Socrates Academy Inc
- Assets
- $4.8m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 122
- Location
- Matthews, NC
- Founding
- 02/2007
- Data as of
- 06/2021
- EIN
- 20-1361228
Organization Overview
Socrates Academy Inc is located in Matthews, NC. The organization was established in 2007. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, Socrates Academy Inc employed 122 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Socrates Academy 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 06/2021, Socrates Academy Inc generated $8.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $6.7m during the year ending 06/2021. While expenses have increased by 4.8% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OPERATE A CHARTER SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATE A PUBLIC CHARTER SCHOOL.
OPERATE A PUBLIC CHARTER SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vanessa Baker Principal | OfficerTrustee | 40 | $75,700 |
Lena Bakis Business Manager | Officer | 40 | $36,910 |
John Couchell Vice Pres | OfficerTrustee | 2 | $0 |
Larry Peroulas Pres | OfficerTrustee | 2 | $0 |
Antonis Stylianou V President | OfficerTrustee | 2 | $0 |
Rhonda Patterson Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,829,054 |
| All other contributions, gifts, grants, and similar amounts not included above | $50,609 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,879,663 |
| Total Program Service Revenue | $29,897 |
| 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 | $7,974,700 |
| 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. | $112,610 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,316,178 |
| Pension plan accruals and contributions | $783,145 |
| Other employee benefits | $338,971 |
| Payroll taxes | $256,021 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,253 |
| Fees for services: Accounting | $7,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,740 |
| Office expenses | $47,403 |
| Information technology | $13,802 |
| Royalties | $0 |
| Occupancy | $883,367 |
| Travel | $1,882 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,756 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,805 |
| Insurance | $38,768 |
| All other expenses | $24,770 |
| Total functional expenses | $6,690,430 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,216,299 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $233,805 |
| 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 | $12,103 |
| Net Land, buildings, and equipment | $86,695 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,270,934 |
| Total assets | $4,819,836 |
| Accounts payable and accrued expenses | $22,582 |
| 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 | $314,303 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,548,067 |
| Total liabilities | $10,884,952 |
| Net assets without donor restrictions | -$6,166,674 |
| Net assets with donor restrictions | $101,558 |
| 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 | $4,819,836 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Socrates Academy Inc has recieved totaling $51,211.
| Awarding Organization | Amount |
|---|---|
Ahepa Marathon Chapter No 2 Foundation Charlotte, NC PURPOSE: GENERAL DONATION | $50,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $500 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $491 |
The Duke Energy Foundation Charlotte, NC PURPOSE: MATCHING GIFTS | $200 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $20 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
James Island Charter High School Charleston, SC | $22,889,433 | $20,877,381 |
Legacy Early College Greenville, SC | $11,865,335 | $23,115,805 |
Pine Lake Preparatory Inc Mooresville, NC | $43,880,592 | $18,139,159 |
Memphis Business Academy Memphis, TN | $29,884,603 | $21,343,740 |
Uwharrie Green School Inc Asheboro, NC | $37,750,042 | $15,359,750 |
Bradford Preparatory School Charlotte, NC | $43,531,972 | $16,692,910 |
Triangle Charter Education Association Inc Cary, NC | $23,775,884 | $15,148,719 |
Invest Collegiate Imagine Inc Asheville, NC | $38,770,080 | $14,359,175 |
Henderson Collegiate Henderson, NC | $34,215,458 | $16,220,503 |
Coastal Plains Education Center Inc Metter, GA | $21,944,449 | $17,839,473 |
Mountain Island Charter School Inc Mount Holly, NC | $10,307,817 | $15,645,892 |
High Point Academy Inc Spartanburg, SC | $32,871,458 | $16,108,414 |