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Colleton Preparatory Academy INC FY2024 filing

Tax-deductible

Walterboro, SC501(c)(3)Since 1991EducationEIN 57-0886152Revenue $4.2M in FY2024

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.
81¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
81%
of spending
Looks good: 81% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Looks good: 5.8 months of spending in cash; 3 or more.
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
$1.5M
70% of total assets
Worth a look: liabilities are 70% of assets; over 65%.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.2M
+39% vs prior year
Spent
$3.2M
To programs
81%
Net assets
$646K
By yearFY2020–FY2025
Revenue
$4.2M
FY2024▲ +39%
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
$3.2M
FY2024▼ -1%
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
$646K
FY2024▲ +277%
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 FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 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

81 cents of each dollar spent went to programs.

Program services 81% · $2.6M Management & general 19% · $593K

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

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$0Pt VII · Sec A
Josh White
Director
$0Pt VII · Sec A
Tommy Murray
Director
$0Pt VII · Sec A
Roger Odum
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Timmy Benton
Director
$0Pt VII · Sec A
$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 · $2.6M · in their own filed words · FY2023
01

The academy enabled 502 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.

$2.6Mprogram 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 FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$4.2M
Ln 12
Fees for servicesLn 2g$3.2M
Gifts and grantsLn 1h$974K
Investment incomeLn 3$9K
Money outPt IX
$3.2M
Ln 25
Programscol B$2.6M
Managementcol C$593K
Owns and owesPt X
$646K
net assets · Ln 32
Cash and savingsLn 1–2$1.5M
Total assetsLn 16$2.2M
LiabilitiesLn 26$1.5M
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$974K
Government grantsLn 1e$964K
Fundraising eventsLn 1c$10K
Fees for servicesLn 2g$3.2M
Investment incomeLn 3$9K
Total revenueLn 12$4.2M
Assets in detailPt X, end of year
CashLn 1$1.5M
Cash and savings togetherLn 1–2$1.5M
Land, buildings, equipmentLn 10c$390K
Total assetsLn 16$2.2M
LiabilitiesLn 26$1.5M
Net assetsLn 32$646K
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 FY24End FY24
Cash and savingsLn 1–2$559K$1.5M
Land, buildings, equipmentLn 10c$409K$390K
Total assetsLn 16$1.1M$2.2M
LiabilitiesLn 26$1.5M$1.5M
Net assetsLn 32−$366K$646K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$2.2M$1.9M$301K
Other employee benefitsLn 9$34K$34K
Payroll taxesLn 10$185K$160K$25K
Accounting feesLn 11c$3K$3K
Other fees for servicesLn 11g$7K$7K
Advertising and promotionLn 12$251$251
Office expensesLn 13$13K$8K$4K
Information technologyLn 14$104K$78K$26K
OccupancyLn 16$369K$185K$185K
Depreciation, depletion and amortizationLn 22$19K$19K
InsuranceLn 23$59K$19K$41K
Other expenses (24a–d)Ln 24$238K$230K$8K
Total functional expensesLn 25$3.2M$2.6M$593K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $3.6M$3.6M−$16K$630K 990 PDF
FY2024 Viewing $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 $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 FY2024 990 (6 parts)
Part I · Summary $4,215,353 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $30,655$974,116
I-9 Program service revenuePrior year $2,998,642$3,232,123
I-10 Investment incomePrior year $482$9,114
I-11 Other revenue$0
I-12 Total revenuePrior year $3,029,779$4,215,353
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $2,167,809$2,390,393
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,084,114$813,489
I-18 Total expensesPrior year $3,251,923$3,203,882
I-19 Revenue less expensesPrior year −$222,144$1,011,471
Part VI · Governance 11 of 11 board members independent, 3 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
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 $4,215,353 across 6 lines filed
VIII-1c Fundraising events$10,380
VIII-1e Government grants$963,736
VIII-1h Total contributions, gifts and grants$974,116
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,232,123$3,232,123
VIII-3 Investment incomeExcluded from tax $9,114$9,114
VIII-12 Total revenueRelated to mission $3,232,123 · Unrelated business $0 · Excluded from tax $9,114$4,215,353
Part IX · Statement of functional expenses $3,203,882 across 12 lines filed
IX-7 Other salaries and wagesPrograms $1,871,120 · Management $301,006$2,172,126
IX-9 Other employee benefitsPrograms $33,686$33,686
IX-10 Payroll taxesPrograms $159,874 · Management $24,707$184,581
IX-11c Accounting feesManagement $3,300$3,300
IX-11g Other fees for servicesPrograms $7,380$7,380
IX-12 Advertising and promotionManagement $251$251
IX-13 Office expensesPrograms $8,181 · Management $4,405$12,586
IX-14 Information technologyPrograms $77,748 · Management $25,916$103,664
IX-16 OccupancyPrograms $184,620 · Management $184,620$369,240
IX-22 Depreciation, depletion and amortizationPrograms $19,328$19,328
IX-23 InsurancePrograms $18,685 · Management $40,805$59,490
IX-24 Other expenses (24a–d)Programs $229,913 · Management $8,337$238,250
IX-25 Total functional expensesPrograms $2,610,535 · Management $593,347 · Fundraising $0$3,203,882
Part X · Balance sheet $2,181,845 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $559,229$1,547,863
X-4 Accounts receivableStart of year $138,419$196,650
X-9 Prepaid expenses and deferred chargesStart of year $22,117$47,264
X-10c Land, buildings and equipment, netStart of year $409,396$390,068
X-16 Total assetsStart of year $1,129,161$2,181,845
X-17 Accounts payable and accrued expensesStart of year $6,477$9,232
X-19 Deferred revenueStart of year $807,240$749,353
X-25 Other liabilitiesStart of year $681,070$777,415
X-26 Total liabilitiesStart of year $1,494,787$1,536,000
X-32 Total net assets or fund balancesStart of year −$365,626$645,845
X-33 Total liabilities and net assetsStart of year $1,129,161$2,181,845
Part XI · Reconciliation of net assets $645,845 net assets at year end
XI-1 Total revenue$4,215,353
XI-2 Total expenses$3,203,882
XI-3 Revenue less expenses$1,011,471
XI-4 Net assets at start of year−$365,626
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$645,845

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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