Durham Academy Inc
- Assets
- $115.2m
- Revenue
- $38.8m
- Investments
- $2.3m
- Employees
- 504
- Location
- Durham, NC
- Founding
- 01/1961
- Data as of
- 06/2021
- EIN
- 56-0538019
Organization Overview
Durham Academy Inc is located in Durham, NC. The organization was established in 1961. 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 06/2021, Durham Academy Inc employed 504 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Durham 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, Durham Academy Inc generated $38.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $34.7m during the year ending 06/2021. While expenses have increased by 4.1% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF DURHAM ACADEMY IS TO PROVIDE EACH STUDENT AN EDUCATION THAT WILL ENABLE HIM OR HER TO LIVE A MORAL, HAPPY AND PRODUCTIVE LIFE. THE DEVELOPMENT OF INTELLECT IS CENTRAL TO SUCH A LIFE AND, THUS, INTELLECTUAL ENDEAVOR AND GROWTH ARE THE PRIMARY WORK OF THE SCHOOL. THE ACQUISITION OF KNOWLEDGE; THE DEVELOPMENT OF SKILLS, CRITICAL JUDGMENT AND INTELLECTUAL CURIOSITY; AND INCREASED UNDERSTANDING ARE THE GOALS OF THE SCHOOL'S ACADEMIC PROGRAM.
Describe the Organization's Program Activity:
DURHAM ACADEMY PROVIDES SCHOOLING FOR PRE-SCHOOL THROUGH TWELFTH GRADE STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Ulku-Steiner Head Of School | Officer | 40 | $409,516 |
Gerald D Benson Director Of Business Servi | Officer | 40 | $300,010 |
Kristen Klein Assistant Head Of School | Officer | 40 | $169,179 |
Michelle Morgan Director Of Philanthropy | Officer | 40 | $154,642 |
Jonathan M Meredith Director Of Middle School | Officer | 40 | $150,953 |
Victoria Muradi Director Of Enrollment Management | 40 | $143,851 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cenplex Building Services Llc Cleaning | 6/29/21 | $481,498 |
Cannon Architects Architecture | 6/29/21 | $835,503 |
Ct Wilson Construction Co Construction | 6/29/21 | $8,628,259 |
Krueger Internal Inc Furniture | 6/29/21 | $210,455 |
Honeywell International Inc Heating And Cooling Repair | 6/29/21 | $187,566 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,884,726 |
| Investment income | $911,128 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $40,130 |
| Net Gain/Loss on Asset Sales | $70,254 |
| Net Income from Fundraising Events | $9,898 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $29,642 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,768,231 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $2,760,384 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,714,078 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,621,239 |
| Pension plan accruals and contributions | $830,536 |
| Other employee benefits | $3,961,633 |
| Payroll taxes | $1,360,892 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,521 |
| Fees for services: Accounting | $52,718 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $58,742 |
| Fees for services: Other | $278 |
| Advertising and promotion | $102,477 |
| Office expenses | $388,865 |
| Information technology | $436,428 |
| Royalties | $0 |
| Occupancy | $2,116,310 |
| Travel | $78,196 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,538,372 |
| Insurance | $127,598 |
| All other expenses | $0 |
| Total functional expenses | $34,739,105 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,168,261 |
| Savings and temporary cash investments | $2,088,858 |
| Pledges and grants receivable | $4,562,734 |
| Accounts receivable, net | $527,578 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $38,066 |
| Prepaid expenses and deferred charges | $396,440 |
| Investments—publicly traded securities | $49,312,415 |
| Investments—other securities | $2,263,153 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $115,235,784 |
| Accounts payable and accrued expenses | $2,806,330 |
| Grants payable | $0 |
| Deferred revenue | $4,244,538 |
| Tax-exempt bond liabilities | $20,058,970 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $7,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $34,609,838 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $80,625,946 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Durham Academy Inc has recieved totaling $70,000.
| Awarding Organization | Amount |
|---|---|
Gildin-Segar Family Foundation Inc Chapel Hill, NC PURPOSE: GENERAL DONATION | $60,000 |
Organization Name not Listed PURPOSE: GENERAL SUPPORT | | $10,000 |
Endowment Analysis
| Beg. Balance | $13,351,046 |
| Earnings | $2,901,296 |
| Admin Expense | $58,742 |
| Net Contributions | $70,545 |
| Other Expense | $279,975 |
| Ending Balance | $15,984,170 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Woodward Academy Inc College Park, GA | $297,987,009 | $85,209,091 |
Westminster Schools Inc Atlanta, GA | $596,739,021 | $99,709,851 |
Imagine Schools Non-Profit Inc Vienna, VA | $161,309,849 | $62,482,447 |
Lovett School Atlanta, GA | $255,570,564 | $63,708,553 |
The East Coast Migrant Head Start Project Raleigh, NC | $15,412,919 | $60,635,891 |
Charlotte Country Day School Charlotte, NC | $226,176,676 | $57,558,870 |
Collegiate School Richmond, VA | $158,195,585 | $59,848,503 |
Mccallie School Inc Chattanooga, TN | $251,954,499 | $79,356,942 |
Potomac School Mclean, VA | $225,192,195 | $49,665,882 |
Providence Day School Charlotte, NC | $110,524,658 | $50,140,053 |
Flint Hill School Oakton, VA | $94,406,099 | $45,449,765 |
Charlotte Latin Schools Inc Charlotte, NC | $136,686,590 | $47,461,290 |