Civic Intelligence

Wilmington Education Organization

EIN 81-4262635 • 501(c)3 • Wilmington, NC

Pub. 78 Eligible990-N CoverageNTEE B29

Profile

Wilmington Education Organization, dba Coastal Preparatory Academy, is a Challenge Foundation Academy (CPA-CFA)-- a public K-8 charter school located in New Hanover County. CPA-CFA is a tuition-free public charter school open to all residents of North Carolina.

1135 Pandion DriveWilmington, NC 28411

coastalpre.teamcfa.school

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

96th percentile

1.10x

Higher debt load relative to assets than 96% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

88th percentile

2.07x

Higher debt load relative to revenue than 88% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

39th percentile

0.9%

Higher net margin than 39% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

26th percentile

-1.6%

Faster asset growth than 26% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Revenue Growth

62nd percentile

13%

Faster revenue growth than 62% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$21,965,787

Down $324,382 (-1.5%) from 2023

Liabilities

Down

$24,221,581

Down $435,346 (-1.8%) from 2023

Net Assets

Up

-$2,255,794

Up $110,964 (+4.7%) from 2023

Operations
Liabilities / Revenue88th percentileNet Margin39th percentile

Revenue

Up

$11,682,516

Up $674,008 (+6.1%) from 2023

Expenses

Up

$11,571,552

Up $165,958 (+1.5%) from 2023

Net Income

Up

$110,964

Up $508,050 (+128%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth26th percentile

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

$30M$20M$10M$0-$10MAssets 2018: $591,077Liabilities 2018: $80,955Net Assets 2018: $510,1222018Assets 2019: $1,379,470Liabilities 2019: $165,864Net Assets 2019: $1,213,6062019Assets 2020: $23,546,004Liabilities 2020: $25,305,500Net Assets 2020: -$1,759,4962020Assets 2021: $22,607,631Liabilities 2021: $24,645,000Net Assets 2021: -$2,037,3692021Assets 2022: $22,686,310Liabilities 2022: $24,655,982Net Assets 2022: -$1,969,6722022Assets 2023: $22,290,169Liabilities 2023: $24,656,927Net Assets 2023: -$2,366,7582023Assets 2024: $21,965,787Liabilities 2024: $24,221,581Net Assets 2024: -$2,255,7942024

Highlighted filing

2024

Assets$21,965,787
Liabilities$24,221,581
Net Assets-$2,255,794
Open 2024 Filing

Operations Trend

Revenue Growth62nd percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2018: $3,910,858Expenses 2018: $3,371,941Net Income 2018: $538,9172018Revenue 2019: $5,304,319Expenses 2019: $4,600,835Net Income 2019: $703,4842019Revenue 2020: $5,017,331Expenses 2020: $7,768,099Net Income 2020: -$2,750,7682020Revenue 2021: $6,972,055Expenses 2021: $7,249,928Net Income 2021: -$277,8732021Revenue 2022: $9,173,831Expenses 2022: $9,106,134Net Income 2022: $67,6972022Revenue 2023: $11,008,508Expenses 2023: $11,405,594Net Income 2023: -$397,0862023Revenue 2024: $11,682,516Expenses 2024: $11,571,552Net Income 2024: $110,9642024

Highlighted filing

2024

Revenue$11,682,516
Expenses$11,571,552
Net Income$110,964
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$21,965,787
Liabilities
$24,221,581
Net assets
-$2,255,794
Revenue
$11,682,516
Expenses
$11,571,552
Net income
$110,964
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$22.0$24.2$2.26$11.7$11.6$0.11
2023Detailed filing. Detailed filing data is available for this year.$22.3$24.7$2.37$11.0$11.4$0.40
2022Detailed filing. Detailed filing data is available for this year.$22.7$24.7$1.97$9.17$9.11$0.07
2021Detailed filing. Detailed filing data is available for this year.$22.6$24.6$2.04$6.97$7.25$0.28
2020Detailed filing. Detailed filing data is available for this year.$23.5$25.3$1.76$5.02$7.77$2.75
2019Detailed filing. Detailed filing data is available for this year.$1.38$0.17$1.21$5.30$4.60$0.70
2018Detailed filing. Detailed filing data is available for this year.$0.59$0.08$0.51$3.91$3.37$0.54
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 25, 2025
Return Version
2023v6.0
Gross Receipts
$11,682,516
Mission and Program Overview

Mission

Wilmington Education Organization, dba Coastal Preparatory Academy, is a Challenge Foundation Academy (CPA-CFA)-- a public K-8 charter school located in New Hanover County. CPA-CFA is a tuition-free public charter school open to all residents of North Carolina.

