Faith Academy Charter School Inc

Nonprofit profile at a glance

EIN
852067737
IRS 990 coverage
2021–2024
Forms available
Form 990 2024
Location
Faith, NC, USA
Phone
7046038437
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Reported finances

Revenue
$11,760,007
Expenses
$11,037,045
Assets
$25,955,479
Liabilities
$23,008,103

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

Leadership & pay

8 people listed

People named in this filing

  • George Wilhelm (Chair)
  • Gene Miller (Vice Chair)
  • Nick Lefko (Secretary)

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

Operation of a public charter school

What it reported doing in 2024

Operation of a charter school in Faith, North Carolina, serving approximately 937 students in grades kindergarten through 8th for the fiscal year ended June 30, 2025.

Operating model

Revenue model
Earned-program. 95% 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

STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Expenses are high relative to revenue and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 90
  • Accountability: 100
  • Sustainability: 59
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.4%; rating input score 69
  • Program expense ratio: 74%; rating input score 74
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.1%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 2.35; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0.89; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 96; 96th percentile among comparable filings

Growth

  • Program expense growth: 28.9% per year; rating input score 100; 95th percentile among comparable filings
  • Revenue growth: 28% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 70.5% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 69.4% of revenue deployed · 74% of spending went to programs
  • Governance: 8 of 8 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $8.2M in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 4 filing years from 2021 to 2024
  • 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.

  • Review — Sustainability: Operating margin scored 57/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.