Civic Intelligence

Magellan Education Foundation Inc.

990 • Fiscal year 2023 • EIN 20-3971056

Jul 01, 2022 to Jun 30, 2023 • Filed on Mar 19, 2024

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

75th percentile

0.61x

Higher debt load relative to assets than 75% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

98th percentile

12.46x

Higher debt load relative to revenue than 98% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Net Margin

61st percentile

9.3%

Higher net margin than 61% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

57th percentile

$153,579

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 42.0% of source-year revenue.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Asset Growth

46th percentile

5.2%

Faster asset growth than 46% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

65th percentile

13%

Faster revenue growth than 65% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$7,474,445

Up $367,166 (+5.2%) from 2022

Net Assets

Up

$2,923,023

Up $34,092 (+1.2%) from 2022

Liabilities

Up

$4,551,422

Up $333,074 (+7.9%) from 2022

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin61st percentile

Revenue

Up

$365,340

Up $41,520 (+13%) from 2022

Expenses

Down

$331,248

Down $30,477 (-8.4%) from 2022

Net Income

Up

$34,092

Up $71,997 (+190%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth46th 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

2023

Assets$7,474,445
Liabilities$4,551,422
Net Assets$2,923,023
Open 2023 Filing

Operations Trend

Revenue Growth65th 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

2023

Revenue$365,340
Expenses$331,248
Net Income$34,092
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Mar 19, 2024
Return Version
2022v5.0
Gross Receipts
$365,340
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$6,363,583$6,332,658▼ $30,925
Rtn Earn Endowment Incm Other Fnds$2,888,931$2,923,023▲ $34,092
Savings and Temporary Cash Investments$489,343$876,791▲ $387,448
Cash and Non-Interest-Bearing Accounts$252,664$262,996▲ $10,332
Accounts Receivable$1,689$2,000▲ $311
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$7,107,279$7,474,445▲ $367,166
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,193,533$4,071,708▼ $121,825
Deferred Revenue-$479,714-
Accounts Payable and Accrued Expenses$24,815--
Total Liabilities$4,218,348$4,551,422▲ $333,074
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,888,931$2,923,023▲ $34,092
Total Liabilities and Net Assets / Fund Balance$7,107,279$7,474,445▲ $367,166

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,006,049$2,108,873-
Other Land Buildings$149,888$118,206-
Land$3,007,575--
Equipment$169,146$170,280-
Compensation and Service Providers
Top Officer Pay57th percentile

Board Members and Trustees

NameTitle
Bruce BoucherBoard President
Jim DerricksonVice President
Allison PulleyBoard Member
Jessica OehlrichBoard Member
Mike LotterhosBoard Member
Sean WittyBoard Member
JESSICA O'DONOVANSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$53,466
Program Service Revenue
$304,048
Investment Income
$7,826
Other Revenue
$0
All Other Contributions
$53,466
Change in Net Assets
$34,092
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$331,248
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$178,076--$178,076
Interest$142,220--$142,220
Other Expenses$501--$501
Office Expenses$258--$258
Total Functional Expenses$331,248$0$0$331,248
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
2024-03-19
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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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt03006049
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02108873
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt05114922
IRS990ScheduleD/EquipmentGrp/BookValueAmt0169146
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0170280
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0339426
IRS990ScheduleD/LandGrp/BookValueAmt03007575
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt03007575
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0149888
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0118206
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt0268094
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06332658
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0138050
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JESSICA O'DONOVAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0SECRETARY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0153579
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
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
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0RALEIGH
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IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
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IRS990/VotingMembersIndependentCnt07
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IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,474,445
Liabilities
$4,551,422
Net assets
$2,923,023
Revenue
$365,340
Expenses
$331,248
Net income
$34,092
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