Phoenix Academy INC: FY2020 Nonprofit Profile & Form 990 (EIN 56-2059485)

Revenue by fiscal year
FY2020	$9.1M
FY2021	$10.4M
FY2022	$12.1M
FY2023	$13.7M
FY2024	$16.4M
FY2025	$18.4M

Expenses by fiscal year
FY2020	$8.8M
FY2021	$9.4M
FY2022	$11.1M
FY2023	$13.6M
FY2024	$16.2M
FY2025	$17.1M

Net assets by fiscal year
FY2020	$1.1M
FY2021	$2.0M
FY2022	$2.9M
FY2023	$3.1M
FY2024	$3.3M
FY2025	$4.3M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1999.

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

Where the money goes

79 cents of each dollar spent went to programs.

79%

21%

Program services 79% · $6.9M Management & general 21% · $1.8M

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 (FY2019); the FY2020 filing did not itemize Part VII

Charles a Alt

Secretary

$0Pt VII · Sec A

Christopher Swadener

Treasurer

$0Pt VII · Sec A

Joel Epstein

Board Member

$0Pt VII · Sec A

Perry Flynn

Chair

$0Pt VII · Sec A

Clarence Henderson

Board Member

$0Pt VII · Sec A

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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 15aYes

Programs and updates

Educates children from kindergarten through fifth grade.

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Provided by the organization

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1 program · $6.9M · in their own filed words · FY2019

01

The phoenix academy is a north carolina public school operated by a non- profit corporation, serving approximately 975 students.

$6.9Mprogram expense

By the numbers

The FY2020 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$9.1M

Ln 12

Gifts and grantsLn 1h$9.0M

Other incomeLn 4–11$153K

Money outPt IX

$8.8M

Ln 25

Programscol B$6.9M

Managementcol C$1.8M

Owns and owesPt X

$1.1M

net assets · Ln 32

Cash and savingsLn 1–2$1.6M

Total assetsLn 16$1.9M

LiabilitiesLn 26$806K

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$9.0M

Government grantsLn 1e$8.8M

Other incomeLn 4–11$153K

Total revenueLn 12$9.1M

Assets in detailPt X, end of year

CashLn 1$1.6M

Cash and savings togetherLn 1–2$1.6M

Land, buildings, equipmentLn 10c$190K

Total assetsLn 16$1.9M

LiabilitiesLn 26$806K

Net assetsLn 32$1.1M

OperationsPt I, VI

EmployeesI 588

VolunteersI 6451

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 FY20	End FY20
Cash and savingsLn 1–2	$438K	$1.6M
Land, buildings, equipmentLn 10c	$202K	$190K
Total assetsLn 16	$783K	$1.9M
LiabilitiesLn 26	$111K	$806K
Net assetsLn 32	$672K	$1.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Other salaries and wagesLn 7	$2.9M	$2.9M
Other employee benefitsLn 9	$649K	$649K
Other fees for servicesLn 11g	$283K	$283K
Information technologyLn 14	$191K	$191K
OccupancyLn 16	$2.3M	$2.3M
TravelLn 17	$604	$604
Conferences, conventions and meetingsLn 19	$4K	$4K
InterestLn 20	$2K	$2K
Depreciation, depletion and amortizationLn 22	$104K	$104K
InsuranceLn 23	$47K	$47K
Other expenses (24a–d)Ln 24	$2.2M	$356K	$1.8M
All other expensesLn 24e	$35K	$35K
Total functional expensesLn 25	$8.8M	$6.9M	$1.8M	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$18.4M	$17.1M	$1.3M	$4.3M	990 PDF
FY2024	$16.4M	$16.2M	$230K	$3.3M	990 PDF
FY2023	$13.7M	$13.6M	$129K	$3.1M	990 PDF
FY2022	$12.1M	$11.1M	$972K	$2.9M	990 PDF
FY2021	$10.4M	$9.4M	$926K	$2.0M	990 PDF
FY2020 Viewing	$9.1M	$8.8M	$379K	$1.1M	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 $9,140,427 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $7,653,984$8,987,302

I-9 Program service revenue$0

I-10 Investment income$0

I-11 Other revenuePrior year $378,024$153,125

I-12 Total revenuePrior year $8,032,008$9,140,427

I-13 Grants and similar amounts paid$0

I-14 Benefits paid to members$0

I-15 Salaries and benefitsPrior year $3,117,537$3,580,584

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $5,145,878$5,180,658

I-18 Total expensesPrior year $8,263,415$8,761,242

I-19 Revenue less expensesPrior year −$231,407$379,185

Part VI · Governance 5 of 5 board members independent, no flags

VI-1a Voting members of the governing body5

VI-1b Independent voting members5

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

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

Part VIII · Statement of revenue $9,140,427 across 5 lines filed

VIII-1e Government grants$8,839,467

VIII-1f All other contributions, gifts and grants$147,835

VIII-1h Total contributions, gifts and grants$8,987,302

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $153,125$153,125

VIII-12 Total revenueRelated to mission $153,125$9,140,427

Part IX · Statement of functional expenses $8,761,242 across 12 lines filed

IX-7 Other salaries and wagesPrograms $2,931,146$2,931,146

IX-9 Other employee benefitsPrograms $649,438$649,438

IX-11g Other fees for servicesPrograms $282,608$282,608

IX-14 Information technologyPrograms $190,793$190,793

IX-16 OccupancyPrograms $2,309,478$2,309,478

IX-17 TravelPrograms $604$604

IX-19 Conferences, conventions and meetingsPrograms $3,881$3,881

IX-20 InterestPrograms $2,042$2,042

IX-22 Depreciation, depletion and amortizationPrograms $104,273$104,273

IX-23 InsurancePrograms $47,102$47,102

IX-24 Other expenses (24a–d)Programs $355,900 · Management $1,848,613$2,204,513

IX-24e All other expensesPrograms $35,364$35,364

IX-25 Total functional expensesPrograms $6,912,629 · Management $1,848,613 · Fundraising $0$8,761,242

Part X · Balance sheet $1,856,942 assets, 13 lines filed

X-1 Cash, non-interest-bearingStart of year $438,150$1,566,436

X-3 Pledges and grants receivableStart of year $96,567$90,809

X-4 Accounts receivableStart of year $24,159$1,266

X-9 Prepaid expenses and deferred chargesStart of year $22,449$8,835

X-10c Land, buildings and equipment, netStart of year $201,713$189,596

X-16 Total assetsStart of year $783,038$1,856,942

X-17 Accounts payable and accrued expensesStart of year $62,520$58,021

X-25 Other liabilitiesStart of year $48,378$747,596

X-26 Total liabilitiesStart of year $110,898$805,617

X-27 Net assets without donor restrictionsStart of year $672,140$922,025

X-28 Net assets with donor restrictions$129,300

X-32 Total net assets or fund balancesStart of year $672,140$1,051,325

X-33 Total liabilities and net assetsStart of year $783,038$1,856,942

Part XI · Reconciliation of net assets $1,051,325 net assets at year end

XI-1 Total revenue$9,140,427

XI-2 Total expenses$8,761,242

XI-3 Revenue less expenses$379,185

XI-4 Net assets at start of year$672,140

XI-10 Net assets at end of year$1,051,325

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

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Phoenix Academy INC FY2020 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Phoenix Academy INC

By the numbers

Filing history

Schedules filed Part IV