Civic Intelligence

Magellan Education Foundation Inc.

990 • Fiscal year 2020 • EIN 20-3971056

Jul 01, 2019 to Jun 30, 2020 • Filed on Feb 18, 2021

Organization ProfileN/A
9324 Baileywick RoadRaleigh, NC 27615

(919) 844-0277

Siviq Scores

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

Liabilities / Assets

68th percentile

0.61x

Higher debt load relative to assets than 68% of similar nonprofits.

2020 filings • NTEE B • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

96th percentile

9.50x

Higher debt load relative to revenue than 96% of similar nonprofits.

2020 filings • NTEE B • $5M-$10M nonprofits • Source year 2020

Net Margin

88th percentile

30%

Higher net margin than 88% of similar nonprofits.

2020 filings • NTEE B • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

44th percentile

$116,131

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 24.9% of source-year revenue.

2020 filings • NTEE B • $5M-$10M nonprofits • Source year 2020

Asset Growth

76th percentile

35%

Faster asset growth than 76% of similar nonprofits.

2020 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

47th percentile

1.0%

Faster revenue growth than 47% of similar nonprofits.

2020 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets68th percentile

Assets

Up

$7,248,961

Up $1,866,031 (+35%) from 2019

Net Assets

Up

$2,823,961

Up $139,113 (+5.2%) from 2019

Liabilities

Up

$4,425,000

Up $1,726,918 (+64%) from 2019

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin88th percentile

Revenue

Up

$465,564

Up $4,826 (+1.0%) from 2019

Expenses

Up

$326,451

Up $66,354 (+26%) from 2019

Net Income

Down

$139,113

Down $61,528 (-31%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth76th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $6,894,617Liabilities 2011: $5,161,441Net Assets 2011: $1,733,1762011Assets 2012: $6,932,253Liabilities 2012: $5,028,019Net Assets 2012: $1,904,2342012Assets 2013: $6,592,681Liabilities 2013: $4,633,631Net Assets 2013: $1,959,0502013Assets 2014: $6,347,928Liabilities 2014: $4,282,289Net Assets 2014: $2,065,6392014Assets 2015: $5,647,569Liabilities 2015: $3,665,721Net Assets 2015: $1,981,8482015Assets 2016: $6,131,479Liabilities 2016: $3,926,841Net Assets 2016: $2,204,6382016Assets 2017: $6,029,731Liabilities 2017: $3,666,120Net Assets 2017: $2,363,6112017Assets 2018: $5,927,860Liabilities 2018: $3,443,653Net Assets 2018: $2,484,2072018Assets 2019: $5,382,930Liabilities 2019: $2,698,082Net Assets 2019: $2,684,8482019Assets 2020: $7,248,961Liabilities 2020: $4,425,000Net Assets 2020: $2,823,9612020Assets 2021: $7,238,088Liabilities 2021: $4,311,252Net Assets 2021: $2,926,8362021Assets 2022: $7,107,279Liabilities 2022: $4,218,348Net Assets 2022: $2,888,9312022Assets 2023: $7,474,445Liabilities 2023: $4,551,422Net Assets 2023: $2,923,0232023Assets 2024: $7,470,061Liabilities 2024: $4,437,008Net Assets 2024: $3,033,0532024

Highlighted filing

2020

Assets$7,248,961
Liabilities$4,425,000
Net Assets$2,823,961
Open 2020 Filing

Operations Trend

Revenue Growth47th percentile

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

$800K$600K$400K$200K$0-$200KRevenue 2011: $664,538Expenses 2011: $447,142Net Income 2011: $217,3962011Revenue 2012: $565,532Expenses 2012: $394,474Net Income 2012: $171,0582012Revenue 2013: $501,819Expenses 2013: $447,003Net Income 2013: $54,8162013Revenue 2014: $477,108Expenses 2014: $370,519Net Income 2014: $106,5892014Revenue 2015: $514,980Expenses 2015: $598,771Net Income 2015: -$83,7912015Revenue 2016: $526,760Expenses 2016: $303,970Net Income 2016: $222,7902016Revenue 2017: $459,287Expenses 2017: $300,314Net Income 2017: $158,9732017Revenue 2018: $408,857Expenses 2018: $288,261Net Income 2018: $120,5962018Revenue 2019: $460,738Expenses 2019: $260,097Net Income 2019: $200,6412019Revenue 2020: $465,564Expenses 2020: $326,451Net Income 2020: $139,1132020Revenue 2021: $429,134Expenses 2021: $326,259Net Income 2021: $102,8752021Revenue 2022: $323,820Expenses 2022: $361,725Net Income 2022: -$37,9052022Revenue 2023: $365,340Expenses 2023: $331,248Net Income 2023: $34,0922023Revenue 2024: $474,892Expenses 2024: $362,170Net Income 2024: $112,7222024

