Cary Academy
- Assets
- $87.5m
- Revenue
- $28.8m
- Investments
- $0.0
- Employees
- 248
- Location
- Cary, NC
- Founding
- 03/1996
- Data as of
- 06/2022
- EIN
- 56-1934619
Organization Overview
Cary Academy is located in Cary, NC. The organization was established in 1996. According to its NTEE Classification (B25) the organization is classified as: Secondary & High Schools, under the broad grouping of Education and related organizations. As of 06/2022, Cary Academy employed 248 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cary Academy 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 06/2022, Cary Academy generated $28.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $26.7m during the year ending 06/2022. While expenses have increased by 2.6% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
CARY ACADEMY IS AN INDEPENDENT COEDUCATIONAL DAY SCHOOL FOR STUDENTS IN GRADES SIX THROUGH TWELVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE 2021-2022 SCHOOL YEAR, CARY ACADEMY HAD 784 STUDENTS ENROLLED IN GRADES SIX THROUGH TWELVE. THE SCHOOL ALSO CONTINUED ITS RECRUITMENT AND ADMISSION OF STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey J Eakes Member, Board Of Directors | Trustee | 1.25 | $0 |
Holly May Member, Board Of Directors | Trustee | 1.25 | $0 |
John P Sall Member, Board Of Directors | Trustee | 1.25 | $0 |
Virginia B Sall Member, Board Of Directors | Trustee | 1.25 | $0 |
Dr James H Goodnight Member, Board Of Directors | Trustee | 1.25 | $0 |
Ann B Goodnight Member, Board Of Directors | Trustee | 1.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Whiting Turner Contracting Company Us Renovation | 6/29/22 | $2,714,649 |
Roofwerks Roof Repair | 6/29/22 | $102,321 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $100,737 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,414,101 |
| Noncash contributions included in lines 1a–1f | $84,131 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,514,838 |
| Total Program Service Revenue | $23,113,852 |
| Investment income | $1,272,289 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,870,871 |
| Net Income from Fundraising Events | -$14,434 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,768,362 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,088,741 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $976,395 |
| Compensation of current officers, directors, key employees. | $976,395 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,355,538 |
| Pension plan accruals and contributions | $762,467 |
| Other employee benefits | $2,148,535 |
| Payroll taxes | $879,817 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,821 |
| Fees for services: Accounting | $20,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $198,951 |
| Fees for services: Other | $3,612 |
| Advertising and promotion | $33,443 |
| Office expenses | $1,122,337 |
| Information technology | $512,402 |
| Royalties | $0 |
| Occupancy | $1,745,363 |
| Travel | $137,843 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $110,831 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,281,897 |
| Insurance | $136,445 |
| All other expenses | $243,249 |
| Total functional expenses | $26,746,569 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,358 |
| Savings and temporary cash investments | $5,362,870 |
| Pledges and grants receivable | $158,500 |
| Accounts receivable, net | $1,698,982 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $65,924 |
| Prepaid expenses and deferred charges | $503,648 |
| Net Land, buildings, and equipment | $37,179,682 |
| Investments—publicly traded securities | $42,093,604 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $387,916 |
| Total assets | $87,453,484 |
| Accounts payable and accrued expenses | $296,197 |
| Grants payable | $0 |
| Deferred revenue | $1,493,373 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,661,205 |
| Total liabilities | $4,450,775 |
| Net assets without donor restrictions | $45,577,595 |
| Net assets with donor restrictions | $37,425,114 |
| 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 | $87,453,484 |