CARY ACADEMY (EIN 561934619) - Form 990 Financial Analysis & Trantor Score

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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

1995

Legal Domicile

Principal Officer

MICHAEL EHRHARDT

Phone

9196773873

Tax Period

2024-07-01 to 2025-06-30

CARY ACADEMY, founded in 1995, is a mid-sized nonprofit in the Education sector that reported $33.6M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $32.3M left a modest 4% surplus.

Mission

CARY ACADEMY IS AN INDEPENDENT COEDUCATIONAL DAY SCHOOL FOR STUDENTS IN GRADES SIX THROUGH TWELVE.

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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 $3,294,181

Program Service Revenue $27,345,735

Investment Income $3,010,818

Other Revenue $-10,910

TOTAL REVENUE $33,639,824

Expense Breakdown

Grants Paid $2,588,874

Salaries & Benefits $19,723,014

Fundraising Expenses $197,934

Program Expenses $26,939,553

Other Expenses $9,969,875

TOTAL EXPENSES $32,281,763

Year-over-Year Comparison

	2024	2023	Change
Revenue	$33,639,824	$30,536,938	+0.1%
Expenses	$32,281,763	$29,307,019	+0.1%
Net Income	$1,358,061	$1,229,919	+0.1%

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

280

Volunteers

715

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

$901,982

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JEREMY ALLEN	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
ELBERT AVERY	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
TRUDE BATE	PRESIDENT	1.25	Officer Director	$0	$0	$0
FRANK BRICIO	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
WALTER DAVENPORT	SECRETARY	1.25	Officer Director	$0	$0	$0
JOAN DAVIS	VICE PRESIDENT	1.25	Officer Director	$0	$0	$0
MARCIE COHEN FERRIS	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
ANN B GOODNIGHT	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
DR JAMES H GOODNIGHT	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
MANJU KARKARE	PAST CHAIR	1.25	Director	$0	$0	$0
GLENN KLEIMAN	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
ERIC LABER	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
VIBHAV NANDAGIRI	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
KEYURI PATEL	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
ALETA PAYNE	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
ASHLEY PERKINSON	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
JULIAN W RAWL	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
CARL RYDEN	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
VIRGINIA B SALL	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
JOHN P SALL	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
ALEX UDELL	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
MONICA UDELL	MEMBER, BOARD OF DIRECTORS	1.25	Director	$0	$0	$0
DEBORAH REICHEL	CHIEF FINANCIAL OFFICER	40.00	Officer	$311,210	$32,510	$343,720
MICHAEL EHRHARDT	HEAD OF SCHOOL	40.00	Officer	$508,756	$49,506	$558,262
ALISON PAGE	DIRECTOR OF DEVELOPMENT	40.00	Highest	$185,687	$14,709	$200,396
DMITRY MANAKHOV	DIRECTOR OF INFORMATION SV	40.00	Highest	$160,472	$23,123	$183,595
HEATHER CLARKSON	DIRECTOR OF ENROLLMENT MAN	40.00	Highest	$166,346	$34,918	$201,264
MARIE SPELL	CONTROLLER	40.00	Highest	$165,979	$43,560	$209,539
JOSETTE HUNTRESS	MIDDLE SCHOOL HEAD	40.00	Highest	$164,885	$9,531	$174,416

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	$33,639,824	$32,281,763	$97,813,712	$1,358,061
2024	$30,536,938	$29,307,019	$97,237,792	$1,229,919
2023	$28,958,447	$28,446,572	$90,856,192	$511,875
2022	$28,768,362	$26,746,569	$87,453,484	$2,021,793
2021	$26,213,526	$24,559,817	$92,134,722	$1,653,709
2020	$23,263,342	$24,276,593	$84,549,550	$-1,013,251
2019	$24,570,300	$23,612,546	$86,082,955	$957,754
2018	$24,610,600	$22,573,690	$84,325,588	$2,036,910

CARY ACADEMY