Civic Intelligence

Dare County Education Foundation Inc.

990 • Fiscal year 2021 • EIN 01-0597318

Jul 01, 2020 to Jun 30, 2021 • Filed on Oct 27, 2021

Organization Profilewww.dareeducationfoundation.org
PO Box 959Kitty Hawk, NC 27949

(252) 255-5545

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

65th percentile

0.21x

Higher debt load relative to assets than 65% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

93rd percentile

1.50x

Higher debt load relative to revenue than 93% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Net Margin

63rd percentile

20%

Higher net margin than 63% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

46th percentile

$50,064

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 11.3% of source-year revenue.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Asset Growth

22nd percentile

-0.7%

Faster asset growth than 22% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

30th percentile

-2.4%

Faster revenue growth than 30% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets65th percentile

Assets

Down

$3,105,713

Down $22,433 (-0.7%) from 2020

Net Assets

Up

$2,440,580

Up $115,934 (+5.0%) from 2020

Liabilities

Down

$665,133

Down $138,367 (-17%) from 2020

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin63rd percentile

Revenue

Down

$442,735

Down $10,717 (-2.4%) from 2020

Expenses

Down

$352,883

Down $35,298 (-9.1%) from 2020

Net Income

Up

$89,852

Up $24,581 (+38%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $2,384,371Liabilities 2011: $1,611,041Net Assets 2011: $773,3302011Assets 2012: $3,629,900Liabilities 2012: $2,643,184Net Assets 2012: $986,7162012Assets 2013: $3,602,787Liabilities 2013: $2,358,831Net Assets 2013: $1,243,9562013Assets 2014: $3,487,292Liabilities 2014: $2,070,409Net Assets 2014: $1,416,8832014Assets 2015: $3,348,491Liabilities 2015: $1,792,679Net Assets 2015: $1,555,8122015Assets 2016: $3,224,691Liabilities 2016: $1,532,737Net Assets 2016: $1,691,9542016Assets 2017: $3,296,711Liabilities 2017: $1,274,220Net Assets 2017: $2,022,4912017Assets 2018: $3,239,766Liabilities 2018: $1,045,136Net Assets 2018: $2,194,6302018Assets 2019: $3,147,062Liabilities 2019: $887,687Net Assets 2019: $2,259,3752019Assets 2020: $3,128,146Liabilities 2020: $803,500Net Assets 2020: $2,324,6462020Assets 2021: $3,105,713Liabilities 2021: $665,133Net Assets 2021: $2,440,5802021Assets 2022: $3,006,322Liabilities 2022: $550,337Net Assets 2022: $2,455,9852022Assets 2023: $2,889,586Liabilities 2023: $417,641Net Assets 2023: $2,471,9452023Assets 2024: $2,831,467Liabilities 2024: $297,095Net Assets 2024: $2,534,3722024Assets 2025: $2,752,477Liabilities 2025: $163,939Net Assets 2025: $2,588,5382025

Highlighted filing

2021

Assets$3,105,713
Liabilities$665,133
Net Assets$2,440,580
Open 2021 Filing

Operations Trend

Revenue Growth30th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$800K$600K$400K$200K$0Revenue 2011: $480,572Expenses 2011: $288,042Net Income 2011: $192,5302011Revenue 2012: $486,864Expenses 2012: $272,081Net Income 2012: $214,7832012Revenue 2013: $550,373Expenses 2013: $298,513Net Income 2013: $251,8602013Revenue 2014: $501,561Expenses 2014: $336,736Net Income 2014: $164,8252014Revenue 2015: $484,289Expenses 2015: $345,360Net Income 2015: $138,9292015Revenue 2016: $435,468Expenses 2016: $299,326Net Income 2016: $136,1422016Revenue 2017: $661,805Expenses 2017: $331,268Net Income 2017: $330,5372017Revenue 2018: $483,606Expenses 2018: $311,467Net Income 2018: $172,1392018Revenue 2019: $440,367Expenses 2019: $375,622Net Income 2019: $64,7452019Revenue 2020: $453,452Expenses 2020: $388,181Net Income 2020: $65,2712020Revenue 2021: $442,735Expenses 2021: $352,883Net Income 2021: $89,8522021Revenue 2022: $470,215Expenses 2022: $434,938Net Income 2022: $35,2772022Revenue 2023: $495,330Expenses 2023: $486,938Net Income 2023: $8,3922023Revenue 2024: $560,969Expenses 2024: $510,997Net Income 2024: $49,9722024Revenue 2025: $563,272Expenses 2025: $517,508Net Income 2025: $45,7642025

Highlighted filing

2021

Revenue$442,735
Expenses$352,883
Net Income$89,852
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Oct 27, 2021
Return Version
2020v4.1
Gross Receipts
$442,735
Mission and Program Overview

Mission

Our mission is to make great ideas in education come to life by funding initiatives that enhance the experiences of students and teachers in dare county.

