Civic Intelligence

Third Street Education Center Inc

990 • Fiscal year 2019 • EIN 26-3224953

Jan 01, 2019 to Dec 31, 2019 • Filed on Jul 07, 2020

600 West 3rd StreetGreenville, NC 27834

(252) 364-2995

Siviq Scores

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

Liabilities / Assets

17th percentile

0.01x

Higher debt load relative to assets than 17% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

18th percentile

0.03x

Higher debt load relative to revenue than 18% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

56th percentile

4.6%

Higher net margin than 56% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

28th percentile

$68,993

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 4.3% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

42nd percentile

1.2%

Faster asset growth than 42% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

87th percentile

43%

Faster revenue growth than 87% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Assets

Up

$6,188,671

Up $73,851 (+1.2%) from 2018

Net Assets

Up

$6,140,472

Up $74,234 (+1.2%) from 2018

Liabilities

Down

$48,199

Down $383 (-0.8%) from 2018

Revenue

Up

$1,617,035

Up $482,634 (+43%) from 2018

Expenses

Up

$1,542,801

Up $481,821 (+45%) from 2018

Net Income

Up

$74,234

Up $813 (+1.1%) from 2018

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2018: $6,114,820Liabilities 2018: $48,582Net Assets 2018: $6,066,2382018Assets 2019: $6,188,671Liabilities 2019: $48,199Net Assets 2019: $6,140,4722019Assets 2020: $6,284,595Liabilities 2020: $286,887Net Assets 2020: $5,997,7082020Assets 2021: $6,236,060Liabilities 2021: $58,052Net Assets 2021: $6,178,0082021Assets 2022: $6,040,539Liabilities 2022: $59,374Net Assets 2022: $5,981,1652022Assets 2023: $5,964,175Liabilities 2023: $54,652Net Assets 2023: $5,909,5232023Assets 2024: $6,509,474Liabilities 2024: $42,512Net Assets 2024: $6,466,9622024

Highlighted filing

2019

Assets$6,188,671
Liabilities$48,199
Net Assets$6,140,472

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2018: $1,134,401Expenses 2018: $1,060,980Net Income 2018: $73,4212018Revenue 2019: $1,617,035Expenses 2019: $1,542,801Net Income 2019: $74,2342019Revenue 2020: $1,801,521Expenses 2020: $1,944,285Net Income 2020: -$142,7642020Revenue 2021: $2,025,275Expenses 2021: $1,851,213Net Income 2021: $174,0622021Revenue 2022: $1,740,218Expenses 2022: $1,937,061Net Income 2022: -$196,8432022Revenue 2023: $1,255,742Expenses 2023: $1,327,384Net Income 2023: -$71,6422023Revenue 2024: $1,805,277Expenses 2024: $1,247,838Net Income 2024: $557,4392024

Highlighted filing

2019

Revenue$1,617,035
Expenses$1,542,801
Net Income$74,234
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jul 7, 2020
Return Version
2019v5.0
Gross Receipts
$1,648,777
Mission and Program Overview

Mission

Third Street Education Center, Inc. endeavors to help with community transformation and to cultivate trusted community relationships so that residents of West Greenville will enjoy a safe, secure, and creative environment in which there will be less crime; strong families with active and invested fathers and mothers; community leaders who are developed and empowered; availability for ongoing educational opportunities; and partnerships with churches inside and outside the neighborhood along with other agencies and the city government.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,694,335$5,695,598▲ $1,263
Cash and Non-Interest-Bearing Accounts$325,609$254,104▼ $71,505
Savings and Temporary Cash Investments$41,753$150,229▲ $108,476
Accounts Receivable$38,361$80,625▲ $42,264
Prepaid Expenses and Deferred Charges$6,077$0▼ $6,077
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$6,114,820$6,188,671▲ $73,851
Other Assets Total$8,685$8,115▼ $570
Liabilities
Other Liabilities$41,707$43,490▲ $1,783
Accounts Payable and Accrued Expenses$6,875$4,709▼ $2,166
Total Liabilities$48,582$48,199▼ $383
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,046,859$6,140,472▲ $93,613
Net Assets With Donor Restrictions$19,379--
Total Net Assets Fund Balance$6,066,238$6,140,472▲ $74,234
Total Liabilities and Net Assets / Fund Balance$6,114,820$6,188,671▲ $73,851

