Socrates Academy Inc

Nonprofit profile at a glance

EIN
201361228
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Matthews, NC, USA
Phone
7043211711
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Charter Schools

Reported finances

Revenue
$13,730,688
Expenses
$11,938,747
Assets
$10,209,723
Liabilities
$14,077,955

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

Leadership & pay

12 people listed

Executive titles in this filing

  • John Couchell (President)
  • Antonis Stylianou (V President)

Highest reported compensation

  • Vanessa Baker (Principal): $102,373 total reported compensation
  • Lena Bakis (Business Manager): $42,508 total reported compensation
  • Vanessa Morgan (Asst Business Mgr): $40,110 total reported compensation

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

Operate a public charter school.

Operating model

Revenue model
Grant-funded. 84% 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 most voting board members are independent. The filing does not identify recipients for some grant dollars and some related-organization disclosures are missing.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 55
  • Accountability: 90
  • Sustainability: 53
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 67.1%; rating input score 67
  • Program expense ratio: 77.1%; rating input score 77
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 85.7%; rating input score 86; 1st percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Scored; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 13.1%; rating input score 73; 73rd percentile among comparable filings
  • Total-asset coverage ratio: 0.86; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 1.38; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 1.5%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 12.9% per year; rating input score 100; 79th percentile among comparable filings
  • Revenue growth: 7.4% per year; rating input score 100; 62nd percentile among comparable filings
  • Asset growth: 10.8% per year; rating input score 100; 68th percentile among comparable filings

Details

  • Where the money goes: 67.1% of revenue deployed · 77.1% of spending went to programs
  • Governance: 9 of 9 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $9.2M in reported program spending
  • Leadership: top reported pay $102K · 12 people listed
  • Highest-paid contractors: 1 contractor listed · $138K reported
  • Consistency: 29 of 31 current checks pass · 2 findings to review
  • Schedules: 6 filed schedules · includes grants and related organizations
  • Filing history: 8 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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 — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 31/100.
  • Moderate — Transparency & Controls: Schedule D expense reconciliation did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Schedule D revenue reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.