North Carolina Charter Educational Foundation Inc
- Assets
- $93.4m
- Revenue
- $35.0m
- Investments
- $0.0
- Employees
- 539
- Location
- Mooresville, NC
- Founding
- 08/2014
- Data as of
- 06/2021
- EIN
- 45-5348770
Organization Overview
North Carolina Charter Educational Foundation Inc is located in Mooresville, NC. The organization was established in 2014. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, North Carolina Charter Educational Foundation Inc employed 539 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Charter Educational Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, North Carolina Charter Educational Foundation Inc generated $35.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.3% each year . All expenses for the organization totaled $36.3m during the year ending 06/2021. While expenses have increased by 12.5% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
NORTH CAROLINA CHARTER EDUCATIONAL FOUNDATION IS A NORTH CAROLINA NON PROFIT ENTITY ORGANIZED EXCLUSIVELY FOR EDUCATIONAL PURPOSES. THE FOUNDATION IS COMPRISED OF RESPECTED LEADERS IN THE STATE OF NORTH CAROLINA THAT ARE COMMITTED TO PROVIDING HIGH QUALITY EDUCATIONAL OPTIONS FOR THE STUDENTS AND FAMILIES OF NORTH CAROLINA
Describe the Organization's Program Activity:
Part 3 - Line 4a
NORTH CAROLINA CHARTER EDUCATIONAL FOUNDATION OPERATED FOUR PUBLICLY FUNDED CHARTER SCHOOLS IN NORTH CAROLINA PROVIDING EDUCATION TO APPROXIMATELY 3,600 STUDENTS FOR THE FISCAL YEAR ENDED 6/30/2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wayne Turner President | OfficerTrustee | 5 | $0 |
Beth Allen Treasurer | OfficerTrustee | 5 | $0 |
Beth Compton V Pres / Se | OfficerTrustee | 5 | $0 |
Martin Conway Director | Trustee | 2 | $0 |
Mark Frazier Director | Trustee | 2 | $0 |
Jessica Rainstein Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
10jin Llc Technology | 6/29/21 | $212,353 |
Abc Mechanical Llc Building/constr | 6/29/21 | $104,843 |
Curriculum Associates Llc Curriculum | 6/29/21 | $199,697 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $31,781,719 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,747,044 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $34,528,763 |
| Total Program Service Revenue | $191,138 |
| Investment income | $118,562 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $35,029,413 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $379,610 |
| Compensation of current officers, directors, key employees. | $379,610 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,730,009 |
| Pension plan accruals and contributions | $58,255 |
| Other employee benefits | $2,000,423 |
| Payroll taxes | $1,166,831 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $304,378 |
| Fees for services: Accounting | $32,307 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,185,556 |
| Advertising and promotion | $169,831 |
| Office expenses | $858,499 |
| Information technology | $258,336 |
| Royalties | $0 |
| Occupancy | $1,456,006 |
| Travel | $25,719 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $92,370 |
| Interest | $5,331,909 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,272,243 |
| Insurance | $266,783 |
| All other expenses | $80,112 |
| Total functional expenses | $36,327,741 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,178,200 |
| Savings and temporary cash investments | $8,675,991 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $552,921 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $121,214 |
| Net Land, buildings, and equipment | $78,400,110 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $503,097 |
| Total assets | $93,431,533 |
| Accounts payable and accrued expenses | $1,725,107 |
| Grants payable | $0 |
| Deferred revenue | $15,973 |
| Tax-exempt bond liabilities | $102,647,281 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,004,912 |
| Total liabilities | $109,393,273 |
| Net assets without donor restrictions | -$15,961,740 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $93,431,533 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that North Carolina Charter Educational Foundation Inc has recieved totaling $24.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $24 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Drew Charter School Inc Atlanta, GA | $34,692,137 | $41,952,542 |
North Carolina Charter Educational Foundation Inc Mooresville, NC | $93,431,533 | $35,029,413 |
Lead Public Schools Inc Nashville, TN | $24,033,254 | $42,742,487 |
Kipp Nashville Nashville, TN | $80,824,528 | $47,985,945 |
Georgia Connections Academy Charter School Inc Duluth, GA | $22,514,475 | $38,349,918 |
Kindezi School Inc Atlanta, GA | $19,750,427 | $21,363,051 |
Kipp Enc Public Schools Gaston, NC | $35,993,575 | $43,410,261 |
Gestalt Community Schools Memphis, TN | $46,137,229 | $27,266,737 |
Foothills Education Center Inc Athens, GA | $29,237,884 | $30,776,964 |
Kipp Memphis Inc Memphis, TN | $24,468,081 | $25,479,805 |
Valor Collegiate Academies Nashville, TN | $48,008,126 | $29,376,935 |
Triad Math And Science Academy Company Greensboro, NC | $12,436,639 | $25,994,464 |