Civic Intelligence

Dare County Education Foundation Inc.

990 • Fiscal year 2022 • EIN 01-0597318

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 30, 2022

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

63rd percentile

0.18x

Higher debt load relative to assets than 63% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

92nd percentile

1.17x

Higher debt load relative to revenue than 92% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Source year 2022

Net Margin

50th percentile

7.5%

Higher net margin than 50% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

51st percentile

$60,459

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 12.9% of source-year revenue.

2022 filings • NTEE B • $1M-$5M nonprofits • Source year 2022

Asset Growth

36th percentile

-3.2%

Faster asset growth than 36% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

47th percentile

6.2%

Faster revenue growth than 47% of similar nonprofits.

2022 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Down

$3,006,322

Down $99,391 (-3.2%) from 2021

Net Assets

Up

$2,455,985

Up $15,405 (+0.6%) from 2021

Liabilities

Down

$550,337

Down $114,796 (-17%) from 2021

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin50th percentile

Revenue

Up

$470,215

Up $27,480 (+6.2%) from 2021

Expenses

Up

$434,938

Up $82,055 (+23%) from 2021

Net Income

Down

$35,277

Down $54,575 (-61%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth36th 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

2022

Assets$3,006,322
Liabilities$550,337
Net Assets$2,455,985
Open 2022 Filing

Operations Trend

Revenue Growth47th 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

2022

Revenue$470,215
Expenses$434,938
Net Income$35,277
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 30, 2022
Return Version
2021v4.2
Gross Receipts
$470,215
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$2,479,375$2,409,039▼ $70,336
Cash and Non-Interest-Bearing Accounts$516,512$488,466▼ $28,046
Investments in Publicly Traded Securities$107,899$101,834▼ $6,065
Prepaid Expenses and Deferred Charges$1,320$5,980▲ $4,660
Accounts Receivable$607$1,003▲ $396
Total Assets$3,105,713$3,006,322▼ $99,391
Liabilities
Mortgage Notes Payable Secured by Investment Property$634,640$509,793▼ $124,847
Accounts Payable and Accrued Expenses$28,243$40,544▲ $12,301
Other Liabilities$2,250--
Total Liabilities$665,133$550,337▼ $114,796
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,261,787$2,263,454▲ $1,667
Net Assets With Donor Restrictions$178,793$192,531▲ $13,738
Total Net Assets Fund Balance$2,440,580$2,455,985▲ $15,405
Total Liabilities and Net Assets / Fund Balance$3,105,713$3,006,322▼ $99,391

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,382,998$1,131,965$3,514,963
Equipment$26,041$11,486$37,527

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$107,899$11,000▼ $17,065-$101,834
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
Compensation and Service Providers
Top Officer Pay51st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Barbara DavidsonExecutive DirectorFT$60,459$60,459

Board Members and Trustees

NameTitle
Sam CortezChairperson
Mary RobinsonVice Chair
Dr Holly RobinsonMember
Dr Zach StroudMember
Joe TauberMember
Kara DehusMember
Nancy BirindelliMember
Sherry ThorpMember
Susan RhewMember
Tim CaffertyMember
Jessica LooseSecretary
Benj LipchakTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$107,568
Program Service Revenue
$357,980
Investment Income
$4,667
Other Revenue
$0
All Other Contributions
$107,568
Change in Net Assets
$35,277

Audited Revenue Reconciliation

Revenue per Audited Statements
$470,215
Revenue Not Reported on Form 990
$11,599
Total Revenue per Audited Statements
$481,814
Total Revenue per Form 990
$470,215
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$261,260
Grants and Similar Amounts Paid$107,921
Salaries, Compensation, and Employee Benefits$65,757
Total Fundraising Expense$12,828
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$120,806$68$6,139$120,806
Depreciation Depletion$93,778$2,103-$95,881
Current Officers, Directors, Trustees, and Key Employees$48,367$6,046$6,046$60,459
Grants to Domestic Orgs$58,730--$58,730
Grants to Domestic Individuals$49,191--$49,191
Fees for Services Accounting-$9,277-$9,277
Payroll Taxes$4,238$530$530$5,298
Information Technology$2,976--$2,976
Fees for Services Management-$2,575-$2,575
Office Expenses-$1,354-$1,354
All Other Expenses$123$292$15$430
Insurance$242$30$30$302
Total Functional Expenses$399,835$22,275$12,828$434,938

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$466,409
Expenses per Audited Statements$434,938
Total Expenses per Form 990$434,938
Expenses Not Reported on Form 990$31,471
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Dare County SchoolsNags Head, NC5013Furtherance education$58,730
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
2022-11-30
Discuss with paid preparer
No

Organization Details

Principal Officer
Sam Cortez
Formed
2002
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
12
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/ProgSrvcAccomActy2Grp/Desc0Provides grants to Dare County Schools for educator-driven projects that fall outside of school budgets.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt058730
IRS990/ProgSrvcAccomActy3Grp/Desc0Provides need-based college scholarships to low-income, high achieving, and AVID-enrolled students in Dare County Schools.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0Provides funds to teachers in Dare County Schools for professional development opportunities, certifications, and advanced degrees.
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt158730
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt222500
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Awards to teachers
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt1Awards to schools
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt2Student scholarships
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,006,322
Liabilities
$550,337
Net assets
$2,455,985
Revenue
$470,215
Expenses
$434,938
Net income
$35,277
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
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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