St Thomas More Academy Inc
St Thomas More Academy Inc faces recent operating deficits despite long-term asset growth and no reported officer compensation.
EIN: 20624214 · Raleigh, NC · Updated: 2026-03-28
Is St Thomas More Academy Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
St Thomas More Academy Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About St Thomas More Academy Inc
St Thomas More Academy Inc (EIN: 20624214) is a nonprofit organization based in Raleigh, NC. The organization reported total revenue of $5.6M and total assets of $6.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of St Thomas More Academy Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
St Thomas More Academy Inc is a mid-size nonprofit that has been operating for 22 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 4.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.8M |
| Total Expenses | $2.6M |
| Surplus / Deficit | $-737,478 |
| Total Assets | $7.0M |
| Total Liabilities | $100K |
| Net Assets | $6.9M |
| Operating Margin | -40.5% |
| Debt-to-Asset Ratio | 1.4% |
| Months of Reserves | 32.7 months |
Financial Health Grade: B
In 2023, St Thomas More Academy Inc reported a deficit of $737K with expenses exceeding revenue, holds 32.7 months of operating reserves (strong position), has a debt-to-asset ratio of 1.4% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), St Thomas More Academy Inc's revenue has grown at a compound annual growth rate (CAGR) of 4.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -18.7% | +8.0% | -9.5% |
| 2022 | -29.4% | +8.9% | -7.6% |
| 2021 | -31.2% | +12.0% | +27.6% |
| 2020 | +60.5% | +13.9% | +56.9% |
| 2019 | +70.6% | -2.8% | +38.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 2004 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates St Thomas More Academy Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, St Thomas More Academy Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $737K, with expenses exceeding revenue.
- Debt-to-asset ratio: 1.4%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers received compensation from the organization. This suggests a highly efficient approach to leadership costs relative to the organization's size and revenue.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of St Thomas More Academy Inc's IRS 990 filings:
- Expenses exceeded revenue in the last two fiscal periods (2022 and 2023), indicating operating deficits.
- Significant decline in revenue from $4,608,355 in 2020 to $1,822,859 in 2023.
- Assets have decreased from a peak of $8,332,983 in 2021 to $6,966,900 in 2023.
Strengths
The following positive indicators were identified for St Thomas More Academy Inc:
- No officer compensation reported across all filings, indicating efficient use of funds for leadership.
- Consistent filing of IRS Form 990s over 13 periods demonstrates strong regulatory compliance and transparency.
- Long-term growth in assets from $3,367,922 in 2014 to $6,966,900 in 2023, showing historical financial accumulation.
Frequently Asked Questions about St Thomas More Academy Inc
Is St Thomas More Academy Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, St Thomas More Academy Inc (EIN: 20624214) some concerns. Mission Score: 75/100. 3 red flags identified, 3 strengths noted.
How does St Thomas More Academy Inc spend its money?
St Thomas More Academy Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to St Thomas More Academy Inc tax-deductible?
St Thomas More Academy Inc is registered as a tax-exempt nonprofit (EIN: 20624214). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Why have expenses exceeded revenue in the last two fiscal periods (2022 and 2023)?
In 2023, expenses were $2,560,337 against revenue of $1,822,859, and in 2022, expenses were $2,371,225 against revenue of $2,241,282. This trend suggests the organization may be drawing on reserves or facing increased operational costs without a proportional increase in income.
What caused the significant drop in revenue from $4,608,355 in 2020 to $1,822,859 in 2023?
Revenue has declined substantially since its peak in 2020. Understanding the specific factors, such as changes in funding sources, enrollment, or economic conditions, would be crucial for assessing financial stability.
How does the organization manage its liabilities, which have fluctuated significantly?
Liabilities were $47,892 in 2020, peaked at $309,651 in 2022, and then dropped to $99,923 in 2023. Analyzing the nature of these liabilities and the reasons for their fluctuations is important for understanding financial risk.
Filing History
IRS 990 filing history for St Thomas More Academy Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), St Thomas More Academy Inc's revenue has grown by 66.3%, moving from $1.1M to $1.8M. Total assets increased by 193.2% over the same period, from $2.4M to $7.0M. Total functional expenses rose by 119.1%, from $1.2M to $2.6M. In its most recent filing year (2023), St Thomas More Academy Inc reported a deficit of $737K, with expenses exceeding revenue. The organization holds $100K in liabilities against $7.0M in assets (debt-to-asset ratio: 1.4%), resulting in net assets of $6.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.8M | $2.6M | $7.0M | $100K | — | View 990 |
| 2022 | $2.2M | $2.4M | $7.7M | $310K | — | View 990 |
| 2021 | $3.2M | $2.2M | $8.3M | $225K | — | View 990 |
| 2020 | $4.6M | $1.9M | $6.5M | $48K | — | View 990 |
| 2019 | $2.9M | $1.7M | $4.2M | $44K | — | View 990 |
| 2018 | $1.7M | $1.8M | $3.0M | $99K | — | View 990 |
| 2017 | $1.6M | $1.7M | $3.1M | $102K | — | — |
| 2016 | $1.6M | $1.6M | $3.2M | $125K | — | View 990 |
| 2015 | $1.4M | $1.6M | $3.2M | $123K | — | View 990 |
| 2014 | $1.4M | $1.6M | $3.4M | $131K | — | View 990 |
| 2013 | $1.9M | $1.5M | $3.6M | $163K | — | View 990 |
| 2012 | $2.2M | $1.3M | $3.3M | $148K | — | View 990 |
| 2011 | $1.1M | $1.2M | $2.4M | $171K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.8M, expenses of $2.6M, and assets of $7.0M (revenue -18.7% year-over-year).
- 2022: Revenue of $2.2M, expenses of $2.4M, and assets of $7.7M (revenue -29.4% year-over-year).
- 2021: Revenue of $3.2M, expenses of $2.2M, and assets of $8.3M (revenue -31.2% year-over-year).
- 2020: Revenue of $4.6M, expenses of $1.9M, and assets of $6.5M (revenue +60.5% year-over-year).
- 2019: Revenue of $2.9M, expenses of $1.7M, and assets of $4.2M (revenue +70.6% year-over-year).
- 2018: Revenue of $1.7M, expenses of $1.8M, and assets of $3.0M (revenue +5.4% year-over-year).
- 2017: Revenue of $1.6M, expenses of $1.7M, and assets of $3.1M (revenue -0.8% year-over-year).
- 2016: Revenue of $1.6M, expenses of $1.6M, and assets of $3.2M (revenue +17.1% year-over-year).
- 2015: Revenue of $1.4M, expenses of $1.6M, and assets of $3.2M (revenue -2.0% year-over-year).
- 2014: Revenue of $1.4M, expenses of $1.6M, and assets of $3.4M (revenue -25.3% year-over-year).
- 2013: Revenue of $1.9M, expenses of $1.5M, and assets of $3.6M (revenue -12.9% year-over-year).
- 2012: Revenue of $2.2M, expenses of $1.3M, and assets of $3.3M (revenue +96.6% year-over-year).
- 2011: Revenue of $1.1M, expenses of $1.2M, and assets of $2.4M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for St Thomas More Academy Inc:
Data Sources and Methodology
This transparency report for St Thomas More Academy Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.