Civic Intelligence

Wake Preparatory Academy

990 • Fiscal year 2024 • EIN 81-3748488

Jul 01, 2023 to Jun 30, 2024 • Filed on Feb 03, 2025

Organization Profilewww.wakeprep.org
14111 Capital BLVDWake Forest, NC 27587

(480) 420-2101

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

93rd percentile

1.03x

Higher debt load relative to assets than 93% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

65th percentile

1.75x

Higher debt load relative to revenue than 65% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Source year 2024

Net Margin

45th percentile

2.3%

Higher net margin than 45% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

18th percentile

$0

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2024 filings • NTEE B • $25M-$50M nonprofits • Source year 2024

Asset Growth

17th percentile

-4.2%

Faster asset growth than 17% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

82nd percentile

41%

Faster revenue growth than 82% of similar nonprofits.

2024 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Down

$43,456,530

Down $1,902,568 (-4.2%) from 2023

Net Assets

Up

-$1,236,972

Up $582,753 (+32%) from 2023

Liabilities

Down

$44,693,502

Down $2,485,321 (-5.3%) from 2023

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin45th percentile

Revenue

Up

$25,537,660

Up $7,384,548 (+41%) from 2023

Expenses

Up

$24,954,907

Up $4,982,070 (+25%) from 2023

Net Income

Up

$582,753

Up $2,402,478 (+132%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth17th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2024

Assets$43,456,530
Liabilities$44,693,502
Net Assets-$1,236,972
Open 2024 Filing

Operations Trend

Revenue Growth82nd percentile

Revenue, expenses, and net income across loaded years, with this 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

2024

Revenue$25,537,660
Expenses$24,954,907
Net Income$582,753
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 3, 2025
Return Version
2023v6.0
Gross Receipts
$25,537,660
Mission and Program Overview

Mission

Operation of a North Carolina public charter school

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$45,089,852$42,571,124▼ $2,518,728
Cash and Non-Interest-Bearing Accounts$262,436$773,298▲ $510,862
Accounts Receivable$5,360$105,413▲ $100,053
Prepaid Expenses and Deferred Charges$1,450$6,695▲ $5,245
Total Assets$45,359,098$43,456,530▼ $1,902,568
Liabilities
Other Liabilities$44,367,122$42,318,602▼ $2,048,520
Mortgage Notes Payable Secured by Investment Property$2,546,822$2,048,520▼ $498,302
Accounts Payable and Accrued Expenses$264,879$326,380▲ $61,501
Total Liabilities$47,178,823$44,693,502▼ $2,485,321
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,819,725$-1,236,972▲ $582,753
Total Net Assets Fund Balance$-1,819,725$-1,236,972▲ $582,753
Total Liabilities and Net Assets / Fund Balance$45,359,098$43,456,530▼ $1,902,568

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$41,913,301$4,657,034$46,570,335
Equipment$638,800$282,334$921,134
Leasehold Improvements$19,023$10,899$29,922
Compensation and Service Providers
Top Officer Pay18th percentile

Board Members and Trustees

NameTitle
Kyle ShraugerPresident
Rev Dr William SeamanVice President
Dustin BaptisteDirector
Rev Larry WilderDirector
Valeska Lipani-GarrettDirector
Michael FeathamSecretary
Tammy AlexanderTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$929,051
Program Service Revenue
$24,608,609
Investment Income
$0
Other Revenue
$0
All Other Contributions
$57,973
Change in Net Assets
$582,753

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,537,660
Total Revenue per Audited Statements
$25,537,660
Total Revenue per Form 990
$25,537,660
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$15,109,357
Salaries, Compensation, and Employee Benefits$9,845,550
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,094,847$317,491-$8,412,338
Interest-$2,678,186-$2,678,186
Depreciation Depletion$2,014,983$503,745-$2,518,728
Occupancy$1,576,116$394,029-$1,970,145
Other Expenses$845,962$112,685-$958,647
Payroll Taxes$679,500$26,871-$706,371
Other Employee Benefits$506,369$103,617-$609,986
Advertising-$200,361-$200,361
Insurance-$179,088-$179,088
Pension Plan Contributions$113,532$3,323-$116,855
Fees for Services Legal-$17,381-$17,381
Fees for Services Accounting-$7,985-$7,985
Total Functional Expenses$15,901,280$9,053,627$0$24,954,907

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$24,954,907
Total Expenses per Audited Statements$24,954,907
Total Expenses per Form 990$24,954,907
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$42,318,602
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
2025-02-03
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
297
Volunteers
7

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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IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt029922
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt042318602
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Due in more than one year
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/RevenueSubtotalAmt025537660
IRS990ScheduleD/TotalBookValueLandBuildingsAmt042571124
IRS990ScheduleD/TotalExpensesPerForm990Amt024954907
IRS990ScheduleD/TotalLiabilityAmt042318602
IRS990ScheduleD/TotalRevenuePerForm990Amt025537660
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt025537660
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt024954907
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
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/TotalAssetsBOYAmt045359098
IRS990/TotalAssetsEOYAmt043456530
IRS990/TotalAssetsGrp/BOYAmt045359098
IRS990/TotalAssetsGrp/EOYAmt043456530
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0929051
IRS990/TotalEmployeeCnt0297
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt09053627
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt015901280
IRS990/TotalFunctionalExpensesGrp/TotalAmt024954907
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt047178823
IRS990/TotalLiabilitiesEOYAmt044693502
IRS990/TotalLiabilitiesGrp/BOYAmt047178823
IRS990/TotalLiabilitiesGrp/EOYAmt044693502
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-1819725
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1236972
IRS990/TotalProgramServiceExpensesAmt015901280
IRS990/TotalProgramServiceRevenueAmt024608609
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt025537660
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt045359098
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt043456530
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/SignatureDt02025-02-03
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/PreparationDt02025-02-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Rebekah T Barr
ReturnHeader/ReturnTs02025-02-03T10:29:37-00:00
ReturnHeader/ReturnTypeCd0990

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$43,456,530
Liabilities
$44,693,502
Net assets
-$1,236,972
Revenue
$25,537,660
Expenses
$24,954,907
Net income
$582,753
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