Lake Norman Charter School Inc
- Assets
- $64.7m
- Revenue
- $26.0m
- Investments
- $1.7m
- Employees
- 301
- Location
- Huntersville, NC
- Founding
- 02/1999
- Data as of
- 06/2022
- EIN
- 58-2360164
Organization Overview
Lake Norman Charter School Inc is located in Huntersville, 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, Lake Norman Charter School Inc employed 301 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Norman Charter School 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, Lake Norman Charter School Inc generated $26.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.9% each year. All expenses for the organization totaled $24.0m during the year ending 06/2022. While expenses have increased by 9.7% 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
LAKE NORMAN CHARTER SCHOOL PREPARES STUDENTS TO BE COMMUNITY LEADERS DEMONSTRATING PERSONAL INTEGRITY WITH A LIFE-LONG DESIRE TO LEARN, LEAD AND SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE A PUBLIC CHARTER SCHOOL SERVING APPROXIMATELY 2,200 STUDENTS IN GRADES K-12. PROVIDE FACILITIES, TEACHERS, INSTRUCTIONAL SUPPLIES AND MATERIALS TO STUDENTS ENROLLED IN THE CHARTER SCHOOL.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leslie Fogarty Board Chairperson | OfficerTrustee | 3 | $0 |
Nicole Benford Treasurer | OfficerTrustee | 3 | $0 |
Greg Kilpatrick Secretary | OfficerTrustee | 3 | $0 |
Amy Carr Vice Chair | OfficerTrustee | 3 | $0 |
Ridgely Chapman Board Member | Trustee | 3 | $0 |
Jennifer Johnson Board Member | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mega Grading Llc Construction | 6/29/22 | $142,844 |
Ratzlaff Construction Company Llc Construction | 6/29/22 | $165,646 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $21,863,744 |
| All other contributions, gifts, grants, and similar amounts not included above | $597,015 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,460,759 |
| Total Program Service Revenue | $886,968 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $53,954 |
| Royalties | $0 |
| Net Rental Income | $2,514,850 |
| 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 | $25,990,344 |
| 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 | $1,799,086 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $24,026,406 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $11,184,314 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,924 |
| 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 | $7,646,679 |
| Net Land, buildings, and equipment | $41,198,499 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,690,040 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,871,193 |
| Total assets | $64,667,649 |
| Accounts payable and accrued expenses | $961,811 |
| Grants payable | $0 |
| Deferred revenue | $4,870 |
| Tax-exempt bond liabilities | $37,847,735 |
| 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 | $33,371,015 |
| Total liabilities | $72,185,431 |
| 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 | $5,955,655 |
| Retained earnings, endowment, accumulated income, or other funds | -$13,473,437 |
| Total liabilities and net assets/fund balances | $64,667,649 |