Falls Lake Academy Inc in Creedmoor, North Carolina (NC)

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Falls Lake Academy Inc
Employer Identification Number (EIN)461167805
Name of OrganizationFalls Lake Academy Inc
Address1701 E Lyon Station Rd, Creedmoor, NC 27522-9101
SubsectionEducational Organization
Ruling Date01/2014
DeductibilityContributions are deductible
FoundationSchool
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2014
Assets$100,000 to $499,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$340,730
Amount of Income$2,560,364
Form 990 Revenue Amount$2,560,364
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities:


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Amount of income in 2014: $2,560,364 (it was $5,706 in 2013)
This organization: 

 $2,560,364
Other organizations performing similar types of work: 

 $2,542,338

Assets in 2014: $340,730 (it was $710 in 2013)
Falls Lake Academy Inc: 

 $340,730
Other organizations performing similar types of work: 

 $807,636

Expenses in 2013: $4,996
This organization: 

 $4,996
Other organizations performing similar types of work: 

 $2,510,452

Income to expenses ratio in 2013: 512.5
This organization: 

 512.5
Other organizations performing similar types of work: 

 1.0

Grants share in income in 2013: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 1.6%

Financial snapshot ($)

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2013
Total revenue$5,706
Contributions, gifts, grants, and similar amounts received$0
Program service revenue including government fees and contracts$0
Membership dues and assessments$0
Investment income$0
Gain/Loss from sale of assets other than inventory$0
Net income/loss from gaming and fundraising events$0
Gross profit/loss from sales of inventory$0
Other revenue$5,706
Total expenses$4,996
Total net assets$710
Excess/Deficit for the year$710
Net assets or fund balances at beginning of year$0
Other changes in net assets or fund balances$0
Net assets or fund balances at end of year$710
Balance Sheets
2013
Total assets$710
Total liabilities$0
Net assets or fund balances$710
Other Information
2013
Did the organization engage in any significant activity not previously reported to the IRS?No
Were any significant changes made to the organizing or governing documents?No
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNo
Has the organization filed a Form 990-T for the year?No
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?No
Amount of political expenditures, direct or indirect$0
Did the organization file Form 1120-POL for this year?No
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?No
Total amount involved$0
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?No
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii)
Number of organizations supported0
Sum of amounts of support$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Summit Academy Incorporated1285 E 13200 S, Draper, UT 84020-9000UT2005-05$6,769,855
2Peabody Charter School Inc3018 Calle Noguera, Santa Barbara, CA 93105-2848CA2009-08$6,466,030
3The Highlander Charter School42 Lexington Ave, Providence, RI 02907-1716RI2003-07$6,404,245
4Cheyenne Classical AcademyPo Box 984, Cheyenne, WY 82003WY2007-08$56,133
5Voyager Academy Inc101 Hock Parc, Durham, NC 27704-2563NC2007-08$11,344,175
6North Carolina Charter Educational Foundation Inc516-D River Highway No 144, Mooresville, NC 28117-6829NC2014-08$9,751,352
7Triad Math And Science Academy Company700 Creek Ridge Rd, Greensboro, NC 27406-4802NC2009-01$8,295,538
8Mountain Island Charter School Inc13440 Lucia Riverbend Hwy, Mount Holly, NC 28120-9766NC2011-05$7,773,335
9Roxboro Community School Inc115 Lake Dr, Roxboro, NC 27573-5672NC2007-01$5,187,471
10Socrates Academy IncPO BOX 110, Rutherfordton, NC 28139-0110NC2007-02$5,161,537
11Cornerstone Charter AcademyPO BOX 110, Rutherfordton, NC 28139-0110NC2013-05$4,956,633
12Woods Charter School Company5029 Falls Of Neuse Rd Ste 218, Raleigh, NC 27609-5498NC2007-01$4,911,400
13Arapohoe Charter School9005 Nc Highway 306 S, Arapahoe, NC 28510-9699NC1997-05$4,581,152
14Vance Charter School Inc5029 Falls Of Neuse Rd Ste 218, Raleigh, NC 27609-5498NC2000-07$4,290,916
15Carter G Woodson School Inc437 Goldfloss Street, Winstonsalem, NC 27127NC2013-01$4,049,340
16Henderson Collegiate906 Health Center Rd, Henderson, NC 27536-5479NC2010-02$3,662,625
17North Carolina Leadership Charter Academy Incorporated, North Carolina Leadership Acad4353 High Point Rd, Kernersville, NC 27284-9155NC2013-12$3,105,681
18Classical Academies Cfa Inc, Lake Lure Classical Academy CfaPO BOX 110, Rutherfordton, NC 28139-0110NC2012-04$2,881,769
19Pinnacle Classical AcademyPO BOX 2695, Shelby, NC 28151-2695NC2014-03$2,619,107
20Falls Lake Academy Inc1701 E Lyon Station Rd, Creedmoor, NC 27522-9101NC2014-01$2,560,364
Number of organizations performing similar types of work
Alaska3
Arkansas13
Arizona190
California466
Colorado91
Connecticut15
District of Columbia51
Delaware19
Florida310
Georgia65
Hawaii6
Idaho37
Illinois40
Indiana69
Kansas2
Kentucky2
Louisiana69
Massachusetts12
Maryland35
Maine7
Michigan25
Minnesota131
Missouri28
Mississippi2
North Carolina76
Nebraska1
New Hampshire11
New Jersey55
New Mexico3
Nevada5
New York215
Ohio238
Oklahoma10
Oregon91
Pennsylvania126
Rhode Island14
South Carolina51
Tennessee43
Texas181
Utah75
Virginia5
Washington12
Wisconsin52
Wyoming4
Total2,956

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