Asset Categories

AssetBook ValueDepreciationBasis
Land$4,744,500-$4,744,500
Buildings$755,494$67,228$822,722
Other Land Buildings$147,475$101,672$249,147
Equipment$48,129$55,326$103,455
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Nathan WhiteExecutive DirectorFT$68,993$68,993

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$664,413
Program Service Revenue
$833,951
Investment Income
$1,902
Other Revenue
$116,769
All Other Contributions
$664,413
Change in Net Assets
$74,234

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeReported AmountValuation Method
Other Non Cash Contri Table$22,186Fair Market Value (FMV)
Food Inventory$15,628Fair Market Value (FMV)
Other Non Cash Contri Table$2,322Fair Market Value (FMV)
Total Noncash Contributions$40,136-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,259,087
Salaries, Compensation, and Employee Benefits$283,714
Total Fundraising Expense$1,176
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$158,572$29,861-$188,433
All Other Expenses$113,699$13,522-$127,221
Current Officers, Directors, Trustees, and Key Employees$34,497$34,496-$68,993
Depreciation Depletion$51,155$17,052-$68,207
Other Expenses$53,818--$53,818
Occupancy$21,175$6,856-$28,031
Payroll Taxes$16,449$5,483-$21,932
Insurance$11,191$2,685-$13,876
Advertising$10,587-$1,176$11,763
Fees for Services Accounting-$8,340-$8,340
Other Employee Benefits$3,267$1,089-$4,356
Office Expenses$1,609$536-$2,145
Total Functional Expenses$1,421,705$119,920$1,176$1,542,801
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$74,218
Fundraising Direct Expenses$31,742
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Various Events$74,218$74,218$31,742$42,476
Total Events$74,218$74,218$31,742$42,476
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Payroll Liabilities$24,842
Payroll Taxes Payable$12,638
Retirement Payable$4,992
Sales Tax Payable$1,018
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
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, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

Richard P. Rizzuti and Meridith B. Rizzuti are married.

Form 990, Part VI, Line 11B: Form 990 Review Process

No review was or will be conducted.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Documents subject to public access are made available upon request.

Filing and Contact Details

Filer

Filer Name
Third Street Education Center Inc
EIN
26-3224953
Phone
2523642995
Address
600 West 3rd Street, Greenville, NC 27834

Signing Officer

Name
Richard P Rizzuti
Title
Chair
Signed
2020-07-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard P Rizzuti
Formed
2008
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
65
Volunteers
400

Preparer

Firm
Alex Pappas CPA PA
Address
502-C Red Banks Rd, Greenville, NC 27858
Preparer
Alexander T Pappas CPA
Phone
2522274111
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2: New Services

The organization's Business and Workforce Development program expanded in 2019 to add auto detailing services, catering services, and home improvement services.

Financial Statement Notes

Part X : FIN48 Footnote

Third Street Education Center, Inc. is a not-for-profit corporation exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code of 1986 (IRC). The Organization is subject to a tax on income from any unrelated business.Management has evaluated the effect of the guidance provided by provisions related to Accounting for Uncertainty in Income Taxes. Management has evaluated all tax positions that could have a significant effect on the financial statements and determined the organization had no uncertain income tax positions at December 31, 2019.The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

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IRS990/Form990PartVIISectionAGrp/PersonNm1Richard P Rizzuti
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IRS990/OtherExpensesGrp/Desc0Third Street Facility Services
IRS990/OtherExpensesGrp/Desc1Third Street Academy
IRS990/OtherExpensesGrp/Desc2Third Street Auto Detailing
IRS990/OtherExpensesGrp/Desc3Third Street Home Improvements
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IRS990/OtherExpensesGrp/ProgramServicesAmt1423390
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IRS990/PrincipalOfficerNm0Richard P Rizzuti
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IRS990/ProgramServiceRevenueGrp/Desc1Other Program Income
IRS990/ProgramServiceRevenueGrp/Desc2Workforce Development
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt114722
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IRS990/ProgSrvcAccomActy2Grp/Desc0The organization operated Third Street Academy, a private Christian school for Pre-K to 5th grade boys which focuses on character development, spiritual formation, and high academic standards. The programs goal is to develop smart, intelligent young men who become loving fathers, committed husbands, and active leaders in the community.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt091040
IRS990/ProgSrvcAccomActy3Grp/Desc0The organization hosted various outreach events and community activities that promoted its mission and furthered its exempt purpose.
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0776103

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