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Thunderbird Preparatory Academy INC FY2022 filing

Tax-deductible

Cornelius, NC501(c)(3)Since 2014Education EIN 46-5055270Revenue $2.7M in FY2022

On file with the IRSlakesidecharteracademy.com17609 Old Statesville Rd, 28031-9049 · Cornelius, NCTax-exempt since Mar 2015School — 170(b)(1)(A)(ii)

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Lakeside Charter Academy, In partnership with parents, will cultivate learners through scholarship, leadership, and citizenship. Lakeside Charter Academy will provide all students with the opportunity to experience a focused and coherent curriculum through the core knowledge sequence by E.D. Hirsh. This sequence emphasizes in an academic foundation

501(c)(3) charity; gifts are tax-deductible.
59¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average deficit $64K a year · 2% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
59%
of spending
Worth a look: 59% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$16.6M
104% of total assets
Concern: liabilities are 104% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.7M
+0.5% vs prior year
Spent
$3.6M
To programs
59%
Net assets
−$658K
By yearFY2020–FY2025
Revenue
$2.7M
FY2022▲ +0.5%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.6M
FY2021$2.7M
FY2022$2.7M
FY2023$2.8M
FY2024$3.4M
FY2025$3.1M
Expenses
$3.6M
FY2022▲ +62%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.5M
FY2021$2.2M
FY2022$3.6M
FY2023$2.8M
FY2024$3.6M
FY2025$3.0M
Net assets
−$658K
FY2022▼ -400%
Tap a bar for its year
Net assets by fiscal year
FY2020−$255K
FY2021$220K
FY2022−$658K
FY2023−$964K
FY2024$677K
FY2025$735K

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Exemption reinstated (2014-11-15). Per the IRS revocation list. Latest filing on record: FY2025. IRS ruling in Mar 2015.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

59 cents of each dollar spent went to programs.

Program services 59% · $2.1M Management & general 41% · $1.5M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
$0Pt VII · Sec A
Jason Guffey
Board Vice C
$0Pt VII · Sec A
Angela Hansen
Secretary
$0Pt VII · Sec A
Taft Morley
Board Chair
$0Pt VII · Sec A
Melissa Wise
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Thunderbird Preparatory Academy INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Educates students with a content-rich curriculum fostering scholarship, leadership, and citizenship.

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Provided by the organization

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1 program · $2.1M · in their own filed words · FY2021
01

Lakeside charter academy is a north carolina charter school that will cultivate a highly effective leadership environment that engages, embraces, and enriches children's strengths one child at a time.

