Civic Intelligence

Carolina Thread Trail

990 • Fiscal year 2020 • EIN 26-1528527

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 22, 2021

Organization ProfileWWW.CAROLINATHREADTRAIL.ORG
220 North Tryon StreetCharlotte, NC 28202

(704) 973-4500

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

7th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

86th percentile

36%

Higher net margin than 86% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

98th percentile

$866,781

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 46.5% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

70th percentile

17%

Faster asset growth than 70% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

91st percentile

68%

Faster revenue growth than 91% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets7th percentile

Assets

Up

$7,655,189

Up $1,101,036 (+17%) from 2019

Net Assets

Up

$7,655,189

Up $1,101,036 (+17%) from 2019

Liabilities

Flat

$0

Flat from 2019

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin86th percentile

Revenue

Up

$1,864,609

Up $755,074 (+68%) from 2019

Expenses

Down

$1,186,767

Down $119,971 (-9.2%) from 2019

Net Income

Up

$677,842

Up $875,045 (+444%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth70th percentile

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

$10M$5.0M$0Assets 2019: $6,554,153Liabilities 2019: $0Net Assets 2019: $6,554,1532019Assets 2020: $7,655,189Liabilities 2020: $0Net Assets 2020: $7,655,1892020Assets 2021: $9,604,448Liabilities 2021: $50Net Assets 2021: $9,604,3982021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2020

Assets$7,655,189
Liabilities$0
Net Assets$7,655,189
Open 2020 Filing

Operations Trend

Revenue Growth91st percentile

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

$10M$5.0M$0-$5.0M-$10MRevenue 2019: $1,109,535Expenses 2019: $1,306,738Net Income 2019: -$197,2032019Revenue 2020: $1,864,609Expenses 2020: $1,186,767Net Income 2020: $677,8422020Revenue 2021: $2,824,826Expenses 2021: $1,321,483Net Income 2021: $1,503,3432021Revenue 2022: $337,577Expenses 2022: $9,811,944Net Income 2022: -$9,474,3672022

Highlighted filing

2020

Revenue$1,864,609
Expenses$1,186,767
Net Income$677,842
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 22, 2021
Return Version
2020v4.1
Gross Receipts
$1,865,071
Mission and Program Overview

Mission

To provide capital, technical expertise, and support to local communities to successfully build the regional vision of the trail and conserve natural lanes along the trails.

To facilitate the creation of greenways, trails, blueways, parks, recreation areas or other open natural or civic spaces, with a goal towards preserving natural areas.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$5,571,552$5,708,301▲ $136,749
Pledges and Grants Receivable$974,435$1,579,002▲ $604,567
Cash and Non-Interest-Bearing Accounts$8,166$367,886▲ $359,720
Total Assets$6,554,153$7,655,189▲ $1,101,036
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets With Donor Restrictions$6,554,153$7,655,189▲ $1,101,036
Total Net Assets Fund Balance$6,554,153$7,655,189▲ $1,101,036
Total Liabilities and Net Assets / Fund Balance$6,554,153$7,655,189▲ $1,101,036

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$3,552,564--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$3,242,325-▲ $332,542-$3,423,753
2019$2,915,238-▲ $489,548-$3,242,325
2018$3,250,539-▼ $156,934-$2,915,238
2017$0$2,830,808▲ $445,731-$3,250,539
Compensation and Service Providers
Top Officer Pay98th percentile

Board Members and Trustees

NameTitle
Lat PurserChair
Michael MarsicanoVice President
Alex RankinDirector
Bailey PatrickDirector
Bill AllenDirector
Blair BoggsDirector
Christine LiDirector
Dana ManessDirector
Dehler HartDirector
Delane ClarkDirector
Jamie MclawhornDirector
Jarred CochranDirector
Jennifer DewittDirector
Jim LawtonDirector
Keith a SmithDirector
Kelly KatterhagenDirector
Leslie JohnsonDirector
Marshall RogersDirector
Michael GoodmanDirector
Sally DaleyDirector
Shuford AbernethyDirector
Tim BelkDirector
Tom WebbDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Catawba Lands ConservancyProject Management4530 PARK ROAD, Charlotte, NC 28209$676,694
Revenue and Support

Revenue Composition

Contributions and Grants
$1,865,071
Program Service Revenue
$0
Investment Income
$-462
Other Revenue
$0
All Other Contributions
$1,645,221
Change in Net Assets
$677,842

