Legacy Classical Academy

Nonprofit profile at a glance

EIN
871751287
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
Reidsville, NC, USA
Phone
3365143054
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Charter Schools

Reported finances

Revenue
$2,150,016
Expenses
$2,373,847
Assets
$7,571,655
Liabilities
$7,906,956

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

Leadership & pay

5 people listed

People named in this filing

  • BERNIE PARNELL (CHAIRMAN)
  • MELA TUCKER (VICE CHAIRMAN)
  • BRIAN HARBOUR (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

Operate a Charter School

What it reported doing in 2024

Operation of a Charter School - Reidsville, NC

Operating model

Revenue model
Grant-funded. 97% 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 - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 39
  • Transparency & Controls: 100
  • Accountability: 94
  • Sustainability: 39
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 44.8%; rating input score 45
  • Program expense ratio: 40.5%; rating input score 41
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -10.4%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 3.19; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 1.04; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 33.8% per year; rating input score 100; 94th percentile among comparable filings
  • Revenue growth: 62.6% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 196.3% per year; rating input score 100; 100th percentile among comparable filings

Details

  • Where the money goes: 44.8% of revenue deployed · 40.5% of spending went to programs
  • Governance: 5 of 5 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $962K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 2 filing years from 2023 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Moderate — Financial Efficiency: Mission deployment rate scored 45/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 41/100.
  • High — Sustainability: Operating margin scored 13/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.