Quality Education Academy
- Assets
- $3.7m
- Revenue
- $9.0m
- Investments
- $0.0
- Employees
- 130
- Location
- Winston Salem, NC
- Founding
- 06/1999
- Data as of
- 06/2023
- EIN
- 56-2017872
Organization Overview
Quality Education Academy is located in Winston Salem, NC. The organization was established in 1999. 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 06/2023, Quality Education Academy employed 130 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Quality Education 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 06/2023, Quality Education Academy generated $9.0m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $9.6m during the year ending 06/2023. While expenses have increased by 9.4% per year over the past 4 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
OPERATION OF A PUBLIC CHARTER SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED EDUCATION TO APPROXIMATELY 636 STUDENTS IN FORYSTH COUNTY, NC FOR THE FISCAL YEAR ENDED JUNE 30, 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tamara Turner CEO | OfficerTrustee | 40 | $107,000 |
Dr Jefferson Caruthers Chairman | OfficerTrustee | 2.5 | $0 |
Adolphus Coplin Board Member | Trustee | 1 | $0 |
J Luther Covington Board Member | Trustee | 1 | $0 |
John Foxworth Board Member | Trustee | 1 | $0 |
James Gadson Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,135,033 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,135,033 |
| Total Program Service Revenue | $6,850,080 |
| 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 | $8,985,113 |
| 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 | $5,357,826 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $429,621 |
| Payroll taxes | $399,449 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $69,905 |
| 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 | $4,198 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $124,471 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,412 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $106,717 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $9,630,110 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,062,200 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $230,316 |
| 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 | $1,204,200 |
| Investments—publicly traded securities | $1,148,245 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $98,659 |
| Total assets | $3,743,620 |
| Accounts payable and accrued expenses | $18,319 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $164,668 |
| Total liabilities | $182,987 |
| Net assets without donor restrictions | $3,560,633 |
| 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 | $3,743,620 |