Cape Fear Academy Inc
- Assets
- $42.3m
- Revenue
- $15.8m
- Investments
- $0.0
- Employees
- 249
- Location
- Wilmington, NC
- Founding
- 08/1966
- Data as of
- 06/2022
- EIN
- 56-6075566
Organization Overview
Cape Fear Academy Inc is located in Wilmington, NC. The organization was established in 1966. 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 06/2022, Cape Fear Academy Inc employed 249 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cape Fear 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 06/2022, Cape Fear Academy Inc generated $15.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $14.2m during the year ending 06/2022. While expenses have increased by 3.7% 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
TO OPERATE A PRIVATE SCHOOL FOR GRADES PK - 12 IN WILMINGTON, NC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN FISCAL 2021/2022 OPERATED A PRIVATE SCHOOL FOR PRE-KINDERGARTEN THROUGH GRADE 12 LOCATED IN WILMINGTON, NC FOR 728 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ed Ellison Head Of School | Officer | 40 | $213,910 |
Shana Barclay Asst Head Of School For Fi | Officer | 40 | $129,714 |
Jennifer Sullivan Director Of Advancement | 40 | $104,470 | |
Carla Whitwell Midd School Division Direc | 40 | $102,486 | |
Porter Young Chair | OfficerTrustee | 4 | $0 |
Connor Keller Vice Chair | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,439,202 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,439,202 |
| Total Program Service Revenue | $14,360,655 |
| Investment income | $24,199 |
| 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 | $15,824,056 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,570,409 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $631,717 |
| Compensation of current officers, directors, key employees. | $399,341 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,634,755 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $233,215 |
| Payroll taxes | $525,742 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $206,025 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $945,720 |
| Insurance | $632,724 |
| All other expenses | $22,205 |
| Total functional expenses | $14,177,328 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,210,991 |
| Savings and temporary cash investments | $12,161,012 |
| Pledges and grants receivable | $928,146 |
| Accounts receivable, net | $5,845,230 |
| 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 | $177,729 |
| Net Land, buildings, and equipment | $18,192,183 |
| Investments—publicly traded securities | $3,137,475 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $695,476 |
| Total assets | $42,348,242 |
| Accounts payable and accrued expenses | $1,173,074 |
| Grants payable | $0 |
| Deferred revenue | $13,438,119 |
| Tax-exempt bond liabilities | $4,021,400 |
| 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 | $5,351,842 |
| Total liabilities | $23,984,435 |
| Net assets without donor restrictions | $15,637,256 |
| Net assets with donor restrictions | $2,726,551 |
| 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 | $42,348,242 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Cape Fear Academy Inc has recieved totaling $602,717.
| Awarding Organization | Amount |
|---|---|
The Community Foundation For Greater Atlanta Inc Atlanta, GA PURPOSE: EDUCATION | $160,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $148,334 |
Bruce Barclay Cameron Foundation Inc Wilmington, NC PURPOSE: Education | $100,000 |
Impactassets Inc Bethesda, MD PURPOSE: GENERAL SUPPORT | $75,600 |
Dhs Charitable Tr Uad 5-21-1965 Wilmington, NC PURPOSE: TO SUPPORT THEIR CAPITAL CAMPAIGN AND THEIR ANNUAL FUND | $40,000 |
Kh Simpson Foundation Inc Wilmington, NC PURPOSE: GENERAL OPERATING | $30,000 |
Endowment Analysis
| Beg. Balance | $1,991,577 |
| Earnings | -$311,910 |
| Admin Expense | $500 |
| Net Contributions | $480,857 |
| Ending Balance | $2,160,024 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Greater Atlanta Christian Schools Inc Norcross, GA | $104,910,212 | $44,897,863 |
Pace Academy Inc Atlanta, GA | $185,935,585 | $47,968,638 |
Ravenscroft School Inc Raleigh, NC | $81,090,288 | $36,426,897 |
Durham Academy Inc Durham, NC | $115,235,784 | $38,768,231 |
Purpose Built Schools Atlanta Inc Atlanta, GA | $15,990,097 | $34,651,857 |
Wesleyan School Inc Peachtree Corners, GA | $136,567,654 | $38,199,935 |
St Annes-Belfield Inc Charlottesville, VA | $122,363,605 | $34,335,007 |
Norfolk Academy Norfolk, VA | $147,079,429 | $29,484,040 |