Public K-8 charter school located in New Hanover County, providing tuition-free education to the public and open to all residents of North Carolina.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$18,626,153$18,077,746▼ $548,407
Savings and Temporary Cash Investments$1,810,622$1,922,489▲ $111,867
Cash and Non-Interest-Bearing Accounts$1,473,034$1,821,664▲ $348,630
Accounts Receivable$380,360--
Prepaid Expenses and Deferred Charges-$143,888-
Total Assets$22,290,169$21,965,787▼ $324,382
Liabilities
Tax Exempt Bond Liabilities$24,105,000$24,060,000▼ $45,000
Deferred Revenue$360,000--
Accounts Payable and Accrued Expenses$191,927$161,581▼ $30,346
Total Liabilities$24,656,927$24,221,581▼ $435,346
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-2,366,758$-2,255,794▲ $110,964
Total Net Assets Fund Balance$-2,366,758$-2,255,794▲ $110,964
Total Liabilities and Net Assets / Fund Balance$22,290,169$21,965,787▼ $324,382

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,169,223$1,849,998$16,019,221
Land$3,823,000-$3,823,000
Equipment$85,523$165,888$251,411
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
David AndersonChair
Dan MysiukVice Chair
Bud WawnerDirector
Karen GaskillDirector
Kimberly RivenbarkSecretary/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$761,955
Program Service Revenue
$9,078,731
Investment Income
$111,867
Other Revenue
$1,729,963
All Other Contributions
$476,170
Change in Net Assets
$110,964

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,682,516
Total Revenue per Audited Statements
$11,682,516
Total Revenue per Form 990
$11,682,516
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,435,151
Salaries, Compensation, and Employee Benefits$4,136,401
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,298,546$153,071-$3,451,617
Occupancy$1,558,591$389,648-$1,948,239
Interest-$1,433,827-$1,433,827
Depreciation Depletion$548,407--$548,407
Other Employee Benefits$338,654$28,593-$367,247
Payroll Taxes$260,825$12,245-$273,070
Advertising-$138,106-$138,106
Other Expenses$77,992$441,779-$77,992
Fees for Services Legal-$50,865-$50,865
Pension Plan Contributions$43,638$829-$44,467
Insurance-$30,322-$30,322
Fees for Services Accounting-$7,100-$7,100
Total Functional Expenses$7,038,425$4,533,127$0$11,571,552

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$11,571,552
Total Expenses per Audited Statements$11,571,552
Total Expenses per Form 990$11,571,552
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-

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2019-07-31$21,480,000Building Construction
BPublic Finance Authority2020-03-17$2,360,000Building Construction

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$21,480,000$1,268,680$270,000$429,598
B$2,360,000-$85,000$47,198

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No

Governance Explanations

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

“Form 990 is prepared by an independent CPA and reviewed by the president and treasurer. Other board members are notified of its availability for review.”

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

“New board members are made aware of their duty to disclose any potential conflicts to the president as soon as they arise. Annually, the board is reminded of its duty to assess and disclose potential conflicts of interest.”

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

“Compensation is evaluated by the personnel and finance committees of the board and wage rates are recommended to the board for approval. The Head of Schools salary is compared to various objective data points e.g. wage scales provided by the NC Department of Education to ensure reasonableness of compensation.”

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

“Compensation is evaluated by the personnel and finance committees of the board and wage rates are recommended to the board for approval. The Head of Schools salary is compared to various objective data points e.g. wage scales provided by the NC Department of Education to ensure reasonableness of compensation.”

Form 990, Part VI, Section C, Line 18

“Form 990 is available at guidestar.org or upon request from the School.”

Form 990, Part VI, Section C, Line 19

“Governing documents and other information is available to the public in accordance with North Carolina law upon request of the School.”

Filing and Contact Details

Filer

Filer Name
Wilmington Education Organization
EIN
81-4262635
Phone
9108390012
Address
1135 Pandion Drive, Wilmington, NC 28411
Doing Business As
American Leadership Academy - Coastal

Signing Officer

Name
David Anderson
Title
Board Chair
Phone
9108390012
Signed
2025-04-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Anderson
Formed
2014
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
127
Volunteers
500

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/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
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IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
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IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
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IRS990ScheduleE/MaintainScholarshipsRecsInd0true
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0North Carolina charter schools are funded by the State and Local Governments. The School also receives various federal grants.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc06a
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd1false
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd1false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd1false
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd1false
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd1false
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd1false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd1false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02019-07-31
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt12020-03-17
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0Building Construction
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 990 is prepared by an independent CPA and reviewed by the president and treasurer. Other board members are notified of its availability for review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1New board members are made aware of their duty to disclose any potential conflicts to the president as soon as they arise. Annually, the board is reminded of its duty to assess and disclose potential conflicts of interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Compensation is evaluated by the personnel and finance committees of the board and wage rates are recommended to the board for approval. The Head of Schools salary is compared to various objective data points e.g. wage scales provided by the NC Department of Education to ensure reasonableness of compensation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Compensation is evaluated by the personnel and finance committees of the board and wage rates are recommended to the board for approval. The Head of Schools salary is compared to various objective data points e.g. wage scales provided by the NC Department of Education to ensure reasonableness of compensation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Form 990 is available at guidestar.org or upon request from the School.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Governing documents and other information is available to the public in accordance with North Carolina law upon request of the School.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, Line 19
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0Wilmington Education Organization
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0Coastal Preparatory Academy Fdn LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0842515673
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt019904357
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0School facility owner
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt01841830

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