Falls Lake Academy Inc
- Assets
- $23.9m
- Revenue
- $10.6m
- Investments
- $0.0
- Employees
- 168
- Location
- Creedmoor, NC
- Founding
- 01/2014
- Data as of
- 06/2021
- EIN
- 46-1167805
Organization Overview
Falls Lake Academy Inc is located in Creedmoor, NC. The organization was established in 2014. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, Falls Lake Academy Inc employed 168 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Falls Lake 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 06/2021, Falls Lake Academy Inc generated $10.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $9.5m during the year ending 06/2021. While expenses have increased by 13.1% 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
FALLS LAKE ACADEMY SEEKS TO CREATE A CHALLENGING LEARNING ENVIRONMENT WHILE STRIVING TO MEET THE ACADEMIC, SOCIAL, AND EMOTIONAL NEEDS OF OUR 21ST CENTURY LEARNERS TO PREPARE THEM FOR CITIZENSHIP, LEADERSHIP, AND SUCCESS IN A RAPIDLY CHANGING WORLD. OUR SCHOOL PROMOTES A SAFE, ORDERLY, CARING AND SUPPORTIVE COMMUNITY. EACH STUDENT'S SELF-ESTEEM IS FOSTERED BY POSITIVE RELATIONSHIPS WITH STUDENTS AND STAFF. WE STRIVE TO HAVE OUR PARENTS, TEACHERS, AND COMMUNITY MEMBERS ACTIVELY INVOLVED IN OUR STUDENT'S LEARNING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FACILITIES, TEACHERS, AND MATERIALS TO STUDENTS ENROLLED AT A NC PUBLIC CHARTER SCHOOL
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy Hobgood Executive Director | Officer | 40 | $106,493 |
Velvet Nelson Board Member | OfficerTrustee | 5 | $0 |
Samantha Dale Board Member | OfficerTrustee | 5 | $0 |
Crystal Grant Board Member | OfficerTrustee | 5 | $0 |
Gina Stinnett Board Member | OfficerTrustee | 5 | $0 |
Brian Massengill Board Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hubrich Contracting Construction | 6/29/18 | $366,570 |
Charter Success Financial Management | 6/29/18 | $182,969 |
Vetsa Housing Solutions Modular Classrooms | 6/29/18 | $265,468 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,323,479 |
| All other contributions, gifts, grants, and similar amounts not included above | $157,551 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,481,030 |
| Total Program Service Revenue | $112,631 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,593,661 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $643,633 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $9,542,424 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,525,506 |
| Savings and temporary cash investments | $569,154 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $12,273 |
| Net Land, buildings, and equipment | $17,767,779 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,874,712 |
| Accounts payable and accrued expenses | $140,439 |
| 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 | $20,184,413 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $20,324,852 |
| Net assets without donor restrictions | $0 |
| 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 | -$2,416,634 |
| Retained earnings, endowment, accumulated income, or other funds | $5,966,494 |
| Total liabilities and net assets/fund balances | $23,874,712 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Falls Lake Academy Inc has recieved totaling $300.
| Awarding Organization | Amount |
|---|---|
The Duke Energy Foundation Charlotte, NC PURPOSE: MATCHING GIFTS | $300 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
James Island Charter High School Charleston, SC | $22,889,433 | $20,877,381 |
Legacy Early College Greenville, SC | $11,865,335 | $23,115,805 |
Pine Lake Preparatory Inc Mooresville, NC | $43,880,592 | $18,139,159 |
Memphis Business Academy Memphis, TN | $29,884,603 | $21,343,740 |
Uwharrie Green School Inc Asheboro, NC | $37,750,042 | $15,359,750 |
Bradford Preparatory School Charlotte, NC | $43,531,972 | $16,692,910 |
Triangle Charter Education Association Inc Cary, NC | $23,775,884 | $15,148,719 |
Invest Collegiate Imagine Inc Asheville, NC | $38,770,080 | $14,359,175 |
Henderson Collegiate Henderson, NC | $34,215,458 | $16,220,503 |
Coastal Plains Education Center Inc Metter, GA | $21,944,449 | $17,839,473 |
Mountain Island Charter School Inc Mount Holly, NC | $10,307,817 | $15,645,892 |
High Point Academy Inc Spartanburg, SC | $32,871,458 | $16,108,414 |