Lake Norman Charter School Inc
- Assets
- $64.6m
- Revenue
- $25.1m
- Investments
- $2.0m
- Employees
- 301
- Location
- Huntersville, NC
- Founding
- 02/1999
- Data as of
- 06/2021
- EIN
- 58-2360164
Organization Overview
Lake Norman Charter School Inc is located in Huntersville, NC. The organization was established in 1999. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2021, Lake Norman Charter School Inc employed 301 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Norman Charter School 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, Lake Norman Charter School Inc generated $25.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.0% each year . All expenses for the organization totaled $23.5m during the year ending 06/2021. While expenses have increased by 11.0% 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
LAKE NORMAN CHARTER SCHOOL PREPARES STUDENTS TO BE COMMUNITY LEADERS DEMONSTRATING PERSONAL INTEGRITY WITH A LIFE-LONG DESIRE TO LEARN, LEAD AND SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE A PUBLIC CHARTER SCHOOL SERVING APPROXIMATELY 1,600 STUDENTS IN GRADES 5-12. PROVIDE FACILITIES, TEACHERS, INSTRUCTIONAL SUPPLIES AND MATERIALS TO STUDENTS ENROLLED IN THE CHARTER SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shannon Stein Managing Director | Officer | 40 | $182,312 |
Rick Buckler Board Chairperson | OfficerTrustee | 3 | $0 |
Leslie Fogarty Vice Chairperson | OfficerTrustee | 3 | $0 |
Jared Tilley Treasurer | OfficerTrustee | 3 | $0 |
Stephanie Painter Secretary | OfficerTrustee | 3 | $0 |
Amy Carr Board Member | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $20,199,586 |
| All other contributions, gifts, grants, and similar amounts not included above | $968,168 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,167,754 |
| Total Program Service Revenue | $293,033 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $53,714 |
| Royalties | $0 |
| Net Rental Income | $2,502,027 |
| 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 | $25,126,213 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $1,822,650 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $23,471,422 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,392,378 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $110,461 |
| 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 | $7,666,576 |
| Net Land, buildings, and equipment | $42,778,054 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,997,646 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,606,236 |
| Total assets | $64,551,351 |
| Accounts payable and accrued expenses | $980,470 |
| Grants payable | $0 |
| Deferred revenue | $6,674 |
| Tax-exempt bond liabilities | $38,627,067 |
| 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 | $34,418,860 |
| Total liabilities | $74,033,071 |
| 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 | $6,703,249 |
| Retained earnings, endowment, accumulated income, or other funds | -$16,184,969 |
| Total liabilities and net assets/fund balances | $64,551,351 |
Grants Recieved
Over the last fiscal year, we have identified 17 grants that Lake Norman Charter School Inc has recieved totaling $287,438.
| Awarding Organization | Amount |
|---|---|
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $108,321 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $108,321 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $22,500 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $21,372 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $6,844 |
The Duke Energy Foundation Charlotte, NC PURPOSE: MATCHING GIFTS | $5,593 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ensworth School Nashville, TN | $203,625,309 | $44,175,360 |
Freedom Preparatory Academy Inc Memphis, TN | $50,857,494 | $33,295,008 |
Cannon School Inc Concord, NC | $52,291,449 | $28,580,834 |
Thales Academy Raleigh, NC | $136,454,160 | $55,473,682 |
Mt Paran Christian School Inc Kennesaw, GA | $56,928,804 | $29,889,603 |
Franklin Road Academy Inc Nashville, TN | $58,128,778 | $31,046,189 |
Brentwood Academy Inc Brentwood, TN | $50,379,157 | $25,930,047 |
Lake Norman Charter School Inc Huntersville, NC | $64,551,351 | $25,126,213 |
Greensboro Independent School Corporation Greensboro, NC | $42,520,891 | $22,760,621 |
Trinity School Inc Atlanta, GA | $133,203,671 | $25,058,941 |
Hammond School Columbia, SC | $54,753,815 | $20,190,119 |
Carolina Day School Inc Asheville, NC | $29,412,889 | $19,874,947 |