Civic Intelligence

Higher Education Trust Inc

990 • Fiscal year 2019 • EIN 27-0428854

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

Organization Profile

Refreshing map…

2015 Boundary Street Suite 300Beaufort, SC 29902

(843) 521-9000

Siviq Scores

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

Liabilities / Assets

93rd percentile

1.01x

Higher debt load relative to assets than 93% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

98th percentile

21.87x

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

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

14th percentile

-13%

Higher net margin than 14% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

13th percentile

$0

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Balance Sheet
Liabilities / Assets93rd percentile

Assets

$11,527,244

No earlier filing loaded for comparison.

Net Assets

-$67,086

No earlier filing loaded for comparison.

Liabilities

$11,594,330

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin14th percentile

Revenue

$530,081

No earlier filing loaded for comparison.

Expenses

$597,167

No earlier filing loaded for comparison.

Net Income

-$67,086

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$15M$10M$5.0M$0-$5.0MAssets 2019: $11,527,244Liabilities 2019: $11,594,330Net Assets 2019: -$67,0862019Assets 2020: $11,359,217Liabilities 2020: $11,213,213Net Assets 2020: $146,0042020Assets 2021: $11,561,017Liabilities 2021: $11,215,546Net Assets 2021: $345,4712021Assets 2022: $11,868,773Liabilities 2022: $11,057,393Net Assets 2022: $811,3802022Assets 2023: $12,017,372Liabilities 2023: $11,016,600Net Assets 2023: $1,000,7722023Assets 2024: $12,612,406Liabilities 2024: $11,455,766Net Assets 2024: $1,156,6402024Assets 2025: $12,803,835Liabilities 2025: $11,637,670Net Assets 2025: $1,166,1652025

Highlighted filing

2019

Assets$11,527,244
Liabilities$11,594,330
Net Assets-$67,086
Open 2019 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.5M$1.0M$500K$0-$500KRevenue 2019: $530,081Expenses 2019: $597,167Net Income 2019: -$67,0862019Revenue 2020: $1,016,797Expenses 2020: $803,707Net Income 2020: $213,0902020Revenue 2021: $967,106Expenses 2021: $767,639Net Income 2021: $199,4672021Revenue 2022: $1,241,821Expenses 2022: $775,911Net Income 2022: $465,9102022Revenue 2023: $1,122,614Expenses 2023: $933,222Net Income 2023: $189,3922023Revenue 2024: $1,141,420Expenses 2024: $1,028,192Net Income 2024: $113,2282024Revenue 2025: $1,203,845Expenses 2025: $1,194,320Net Income 2025: $9,5252025

Highlighted filing

2019

Revenue$530,081
Expenses$597,167
Net Income-$67,086
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jul 7, 2020
Return Version
2019v5.0
Gross Receipts
$530,081
Mission and Program Overview

Mission

The higher education trust, inc. Is a non-profit whose mission is to support higher education growth in beaufort county. Current efforts are focused, but not limited to, supporting uscb.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$11,434,514-
Loans From Officers Directors-$1,900,000-
Other Notes and Loans Receivable, Net-$47,277-
Cash and Non-Interest-Bearing Accounts-$41,398-
Total Assets$0$11,527,244▲ $11,527,244
Other Assets Total-$4,055-
Liabilities
Mortgage Notes Payable Secured by Investment Property-$9,513,509-
Other Liabilities-$180,322-
Accounts Payable and Accrued Expenses-$499-
Total Liabilities$0$11,594,330▲ $11,594,330
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$-67,086-
Total Net Assets Fund Balance$0$-67,086▼ $67,086
Total Liabilities and Net Assets / Fund Balance$0$11,527,244▲ $11,527,244

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,434,514$150,048$9,584,562
Land$2,000,000-$2,000,000
Compensation and Service Providers
Top Officer Pay13th percentile

Board Members and Trustees

NameTitle
Richard H StewartChair
Andy KinghornDirector
Anna PonderDirector
Courtney WorrellSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$495
Program Service Revenue
$529,586
Investment Income
$0
Other Revenue
$0
All Other Contributions
$495
Change in Net Assets
$-67,086
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$597,167
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
Interest$415,227--$415,227
Depreciation Depletion$150,048--$150,048
Fees for Services Legal$19,979--$19,979
Occupancy$7,544--$7,544
Fees for Services Accounting$2,450--$2,450
Other Expenses$120--$120
Total Functional Expenses$597,167$0$0$597,167
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$1,900,000-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Interest$83,334
Customer Security Deposits$79,500
Due to Bjhec$17,488
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“MEMBER”

Form 990, Page 6, Part VI, Line 11B

“Form 990 is reviewed and approved by board before it is filed.”

Form 990, Page 6, Part VI, Line 12C

“As directed in the organization's bylaws, board members are required to report conflicts at next scheduled meeting and provide full disclosure. The board of directors have oversight of this policy.”

Form 990, Page 6, Part VI, Line 19

“Form 990 is made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Higher Education Trust Inc
EIN
27-0428854
Address
2015 BOUNDARY STREET SUITE 300, BEAUFORT, SC 29902

Signing Officer

Name
Richard H Stewart
Title
Chair
Signed
2020-07-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard H Stewart
Formed
2000
Legal Domicile
Sc
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
Crowley Wechsler & Associates LLC
Address
1411 QUEEN STREET, BEAUFORT, SC 29902
Preparer
Richard D Crowley CPA
Phone
8433791065
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

“4 board member volunteers”

Raw XML Appendix293 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.

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ReturnHeader/PreparerPersonGrp/PhoneNum08433791065
ReturnHeader/PreparerPersonGrp/PreparationDt02020-07-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RICHARD D CROWLEY CPA
ReturnHeader/ReturnTs02020-07-10T12:49:51-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,527,244
Liabilities
$11,594,330
Net assets
-$67,086
Revenue
$530,081
Expenses
$597,167
Net income
-$67,086
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$12.8$11.6$1.17$1.20$1.19$0.01
2024Detailed filing. Detailed filing data is available for this year.$12.6$11.5$1.16$1.14$1.03$0.11
2023Detailed filing. Detailed filing data is available for this year.$12.0$11.0$1.00$1.12$0.93$0.19
2022Detailed filing. Detailed filing data is available for this year.$11.9$11.1$0.81$1.24$0.78$0.47
2021Detailed filing. Detailed filing data is available for this year.$11.6$11.2$0.35$0.97$0.77$0.20
2020Detailed filing. Detailed filing data is available for this year.$11.4$11.2$0.15$1.02$0.80$0.21
2019Detailed filing. Detailed filing data is available for this year.$11.5$11.6$0.07$0.53$0.60$0.07
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)3 • $10M-$25M nonprofits