Cary Academy
- Assets
- $92.1m
- Revenue
- $26.2m
- Investments
- $0.0
- Employees
- 239
- Location
- Cary, NC
- Founding
- 03/1996
- Data as of
- 06/2021
- 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 06/2021, Cary Academy employed 239 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 06/2021, Cary Academy generated $26.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $24.6m during the year ending 06/2021. While expenses have increased by 1.6% 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
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 2020-2021 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 |
|---|---|---|---|
Michael Ehrhardt President & Head Of School | Officer | 40 | $458,406 |
Deborah Reichel Chief Financial Officer | Officer | 40 | $235,115 |
Alison Page Director Of Development | Officer | 40 | $156,732 |
Dmitry Manakhov Director Of Information Sv | 40 | $131,264 | |
Heather Clarkson Director Of Enrollment Mgmt | 40 | $130,537 | |
Marti Jenkins Middle School Head | 40 | $130,462 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Roofwerks Capital Construction/repairs | 6/29/20 | $132,908 |
Dpr Construction Capital Construction | 6/29/20 | $3,265,502 |
Dpr Construction Capital Construction | 6/29/20 | $3,265,502 |
Roofwerks Capital Construction/repairs | 6/29/20 | $132,908 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $135,174 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,127,355 |
| Noncash contributions included in lines 1a–1f | $96,679 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,262,529 |
| Total Program Service Revenue | $21,529,072 |
| Investment income | $1,131,197 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,145,427 |
| Net Income from Fundraising Events | -$1,933 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,213,526 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,879,584 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $936,523 |
| Compensation of current officers, directors, key employees. | $936,523 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,957,419 |
| Pension plan accruals and contributions | $682,194 |
| Other employee benefits | $1,961,956 |
| Payroll taxes | $829,285 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,506 |
| Fees for services: Accounting | $26,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $52,710 |
| Fees for services: Other | $4,700 |
| Advertising and promotion | $3,500 |
| Office expenses | $614,849 |
| Information technology | $518,952 |
| Royalties | $0 |
| Occupancy | $1,681,243 |
| Travel | $40,056 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,038 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,223,073 |
| Insurance | $106,047 |
| All other expenses | $185,988 |
| Total functional expenses | $24,559,817 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,094 |
| Savings and temporary cash investments | $2,568,933 |
| Pledges and grants receivable | $382,736 |
| Accounts receivable, net | $1,411,265 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $57,112 |
| Prepaid expenses and deferred charges | $360,510 |
| Net Land, buildings, and equipment | $37,505,332 |
| Investments—publicly traded securities | $49,846,740 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $92,134,722 |
| Accounts payable and accrued expenses | $419,117 |
| Grants payable | $0 |
| Deferred revenue | $1,419,974 |
| 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 | $2,526,489 |
| Total liabilities | $4,365,580 |
| Net assets without donor restrictions | $45,081,862 |
| Net assets with donor restrictions | $42,687,280 |
| 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 | $92,134,722 |
Grants Recieved
Over the last fiscal year, we have identified 17 grants that Cary Academy has recieved totaling $1,410,958.
| Awarding Organization | Amount |
|---|---|
Goodnight Educational Foundation Cary, NC PURPOSE: BUILDING FUND | $1,250,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $34,732 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $27,550 |
North Carolina Community Foundation Inc Raleigh, NC PURPOSE: EDUCATION | $25,000 |
American Endowment Foundation Hudson, OH PURPOSE: EDUCATIONAL | $20,150 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: GROWTH | $15,000 |
Endowment Analysis
| Beg. Balance | $34,785,906 |
| Earnings | $8,133,799 |
| Net Contributions | $1,208,236 |
| Grants | $1,755,707 |
| Ending Balance | $42,372,234 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Protestant Episcopal High School In Virginia Alexandria, VA | $560,084,637 | $67,951,795 |
The Baylor School Chattanooga, TN | $270,105,763 | $47,683,171 |
Woodberry Forest School Woodberry Forest, VA | $643,383,708 | $54,060,513 |
University Of Nashville Montgomery Bell Academy Nashville, TN | $303,405,415 | $41,667,135 |
Rabun Gap-Nacoochee School Rabun Gap, GA | $105,001,665 | $32,375,355 |
Tallulah Falls School Inc Tallulah Falls, GA | $76,684,503 | $23,311,796 |
Cary Academy Cary, NC | $92,134,722 | $26,213,526 |
Whitefield Academy Inc Mableton, GA | $76,378,322 | $24,777,271 |
Battle Ground Academy Of Franklin Tennessee Franklin, TN | $62,773,782 | $25,765,415 |
Riverside Military Academy Inc Gainesville, GA | $79,257,666 | $23,072,082 |
National Association Of Secondary -School Principals Reston, VA | $56,104,392 | $28,736,000 |
Asheville School Incorporated Asheville, NC | $109,072,100 | $30,624,972 |