrp/TotalAmt030653614
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt044693502
IRS990/TotalLiabilitiesEOYAmt042675404
IRS990/TotalLiabilitiesGrp/BOYAmt044693502
IRS990/TotalLiabilitiesGrp/EOYAmt042675404
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-1236972
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1241060
IRS990/TotalProgramServiceExpensesAmt018809730
IRS990/TotalProgramServiceRevenueAmt029809961
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt030649526
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt043456530
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt041434344
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt014111 Capital BLVD
IRS990/USAddress/CityNm0Wake Forest
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027587
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0https://www.wakeprep.org/
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0W Corwin
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Chair
ReturnHeader/BusinessOfficerGrp/SignatureDt02026-02-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Wake Preparatory Academy
ReturnHeader/Filer/BusinessNameControlTxt0WAKE
ReturnHeader/Filer/EIN0813748488
ReturnHeader/Filer/InCareOfNm0% W Corwin
ReturnHeader/Filer/USAddress/AddressLine1Txt014111 Capital BLVD
ReturnHeader/Filer/USAddress/CityNm0Wake Forest
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027587
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0271832948
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Rebekah Barr CPA PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02505-B Nash Street NW
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Wilson
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027896
ReturnHeader/PreparerPersonGrp/PhoneNum02522946920
ReturnHeader/PreparerPersonGrp/PreparationDt02026-02-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Rebekah T Barr
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02026-02-25T12:15:55-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-07-01
ReturnHeader/TaxPeriodEndDt02025-06-30
ReturnHeader/TaxYr02024

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