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded4$130,187Fair Market Value (FMV)
Total Noncash Contributions4$130,187-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$754,101
Grants and Similar Amounts Paid$432,666
Total Fundraising Expense$3,027
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$701,985$29,088$2,213$733,286
Grants to Domestic Orgs$432,666--$432,666
Fees for Service Investment Mgmnt Fees$7,738$8,900$677$17,315
Fees for Services Accounting$1,564$1,799$137$3,500
Total Functional Expenses$1,143,953$39,787$3,027$1,186,767
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
City of GastoniaGastonia, NC170(c)(1)Trail Development$140,000
Catawba Land ConservancyCharlotte, NC170(c)(1)Trail Development$50,000
Town of McadenvilleMcadenville, NC170(c)(1)Trail Development$46,666
Cleveland County WaterLawndale, NC170(c)(1)Trail Development$45,000
Southern Off-road Bicycle Association - Tarheel TrailblazersCharlotte, NC501(c)(3)Trail Development$38,000
Lindsay Pettus Greenway IncLancaster, SC170(c)(1)Trail Development$30,000
City of BelmontBelmont, NC170(c)(1)Trail Development$25,000
Village of MisenheimerMisenheimer, NC170(c)(1)Trail Development$25,000
York CountyYork, SC170(c)(1)Trail Development$25,000
Town of MarshvilleMarshville, NC170(c)(1)Trail Development$8,000
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
No
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7A

“The right to appoint a majority of the board of directors is vested exclusively in foundation for the carolinas.”

Form 990, Part VI, Section B, Line 11B

“A copy of the final form 990, excluding schedule b, was distributed to each voting member of the board prior to filing. The return is available for discussion at the next board meeting closest to the filing date. The board believes that the privacy of the thread trail's donors warrants the redaction of schedule b.”

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

“Board members annually complete a conflict of interest form in compliance with national standards for community foundations and under foundation for the carolinas (supported foundation) ethics policy. Staff collects and maintains the forms annually, and monitors the process.”

Form 990, Part VI, Section B, Line 15

“The carolina thread trail has no formal employees and therefore does not have a formal process in place for determining compensation. Foundation for the carolinas, the supported organization, does have policies and procedures in place for determining compensation, including utilitizing an independent compensation consultant and approval by the board of directors for executive compensation.”

Form 990, Part VI, Section C, Line 19

“Governing documents are maintained by the organization and are available upon request by the general public.”

Filing and Contact Details

Filer

Filer Name
Carolina Thread Trail
EIN
26-1528527
Phone
7049734500
Address
220 NORTH TRYON STREET, CHARLOTTE, NC 28202

Signing Officer

Name
Michael Marsicano
Title
Vice President
Phone
7049734500
Signed
2021-09-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Marsicano
Formed
2007
Legal Domicile
Nc
Voting Board Members
22
Independent Board Members
22
Employees
0
Volunteers
0

Preparer

Firm
Cherry Bekaert Llp
Address
1111 METROPOLITAN AVE STE 900, CHARLOTTE, NC 28204
Preparer
Amanda Adams
Phone
7043771678
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Administrative fees: program service expenses 25,291. Management and general expenses 29,088. Fundraising expenses 2,213. Total expenses 56,592. Project management fees: program service expenses 676,694. Management and general expenses 0. Fundraising expenses 0. Total expenses 676,694.”

FORM 990, PART XI, LINE 9:

“Grant refunds from domestic organizations 60,000. Write off uncollectible pledges receivable -48,600.”

Financial Statement Notes

PART V, LINE 4:

“The intended use of the organization's endowment funds is to support maintenance and development of trails.”

PART X, LINE 2:

“The foundation (foundation for the carolinas) and its supporting foundations are exempt from federal income tax under the provisions of section 501(c)(3) of the irc. In accordance with irc regulations, the foundation is taxed on unrelated business income, which consists of earnings from activities not related to the exempt purpose of the foundation. The foundation accounts for tax uncertainties based on a more likely than not recognition threshold whereby tax benefits are only recognized when the foundation believes that they have a greater than 50% likelihood of being sustained upon examination by taxing authorities. The foundation has evaluated all its tax positions and determined that it had no uncertain tax positions as of december 31, 2020 or 2019.”

Raw XML AppendixShowing 400 of 699 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/ContractorCompensationGrp/ServicesDesc0PROJECT MANAGEMENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22VICE PRESIDENT
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IRS990/MoreThan5000KToIndividualsInd00
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IRS990/NoncashContributionsAmt0130187
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt011400
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0MICHAEL MARSICANO
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE THREAD TRAIL PROVIDES GRANTS TO ELIGIBLE 501(C)(3) CHARITABLE ORGANIZATIONS AND GOVERNMENTAL ENTITIES PARTICIPATING IN THE DEVELOPMENT OF REGIONAL TRAILS AND THE CONSERVATION OF LAND ALONG THE TRAILS.
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$7,655,189
Liabilities
$0
Net assets
$7,655,189
Revenue
$1,864,609
Expenses
$1,186,767
Net income
$677,842
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$0.34$9.81$9.47
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.60$0.00$9.60$2.82$1.32$1.50
2020Detailed filing. Detailed filing data is available for this year.$7.66$0.00$7.66$1.86$1.19$0.68
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.55$0.00$6.55$1.11$1.31$0.20