Winston Salem Academy Inc
Nonprofit profile at a glance
- EIN
- 562108610
- IRS 990 coverage
- 2012–2024
- Forms available
- Form 990 2024
- Location
- Winstonsalem, NC, USA
- Phone
- 6162221700
- Rating
- 83
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Elementary, Secondary Education, K - 12
Reported finances
- Revenue
- $9,514,519
- Expenses
- $9,479,968
- Assets
- $2,521,039
- Liabilities
- $2,255,422
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
4 people listed
Executive titles in this filing
- CARMEN PALMER (PRESIDENT)
- TIFFANY SPAINHOUR (VICE PRESIDENT)
People named in this filing
- CARMEN PALMER (PRESIDENT)
- ERICA HINDSMAN (TREASURER)
- NISA MCMILLAN (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
To operate a public charter school and to provide education to children in grades kindergarten through eighth grade based on rigorous teaching methods, parental involvement, student responsibility, and basic moral values. Enrollment is open to all appropriately aged children without regard to gender, ethnic background, disability, and/or religious affiliation.
What it reported doing in 2024
Operated an educational institution organized as a public school academy. The academy provides education, at no cost to the parent, to students in kindergarten through eighth grade. The academy operates under a charter approved by the North Carolina state board of education.
Operating model
- Revenue model
- Grant-funded. 99% 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
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 total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 69
- Transparency & Controls: 100
- Accountability: 94
- Sustainability: 30
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 77.6%; rating input score 78
- Program expense ratio: 77.8%; rating input score 78
- 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: Yes; rating input score 100
- 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: 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 0.4%; rating input score 35; 35th percentile among comparable filings
- Total-asset coverage ratio: 0.27; rating input score 8; 8th percentile among comparable filings
- Liabilities to assets ratio: 0.89; rating input score 8; 8th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings
Growth
- Program expense growth: 4.4% per year; rating input score 100; 36th percentile among comparable filings
- Revenue growth: 5% per year; rating input score 100; 41st percentile among comparable filings
- Asset growth: 22.7% per year; rating input score 100; 87th percentile among comparable filings
Details
- Where the money goes: 77.6% of revenue deployed · 77.8% of spending went to programs
- Governance: 4 of 4 board members independent · 6 of 7 filing controls reported
- Programs: 2 filed program accomplishments · $7.4M in reported program spending
- Leadership: top reported pay $0 · 4 people listed
- Highest-paid contractors: 1 contractor listed · $8.7M reported
- Consistency: 28 of 28 current checks pass
- Schedules: 5 filed schedules · includes major donors
- Filing history: 13 filing years from 2012 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.
- Moderate — Sustainability: Operating margin scored 35/100.
- High — Sustainability: Total-asset coverage ratio scored 8/100.
- Review — Accountability: Governance controls: Whistleblower policy not reported.
- High — Sustainability: Liabilities to assets ratio scored 8/100.