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Thunderbird Preparatory Academy INC FY2023 filing

Tax-deductible

Cornelius, NC501(c)(3)Since 2014EducationEIN 46-5055270Revenue $2.8M in FY2023

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.
44¢ 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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FY2023 · 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
44%
of spending
Concern: 44% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 3.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$16.4M
106% of total assets
Concern: liabilities are 106% 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
$2.8M
+4% vs prior year
Spent
$2.8M
To programs
44%
Net assets
−$964K
By yearFY2020–FY2025
Revenue
$2.8M
FY2023▲ +4%
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
$2.8M
FY2023▼ -23%
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
−$964K
FY2023▼ -46%
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 FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 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

44 cents of each dollar spent went to programs.

Program services 44% · $1.2M Management & general 56% · $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

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Valerie Croce
Board Member
$0Pt VII · Sec A
Jason Guffey
Vice Chair
$0Pt VII · Sec A
Angela Hansen
Secretary
$0Pt VII · Sec A
$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 · $1.2M · in their own filed words · FY2022
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.

$1.2Mprogram expense

Funders

Who pays for it.

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

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.8M
Ln 12
Gifts and grantsLn 1h$2.7M
Other incomeLn 4–11$106K
Fees for servicesLn 2g$24K
Money outPt IX
$2.8M
Ln 25
Programscol B$1.2M
Managementcol C$1.5M
Owns and owesPt X
−$964K
net assets · Ln 32
Cash and savingsLn 1–2$804K
Total assetsLn 16$15.5M
LiabilitiesLn 26$16.4M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.7M
Government grantsLn 1e$2.7M
Fees for servicesLn 2g$24K
Other incomeLn 4–11$106K
Total revenueLn 12$2.8M
Assets in detailPt X, end of year
CashLn 1$804K
Cash and savings togetherLn 1–2$804K
Land, buildings, equipmentLn 10c$227K
Other assetsLn 15$14.4M
Total assetsLn 16$15.5M
LiabilitiesLn 26$16.4M
Net assetsLn 32−$964K
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 FY23End FY23
Cash and savingsLn 1–2$379K$804K
Land, buildings, equipmentLn 10c$15.6M$227K
Total assetsLn 16$15.9M$15.5M
LiabilitiesLn 26$16.6M$16.4M
Net assetsLn 32−$658K−$964K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$1.3M$563K$717K
Pension plan contributionsLn 8$7K$3K$4K
Other employee benefitsLn 9$157K$69K$88K
Payroll taxesLn 10$93K$41K$52K
Legal feesLn 11b$1K$440$560
Accounting feesLn 11c$17K$8K$10K
Other fees for servicesLn 11g$185K$81K$104K
Advertising and promotionLn 12$36K$16K$20K
Office expensesLn 13$26K$11K$15K
Information technologyLn 14$38K$17K$21K
OccupancyLn 16$659K$290K$369K
TravelLn 17$27K$12K$15K
Depreciation, depletion and amortizationLn 22$23K$10K$13K
InsuranceLn 23$48K$21K$27K
Other expenses (24a–d)Ln 24$161K$71K$90K
Total functional expensesLn 25$2.8M$1.2M$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 Viewing $2.8M$2.8M$43K−$964K 990 PDF
FY2022 $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 FY2023 990 (6 parts)
Part I · Summary $2,803,630 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,493,238$2,673,387
I-9 Program service revenuePrior year $10,178$23,986
I-10 Investment income$0
I-11 Other revenuePrior year $187,147$106,257
I-12 Total revenuePrior year $2,690,563$2,803,630
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $1,372,343$1,537,674
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,196,259$1,222,882
I-18 Total expensesPrior year $3,568,602$2,760,556
I-19 Revenue less expensesPrior year −$878,039$43,074
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 $2,803,630 across 8 lines filed
VIII-1e Government grants$2,672,387
VIII-1f All other contributions, gifts and grants$1,000
VIII-1h Total contributions, gifts and grants$2,673,387
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $23,986$23,986
VIII-6 Net rental income or lossExcluded from tax $60,376$60,376
VIII-8 Net income from fundraising events$10,494
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $29,791 · Excluded from tax $5,596$35,387
VIII-12 Total revenueRelated to mission $53,777 · Excluded from tax $65,972$2,803,630
Part IX · Statement of functional expenses $2,760,556 across 15 lines filed
IX-7 Other salaries and wagesPrograms $563,381 · Management $717,031$1,280,412
IX-8 Pension plan contributionsPrograms $2,928 · Management $3,726$6,654
IX-9 Other employee benefitsPrograms $69,162 · Management $88,025$157,187
IX-10 Payroll taxesPrograms $41,105 · Management $52,316$93,421
IX-11b Legal feesPrograms $440 · Management $560$1,000
IX-11c Accounting feesPrograms $7,546 · Management $9,603$17,149
IX-11g Other fees for servicesPrograms $81,368 · Management $103,560$184,928
IX-12 Advertising and promotionPrograms $15,835 · Management $20,153$35,988
IX-13 Office expensesPrograms $11,477 · Management $14,606$26,083
IX-14 Information technologyPrograms $16,831 · Management $21,422$38,253
IX-16 OccupancyPrograms $290,165 · Management $369,302$659,467
IX-17 TravelPrograms $12,040 · Management $15,324$27,364
IX-22 Depreciation, depletion and amortizationPrograms $10,302 · Management $13,111$23,413
IX-23 InsurancePrograms $21,259 · Management $27,057$48,316
IX-24 Other expenses (24a–d)Programs $70,805 · Management $90,116$160,921
IX-25 Total functional expensesPrograms $1,214,644 · Management $1,545,912 · Fundraising $0$2,760,556
Part X · Balance sheet $15,471,427 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $379,338$804,161
X-4 Accounts receivableStart of year $8,472$1,835
X-9 Prepaid expenses and deferred chargesStart of year $2,208$1,127
X-10c Land, buildings and equipment, netStart of year $15,550,158$226,830
X-15 Other assets$14,437,474
X-16 Total assetsStart of year $15,940,176$15,471,427
X-17 Accounts payable and accrued expensesStart of year $77,578$117,550
X-24 Unsecured notes and loans payableStart of year $16,509,650$16,318,056
X-26 Total liabilitiesStart of year $16,598,431$16,435,606
X-27 Net assets without donor restrictionsStart of year −$658,255−$964,179
X-32 Total net assets or fund balancesStart of year −$658,255−$964,179
X-33 Total liabilities and net assetsStart of year $15,940,176$15,471,427
Part XI · Reconciliation of net assets −$964,179 net assets at year end
XI-1 Total revenue$2,803,630
XI-2 Total expenses$2,760,556
XI-3 Revenue less expenses$43,074
XI-4 Net assets at start of year−$658,255
XI-8 Prior period adjustments$462,051
XI-9 Other changes in net assets−$811,049
XI-10 Net assets at end of year−$964,179

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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