WINSTON SALEM ACADEMY INC

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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

1998

Legal Domicile

Principal Officer

CARMEN PALMER

Phone

6162221700

Tax Period

2023-07-01 to 2024-06-30

WINSTON SALEM ACADEMY INC, founded in 1998, is a community nonprofit in the Education sector that reported $9.5M in total revenue in fiscal year 2023.

Mission

TO OPERATE A PUBLIC CHARTER SCHOOL AND TO PROVIDE EDUCATION TO CHILDREN IN GRADES KINDERGARTEN THROUGH EIGHTH GRADE BASED ON RIGOROUS TEACHING METHODS, PARENTAL INVOLVEMENT, STUDENT RESPONSIBILITY, AND BASIC MORAL VALUES. ENROLLMENT IS OPEN TO ALL APPROPRIATELY AGED CHILDREN WITHOUT REGARD TO GENDER, ETHNIC BACKGROUND, DISABILITY, AND/OR RELIGIOUS AFFILIATION.

Program Service Accomplishments

Program 1

Expenses: $7,237,388 Revenue: $44,470

OPERATED AN EDUCATIONAL INSTITUTION ORGANIZED AS A PUBLIC SCHOOL ACADEMY. THE ACADEMY PROVIDES EDUCATION, AT NO COST TO THE PARENT, TO STUDENTS IN KINDERGARTEN THROUGH EIGHTH GRADE. THE ACADEMY...

OPERATED AN EDUCATIONAL INSTITUTION ORGANIZED AS A PUBLIC SCHOOL ACADEMY. THE ACADEMY PROVIDES EDUCATION, AT NO COST TO THE PARENT, TO STUDENTS IN KINDERGARTEN THROUGH EIGHTH GRADE. THE ACADEMY OPERATES UNDER A CHARTER APPROVED BY THE NORTH CAROLINA STATE BOARD OF EDUCATION.

Program 2

Expenses: $443,586 Revenue: $334

OPERATED A SCHOOL FOOD SERVICE PROGRAM AT THE PUBLIC SCHOOL ACADEMY DESCRIBED ABOVE. THE ACADEMY OFFERS FREE OR REDUCED LUNCH FOR FAMILIES THAT QUALIFY. FUNDING FOR THIS PROGRAM WAS PROVIDED BY THE...

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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 $9,416,333

Program Service Revenue $9,804

Investment Income $0

Other Revenue $35,000

TOTAL REVENUE $9,461,137

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,630,490

Fundraising Expenses $0

Program Expenses $7,680,974

Other Expenses $4,775,504

TOTAL EXPENSES $9,405,994

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,461,137	$9,447,693	+0.0%
Expenses	$9,405,994	$9,402,651	+0.0%
Net Income	$55,143	$45,042	+0.2%

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

N/A

Volunteers

195

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DERRICK BOONE SR	PRESIDENT	1.0	Officer Director	$0	$0	$0
CARMEN PALMER	VICE PRESIDENT	1.0	Officer Director	$0	$0	$0
TIFFANY SPAINHOUR	TREASURER	1.0	Officer Director	$0	$0	$0
ERICA HINDSMAN	SECRETARY	1.0	Officer Director	$0	$0	$0
TAYLOR HUTCHINS	DIRECTOR	1.0	Director	$0	$0	$0
NISA MCMILLAN	DIRECTOR	1.0	Director	$0	$0	$0

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	No data	No data	No data	No data
2024	$9,461,137	$9,405,994	$2,321,816	$55,143
2023	$9,447,693	$9,402,651	$2,046,755	$45,042
2022	$8,699,617	$8,640,539	$1,250,312	$59,078
2021	$7,957,600	$7,937,247	$985,423	$20,353
2020	$6,893,617	$6,872,223	$628,269	$21,394
2019	$6,516,308	$6,510,052	$328,153	$6,256
2018	$6,360,072	$6,358,392	$209,276	$1,680