Covenant Classical Academy

Nonprofit profile at a glance

EIN
822350694
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023, Form 990-N 2022
Location
Elizabeth City, NC, USA
Phone
2523403638
Rating
58
Verdict
MIXED
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Reported finances

Revenue
$260,063
Expenses
$297,919
Assets
$19,086
Liabilities
$25,962

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

6 people listed

People named in this filing

  • Caasi Suaava (Headmaster)
  • Kathy Arrick (Board Member)
  • Jeff Terry (Board Member)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Equip children to become wise & virtuous young men & women who excel academically, think biblically, & love the truth, goodness, & beauty that corresponds to God & His world, by using a rigorous, time-tested classical method, the trivium, that mirrors their natural development.

What it reported doing in 2024

Each year achieving the goal of providing children with a rigorous classical education grounded in biblical truth so they may grow in wisdom and virtue as lifelong learners who serve their communities.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 69
  • Accountability: 24
  • Sustainability: 18
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.5%; rating input score 87
  • Program expense ratio: 76.4%; rating input score 76
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -14.6%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 0.06; rating input score 5; 5th percentile among comparable filings
  • Liabilities to assets ratio: 1.36; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 33.9% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: -71.4% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 87.5% of revenue deployed · 76.4% of spending went to programs
  • Governance: 0 of 5 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $228K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 19 of 19 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Sustainability: Operating margin scored 18/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 5/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.