Rocky Mount Academy
- Assets
- $8.1m
- Revenue
- $6.8m
- Investments
- $0.0
- Employees
- 160
- Location
- Rocky Mount, NC
- Founding
- 01/1969
- Data as of
- 06/2021
- EIN
- 23-7005337
Organization Overview
Rocky Mount Academy is located in Rocky Mount, NC. The organization was established in 1969. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2021, Rocky Mount Academy employed 160 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rocky Mount Academy 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 06/2021, Rocky Mount Academy generated $6.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $6.4m during the year ending 06/2021. While expenses have increased by 3.1% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ROCKY MOUNT ACADEMY IS AN INDEPENDENT SCHOOL WITH THE MISSION TO PREPARE IT'S STUDENTS FOR THE CHANLLENGES, OPPORTUNITIES AND RESPONSIBILITIES THAT THEY WILL ENCOUNTE IN LIFE AND COLLEGE..
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A PRIVATE INDEPENDENT SCHOOL SERVING AROUND 435 STUDENTS FROM K-12.
OPERATION OF A PRIVATE INDEPENDENT SCHOOL SERVING AROUND 435 STUDENTS FROM PRE-K THROUGH 12TH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beth Covolo Headmaster | 50 | $180,080 | |
Patsy Bradley Finance Offi | Officer | 50 | $100,867 |
E Wayne Boseman Treasurer | OfficerTrustee | $0 | |
Janie Mac Pittman Trustee | OfficerTrustee | $0 | |
Howard Stevens Trustee | Trustee | $0 | |
Margaret Ann Wooten Chair | Trustee | $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 | $389,315 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $389,315 |
| Total Program Service Revenue | $5,438,670 |
| Investment income | $40,094 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $134,635 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,840,196 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,015,201 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,208,830 |
| Pension plan accruals and contributions | $82,645 |
| Other employee benefits | $350,346 |
| Payroll taxes | $242,888 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $85,730 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $365,191 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $77,853 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $325,373 |
| Insurance | $70,048 |
| All other expenses | $112,617 |
| Total functional expenses | $6,425,124 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $285,249 |
| Savings and temporary cash investments | $410,510 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $130,598 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,558 |
| Prepaid expenses and deferred charges | $50,117 |
| Net Land, buildings, and equipment | $4,874,025 |
| Investments—publicly traded securities | $2,326,326 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $8,535 |
| Other assets | $0 |
| Total assets | $8,086,918 |
| Accounts payable and accrued expenses | $445,066 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $1,507,721 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $506,965 |
| Total liabilities | $2,459,752 |
| Net assets without donor restrictions | $3,268,166 |
| Net assets with donor restrictions | $2,359,000 |
| 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 | $8,086,918 |
Grants Recieved
Over the last fiscal year, we have identified 15 grants that Rocky Mount Academy has recieved totaling $190,470.
| Awarding Organization | Amount |
|---|---|
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $51,621 |
American Endowment Foundation Hudson, OH PURPOSE: EDUCATIONAL | $50,000 |
Dickson Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $40,000 |
North Carolina Community Foundation Inc Raleigh, NC PURPOSE: EDUCATION | $25,000 |
Southern Bank Foundation Mount Olive, NC PURPOSE: DONATION | $5,000 |
Williamson Family Foundation Tarboro, NC PURPOSE: EDUCATIONAL | $4,000 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Trinity School Inc Atlanta, GA | $133,203,671 | $25,058,941 |
Hammond School Columbia, SC | $54,753,815 | $20,190,119 |
Carolina Day School Inc Asheville, NC | $29,412,889 | $19,874,947 |
Republic Schools Nashville Nashville, TN | $31,048,580 | $24,002,902 |
Congressional School Inc Falls Church, VA | $21,870,095 | $18,184,082 |
Nansemond-Suffolk Academy Association Incorporated Suffolk, VA | $19,895,333 | $17,664,822 |
Summit School Inc Winstonsalem, NC | $46,496,346 | $18,682,492 |
North Cobb Christian School Inc Kennesaw, GA | $44,288,708 | $22,180,039 |
Christian Academy Of Knoxville Inc Knoxville, TN | $16,374,308 | $19,411,697 |
Cornerstone Academy Inc Morristown, TN | $83,376,022 | $25,507,605 |
Piedmont Community Charter School Gastonia, NC | $39,263,540 | $16,321,598 |
Franklin Academy Inc Wake Forest, NC | $23,533,490 | $17,154,874 |