Highlighted filing

2020

Revenue$465,564
Expenses$326,451
Net Income$139,113
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Feb 18, 2021
Return Version
2019v5.2
Gross Receipts
$465,564
Mission and Program Overview

Mission

To support and manage assets for the magellan charter school and other innovative educational programs associated with or supporting that school and its programs.

To support and manage assets for the magellan charter school and other innovative educational programs associated with or supporting that school or its programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,600,537$6,590,153▲ $1,989,616
Rtn Earn Endowment Incm Other Fnds$2,684,848$2,823,961▲ $139,113
Cash and Non-Interest-Bearing Accounts$97,861$389,403▲ $291,542
Savings and Temporary Cash Investments$674,580$268,173▼ $406,407
Accounts Receivable$990$1,011▲ $21
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$5,382,930$7,248,961▲ $1,866,031
Other Assets Total$8,962$221▼ $8,741
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,690,757$4,425,000▲ $1,734,243
Accounts Payable and Accrued Expenses$7,325$0▼ $7,325
Total Liabilities$2,698,082$4,425,000▲ $1,726,918
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,684,848$2,823,961▲ $139,113
Total Liabilities and Net Assets / Fund Balance$5,382,930$7,248,961▲ $1,866,031

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,541,711$1,764,673$5,306,384
Land$3,007,575-$3,007,575
Equipment$40,867$97,922$138,789
Other Land Buildings$0$48,771$48,771
Compensation and Service Providers
Top Officer Pay44th percentile

Employees

NameTitleOtherTotal
Mary GriffinSecretary$116,131$116,131

Board Members and Trustees

NameTitle
Bruce BoucherBoard President
Jim DerricksonVice President
Mallory UnderwoodBoard Member
Mike KaelinBoard Member
Mike LotterhosBoard Member
Tate BombardBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$22,841
Program Service Revenue
$428,000
Investment Income
$14,723
Other Revenue
$0
All Other Contributions
$22,841
Change in Net Assets
$139,113
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$326,451
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$158,252--$158,252
Interest$88,337--$88,337
Other Expenses$3,100--$3,100
All Other Expenses$833--$833
Total Functional Expenses$326,451$0$0$326,451
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
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Other officer compensation reviewed
No
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, Part VI, Section B, Line 11B

“Copies of form 990 are made available for review to all members of the governing body via email”

Form 990, Part VI, Section B, Line 12C

“Board members complete an annual disclosure statement”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request”

Filing and Contact Details

Filer

Filer Name
Magellan Education Foundation Inc
EIN
20-3971056
Phone
9198440277
Address
9324 BAILEYWICK ROAD, RALEIGH, NC 27615

Signing Officer

Name
Bruce Boucher
Title
President
Phone
9198440277
Signed
2021-02-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bruce Boucher
Formed
2005
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
10

Preparer

Firm
Batchelor Tillery & Roberts Llp
Address
3605 GLENWOOD AVENUE SUITE 350, RALEIGH, NC 27612
Preparer
Wm James Black Jr
Phone
9197878212
Supplemental Narrative

Additional Explanations

Restricted for Capital Improvement

“The board of directors of magellan education has restricted $500,000 of the net asset balance for capital asset replacement”

