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Southeastern Academy INC FY2020 filing

Tax-deductible

Lumberton, NC501(c)(3)EducationEIN 56-1712586Revenue $1.8M in FY2020

On file with the IRSsoutheasternacademy.org12251 NC Highway 41 N, 28358-6892 · Lumberton, NCTax-exempt since Jul 1992School — 170(b)(1)(A)(ii)

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Southeastern Academy, INC operates a charter school serving students from kindergarten through the 8th grade. The Academy converted from a private school to a charter school under the authority of the north carolina state board of education. The Academy mission is to maintain high expectations and promote excellence, especially in the fields of math and science for all students, while fostering a caring and creative learning environment. The Academy emphasizes the social, emotional, physical, and intellectual development of each child.

501(c)(3) charity; gifts are tax-deductible.
99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · 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
5 of 6
filings with a surplus
Average surplus $69K a year · 3% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Looks good: 6.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.7M
105% of total assets
Concern: liabilities are 105% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.8M
Spent
$1.9M
To programs
99%
Net assets
−$74K
By yearFY2020–FY2025
Revenue
$1.8M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$1.8M
FY2021$2.1M
FY2022$2.0M
FY2023$2.2M
FY2024$2.2M
FY2025$2.6M
Expenses
$1.9M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$1.9M
FY2021$2.1M
FY2022$1.9M
FY2023$2.1M
FY2024$2.1M
FY2025$2.4M
Net assets
−$74K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020−$74K
FY2021−$18K
FY2022$147K
FY2023$204K
FY2024$324K
FY2025$470K

From the FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1992.

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

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $1.9M Fundraising 1% · $10K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Shelly Foil
Chairperson
$0Pt VII · Sec A
Tami George
Treasurer /
$0Pt VII · Sec A
$0Pt VII · Sec A
Greg Caulder
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Scott McLean
Director
$0Pt VII · Sec A
Paru Patel
Director
$0Pt VII · Sec A
Paul Bass
Director
$0Pt VII · Sec A
See Southeastern 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

Operates a charter school for kindergarten through 8th grade, focusing on math and science.

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1 program · $1.9M · in their own filed words · FY2019
01

The operation of a charter school under the authority of the north carolina state board of education.

$1.9Mprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.8M
Ln 12
Gifts and grantsLn 1h$1.8M
Fees for servicesLn 2g$36K
Money outPt IX
$1.9M
Ln 25
Programscol B$1.9M
Fundraisingcol D$10K
Owns and owesPt X
−$74K
net assets · Ln 32
Cash and savingsLn 1–2$965K
Total assetsLn 16$1.6M
LiabilitiesLn 26$1.7M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.8M
Government grantsLn 1e$1.8M
Fees for servicesLn 2g$36K
Total revenueLn 12$1.8M
Assets in detailPt X, end of year
CashLn 1$620K
SavingsLn 2$345K
Cash and savings togetherLn 1–2$965K
Land, buildings, equipmentLn 10c$381K
Total assetsLn 16$1.6M
LiabilitiesLn 26$1.7M
Net assetsLn 32−$74K
OperationsPt I, VI
EmployeesI 533
VolunteersI 625
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$655K$965K
Land, buildings, equipmentLn 10c$413K$381K
Total assetsLn 16$1.4M$1.6M
LiabilitiesLn 26$1.4M$1.7M
Net assetsLn 32$54K−$74K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$1.1M$1.1M
Pension plan contributionsLn 8$335K$335K
Other employee benefitsLn 9$132K$132K
Payroll taxesLn 10$83K$83K
Accounting feesLn 11c$27K$27K
Office expensesLn 13$2K$2K
OccupancyLn 16$14K$14K
InterestLn 20$30K$30K
InsuranceLn 23$16K$16K
Other expenses (24a–d)Ln 24$121K$121K
All other expensesLn 24e$57K$47K$10K
Total functional expensesLn 25$1.9M$1.9M$0$10K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.6M$2.4M$146K$470K 990 PDF
FY2024 $2.2M$2.1M$120K$324K 990 PDF
FY2023 $2.2M$2.1M$57K$204K 990 PDF
FY2022 $2.0M$1.9M$164K$147K 990 PDF
FY2021 $2.1M$2.1M$56K−$18K 990 PDF
FY2020 Viewing $1.8M$1.9M−$127K−$74K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $1,812,171 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,784,995$1,776,027
I-9 Program service revenuePrior year $35,986$36,144
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $1,820,981$1,812,171
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $1,475,926$1,672,093
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $419,674$267,385
I-18 Total expensesPrior year $1,895,600$1,939,478
I-19 Revenue less expensesPrior year −$74,619−$127,307
Part VI · Governance 9 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $1,812,171 across 5 lines filed
VIII-1e Government grants$1,755,750
VIII-1f All other contributions, gifts and grants$20,277
VIII-1h Total contributions, gifts and grants$1,776,027
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $36,144$36,144
VIII-12 Total revenueExcluded from tax $36,144$1,812,171
Part IX · Statement of functional expenses $1,939,478 across 11 lines filed
IX-7 Other salaries and wagesPrograms $1,122,881$1,122,881
IX-8 Pension plan contributionsPrograms $334,793$334,793
IX-9 Other employee benefitsPrograms $131,769$131,769
IX-10 Payroll taxesPrograms $82,650$82,650
IX-11c Accounting feesPrograms $27,254$27,254
IX-13 Office expensesPrograms $2,015$2,015
IX-16 OccupancyPrograms $14,010$14,010
IX-20 InterestPrograms $30,466$30,466
IX-23 InsurancePrograms $15,833$15,833
IX-24 Other expenses (24a–d)Programs $120,882$120,882
IX-24e All other expensesPrograms $46,666 · Fundraising $10,259$56,925
IX-25 Total functional expensesPrograms $1,929,219 · Management $0 · Fundraising $10,259$1,939,478
Part X · Balance sheet $1,604,638 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $309,416$619,507
X-2 Savings and temporary cash investmentsStart of year $345,276$345,339
X-9 Prepaid expenses and deferred chargesStart of year $374,615$258,842
X-10c Land, buildings and equipment, netStart of year $412,501$380,950
X-16 Total assetsStart of year $1,441,808$1,604,638
X-17 Accounts payable and accrued expensesStart of year $2,434$269,229
X-25 Other liabilitiesStart of year $1,385,695$1,409,037
X-26 Total liabilitiesStart of year $1,388,129$1,678,266
X-27 Net assets without donor restrictionsStart of year $53,679−$73,628
X-32 Total net assets or fund balancesStart of year $53,679−$73,628
X-33 Total liabilities and net assetsStart of year $1,441,808$1,604,638
Part XI · Reconciliation of net assets −$73,628 net assets at year end
XI-1 Total revenue$1,812,171
XI-2 Total expenses$1,939,478
XI-3 Revenue less expenses−$127,307
XI-4 Net assets at start of year$53,679
XI-10 Net assets at end of year−$73,628

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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