ROCKY MOUNT ACADEMY

EIN: 237005337 501(c)(3) Education

ROCKY MOUNT, NC

Total Revenue
$10,971,896
Total Expenses
$8,688,627
Total Assets
$10,299,596
Net Assets
$7,921,879
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1968
Legal Domicile
NC
Principal Officer
BETH COVOLO
Phone
2524434126
Tax Period
2024-07-01 to 2025-06-30

ROCKY MOUNT ACADEMY, founded in 1968, is a mid-sized nonprofit in the Education sector that reported $11.0M in total revenue in fiscal year 2024. Revenue surged 51% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.3M, a strong 21% operating margin.

Mission

ROCKY MOUNT ACADEMY IS AN INDEPENDENT SCHOOL WITH THE MISSION TO PREPARE ITS STUDENTS FOR THE CHALLENGES, OPPORTUNITIES AND RESPONSIBILITIES THAT THEY WILL ENCOUNTER IN LIFE AND COLLEGE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,451,722
Program Service Revenue $7,593,170
Investment Income $846,608
Other Revenue $80,396
TOTAL REVENUE $10,971,896

Expense Breakdown

Grants Paid $1,433,276
Salaries & Benefits $5,088,227
Fundraising Expenses $204,185
Program Expenses $8,041,991
Other Expenses $2,167,124
TOTAL EXPENSES $8,688,627

Year-over-Year Comparison

2024 2023 Change
Revenue $10,971,896 $7,254,637 +0.5%
Expenses $8,688,627 $7,315,088 +0.2%
Net Income $2,283,269 $-60,451 -38.8%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

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Liquidity & Cash Position

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Governance

Voting Members
17
Independent Members
17
Employees
168
Volunteers
74

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
1
$216,655
Total Directors
16
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LESLIE PASZEK CHAIRMAN 2.00
Director
$0 $0 $0
WILLIAM ROEDER VICE CHAIRMAN 2.00
Director
$0 $0 $0
SARAH DIXON SECRETARY 2.00
Director
$0 $0 $0
BRICE ANDRACCHIO TREASURER 2.00
Director
$0 $0 $0
TREY THORNE TRUSTEE 1.00
Director
$0 $0 $0
BRUCE BERRY TRUSTEE 1.00
Director
$0 $0 $0
STEVEN CALHOUN TRUSTEE 1.00
Director
$0 $0 $0
JOSIE DAVIS TRUSTEE 1.00
Director
$0 $0 $0
EVAN DUFF TRUSTEE 1.00
Director
$0 $0 $0
SHARON EDWARDS TRUSTEE 1.00
Director
$0 $0 $0
KATHERINE FISHER TRUSTEE 1.00
Director
$0 $0 $0
THERESA GILMORE TRUSTEE 1.00
Director
$0 $0 $0
MEARS PITT TRUSTEE 1.00
Director
$0 $0 $0
MATTHEW REAMS TRUSTEE 1.00
Director
$0 $0 $0
HOWARD STEVENS TRUSTEE 1.00
Director
$0 $0 $0
BRICE ANDRACCHIO TRUSTEE 1.00
Director
$0 $0 $0
BETH COVOLO HEADMASTER 40.00
Officer
$216,655 $0 $216,655
PATSY BRADLEY FORMER FINANCE OFFICER 40.00
$109,970 $0 $109,970
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $10,971,896 $8,688,627 $10,299,596 $2,283,269
2024 $7,254,637 $7,315,088 $7,671,943 $-60,451
2023 $6,533,116 $6,493,256 $7,805,713 $39,860
2022 $7,236,904 $7,254,804 $7,682,754 $-17,900
2021 $6,840,196 $6,425,124 $8,086,918 $415,072
2020 $6,096,066 $6,443,061 $7,945,381 $-346,995
2018 $6,855,901 $5,902,846 $8,517,810 $953,055
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