The Carolina Academy
- Assets
- $4.2m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 72
- Location
- Lake City, SC
- Founding
- 03/1976
- Data as of
- 06/2023
- EIN
- 57-6036661
Organization Overview
The Carolina Academy is located in Lake City, SC. The organization was established in 1976. 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 06/2023, Carolina Academy employed 72 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carolina 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, Carolina Academy generated $2.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $1.9m during the year ending 06/2023. While expenses have increased by 5.7% per year over the past 8 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
EDUCATION - GRADES 3K THROUGH 12TH GRADE
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING EDUCATIONAL SERVICES FOR GRADES 3 YEAR OLD KINDERGARTEN THROUGH 12TH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Davie Coker Board Member | Trustee | $0 | |
Sonny Collins Board Member | Trustee | $0 | |
Neil Cox Board Member | Trustee | $0 | |
Tommy Evans Board Member | Trustee | $0 | |
Anna Franks Board Member | OfficerTrustee | $0 | |
Rhett Long Board Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $482,229 |
| 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 | $482,229 |
| Total Program Service Revenue | $1,737,114 |
| Investment income | $2,169 |
| 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 | $2,230,684 |
| 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 | $1,111,640 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $79,021 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,679 |
| Fees for services: Accounting | $16,953 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,169 |
| Advertising and promotion | $27,698 |
| Office expenses | $63,832 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $298,034 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $12,971 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $78,235 |
| Insurance | $51,275 |
| All other expenses | $3,500 |
| Total functional expenses | $1,917,919 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $811,120 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,278 |
| 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 | $3,374,640 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,188,038 |
| Accounts payable and accrued expenses | $0 |
| 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 | $337,816 |
| Other liabilities | $5,201 |
| Total liabilities | $343,017 |
| Net assets without donor restrictions | $3,845,021 |
| 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 | $4,188,038 |