Henderson Collegiate Inc

Nonprofit profile at a glance

EIN
264206516
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-EZ 2009
Location
Henderson, NC, USA
Phone
2525981038
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Charter Schools

Official website

Reported finances

Revenue
$18,308,025
Expenses
$21,031,847
Assets
$43,937,766
Liabilities
$43,750,480

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

Leadership & pay

11 people listed

Executive titles in this filing

  • STEPHANIE ROGERS (BOARD PRESIDENT, CHAIRPERSON)
  • KIM BUTLER (BOARD VICE PRESIDENT)
  • ERIC SANCHEZ (CHIEF EXECUTIVE OFFICER & NON-VOTING BOARD MEMBER)

Highest reported compensation

  • ERIC SANCHEZ (CHIEF EXECUTIVE OFFICER & NON-VOTING BOARD MEMBER): $151,115 total reported compensation
  • CARICE SANCHEZ (CHIEF ACADEMIC OFFICER & NON-VOTING BOARD MEMBER): $118,027 total reported compensation
  • FRANK TERRANOVA JR (PRINCIPAL COACH): $108,621 total reported compensation

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 in henderson, nc

What it reported doing in 2024

The organization operated a public charter school in henderson, North Carolina, serving approximately 1,338 students during the fiscal year ended june 30, 2025.

Operating model

Revenue model
Grant-funded. 93% of the money available for current operations came from government grants.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 75
  • Accountability: 91
  • Sustainability: 31
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 94.9%; rating input score 95
  • Program expense ratio: 82.6%; rating input score 83
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -14.9%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 2.09; rating input score 63; 63rd percentile among comparable filings
  • Liabilities to assets ratio: 1; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 2.3%; rating input score 74; 74th percentile among comparable filings

Growth

  • Program expense growth: 10.4% per year; rating input score 100; 72nd percentile among comparable filings
  • Revenue growth: 9.3% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: 9.1% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 94.9% of revenue deployed · 82.6% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $17.4M in reported program spending
  • Leadership: top reported pay $151K · 11 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $218K reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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 — Sustainability: Operating margin scored 7/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.