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Nonprofiteer
← FRANKLIN ACADEMY INC

Form 990 for tax year 2024

Filed by FRANKLIN ACADEMY INC.

Totals

Total revenue
$20,039,730
Total expenses
$17,480,805
Contributions and grants received
$17,878,363
Grants paid
$0
Program service revenue
$322,776
Investment income
$675,078
Other revenue
$1,163,513
Total assets, end of year
$30,069,220
Total liabilities, end of year
$193,826
Net assets or fund balances, end of year
$29,875,394
Program services expenses (Part IX)
$14,525,673
Management and general expenses
$2,940,209
Fundraising expenses
$14,923
Program service expenses (Part III)
$14,525,673

Program services were 83.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $17,878,363

  • 2a · Program service revenue: SCHOOL ACTIVITIES

    total $322,776 · related or exempt $322,776

  • 3 · Investment income

    total $675,078 · excluded $675,078

  • 11a · Other revenue: MISC OTHER SOURCES

    total $923,010 · related or exempt $923,010

  • 11b · Other revenue: FIELD TRIPS

    total $141,225 · related or exempt $141,225

  • 11c · Other revenue: SALES TAX REFUNDS

    total $85,961 · related or exempt $85,961

  • 11d · All other revenue

    total $13,317 · related or exempt $13,317

  • 11e · Other revenue, total

    $1,163,513

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $10,789,659 · program services $9,666,561 · management and general $1,123,098

  • 8 · Pension plan contributions

    total $268,720 · program services $243,781 · management and general $24,939

  • 9 · Other employee benefits

    total $1,134,865 · program services $1,010,319 · management and general $124,546

  • 10 · Payroll taxes

    total $880,489 · program services $790,189 · management and general $90,300

  • 11b · Fees: legal

    total $10,816 · program services $5,408 · management and general $5,408

  • 11c · Fees: accounting

    total $27,648 · program services $13,824 · management and general $13,824

  • 12 · Advertising and promotion

    total $2,371 · program services $1,323 · management and general $1,048

  • 13 · Office expenses

    total $32,836 · management and general $32,836

  • 17 · Travel

    total $3,182 · program services $523 · management and general $2,659

  • 22 · Depreciation, depletion and amortization

    total $870,154 · program services $435,077 · management and general $435,077

  • 23 · Insurance

    total $100,037 · program services $79,207 · management and general $20,830

  • 24a · Other expenses: CLEANING/MAINTENANCE

    total $1,100,806 · program services $990,725 · management and general $110,081

  • 24b · Other expenses: SUPPLIES

    total $737,324 · program services $300,622 · management and general $421,779 · fundraising $14,923

  • 24c · Other expenses: CONTRACTED SERVICES

    total $668,094 · program services $357,800 · management and general $310,294

  • 24d · Other expenses: UTILITIES

    total $253,060 · program services $227,754 · management and general $25,306

  • 24e · All other expenses

    total $600,744 · program services $402,560 · management and general $198,184

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,522,956 · end of year $4,220,463

  • 3 · Pledges and grants receivable

    beginning of year $203,033 · end of year $216,970

  • 9 · Prepaid expenses and deferred charges

    beginning of year $411,961 · end of year $393,315

  • 10a · Land, buildings and equipment: cost or other basis

    $25,565,081

  • 10b · Land, buildings and equipment: accumulated depreciation

    $11,575,053

  • 10c · Land, buildings and equipment, net

    beginning of year $14,496,354 · end of year $13,990,028

  • 11 · Investments: publicly traded securities

    beginning of year $10,847,434 · end of year $11,248,444

  • 17 · Accounts payable and accrued expenses

    beginning of year $228,579 · end of year $193,826

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $27,253,159 · end of year $29,875,394

Mission and programs · 2024

Mission

THE CORPORATION'S PRIMARY EXEMPT PURPOSE IS TO ENGAGE IN THE CHARITABLE AND EDUCATIONAL PURPOSES OF PROVIDING QUALITY PUBLIC EDUCATION AS A CHARTER SCHOOL CREATED PURSUANT TO THE GENERAL STATUTES OF NORTH CAROLINA ESTABLISHING CHARTER SCHOOLS.

Activities or mission (Part I)

TO PROVIDE A QUALITY EDUCATION FOR STUDENTS IN GRADES K-12

  • 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.

    Expenses $14,525,673 · Revenue $1,486,289

As filed on the 2024 return.

Listed in Part VII

  • Robert L Luddy

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Rick Eddins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Alphonsa C Merritt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Judy Nunnenkamp

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bill Francis

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Brandon Hafner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Denise Kent

    HEAD ADMINISTRATOR

    Total calculated
    $179,594
    From this org
    $179,594
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $179,594
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $179,594

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
8 April 2026
IRS schema version
2024v5.5
Source object
202620989349301147

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