Our mission is to make great ideas in education come to life by funding initiatives that enhance the experiences of students and teachers in Dare County

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,566,960$2,479,375▼ $87,585
Cash and Non-Interest-Bearing Accounts$472,252$516,512▲ $44,260
Investments in Publicly Traded Securities-$107,899-
Prepaid Expenses and Deferred Charges$6,965$1,320▼ $5,645
Accounts Receivable$6,387$607▼ $5,780
Total Assets$3,128,146$3,105,713▼ $22,433
Other Assets Total$75,582--
Liabilities
Mortgage Notes Payable Secured by Investment Property$759,488$634,640▼ $124,848
Accounts Payable and Accrued Expenses$5,362$28,243▲ $22,881
Grants Payable$14,000--
Other Liabilities$24,650$2,250▼ $22,400
Total Liabilities$803,500$665,133▼ $138,367
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,324,646$2,261,787▼ $62,859
Net Assets With Donor Restrictions-$178,793-
Total Net Assets Fund Balance$2,324,646$2,440,580▲ $115,934
Total Liabilities and Net Assets / Fund Balance$3,128,146$3,105,713▼ $22,433

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,451,231$1,038,187$3,489,418
Equipment$28,144$9,383$37,527

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$75,582$11,000▲ $21,317-$107,899
2019$56,053-▲ $19,529-$75,582
2018$62,004-▼ $5,951-$56,053
2017$53,988-▲ $6,016-$60,004
2016$54,647-▼ $659-$53,988
Compensation and Service Providers
Top Officer Pay46th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Barbara DavidsonExecutive DirectorFT$50,064$50,064

Board Members and Trustees

NameTitle
Sam CortezChairperson
Dr Richard MartinVice Chair
Debbie LukeExec Director OBSE
Carl WoodyDare Co BOE Appt
Adam BlankenshipMember
Becky StricklandMember
Benj LipchakMember
Deborah BeddingfieldMember
Holly RobinsonMember
Jessica LooseMember
Joe TauberMember
Sherry ThorpMember
Tim CaffertyMember
Mary RobinsonSecretary
Dr John FarrellySuperintendent Dare Co School
Revenue and Support

Revenue Composition

Contributions and Grants
$87,664
Program Service Revenue
$354,764
Investment Income
$307
Other Revenue
$0
All Other Contributions
$80,415
Change in Net Assets
$89,852
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$244,566
Grants and Similar Amounts Paid$54,424
Salaries, Compensation, and Employee Benefits$53,893
Total Fundraising Expense$8,844
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$101,085$86$3,056$101,085
Depreciation Depletion$92,997$1,803-$94,800
Grants to Domestic Individuals$54,424--$54,424
Other Salaries and Wages$40,051$5,006$5,006$50,063
Fees for Services Accounting-$8,417-$8,417
Payroll Taxes$3,064$383$383$3,830
Information Technology$3,827--$3,827
Insurance$1,890$236$236$2,362
All Other Expenses$617$675$77$1,369
Office Expenses-$508-$508
Total Functional Expenses$326,925$17,114$8,844$352,883
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$2,250
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“Board members review and approve all forms and subschedules”

Conflict of interest policy compliance Part VI line 12C

“Annual review of compliance policies”

CEO executive director top management comp Part VI line 15A

“Compensation subject to review by board members”

Other officer or key employee compensation Part VI line 15B

“Compensation subject to review by board members”

Form 990 availability to public Part VI line 18

“All documents, policies and financial statements are available upon request”

Governing documents etc available to public Part VI line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Dare Education Foundation
EIN
01-0597318
Address
PO Box 959, Kitty Hawk, NC 27949

Signing Officer

Name
Barbara Davidson
Title
Executive Direc
Phone
2522555545
Signed
2021-10-27
Discuss with paid preparer
No

Organization Details

Principal Officer
Sam Cortez
Formed
2002
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
13
Employees
1

