Cary Academy: FY2023 Nonprofit Profile & Form 990 (EIN 56-1934619)

Revenue by fiscal year
FY2020	$23.3M
FY2021	$26.2M
FY2022	$28.8M
FY2023	$29.0M
FY2024	$30.5M
FY2025	$33.6M

Expenses by fiscal year
FY2020	$24.3M
FY2021	$24.6M
FY2022	$26.7M
FY2023	$28.4M
FY2024	$29.3M
FY2025	$32.3M

Net assets by fiscal year
FY2020	$79.9M
FY2021	$87.8M
FY2022	$83.0M
FY2023	$87.0M
FY2024	$92.3M
FY2025	$94.6M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 1996.

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

Where the money goes

83 cents of each dollar spent went to programs.

83%

16%

Program services 83% · $23.7M Management & general 16% · $4.7M Fundraising 0% · $115K

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

29 people listed on the 990; $1.6M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII

Michael Ehrhardt

President & Head of School

$458,798Pt VII · Sec A

Deborah Reichel

Chief Financial Officer

$279,638Pt VII · Sec A

Alison Page

Director of Development

$168,075Pt VII · Sec A

Robin Follet

Head of Upper School

$148,120Pt VII · Sec A

Dmitry Manakhov

Director of Information Sv

$142,473Pt VII · Sec A

Danielle Johnson-Webb

Director of Equity and Community Engagement

$139,598Pt VII · Sec A

Heather Clarkson

Director of Enrollment Man

$139,243Pt VII · Sec A

Josette Huntress

Middle School Head

$133,424Pt VII · Sec A

Michael Ehrhardt’s $509K as Head of School is at the 89th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Michael Ehrhardt	$508,756	$485,351	$458,798	$431,708	$458,406	$382,034
Deborah Reichel	$311,210	$296,516	$279,638	$265,647	$235,115	$216,932
Alison Page	$185,687	$175,954	$168,075	$163,294	$156,732	$152,170
Heather Clarkson	$166,346	$148,279	$139,243	$136,087	$130,537	$128,979
Marie Spell	$165,979	$147,185	—	—	—	—
Josette Huntress	$164,885	$149,155	$133,424	—	—	—
Dmitry Manakhov	$160,472	$150,053	$142,473	$137,775	$131,264	$127,780
Robin Follet	—	$152,579	$148,120	$136,057	$126,497	$112,798

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates middle and high school students in grades six through twelve.

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Provided by the organization

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1 program · $23.7M · in their own filed words · FY2022

01

During the 2022-2023 school year, cary academy had 790 students enrolled in grades six through twelve. The school also continued its recruitment and admission of students.

