St Thomas More Academy Inc
- Assets
- $7.7m
- Revenue
- $2.2m
- Investments
- $897.5k
- Employees
- 37
- Location
- Raleigh, NC
- Founding
- 04/2004
- Data as of
- 06/2022
- EIN
- 02-0624214
Organization Overview
St Thomas More Academy Inc is located in Raleigh, NC. The organization was established in 2004. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2022, St Thomas More Academy Inc employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. St Thomas More Academy Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, St Thomas More Academy Inc generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $2.4m during the year ending 06/2022. While expenses have increased by 6.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ST. THOMAS MORE ACADEMY PROVIDES A CLASSICAL COLLEGE-PREPARATORY CURRICULUM FOR GRADES 9-12 THAT FULLY PARTICIPATES IN THE ROMAN CATHOLIC TRADITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES WERE INCURRED TO OPERATE A SCHOOL FOR 245 HIGH SCHOOL STUDENTS. THESE EXPENSES INCLUDED TEACHER SALARIES, EDUCATIONAL MATERIALS AND STUDENT ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert L Luddy President | OfficerTrustee | 2 | $0 |
Randolph L Luddy Director | Trustee | 2 | $0 |
Bradley E Watkins Headmaster | OfficerTrustee | 40 | $102,381 |
William H Francis Jr Corporate Secretary | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $651,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $651,500 |
| Total Program Service Revenue | $1,419,484 |
| Investment income | $60,608 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $109,690 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,241,282 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $120,350 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $108,431 |
| Compensation of current officers, directors, key employees. | $108,431 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,009,925 |
| Pension plan accruals and contributions | $18,029 |
| Other employee benefits | $35,062 |
| Payroll taxes | $85,097 |
| Fees for services: Management | $10,999 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $38,053 |
| Advertising and promotion | $9,465 |
| Office expenses | $36,150 |
| Information technology | $29,755 |
| Royalties | $0 |
| Occupancy | $59,206 |
| Travel | $4,115 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $449,465 |
| Insurance | $11,167 |
| All other expenses | $9,210 |
| Total functional expenses | $2,371,225 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $523,983 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,628 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $6,222,415 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $897,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $39,927 |
| Total assets | $7,702,453 |
| Accounts payable and accrued expenses | $233,298 |
| Grants payable | $0 |
| Deferred revenue | $76,353 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $309,651 |
| Net assets without donor restrictions | $7,392,802 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,702,453 |