TRIANGLE CHARTER EDUCATION ASSOCIATION INC

EIN: 901031905 501(c)(3) Education

CARY, NC

Total Revenue
$16,096,567
Total Expenses
$16,666,676
Total Assets
$31,887,239
Net Assets
$-6,468,929
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2013
Legal Domicile
NC
Principal Officer
KIM NORCROSS
Phone
9198708763
Tax Period
2024-07-01 to 2025-06-30

TRIANGLE CHARTER EDUCATION ASSOCIATION INC, founded in 2013, is a mid-sized nonprofit in the Education sector that reported $16.1M in total revenue in fiscal year 2024.

Mission

THE TRIANGLE CHARTER EDUCATIONAL ASSOCIATION IS A NORTH CAROLINA NOT-FOR-PROFIT ENTITY ORGANIZED EXCLUSIVELY FOR EDUCATIONAL PURPOSES. THE ASSOCIATION IS COMPRISED OF RESPECTED LEADERS WITHIN THE STATE OF NORTH CAROLINA WHO ARE COMMITTED TO PROVIDING HIGH QUALITY EDUCATIONAL OPTIONS FOR THE CITIZENS OF THE STATE. THE ASSOCIATION GOVERNS CARDINAL CHARTER ACADEMY AND CARDINAL CHARTER ACADEMY AT WENDELL FALLS.

Program Service Accomplishments

Program 1
Expenses: $8,340,054 Revenue: $362,968

CARDINAL CHARTER ACADEMY AND CARDINAL CHARTER ACADEMY AT WENDELL FALLS ARE TUITION-FREE PUBLIC CHARTER SCHOOLS EDUCATING STUDENTS WHO RESIDE IN NORTH CAROLINA. THE SCHOOLS CURRENTLY SERVE STUDENTS IN...

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CARDINAL CHARTER ACADEMY AND CARDINAL CHARTER ACADEMY AT WENDELL FALLS ARE TUITION-FREE PUBLIC CHARTER SCHOOLS EDUCATING STUDENTS WHO RESIDE IN NORTH CAROLINA. THE SCHOOLS CURRENTLY SERVE STUDENTS IN KINDERGARTEN THROUGH EIGHTH GRADE. THE ACADEMIES' MISSION IS TO BUILD A STUDENT-CENTERED LEARNING ENVIRONMENT THAT IS PROJECT-BASED AND TECHNOLOGY-DRIVEN, ENABLING STUDENTS TO REACH THEIR ACADEMIC POTENTIAL. THE SCHOOLS EMPHASIZE ACADEMIC SUCCESS THROUGH THE USE OF DATA TO ADDRESS THE DIVERSE AND INDIVIDUALIZED NEEDS OF STUDENTS. CARDINAL CHARTER ACADEMY FOSTERS A CULTURE OF INNOVATION AND INQUIRY, USING TECHNOLOGY AS A KEY INSTRUCTIONAL MEDIUM.

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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 $15,733,599
Program Service Revenue $130,722
Investment Income $0
Other Revenue $232,246
TOTAL REVENUE $16,096,567

Expense Breakdown

Grants Paid $0
Salaries & Benefits $6,202,024
Fundraising Expenses $0
Program Expenses $8,340,054
Other Expenses $10,464,652
TOTAL EXPENSES $16,666,676

Year-over-Year Comparison

2024 2023 Change
Revenue $16,096,567 $16,591,358 0.0%
Expenses $16,666,676 $18,391,623 -0.1%
Net Income $-570,109 $-1,800,265 -0.7%
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

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Liquidity & Cash Position

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Governance

Voting Members
5
Independent Members
5
Employees
218
Volunteers
233

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
3
$0
Total Directors
5
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KIM NORCROSS PRESIDENT 2.00
Officer Director
$0 $0 $0
IVONNE REED VICE PRESIDENT & TREASURER 2.00
Officer Director
$0 $0 $0
DR HOWARD COLEMAN SECRETARY 2.00
Officer Director
$0 $0 $0
MARCUS BRANDON DIRECTOR 2.00
Director
$0 $0 $0
ERIC JOHNSON DIRECTOR 2.00
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 $16,096,567 $16,666,676 $31,887,239 $-570,109
2024 No data No data No data No data
2023 $18,160,737 $18,681,957 $34,519,295 $-521,220
2022 $17,804,747 $18,030,777 $23,342,230 $-226,030
2021 $15,148,719 $15,468,303 $23,775,884 $-319,584
2020 $8,864,608 $9,566,449 $10,387,317 $-701,841
2019 $8,340,327 $8,951,826 $11,305,189 $-611,499
2018 $8,787,365 $9,423,650 $12,272,143 $-636,285
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