$23.7Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid

Grants received · FY2025

The Noel FoundationFY2025$1K

Total grants receivedfrom 1 funder$1K

Grants paid · 12 grants · $12.9M · 2019–2024

Unitemized GrantFY2024$2,287,403

Unitemized GrantFY2024$301,471

Unitemized GrantFY2023$2,121,485

Unitemized GrantFY2023$240,772

Unitemized GrantFY2022$2,061,790

Unitemized GrantFY2022$127,886

Unitemized GrantFY2021$2,006,618

Unitemized GrantFY2021$82,122

Unitemized GrantFY2020$1,805,495

Unitemized GrantFY2020$74,089

Unitemized GrantFY2019$1,717,819

Unitemized GrantFY2019$58,795

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$29.0M

Ln 12

Fees for servicesLn 2g$24.6M

Gifts and grantsLn 1h$3.2M

Investment incomeLn 3$1.1M

Money outPt IX

$28.4M

Ln 25

Programscol B$23.7M

Managementcol C$4.7M

Fundraisingcol D$115K

Owns and owesPt X

$87.0M

net assets · Ln 32

Cash and savingsLn 1–2$1.7M

Total assetsLn 16$90.9M

LiabilitiesLn 26$3.9M

PeoplePt VI, VII

29

listed · VII A

PaidVII A8

Voting boardVI 1a21

IndependentVI 1b21

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$3.2M

Noncash giftsLn 1g$63K

Fundraising eventsLn 1c$89K

Fees for servicesLn 2g$24.6M

Investment incomeLn 3$1.1M

Other incomeLn 4–11$39K

Gains on assetsLn 7−$359K

Total revenueLn 12$29.0M

Assets in detailPt X, end of year

CashLn 1$2K

SavingsLn 2$1.7M

Cash and savings togetherLn 1–2$1.7M

InvestmentsLn 11–13$51.4M

Land, buildings, equipmentLn 10c$35.7M

Other assetsLn 15$589K

Total assetsLn 16$90.9M

LiabilitiesLn 26$3.9M

Net assetsLn 32$87.0M

OperationsPt I, VI

EmployeesI 5280

VolunteersI 6715

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

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$5.4M	$1.7M
InvestmentsLn 11–13	$42.1M	$51.4M
Land, buildings, equipmentLn 10c	$37.2M	$35.7M
Total assetsLn 16	$87.5M	$90.9M
LiabilitiesLn 26	$4.5M	$3.9M
Net assetsLn 32	$83.0M	$87.0M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$2.2M	$2.2M
Pay of current officers, directors and key staffLn 5	$1.0M		$1.0M
Other salaries and wagesLn 7	$12.3M	$10.8M	$1.6M	$2K
Pension plan contributionsLn 8	$745K	$688K	$57K	$104
Other employee benefitsLn 9	$2.4M	$2.1M	$323K	$4K
Payroll taxesLn 10	$951K	$774K	$177K	$110
Legal feesLn 11b	$13K	$3K	$10K
Accounting feesLn 11c	$36K		$36K
Investment management feesLn 11f	$194K		$194K
Other fees for servicesLn 11g	$10K		$10K
Advertising and promotionLn 12	$29K		$29K
Office expensesLn 13	$1.1M	$1.0M	$53K	$11K
Information technologyLn 14	$463K	$414K	$48K	$375
OccupancyLn 16	$1.2M	$1.1M	$125K	$1K
TravelLn 17	$121K	$108K	$12K	$11
InterestLn 20	$271K		$271K
Depreciation, depletion and amortizationLn 22	$3.2M	$2.8M	$397K	$3K
InsuranceLn 23	$145K	$129K	$16K	$181
Other expenses (24a–d)Ln 24	$1.7M	$1.5M	$186K	$83K
All other expensesLn 24e	$309K	$188K	$111K	$10K
Total functional expensesLn 25	$28.4M	$23.7M	$4.7M	$115K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$33.6M	$32.3M	$1.4M	$94.6M	990 PDF
FY2024	$30.5M	$29.3M	$1.2M	$92.3M	990 PDF
FY2023 Viewing	$29.0M	$28.4M	$512K	$87.0M	990 PDF
FY2022	$28.8M	$26.7M	$2.0M	$83.0M	990 PDF
FY2021	$26.2M	$24.6M	$1.7M	$87.8M	990 PDF
FY2020	$23.3M	$24.3M	−$1.0M	$79.9M	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 FY2023 990 (6 parts)

Part I · Summary $28,958,447 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,514,838$3,172,976

I-9 Program service revenuePrior year $23,113,852$24,643,203

I-10 Investment incomePrior year $3,143,160$1,103,295

I-11 Other revenuePrior year −$3,488$38,973

I-12 Total revenuePrior year $28,768,362$28,958,447

I-13 Grants and similar amounts paidPrior year $2,088,741$2,189,676

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $16,122,752$17,462,305

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $8,535,076$8,794,591

I-18 Total expensesPrior year $26,746,569$28,446,572

I-19 Revenue less expensesPrior year $2,021,793$511,875

Part VI · Governance 21 of 21 board members independent, 1 to look at

VI-1a Voting members of the governing body21

VI-1b Independent voting members21

VI-2 Family or business relationship among officers or directorsYes

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $28,958,447 across 10 lines filed

VIII-1c Fundraising events$89,212

VIII-1f All other contributions, gifts and grants$3,083,764

VIII-1g Noncash contributions (included above)$63,448

VIII-1h Total contributions, gifts and grants$3,172,976

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $24,643,203$24,643,203

VIII-3 Investment incomeExcluded from tax $1,462,399$1,462,399

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$359,104−$359,104

VIII-8 Net income from fundraising eventsExcluded from tax $1,804$1,804

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $37,169$37,169

VIII-12 Total revenueRelated to mission $24,680,372 · Unrelated business $0 · Excluded from tax $1,105,099$28,958,447