Preparer

Firm
PT CPAs PLLC
Address
7610 Falls of Neuse Rd, Raleigh, NC 27615
Preparer
Joseph Turchetti
Phone
9198476800
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IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0Our mission is to make great ideas in education come to life by funding initiatives that enhance the experiences of students and teachers in Dare County
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IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherExpensesGrp/Desc0Telephone
IRS990/OtherExpensesGrp/Desc1Direct benefit to donors
IRS990/OtherExpensesGrp/Desc2Turnover
IRS990/OtherExpensesGrp/Desc3Rental
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IRS990/OtherExpensesGrp/FundraisingAmt13056
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt086
IRS990/OtherExpensesGrp/ProgramServicesAmt0690
IRS990/OtherExpensesGrp/ProgramServicesAmt128280
IRS990/OtherExpensesGrp/ProgramServicesAmt2101085
IRS990/OtherExpensesGrp/TotalAmt0862
IRS990/OtherExpensesGrp/TotalAmt13056
IRS990/OtherExpensesGrp/TotalAmt228280
IRS990/OtherExpensesGrp/TotalAmt3101085
IRS990/OtherInd0X
IRS990/OtherLiabilitiesGrp/BOYAmt024650
IRS990/OtherLiabilitiesGrp/EOYAmt02250
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt05006
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt05006
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt040051
IRS990/OtherSalariesAndWagesGrp/TotalAmt050063
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt0383
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0383
IRS990/PayrollTaxesGrp/ProgramServicesAmt03064
IRS990/PayrollTaxesGrp/TotalAmt03830
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt06965
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01320
IRS990/PrincipalOfficerNm0Sam Cortez
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0Affordable housing rent
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0354764
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0354764
IRS990/ProgSrvcAccomActy2Grp/Desc0Provides grants to Dare County Schools for educator-driven projects that fall outside of school budgets.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt036043
IRS990/ProgSrvcAccomActy2Grp/GrantAmt031029
IRS990/ProgSrvcAccomActy3Grp/Desc0Provides funds to teachers in Dare County Schools for professional development opportunities, certifications, and advanced degrees.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt023576
IRS990/ProgSrvcAccomActy3Grp/GrantAmt018563
IRS990/ProgSrvcAccomActyOtherGrp/Desc0Provides need-based college scholarships to low-income, high achieving, and AVID-enrolled students in Dare County Schools.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt08007
IRS990/ProgSrvcAccomActyOtherGrp/GrantAmt05500
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt082527
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt066422
IRS990/PYInvestmentIncomeAmt013085
IRS990/PYOtherExpensesAmt0257707
IRS990/PYProgramServiceRevenueAmt0357840
IRS990/PYRevenuesLessExpensesAmt065271
IRS990/PYSalariesCompEmpBnftPaidAmt064052
IRS990/PYTotalExpensesAmt0388181
IRS990/PYTotalRevenueAmt0453452
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt089852
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0403528
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt082527
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt065878
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0146935
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0338665
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01037533
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt054
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt054
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99100
IRS990ScheduleA/PublicSupportTotal170Amt01028285
IRS990ScheduleA/SubstantialContributorsTotAmt09248
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0403528
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt082527
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt065878
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0146935
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0338665
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01037533
IRS990ScheduleA/TotalSupportAmt01037587
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt02451231
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01038187
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03489418
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt075582
IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt011000
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt0107899
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt021317
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt056053
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt075582
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt019529
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt062004
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt056053
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0-5951
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt053988
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt060004
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt06016
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/BeginningYearBalanceAmt054647
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt053988
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0-659
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IRS990ScheduleD/EquipmentGrp/BookValueAmt028144
IRS990ScheduleD/EquipmentGrp/DepreciationAmt09383
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt037527
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02250
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Security Deposits
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt02479375

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,105,713
Liabilities
$665,133
Net assets
$2,440,580
Revenue
$442,735
Expenses
$352,883
Net income
$89,852
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.75$0.16$2.59$0.56$0.52$0.05
2024Detailed filing. Detailed filing data is available for this year.$2.83$0.30$2.53$0.56$0.51$0.05
2023Detailed filing. Detailed filing data is available for this year.$2.89$0.42$2.47$0.50$0.49$0.01
2022Detailed filing. Detailed filing data is available for this year.$3.01$0.55$2.46$0.47$0.43$0.04
2021Detailed filing. Detailed filing data is available for this year.$3.11$0.67$2.44$0.44$0.35$0.09
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.13$0.80$2.32$0.45$0.39$0.07
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.15$0.89$2.26$0.44$0.38$0.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.24$1.05$2.19$0.48$0.31$0.17
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.30$1.27$2.02$0.66$0.33$0.33
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.22$1.53$1.69$0.44$0.30$0.14
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.35$1.79$1.56$0.48$0.35$0.14
2014Summary only. Only limited summary data is available for this year.$3.49$2.07$1.42$0.50$0.34$0.16
2013Summary only. Only limited summary data is available for this year.$3.60$2.36$1.24$0.55$0.30$0.25
2012Summary only. Only limited summary data is available for this year.$3.63$2.64$0.99$0.49$0.27$0.21
2011Summary only. Only limited summary data is available for this year.$2.38$1.61$0.77$0.48$0.29$0.19