Legacy Advancement EIN 46-5664419 Form 990 (PDF) Claim this org

Legacy Advancement

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Raises funds to support Legacy Charter School. For fiscal year 2024 it reported $608K in revenue, $725K in expenses, and $2.2M in net assets.Pt I

Type
Public charity (501(c)(3)) · Education
Location
Greenville, SC
Website
www,legacyadv.org
Filings
5 on file (2020–2024)
Revenue
$608KFY2024
Expenses
$725K
Net assets
$2.2M
People
6
Filings
5
Updates
0
More identity details & actions ⌄
EIN  46-5664419 Public charity (501(c)(3)) Greenville, SC
Form 990 (PDF)
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Size
$100K–1M
What they do
Raises funds to support Legacy Charter School.
Leadership
Cary H Hall · Vice President, Secretary
Money in and out
$608K revenue, $725K expenses
Bottom line
80% program efficiency
Where the money goes · FY2024
Total revenue
$608K
Pt VIII · Ln 12
Total expenses
$725K
Pt IX · Ln 25
Net assets
$2.2M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$117K
Where spending went · Part IX cols B–D
Program services $0.80 Management & general $0.16 Fundraising $0.03
Program efficiency
80%
of spending reaches programs▼ -7% vs prior filing year
Operating runway
22.9mo
months of highly liquid reserves at operating expense rate▼ -53% vs prior filing year
Surplus margin
-19%
revenue over expenses, this year▼ -152% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$608K
FY2024▼ -20%
Expenses
$725K
FY2024▲ +52%
Total assets
$2.5M
FY2024▼ -2%
Total liabilities
$272K
FY2024▲ +29%
Total revenue
$608K
Pt VIII · Ln 12
Total expenses
$725K
Pt IX · Ln 25
Net assets
$2.2M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$117K
Total assetsPt X · Ln 16$2.5M
Program-expense ratioPt IX · col B80%
Voting members of governing bodyPt I · Ln 36
Independent voting membersPt I · Ln 46
Mission & Programs · Part III

Where the work happens

1 program service account for $582K of program spending, described in the organization's own filed words · FY2024.
01

The specific purposes of legacy advancement are to support and promote the establishment of charter schools whose missions are to offer quality, rigorous, and relevant educational programs leading to college graduation and to empower underserved urban students the opportunity to become productive, healthy, principled citizens in a…

$582Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CLegacy Advancement
EINHdr · item D46-5664419
Principal addressHdr · item CGreenville, SC
WebsiteHdr · item Jwww,legacyadv.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MSC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B12)
Ruling yearIRS BMFOct 2015

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a6
Independent voting membersPt VI · Ln 1b6
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Vice President, Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Contributions & grants$550K · 90%
Investment income$58K · 10%
Contributions & grants90%$550K
Investment income10%$58K
Total revenueLn 12$608K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.80 Management & general $0.16 Fundraising $0.03
Program services80%$582K
Management & general16%$118K
Fundraising3%$25K
Total functional expensesLn 25$725K

Balance Sheet

Part X · end of year
CashLn 1$1.4M
Total assetsLn 16$2.5M
Total liabilitiesLn 26$272K
Total net assetsLn 32$2.2M
Months of cash on handcomputed22.9

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.4M · Operating expenses/yr $725K
22.9 months
Where the money goes
Program services
Program services $582K · Total expenses $725K
80%
Management & General
Management & general $118K · Total expenses $725K
16%
Fundraising
Fundraising $25K · Total expenses $725K
3%
Cost to raise $1
Fundraising expense (3-yr avg) $8K · Solicited contributions (3-yr avg) $885K
$0.01 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $550K · Total revenue $608K
90%
Government reliance
Government grants — · Total revenue $608K
Earned-income share
Program service revenue $0 · Total revenue $608K
0%
Investment reliance
Investment income $58K · Total revenue $608K
+10%
Program self-sufficiency
Program service revenue $0 · Total expenses $725K
0%
Growth & trend
Revenue growth (YoY)
This year $608K · Prior year $757K
-20%
Revenue CAGR
FY2020 $1.1M · FY2024 $608K
-14%
Net-asset trend (YoY)
End of year $2.2M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $608K · Expenses $725K
-19%
Liabilities-to-Assets
Total liabilities — · Total assets $2.5M
Net-asset ratio
Net assets $2.2M · Total assets $2.5M
89%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $2.5M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Cary H Hall · Reported title VICE PRESIDENT, SECRETARY · Highest reported compensation $0 · Total expenses $725K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $725K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 80%
Overhead ratio 16%
Fundraising cost ratio 5%
Revenue growth -20%
Legal fee ratio 4%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$20K
Grants paid · 13 grants · $1.2M · 2020–2024
Unitemized GrantFY2024$170,337
Parker District High School FoundationFY2024$46,530
Legacy Early CollegeSC · FY2024$2,000
Unitemized GrantFY2023$137,592
Legacy Early CollegeSC · FY2023$81,500
Unitemized GrantFY2022$91,354
Legacy Early CollegeSC · FY2022$53,000
Unitemized GrantFY2021$100,126
Legacy Early CollegeSC · FY2021$81,154
Campbell Young LeadersSC · FY2021$20,667
Campbell Young LeadersSC · FY2020$210,000
Unitemized GrantFY2020$91,149
Legacy Early CollegeSC · FY2020$87,243

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$608K revenue · viewing · ⤓ 990 PDF
FY2023$757K revenue · ⤓ 990 PDF
FY2022$1.4M revenue · ⤓ 990 PDF
FY2021$600K revenue · ⤓ 990 PDF
FY2020$1.1M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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