Covenant Preparatory School INC

Tax-deductible

Southern Pines, NC501(c)(3)EducationEIN 80-0827152

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Covenant Preparatory School exists as a Christ-centered, blended school model committed to an authentic Classical Christian education stressing the fundamentals of spiritual development, academics, and community outreach.

501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
Run by 12 volunteers and 31 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $19K a year · 5% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$74K
to officers and key staff · 14% of spending
Top officer’s pay lower than 67% of similar orgs
Looks good: pay to officers and key staff is 14% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
5 mo
of spending, in cash
Looks good: 5.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$5K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 10 voting members
Looks good: 6 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$524K
+12% vs prior year
Spent
$522K
To programs
91%
Net assets
$214K
By yearFY2020–FY2024
Revenue
$524K
FY2024▲ +12%
Revenue by fiscal year
FY2020$261K
FY2021$329K
FY2022$261K
FY2023$469K
FY2024$524K
Expenses
$522K
FY2024▲ +28%
Expenses by fiscal year
FY2020$238K
FY2021$253K
FY2022$328K
FY2023$408K
FY2024$522K
Net assets
$214K
FY2024▲ +1%
Net assets by fiscal year
FY2020$153K
FY2021$229K
FY2022$162K
FY2023$212K
FY2024$214K

From the FY2024 Form 990 · see the original

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 2014.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $475K Management & general 9% · $47K

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

10 people listed on the 990; $74K paid to officers and key staff.

Part VII, Section A · reportable compensation
Headmaster
$42,000Pt VII · Sec A
Board Member
$31,901Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Assistant Treas
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Headmaster
$0Pt VII · Sec A

Jacob Skogen’s $42K as Headmaster is at the 33rd percentile of top reported officer pay among 1613 $100K–1M 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 · 5 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Jacob Skogen$42,000————
Brittany Portnoy$31,901$28,556———
Brittany Portnory——$24,363$21,863$27,500
Drew Maney—$15,875———
Drew Maney——$15,300$5,625$15,000

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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers Christian-based classical education for students.

Provided by the organization

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1 program service account for $475K of program spending, described in the organization's own filed words · FY2024.
01

Provide instruction to students in classical education to include courses such as Latin and rhetoric in conjunction with the mandatory course of study required by all school systems.

$475Kprogram expense

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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 · FY2022
Total grants receivedfrom 1 funder$10K

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$524K
Ln 12
Fees for servicesLn 2g$477K
Gifts and grantsLn 1h$30K
Other incomeLn 4–11$17K
Money outPt IX
$522K
Ln 25
Programscol B$475K
Managementcol C$47K
Owns and owesPt X
$214K
net assets · Ln 32
Cash and savingsLn 1–2$219K
Total assetsLn 16$219K
LiabilitiesLn 26$5K
PeoplePt VI, VII
10
listed · VII A
PaidVII A2
Voting boardVI 1a10
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$30K
Fees for servicesLn 2g$477K
Investment incomeLn 3$110
Other incomeLn 4–11$17K
Gains on assetsLn 7$0
Total revenueLn 12$524K
Assets in detailPt X, end of year
CashLn 1$80K
SavingsLn 2$139K
Cash and savings togetherLn 1–2$219K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$219K
LiabilitiesLn 26$5K
Net assetsLn 32$214K
OperationsPt I, VI
EmployeesI 531
VolunteersI 612
Fiscal year endsHeaderDecember
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$223K$219K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$223K$219K
LiabilitiesLn 26$11K$5K
Net assetsLn 32$212K$214K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$74K$74K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$332K$332K
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$34K$34K
Management feesLn 11a$0
Legal feesLn 11b$0
Accounting feesLn 11c$0
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$0
Office expensesLn 13$835$835
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$3K$3K
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$69K$28K$41K
All other expensesLn 24e$6K$3K$3K
Total functional expensesLn 25$522K$475K$47K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $524K$522K$2K$214K 990 PDF
FY2023 $469K$408K$60K$212K 990 PDF
FY2022 $261K$328K−$67K$162K 990 PDF
FY2021 $329K$253K$77K$229K 990 PDF
FY2020 $261K$238K$24K$153K 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 (4 parts)
Part VIII · Statement of revenue $524,302 across 9 lines filed
VIII-1f All other contributions, gifts and grants$30,100
VIII-1h Total contributions, gifts and grants$30,100
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $476,791$476,791
VIII-3 Investment incomeRelated to mission $110$110
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events$17,301
VIII-12 Total revenueRelated to mission $476,901$524,302
Part IX · Statement of functional expenses $522,044 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffPrograms $73,901$73,901
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wagesPrograms $332,201$332,201
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxesPrograms $33,735$33,735
IX-11a Management fees$0
IX-11b Legal fees$0
IX-11c Accounting fees$0
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotion$0
IX-13 Office expensesPrograms $835$835
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetingsManagement $2,800$2,800
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 InsurancePrograms $3,137$3,137
IX-24 Other expenses (24a–d)Programs $27,934 · Management $41,258$69,192
IX-24e All other expensesPrograms $2,887 · Management $3,356$6,243
IX-25 Total functional expensesPrograms $474,630 · Management $47,414 · Fundraising $0$522,044
Part X · Balance sheet $219,009 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $108,881$79,627
X-2 Savings and temporary cash investmentsStart of year $114,307$139,382
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred charges$0
X-10c Land, buildings and equipment, net$0
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assets$0
X-16 Total assetsStart of year $223,188$219,009
X-17 Accounts payable and accrued expensesStart of year $11,120$4,683
X-26 Total liabilitiesStart of year $11,120$4,683
X-27 Net assets without donor restrictionsStart of year $212,068$214,326
X-32 Total net assets or fund balancesStart of year $212,068$214,326
X-33 Total liabilities and net assetsStart of year $223,188$219,009
Part XI · Reconciliation of net assets $214,326 net assets at year end
XI-1 Total revenue$524,302
XI-2 Total expenses$522,044
XI-3 Revenue less expenses$2,258
XI-4 Net assets at start of year$212,068
XI-10 Net assets at end of year$214,326

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

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