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Legacy Classical Academy FY2024 filing

Tax-deductible

Rutherfordton, NC501(c)(3)Since 2021EducationEIN 87-1751287

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Operate a Charter School

501(c)(3) charity; gifts are tax-deductible.
61¢ 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
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
Spent on programs
61%
of spending
Worth a look: 61% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.7 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$183K
256% of total assets
Concern: liabilities are 256% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.1M
Spent
$1.1M
To programs
61%
Net assets
−$111K
By yearFY2024–FY2024
Revenue
$1.1M
FY2024
Revenue by fiscal year
FY2024$1.1M
FY2024$2.2M
Expenses
$1.1M
FY2024
Expenses by fiscal year
FY2024$1.1M
FY2024$2.4M
Net assets
−$111K
FY2024
Net assets by fiscal year
FY2024−$111K
FY2024−$335K

From the FY2024 Form 990 (year ending June 2024) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2023.

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

Where the money goes

61 cents of each dollar spent went to programs.

Program services 61% · $684K Management & general 39% · $429K

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 (FY2023); the FY2024 filing did not itemize Part VII
$0Pt VII · Sec A
Mela Tucker
Vice Chairman
$0Pt VII · Sec A
Brian Harbour
Treasurer
$0Pt VII · Sec A
Erica Brandon
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
See Legacy Classical Academy 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 15aNo

Programs and updates

Legacy Classical Academy is an education nonprofit based in Rutherfordton, NC, formed in 2021.

Provided by the organization

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1 program service account for $684K of program spending, described in the organization's own filed words · FY2023.
01

Operation of a Charter School

Reidsville, NC

$684Kprogram expense

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By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.1M
Ln 12
Gifts and grantsLn 1h$1.1M
Other incomeLn 4–11$13K
Money outPt IX
$1.1M
Ln 25
Programscol B$684K
Managementcol C$429K
Owns and owesPt X
−$111K
net assets · Ln 32
Cash and savingsLn 1–2$66K
Total assetsLn 16$72K
LiabilitiesLn 26$183K
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$1.1M
Government grantsLn 1e$1.1M
Other incomeLn 4–11$13K
Total revenueLn 12$1.1M
Assets in detailPt X, end of year
CashLn 1$66K
Cash and savings togetherLn 1–2$66K
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$72K
LiabilitiesLn 26$183K
Net assetsLn 32−$111K
OperationsPt I, VI
EmployeesI 528
VolunteersI 635
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
LineStart FY24End FY24
Cash and savingsLn 1–2$66K
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$0$72K
LiabilitiesLn 26$0$183K
Net assetsLn 32$0−$111K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$317K$317K$435$0
Pension plan contributionsLn 8$1K$1K$0$0
Other employee benefitsLn 9$31K$31K$0$0
Payroll taxesLn 10$27K$27K$0$0
Advertising and promotionLn 12$3K$0$3K$0
Office expensesLn 13$139K$2K$136K$0
OccupancyLn 16$7K$0$7K$0
Conferences, conventions and meetingsLn 19$319$319$0$0
InterestLn 20$15K$0$15K$0
InsuranceLn 23$15K$0$15K$0
Other expenses (24a–d)Ln 24$527K$297K$231K$0
All other expensesLn 24e$30K$9K$21K$0
Total functional expensesLn 25$1.1M$684K$429K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Viewing $1.1M$1.1M$11K−$111K 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 $1,124,374 across 5 lines filed
VIII-1e Government grants$1,105,744
VIII-1f All other contributions, gifts and grants$5,266
VIII-1h Total contributions, gifts and grants$1,111,010
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $13,364 · Unrelated business $0 · Excluded from tax $0$13,364
VIII-12 Total revenueRelated to mission $13,364 · Unrelated business $0 · Excluded from tax $0$1,124,374
Part IX · Statement of functional expenses $1,113,268 across 12 lines filed
IX-7 Other salaries and wagesPrograms $316,915 · Management $435 · Fundraising $0$317,350
IX-8 Pension plan contributionsPrograms $1,304 · Management $0 · Fundraising $0$1,304
IX-9 Other employee benefitsPrograms $30,620 · Management $0 · Fundraising $0$30,620
IX-10 Payroll taxesPrograms $26,882 · Management $0 · Fundraising $0$26,882
IX-12 Advertising and promotionPrograms $0 · Management $3,096 · Fundraising $0$3,096
IX-13 Office expensesPrograms $2,325 · Management $136,255 · Fundraising $0$138,580
IX-16 OccupancyPrograms $0 · Management $7,456 · Fundraising $0$7,456
IX-19 Conferences, conventions and meetingsPrograms $319 · Management $0 · Fundraising $0$319
IX-20 InterestPrograms $0 · Management $15,354 · Fundraising $0$15,354
IX-23 InsurancePrograms $0 · Management $14,693 · Fundraising $0$14,693
IX-24 Other expenses (24a–d)Programs $296,851 · Management $230,506 · Fundraising $0$527,357
IX-24e All other expensesPrograms $8,813 · Management $21,444 · Fundraising $0$30,257
IX-25 Total functional expensesPrograms $684,029 · Management $429,239 · Fundraising $0$1,113,268
Part X · Balance sheet $71,637 assets, 10 lines filed
X-1 Cash, non-interest-bearing$66,060
X-4 Accounts receivable$5,142
X-9 Prepaid expenses and deferred charges$435
X-10c Land, buildings and equipment, net$0
X-16 Total assetsStart of year $0$71,637
X-17 Accounts payable and accrued expenses$33,107
X-26 Total liabilitiesStart of year $0$183,107
X-27 Net assets without donor restrictions−$111,470
X-32 Total net assets or fund balancesStart of year $0−$111,470
X-33 Total liabilities and net assetsStart of year $0$71,637
Part XI · Reconciliation of net assets −$111,470 net assets at year end
XI-1 Total revenue$1,124,374
XI-2 Total expenses$1,113,268
XI-3 Revenue less expenses$11,106
XI-9 Other changes in net assets−$122,576
XI-10 Net assets at end of year−$111,470

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

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