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Colleton Preparatory Academy INC FY2020 filing

Tax-deductible

Walterboro, SC501(c)(3)Since 1991EducationEIN 57-0886152Revenue $2.1M in FY2020

On file with the IRScolletonprep.org165 Academy Rd, 29488-8252 · Walterboro, SCTax-exempt since Jan 1990School — 170(b)(1)(A)(ii)

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The Academy enables students in grades k4-12(0-3 yrs old have also been added) to obtain a quality education. Students benefit from small class sizes and have the ability to participate in a variety of clubs and activities. There were 550 students this year.

501(c)(3) charity; gifts are tax-deductible.
85¢ 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
3 of 6
filings with a surplus
Average surplus $207K a year · 7% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 2.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $9K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.8M
133% of total assets
Concern: liabilities are 133% of assets; over 80%.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.1M
Spent
$2.2M
To programs
85%
Net assets
−$690K
By yearFY2020–FY2025
Revenue
$2.1M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$2.1M
FY2021$2.7M
FY2022$2.8M
FY2023$3.0M
FY2024$4.2M
FY2025$3.6M
Expenses
$2.2M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$2.2M
FY2021$2.2M
FY2022$2.7M
FY2023$3.3M
FY2024$3.2M
FY2025$3.6M
Net assets
−$690K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020−$690K
FY2021−$287K
FY2022−$143K
FY2023−$366K
FY2024$646K
FY2025$630K

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 Jan 1990.

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

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $1.9M Management & general 15% · $335K

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

13 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
$0Pt VII · Sec A
Wesley Jones
Director
$0Pt VII · Sec A
Tommy Carroll
Vice-Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Josh White
Director
$0Pt VII · Sec A
Timmy Benton
Director
$0Pt VII · Sec A
Roger Odum
Director
$0Pt VII · Sec A
See Colleton 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 15aYes

Programs and updates

Provides quality education and diverse activities for K4-12 students in small classes.

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Provided by the organization

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

The academy enabled 391 students in grades k4-12 (0-3 years old have been added) to obtain a quality education. Students benefit from small class size and have the ability to participate in a variety of clubs and activites.

$1.9Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2025
Palmetto Promise InstituteFY2025$9K
Total grants receivedfrom 1 funder$9K

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.1M
Ln 12
Fees for servicesLn 2g$2.1M
Gifts and grantsLn 1h$40K
Other incomeLn 4–11$10K
Money outPt IX
$2.2M
Ln 25
Programscol B$1.9M
Managementcol C$335K
Owns and owesPt X
−$690K
net assets · Ln 32
Cash and savingsLn 1–2$402K
Total assetsLn 16$2.1M
LiabilitiesLn 26$2.8M
PeoplePt VI, VII
13
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$40K
Fundraising eventsLn 1c$34K
Fees for servicesLn 2g$2.1M
Other incomeLn 4–11$10K
Total revenueLn 12$2.1M
Assets in detailPt X, end of year
CashLn 1$402K
Cash and savings togetherLn 1–2$402K
Land, buildings, equipmentLn 10c$468K
Total assetsLn 16$2.1M
LiabilitiesLn 26$2.8M
Net assetsLn 32−$690K
OperationsPt I, VI
EmployeesI 5111
VolunteersI 6250
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 FY20End FY20
Cash and savingsLn 1–2$278K$402K
Land, buildings, equipmentLn 10c$487K$468K
Total assetsLn 16$2.0M$2.1M
LiabilitiesLn 26$2.6M$2.8M
Net assetsLn 32−$611K−$690K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$1.5M$1.3M$176K
Payroll taxesLn 10$124K$95K$29K
Accounting feesLn 11c$3K$3K
Other fees for servicesLn 11g$842$842
Advertising and promotionLn 12$1K$1K
Office expensesLn 13$5K$3K$2K
Information technologyLn 14$81K$61K$20K
OccupancyLn 16$229K$132K$97K
InterestLn 20$36K$36K
Depreciation, depletion and amortizationLn 22$20K$20K
InsuranceLn 23$41K$41K
Other expenses (24a–d)Ln 24$137K$126K$11K
Total functional expensesLn 25$2.2M$1.9M$335K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $3.6M$3.6M−$16K$630K 990 PDF
FY2024 $4.2M$3.2M$1.0M$646K 990 PDF
FY2023 $3.0M$3.3M−$222K−$366K 990 PDF
FY2022 $2.8M$2.7M$143K−$143K 990 PDF
FY2021 $2.7M$2.2M$404K−$287K 990 PDF
FY2020 Viewing $2.1M$2.2M−$79K−$690K 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 $2,112,244 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $44,652$39,903
I-9 Program service revenuePrior year $1,996,391$2,062,341
I-10 Investment income$0
I-11 Other revenue$10,000
I-12 Total revenuePrior year $2,041,043$2,112,244
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $1,417,238$1,637,759
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $484,324$553,773
I-18 Total expensesPrior year $1,901,562$2,191,532
I-19 Revenue less expensesPrior year $139,481−$79,288
Part VI · Governance 13 of 13 board members independent, 3 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,112,244 across 6 lines filed
VIII-1c Fundraising events$33,903
VIII-1f All other contributions, gifts and grants$6,000
VIII-1h Total contributions, gifts and grants$39,903
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,062,341$2,062,341
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $10,000$10,000
VIII-12 Total revenueRelated to mission $2,062,341 · Unrelated business $0 · Excluded from tax $10,000$2,112,244
Part IX · Statement of functional expenses $2,191,532 across 12 lines filed
IX-7 Other salaries and wagesPrograms $1,337,900 · Management $175,790$1,513,690
IX-10 Payroll taxesPrograms $94,753 · Management $29,316$124,069
IX-11c Accounting feesPrograms $2,850$2,850
IX-11g Other fees for servicesPrograms $842$842
IX-12 Advertising and promotionPrograms $1,264$1,264
IX-13 Office expensesPrograms $3,321 · Management $1,788$5,109
IX-14 Information technologyPrograms $61,004 · Management $20,335$81,339
IX-16 OccupancyPrograms $132,379 · Management $96,567$228,946
IX-20 InterestPrograms $35,947$35,947
IX-22 Depreciation, depletion and amortizationPrograms $19,572$19,572
IX-23 InsurancePrograms $40,803$40,803
IX-24 Other expenses (24a–d)Programs $125,945 · Management $11,156$137,101
IX-25 Total functional expensesPrograms $1,856,580 · Management $334,952 · Fundraising $0$2,191,532
Part X · Balance sheet $2,088,639 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $278,089$401,697
X-4 Accounts receivableStart of year $1,245,429$1,219,242
X-10c Land, buildings and equipment, netStart of year $487,272$467,700
X-16 Total assetsStart of year $2,022,192$2,088,639
X-17 Accounts payable and accrued expensesStart of year $7,740$7,638
X-19 Deferred revenueStart of year $1,750,605$1,600,523
X-25 Other liabilitiesStart of year $153,224$519,946
X-26 Total liabilitiesStart of year $2,633,353$2,779,088
X-32 Total net assets or fund balancesStart of year −$611,161−$690,449
X-33 Total liabilities and net assetsStart of year $2,022,192$2,088,639
Part XI · Reconciliation of net assets −$690,449 net assets at year end
XI-1 Total revenue$2,112,244
XI-2 Total expenses$2,191,532
XI-3 Revenue less expenses−$79,288
XI-4 Net assets at start of year−$611,161
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$690,449

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

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