Franklin Academy Inc
- Assets
- $23.5m
- Revenue
- $17.2m
- Investments
- $0.0
- Employees
- 229
- Location
- Wake Forest, NC
- Founding
- 03/1999
- Data as of
- 06/2022
- EIN
- 56-2085431
Organization Overview
Franklin Academy Inc is located in Wake Forest, NC. The organization was established in 1999. 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 06/2022, Franklin Academy Inc employed 229 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin 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, Franklin Academy Inc generated $17.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $14.6m during the year ending 06/2022. While expenses have increased by 3.2% 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
TO PROVIDE A QUALITY EDUCATION FOR STUDENTS IN GRADES K-12
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATED CHARTER SCHOOL IN WAKE FOREST NORTH CAROLINA - PROVIDED INSTRUCTION SERVICES AND FACILITY FOR EDUCATIONAL PURPOSES AS PROVIDED BY NORTH CAROLINA CHARTER SCHOOLS, AND PROVIDED NUTRITIONAL FOOD TO STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Denise Kent Head Administrator | 45 | $138,152 | |
Robert L Luddy Chairman | OfficerTrustee | 2 | $0 |
Bill Francis Treasurer | OfficerTrustee | 1 | $0 |
Rick Eddins Director | Trustee | 1 | $0 |
Alphonsa C Merritt Director | Trustee | 1 | $0 |
Judy Nunnenkamp Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $16,404,487 |
| 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 | $16,404,487 |
| Total Program Service Revenue | $279,645 |
| Investment income | $122,151 |
| 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 | $17,154,874 |
| 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 | $9,242,711 |
| Pension plan accruals and contributions | $208,640 |
| Other employee benefits | $904,378 |
| Payroll taxes | $709,783 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $662 |
| Fees for services: Accounting | $23,364 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,260 |
| Office expenses | $66,757 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,391 |
| 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 | $889,326 |
| Insurance | $36,284 |
| All other expenses | $436,459 |
| Total functional expenses | $14,578,907 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,403,777 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $616,876 |
| 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 | $107,478 |
| Net Land, buildings, and equipment | $14,609,025 |
| Investments—publicly traded securities | $2,796,334 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,533,490 |
| Accounts payable and accrued expenses | $197,498 |
| Grants payable | $0 |
| Deferred revenue | $6,983 |
| 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 | $204,481 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $23,329,009 |
| Total liabilities and net assets/fund balances | $23,533,490 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Franklin Academy Inc has recieved totaling $9,948.
| Awarding Organization | Amount |
|---|---|
North Carolina High School Athletic Chapel Hill, NC PURPOSE: TO SUBSIDIZE SCHOOL COSTS. | $9,948 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ensworth School Nashville, TN | $203,625,309 | $44,175,360 |
Freedom Preparatory Academy Inc Memphis, TN | $50,857,494 | $33,295,008 |
Cannon School Inc Concord, NC | $52,291,449 | $28,580,834 |
Thales Academy Raleigh, NC | $136,454,160 | $55,473,682 |
Mt Paran Christian School Inc Kennesaw, GA | $56,928,804 | $29,889,603 |
Franklin Road Academy Inc Nashville, TN | $58,128,778 | $31,046,189 |
Brentwood Academy Inc Brentwood, TN | $50,379,157 | $25,930,047 |
Lake Norman Charter School Inc Huntersville, NC | $64,551,351 | $25,126,213 |
Greensboro Independent School Corporation Greensboro, NC | $42,520,891 | $22,760,621 |
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 |