AJ FLETCHER FOUNDATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1975

Legal Domicile

Principal Officer

DAMON J CIRCOSTA

Phone

9193222580

Tax Period

2023-01-01 to 2023-12-31

AJ FLETCHER FOUNDATION, founded in 1975, is a community nonprofit in the Philanthropy & Grantmaking sector that reported $6.1M in total revenue in fiscal year 2023. Revenue fell 94% from the prior year — a significant decline worth monitoring. Expenses of $8.1M exceeded revenue, resulting in a 33% operating deficit.

Mission

THE A.J. FLETCHER FOUNDATION OPERATES FOR THE EXCLUSIVE BENEFIT OF THE FLETCHER ACADEMY, SCHOOL OF ACHIEVEMENT, INC. AND IN FURTHERANCE OF A PURPOSE OF THE FLETCHER ACADEMY, A DESIGNATED CLASS OF OTHER CHARITABLE ORGANIZATIONS. THROUGH ITS GRANTS, THE FOUNDATION SUPPORTS THE FLETCHER ACADEMY AND OTHER PUBLIC CHARITIES LOCATED IN NORTH CAROLINA OR SERVING NORTH CAROLINA RESIDENTS THAT HAVE AS ONE OF THEIR PURPOSES THE CARE OR SUPPORT OF THE ELDERLY, INFIRM OR INDIGENT, THE PROMOTION OF EDUCATION, ARTISTIC ENDEAVORS, COMMUNICATION ARTS, OR PUBLIC RECREATION OR THE FOSTERING OF RELIGIOUS FAITH.

Program Service Accomplishments

Program 1

Expenses: $1,200,000

THE A.J. FLETCHER FOUNDATION IS A SUPPORTING ORGANIZATION FOR THE FLETCHER ACADEMY SCHOOL OF ACHIEVEMENT, INC., SERVING NORTH CAROLINA AS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL WITH OVER 200...

THE A.J. FLETCHER FOUNDATION IS A SUPPORTING ORGANIZATION FOR THE FLETCHER ACADEMY SCHOOL OF ACHIEVEMENT, INC., SERVING NORTH CAROLINA AS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL WITH OVER 200 STUDENTS IN GRADES 1-12 WITH LEARNING DISABILITIES AND/OR ATTENTION DEFICIT DISORDERS. THE ACADEMY HELPS THESE SPECIAL STUDENTS MASTER BASIC ACADEMIC AND SOCIAL SKILLS WHILE INSTILLING IN THEM A POSITIVE SENSE OF THEIR OWN RESPONSIBILITY FOR LEARNING. THE SCHOOL IS ACCREDITED BY THE SOUTHERN ASSOCIATION OF INDEPENDENT SCHOOLS AND THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS.

Program 2

Expenses: $5,956,648

IN KEEPING WITH ITS MISSION OF SUPPORTING CHARITABLE ORGANIZATIONS WITH CERTAIN PURPOSES LOCATED IN NORTH CAROLINA OR SERVING NORTH CAROLINA RESIDENTS, THE A.J. FLETCHER FOUNDATION MADE GRANTS...

IN KEEPING WITH ITS MISSION OF SUPPORTING CHARITABLE ORGANIZATIONS WITH CERTAIN PURPOSES LOCATED IN NORTH CAROLINA OR SERVING NORTH CAROLINA RESIDENTS, THE A.J. FLETCHER FOUNDATION MADE GRANTS TOTALING $5,477,600 TO CHARITABLE ORGANIZATIONS INVOLVED IN THE SUPPORT OF THE ELDERLY, INFIRM OR INDIGENT, IN EDUCATION, IN ARTISTIC ENDEAVORS, IN COMMUNICATION ARTS, IN PUBLIC RECREATION, AND IN FOSTERING RELIGIOUS FAITH. SEE ALSO SCHEDULE I, FOR A DETAILED LIST OF ALL GRANTS PAID IN 2023.

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $4,698,561

Other Revenue $1,366,989

TOTAL REVENUE $6,065,550

Expense Breakdown

Grants Paid $6,677,600

Salaries & Benefits $538,536

Fundraising Expenses $0

Program Expenses $7,156,648

Other Expenses $857,241

TOTAL EXPENSES $8,073,377

Year-over-Year Comparison

	2023	2022	Change
Revenue	$6,065,550	$103,189,395	-0.9%
Expenses	$8,073,377	$8,049,293	+0.0%
Net Income	$-2,007,827	$95,140,102	-1.0%

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

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

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

$253,310

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES F GOODMON	CHAIRMAN OF THE BOARD	2.00	Director	$0	$0	$0
BETH BRIGGS	DIRECTOR	1.00	Director	$0	$0	$0
MARIA SPAULDING	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL GOODMON	DIRECTOR	1.00	Director	$0	$0	$0
JAMES F GOODMON JR	DIRECTOR	1.00	Director	$0	$0	$0
GREG PATTERSON	DIRECTOR	1.00	Director	$0	$0	$0
STEVE HAMMEL	DIRECTOR	1.00	Director	$0	$0	$0
DANIEL P MCGRATH	TREASURER/SECRETARY	3.00	Officer	$0	$0	$0
BARBARA L GOODMON	PRESIDENT	1.00	Officer	$0	$0	$0
DAMON J CIRCOSTA	V.P/ EXEC. DIR./ASST SECRE	40.00	Officer	$209,321	$43,989	$253,310

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
2024	No data	No data	No data	No data
2023	$6,065,550	$8,073,377	$263,837,938	$-2,007,827
2022	$103,189,395	$8,049,293	$240,226,445	$95,140,102
2021	$53,698,336	$16,213,183	$168,653,502	$37,485,153
2020	$78,045,637	$21,929,107	$154,919,685	$56,116,530
2019	$36,531,568	$13,079,113	$146,008,574	$23,452,455