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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0MAGELLAN CHARTER SCHOOL
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType2Ind0X
IRS990ScheduleA/SupportSumAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt03541711
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01764673
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt05306384
IRS990ScheduleD/EquipmentGrp/BookValueAmt040867
IRS990ScheduleD/EquipmentGrp/DepreciationAmt097922
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0138789
IRS990ScheduleD/LandGrp/BookValueAmt03007575
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt03007575
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt048771
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt048771
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06590153
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0COPIES OF FORM 990 ARE MADE AVAILABLE FOR REVIEW TO ALL MEMBERS OF THE GOVERNING BODY VIA EMAIL
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS COMPLETE AN ANNUAL DISCLOSURE STATEMENT
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS OF MAGELLAN EDUCATION HAS RESTRICTED $500,000 OF THE NET ASSET BALANCE FOR CAPITAL ASSET REPLACEMENT
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3RESTRICTED FOR CAPITAL IMPROVEMENT
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0MAGELLAN CHARTER SCHOOL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0562019202
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0SCHOOL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt09324 BAILEYWICK RD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0RALEIGH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NC
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0428000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0RENT RECEIVED
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0MAGELLAN CHARTER SCHOOL
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0J
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt05382930
IRS990/TotalAssetsEOYAmt07248961
IRS990/TotalAssetsGrp/BOYAmt05382930
IRS990/TotalAssetsGrp/EOYAmt07248961
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt022841
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0326451
IRS990/TotalFunctionalExpensesGrp/TotalAmt0326451
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02698082
IRS990/TotalLiabilitiesEOYAmt04425000
IRS990/TotalLiabilitiesGrp/BOYAmt02698082
IRS990/TotalLiabilitiesGrp/EOYAmt04425000
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02684848
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02823961
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0326451
IRS990/TotalProgramServiceRevenueAmt0428000
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt014723
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0428000
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0465564
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05382930
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt07248961
IRS990/TotReportableCompRltdOrgAmt0116131
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt09324 BAILEYWICK ROAD
IRS990/USAddress/CityNm0RALEIGH
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027615
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0BRUCE BOUCHER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09198440277
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-02-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MAGELLAN EDUCATION FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0MAGE
ReturnHeader/Filer/EIN0203971056
ReturnHeader/Filer/PhoneNum09198440277
ReturnHeader/Filer/USAddress/AddressLine1Txt09324 BAILEYWICK ROAD
ReturnHeader/Filer/USAddress/CityNm0RALEIGH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027615
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561750124
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BATCHELOR TILLERY & ROBERTS LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03605 GLENWOOD AVENUE SUITE 350
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0RALEIGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027612
ReturnHeader/PreparerPersonGrp/PhoneNum09197878212
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0WM JAMES BLACK JR
ReturnHeader/ReturnTs02021-02-18T16:26:39-06:00

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,248,961
Liabilities
$4,425,000
Net assets
$2,823,961
Revenue
$465,564
Expenses
$326,451
Net income
$139,113
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.47$4.44$3.03$0.47$0.36$0.11
2023Detailed filing. Detailed filing data is available for this year.$7.47$4.55$2.92$0.37$0.33$0.03
2022Detailed filing. Detailed filing data is available for this year.$7.11$4.22$2.89$0.32$0.36$0.04
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.24$4.31$2.93$0.43$0.33$0.10
2020Detailed filing. Detailed filing data is available for this year.$7.25$4.43$2.82$0.47$0.33$0.14
2019Detailed filing. Detailed filing data is available for this year.$5.38$2.70$2.68$0.46$0.26$0.20
2018Detailed filing. Detailed filing data is available for this year.$5.93$3.44$2.48$0.41$0.29$0.12
2017Detailed filing. Detailed filing data is available for this year.$6.03$3.67$2.36$0.46$0.30$0.16
2016Summary only. Only limited summary data is available for this year.$6.13$3.93$2.20$0.53$0.30$0.22
2015Summary only. Only limited summary data is available for this year.$5.65$3.67$1.98$0.51$0.60$0.08
2014Summary only. Only limited summary data is available for this year.$6.35$4.28$2.07$0.48$0.37$0.11
2013Summary only. Only limited summary data is available for this year.$6.59$4.63$1.96$0.50$0.45$0.05
2012Summary only. Only limited summary data is available for this year.$6.93$5.03$1.90$0.57$0.39$0.17
2011Summary only. Only limited summary data is available for this year.$6.89$5.16$1.73$0.66$0.45$0.22