FALLS LAKE ACADEMY

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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

2013

Legal Domicile

Principal Officer

JOEY JOHNSON

Phone

9199649003

Tax Period

2024-07-01 to 2025-06-30

FALLS LAKE ACADEMY, founded in 2013, is a mid-sized nonprofit in the Education sector that reported $14.0M in total revenue in fiscal year 2024. Expenses of $13.2M left a modest 6% surplus.

Mission

FALLS LAKE ACADEMY SEEKS TO CREATE A CHALLENGING LEARNING ENVIRONMENT WHILE STRIVING TO MEET THE ACADEMIC, SOCIAL, AND EMOTIONAL NEEDS OF OUR 21ST CENTURY LEARNERS TO PREPARE THEM FOR CITIZENSHIP, LEADERSHIP, AND SUCCESS IN A RAPIDLY CHANGING WORLD. OUR SCHOOL PROMOTES A SAFE, ORDERLY, CARING AND SUPPORTIVE COMMUNITY. EACH STUDENT'S SELF-ESTEEM IS FOSTERED BY POSITIVE RELATIONSHIPS WITH STUDENTS AND STAFF. WE STRIVE TO HAVE OUR PARENTS, TEACHERS, AND COMMUNITY MEMBERS ACTIVELY INVOLVED IN OUR STUDENT'S LEARNING.

Program Service Accomplishments

Program 1

Expenses: $13,162,561 Revenue: $1,038,798

TO PROVIDE FACILITIES, TEACHERS, AND MATERIALS TO STUDENTS ENROLLED AT A NC PUBLIC CHARTER SCHOOL

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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 (2024)

Revenue Breakdown

Contributions & Grants $12,948,202

Program Service Revenue $799,190

Investment Income $224,309

Other Revenue $15,299

TOTAL REVENUE $13,987,000

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $13,162,561

Other Expenses $13,162,561

TOTAL EXPENSES $13,162,561

Year-over-Year Comparison

	2024	2023	Change
Revenue	$13,987,000	$13,682,611	+0.0%
Expenses	$13,162,561	$12,852,693	+0.0%
Net Income	$824,439	$829,918	0.0%

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

204

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

$130,352

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANASTASIA COUNCIL	BOARD MEMBER	5.00	Director	$0	$0	$0
TREY BROOKS	CHAIRMAN	5.00	Officer Director	$0	$0	$0
DONALD ENNIS	VICE-CHAIR	5.00	Officer Director	$0	$0	$0
MAGAN INSCOE	BOARD MEMBER	5.00	Director	$0	$0	$0
WILLIE OWENS	BOARD MEMBER	5.00	Director	$0	$0	$0
AUDREY BOONE	SECRETARY	5.00	Officer Director	$0	$0	$0
REBECCA MARION	TREASURER	5.00	Officer Director	$0	$0	$0
BENJAMIN AVERETTE	BOARD MEMBER	5.00	Director	$0	$0	$0
BRIAN MASSENGILL	BOARD MEMBER-PTA LIASON	5.00	Director	$0	$0	$0
JOEY JOHNSON	EXECUTIVE DIRECTOR	40.00	Officer	$130,352	$0	$130,352

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	$13,987,000	$13,162,561	$25,478,423	$824,439
2024	$13,682,611	$12,852,693	$24,911,864	$829,918
2023	$12,803,354	$11,849,255	$24,418,135	$954,099
2022	$12,156,063	$11,921,032	$23,813,178	$235,031
2021	$10,593,661	$9,542,424	$23,874,712	$1,051,237
2020	$10,816,343	$10,232,746	$23,108,673	$583,597
2019	$10,094,057	$9,238,169	$22,864,129	$855,888
2018	$8,367,318	$7,921,251	$18,445,986	$446,067