Part IX · Statement of functional expenses $28,446,572 across 20 lines filed

IX-2 Grants to domestic individualsPrograms $2,189,676$2,189,676

IX-5 Pay of current officers, directors and key staffManagement $1,026,417$1,026,417

IX-7 Other salaries and wagesPrograms $10,755,594 · Management $1,572,390 · Fundraising $1,530$12,329,514

IX-8 Pension plan contributionsPrograms $688,251 · Management $56,962 · Fundraising $104$745,317

IX-9 Other employee benefitsPrograms $2,082,982 · Management $323,332 · Fundraising $4,070$2,410,384

IX-10 Payroll taxesPrograms $773,788 · Management $176,775 · Fundraising $110$950,673

IX-11b Legal feesPrograms $2,856 · Management $9,918$12,774

IX-11c Accounting feesManagement $35,500$35,500

IX-11f Investment management feesManagement $193,597$193,597

IX-11g Other fees for servicesManagement $9,746$9,746

IX-12 Advertising and promotionManagement $29,014$29,014

IX-13 Office expensesPrograms $1,022,918 · Management $52,543 · Fundraising $10,939$1,086,400

IX-14 Information technologyPrograms $413,895 · Management $48,407 · Fundraising $375$462,677

IX-16 OccupancyPrograms $1,062,860 · Management $125,001 · Fundraising $1,089$1,188,950

IX-17 TravelPrograms $108,383 · Management $12,458 · Fundraising $11$120,852

IX-20 InterestManagement $271,201$271,201

IX-22 Depreciation, depletion and amortizationPrograms $2,788,355 · Management $396,714 · Fundraising $3,081$3,188,150

IX-23 InsurancePrograms $129,357 · Management $15,788 · Fundraising $181$145,326

IX-24 Other expenses (24a–d)Programs $1,472,928 · Management $185,794 · Fundraising $83,159$1,741,881

IX-24e All other expensesPrograms $187,502 · Management $111,124 · Fundraising $9,897$308,523

IX-25 Total functional expensesPrograms $23,679,345 · Management $4,652,681 · Fundraising $114,546$28,446,572

Part X · Balance sheet $90,856,192 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $2,358$2,325

X-2 Savings and temporary cash investmentsStart of year $5,362,870$1,696,095

X-3 Pledges and grants receivableStart of year $158,500$65,900

X-4 Accounts receivableStart of year $1,698,982$750,546

X-8 Inventories for sale or useStart of year $65,924$74,781

X-9 Prepaid expenses and deferred chargesStart of year $503,648$541,322

X-10c Land, buildings and equipment, netStart of year $37,179,682$35,733,138

X-11 Publicly traded securitiesStart of year $42,093,604$51,402,955

X-15 Other assetsStart of year $387,916$589,130

X-16 Total assetsStart of year $87,453,484$90,856,192

X-17 Accounts payable and accrued expensesStart of year $296,197$323,172

X-19 Deferred revenueStart of year $1,493,373$1,824,592

X-25 Other liabilitiesStart of year $2,661,205$1,746,076

X-26 Total liabilitiesStart of year $4,450,775$3,893,840

X-27 Net assets without donor restrictionsStart of year $45,577,595$45,478,998

X-28 Net assets with donor restrictionsStart of year $37,425,114$41,483,354

X-32 Total net assets or fund balancesStart of year $83,002,709$86,962,352

X-33 Total liabilities and net assetsStart of year $87,453,484$90,856,192

Part XI · Reconciliation of net assets $86,962,352 net assets at year end

XI-1 Total revenue$28,958,447

XI-2 Total expenses$28,446,572

XI-3 Revenue less expenses$511,875

XI-4 Net assets at start of year$83,002,709

XI-5 Net unrealized gains (losses) on investments$3,447,768

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$86,962,352

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

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Cary Academy FY2023 filing

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