Faith Academy Charter School Inc
- Assets
- $30.5m
- Revenue
- $9.1m
- Investments
- $0.0
- Employees
- 123
- Location
- Faith, NC
- Founding
- Data as of
- 06/2024
- EIN
- 85-2067737
Organization Overview
Faith Academy Charter School Inc is located in Faith, NC. 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 06/2024, Faith Academy Charter School Inc employed 123 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Faith Academy 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 06/2024, Faith Academy Charter School Inc generated $9.1m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 22.4% each year . All expenses for the organization totaled $8.8m during the year ending 06/2024. While expenses have increased by 27.7% per year over the past 3 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
2024
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
OPERATION OF A CHARTER SCHOOL IN FAITH, NORTH CAROLINA, SERVING APPROXIMATELY 766 STUDENTS IN GRADES KINDERGARTEN THROUGH 8TH FOR THE FISCAL YEAR ENDED JUNE 30, 2024.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Wilhelm Chair | OfficerTrustee | 1 | $0 |
Gene Miller Vice Chair | OfficerTrustee | 1 | $0 |
Tim Williams Secretary | OfficerTrustee | 1 | $0 |
Elizabeth Morrow Treasurer | OfficerTrustee | 1 | $0 |
Janna Griggs Member | Trustee | 1 | $0 |
Chris Sease Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,041,213 |
| All other contributions, gifts, grants, and similar amounts not included above | $172,129 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,213,342 |
| Total Program Service Revenue | $7,920,444 |
| 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 | $9,133,786 |
| 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 | $3,932,510 |
| Pension plan accruals and contributions | $38,339 |
| Other employee benefits | $334,561 |
| Payroll taxes | $381,882 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $810 |
| Fees for services: Accounting | $7,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,793 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $499,450 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $732,501 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,003,405 |
| Insurance | $29,250 |
| All other expenses | $0 |
| Total functional expenses | $8,810,324 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,911,139 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $810 |
| 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 | $42,367 |
| Net Land, buildings, and equipment | $28,506,851 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $30,461,167 |
| Accounts payable and accrued expenses | $8,398 |
| Grants payable | $0 |
| Deferred revenue | $35,139 |
| Tax-exempt bond liabilities | $28,193,216 |
| 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 | $28,236,753 |
| Net assets without donor restrictions | $2,224,414 |
| 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 | $30,461,167 |