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Nonprofiteer
← FRANKLIN ACADEMY INC

Form 990 for tax year 2023

Filed by FRANKLIN ACADEMY INC.

Totals

Total revenue
$18,121,235
Total expenses
$15,605,186
Contributions and grants received
$16,634,177
Grants paid
$0
Program service revenue
$294,209
Investment income
$630,964
Other revenue
$561,885
Total assets, end of year
$27,481,738
Total liabilities, end of year
$228,579
Net assets or fund balances, end of year
$27,253,159
Program services expenses (Part IX)
$12,973,385
Management and general expenses
$2,626,096
Fundraising expenses
$5,705
Program service expenses (Part III)
$12,973,385

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)

    $16,634,177

  • 2a · Program service revenue: SCHOOL ACTIVITIES

    total $294,209 · related or exempt $294,209

  • 3 · Investment income

    total $630,964 · excluded $630,964

  • 11a · Other revenue: MISC OTHER SOURCES

    total $440,823 · related or exempt $440,823

  • 11b · Other revenue: SALES TAX REFUNDS

    total $95,193 · related or exempt $95,193

  • 11c · Other revenue: VARIOUS FUNDRAISING

    total $25,869 · related or exempt $25,869

  • 11e · Other revenue, total

    $561,885

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $9,798,249 · program services $8,712,484 · management and general $1,085,765

  • 9 · Other employee benefits

    total $1,252,673 · program services $1,133,343 · management and general $119,330

  • 10 · Payroll taxes

    total $804,897 · program services $710,311 · management and general $94,586

  • 11b · Fees: legal

    total $114 · program services $57 · management and general $57

  • 11c · Fees: accounting

    total $27,702 · program services $13,851 · management and general $13,851

  • 12 · Advertising and promotion

    total $1,344 · program services $10 · management and general $1,334

  • 13 · Office expenses

    total $60,854 · program services $13,412 · management and general $47,442

  • 17 · Travel

    total $3,042 · program services $1,948 · management and general $1,094

  • 22 · Depreciation, depletion and amortization

    total $732,553 · program services $366,276 · management and general $366,277

  • 23 · Insurance

    total $967 · management and general $967

  • 24a · Other expenses: CONTRACTED SERVICES

    total $1,465,274 · program services $807,398 · management and general $657,876

  • 24b · Other expenses: SUPPLIES

    total $673,795 · program services $595,798 · management and general $72,292 · fundraising $5,705

  • 24c · Other expenses: UTILITIES

    total $234,762 · program services $211,286 · management and general $23,476

  • 24d · Other expenses: FIELD TRIPS

    total $157,623 · program services $157,623

  • 24e · All other expenses

    total $391,337 · program services $249,588 · management and general $141,749

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,280,615 · end of year $1,522,956

  • 3 · Pledges and grants receivable

    beginning of year $577,586 · end of year $203,033

  • 9 · Prepaid expenses and deferred charges

    beginning of year $290,385 · end of year $411,961

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

    $25,201,253

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

    $10,704,899

  • 10c · Land, buildings and equipment, net

    beginning of year $14,614,986 · end of year $14,496,354

  • 11 · Investments: publicly traded securities

    beginning of year $6,251,431 · end of year $10,847,434

  • 17 · Accounts payable and accrued expenses

    beginning of year $277,892 · end of year $228,579

  • 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 $24,737,111 · end of year $27,253,159

Mission and programs · 2023

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 $12,973,385 · Revenue $856,094

As filed on the 2023 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

  • Denise Kent

    HEAD ADMINISTRATOR

    Total calculated
    $164,638
    From this org
    $164,638
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $164,638
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $164,638

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
2023
Filed
4 February 2025
IRS schema version
2023v6.0
Source object
202540359349300709

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