$2.1Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.7M
Ln 12
Gifts and grantsLn 1h$2.5M
Other incomeLn 4–11$187K
Fees for servicesLn 2g$10K
Money outPt IX
$3.6M
Ln 25
Programscol B$2.1M
Managementcol C$1.5M
Owns and owesPt X
−$658K
net assets · Ln 32
Cash and savingsLn 1–2$379K
Total assetsLn 16$15.9M
LiabilitiesLn 26$16.6M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.5M
Government grantsLn 1e$2.5M
Fees for servicesLn 2g$10K
Other incomeLn 4–11$187K
Total revenueLn 12$2.7M
Assets in detailPt X, end of year
CashLn 1$379K
Cash and savings togetherLn 1–2$379K
Land, buildings, equipmentLn 10c$15.6M
Total assetsLn 16$15.9M
LiabilitiesLn 26$16.6M
Net assetsLn 32−$658K
OperationsPt I, VI
EmployeesI 569
VolunteersI 65
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$302K$379K
Land, buildings, equipmentLn 10c$198K$15.6M
Total assetsLn 16$519K$15.9M
LiabilitiesLn 26$299K$16.6M
Net assetsLn 32$220K−$658K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$1.1M$656K$456K
Pension plan contributionsLn 8$7K$4K$3K
Other employee benefitsLn 9$168K$99K$69K
Payroll taxesLn 10$84K$50K$35K
Accounting feesLn 11c$14K$8K$6K
Other fees for servicesLn 11g$198K$117K$81K
Advertising and promotionLn 12$2K$1K$761
Office expensesLn 13$26K$15K$11K
Information technologyLn 14$59K$35K$24K
OccupancyLn 16$40K$24K$17K
TravelLn 17$6K$4K$3K
InterestLn 20$764K$451K$313K
Depreciation, depletion and amortizationLn 22$20K$12K$8K
InsuranceLn 23$38K$23K$16K
Other expenses (24a–d)Ln 24$1.0M$599K$416K
All other expensesLn 24e$13K$8K$5K
Total functional expensesLn 25$3.6M$2.1M$1.5M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $3.1M$3.0M$58K$735K 990 PDF
FY2024 $3.4M$3.6M−$191K$677K 990 PDF
FY2023 $2.8M$2.8M$43K−$964K 990 PDF
FY2022 Viewing $2.7M$3.6M−$878K−$658K 990 PDF
FY2021 $2.7M$2.2M$475K$220K 990 PDF
FY2020 $1.6M$1.5M$109K−$255K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $2,690,563 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,554,954$2,493,238
I-9 Program service revenue$10,178
I-10 Investment income$0
I-11 Other revenuePrior year $121,222$187,147
I-12 Total revenuePrior year $2,676,176$2,690,563
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $1,096,729$1,372,343
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,104,744$2,196,259
I-18 Total expensesPrior year $2,201,473$3,568,602
I-19 Revenue less expensesPrior year $474,703−$878,039
Part VI · Governance 5 of 5 board members independent, 4 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $2,690,563 across 8 lines filed
VIII-1e Government grants$2,480,141
VIII-1f All other contributions, gifts and grants$13,097
VIII-1h Total contributions, gifts and grants$2,493,238
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $10,178$10,178
VIII-6 Net rental income or lossExcluded from tax $62,331$62,331
VIII-8 Net income from fundraising events$23,212
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $96,717 · Excluded from tax $4,887$101,604
VIII-12 Total revenueRelated to mission $106,895 · Excluded from tax $67,218$2,690,563
Part IX · Statement of functional expenses $3,568,602 across 16 lines filed
IX-7 Other salaries and wagesPrograms $656,361 · Management $456,116$1,112,477
IX-8 Pension plan contributionsPrograms $4,211 · Management $2,927$7,138
IX-9 Other employee benefitsPrograms $99,315 · Management $69,016$168,331
IX-10 Payroll taxesPrograms $49,794 · Management $34,603$84,397
IX-11c Accounting feesPrograms $8,477 · Management $5,890$14,367
IX-11g Other fees for servicesPrograms $116,871 · Management $81,215$198,086
IX-12 Advertising and promotionPrograms $1,241 · Management $761$2,002
IX-13 Office expensesPrograms $15,433 · Management $10,724$26,157
IX-14 Information technologyPrograms $34,551 · Management $24,010$58,561
IX-16 OccupancyPrograms $23,802 · Management $16,540$40,342
IX-17 TravelPrograms $3,752 · Management $2,607$6,359
IX-20 InterestPrograms $450,503 · Management $313,062$763,565
IX-22 Depreciation, depletion and amortizationPrograms $11,795 · Management $8,196$19,991
IX-23 InsurancePrograms $22,638 · Management $15,732$38,370
IX-24 Other expenses (24a–d)Programs $598,975 · Management $416,237$1,015,212
IX-24e All other expensesPrograms $7,816 · Management $5,431$13,247
IX-25 Total functional expensesPrograms $2,105,535 · Management $1,463,067 · Fundraising $0$3,568,602
Part X · Balance sheet $15,940,176 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $301,611$379,338
X-4 Accounts receivableStart of year $13,814$8,472
X-9 Prepaid expenses and deferred chargesStart of year $1,218$2,208
X-10c Land, buildings and equipment, netStart of year $198,414$15,550,158
X-16 Total assetsStart of year $518,767$15,940,176
X-17 Accounts payable and accrued expensesStart of year $6,333$77,578
X-24 Unsecured notes and loans payableStart of year $250,000$16,509,650
X-25 Other liabilitiesStart of year $42,650$11,203
X-26 Total liabilitiesStart of year $298,983$16,598,431
X-27 Net assets without donor restrictionsStart of year $219,784−$658,255
X-32 Total net assets or fund balancesStart of year $219,784−$658,255
X-33 Total liabilities and net assetsStart of year $518,767$15,940,176
Part XI · Reconciliation of net assets −$658,255 net assets at year end
XI-1 Total revenue$2,690,563
XI-2 Total expenses$3,568,602
XI-3 Revenue less expenses−$878,039
XI-4 Net assets at start of year$219,784
XI-10 Net assets at end of year−$658,255

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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