Civic Intelligence

Higher Education Trust Inc

990 • Fiscal year 2021 • EIN 27-0428854

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 09, 2022

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

92nd percentile

0.97x

Higher debt load relative to assets than 92% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

97th percentile

11.60x

Higher debt load relative to revenue than 97% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

65th percentile

21%

Higher net margin than 65% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

28th percentile

1.8%

Faster asset growth than 28% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

22nd percentile

-4.9%

Faster revenue growth than 22% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$11,561,017

Up $201,800 (+1.8%) from 2020

Net Assets

Up

$345,471

Up $199,467 (+137%) from 2020

Liabilities

Up

$11,215,546

Up $2,333 (+0.0%) from 2020

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin65th percentile

Revenue

Down

$967,106

Down $49,691 (-4.9%) from 2020

Expenses

Down

$767,639

Down $36,068 (-4.5%) from 2020

Net Income

Down

$199,467

Down $13,623 (-6.4%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth28th percentile

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

2021

Assets$11,561,017
Liabilities$11,215,546
Net Assets$345,471
Open 2021 Filing

Operations Trend

Revenue Growth22nd percentile

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

2021

Revenue$967,106
Expenses$767,639
Net Income$199,467
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 9, 2022
Return Version
2021v4.0
Gross Receipts
$967,106
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$11,239,017$11,297,087▲ $58,070
Loans From Officers Directors$1,834,081$1,834,081→ $0
Cash and Non-Interest-Bearing Accounts$128,135$216,487▲ $88,352
Intangible Assets-$41,417-
Total Assets$11,359,217$11,561,017▲ $201,800
Other Assets Total$-7,935$6,026▲ $13,961
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,299,632$9,213,026▼ $86,606
Other Liabilities$79,500$168,439▲ $88,939
Total Liabilities$11,213,213$11,215,546▲ $2,333
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$146,004$345,471▲ $199,467
Total Net Assets Fund Balance$146,004$345,471▲ $199,467
Total Liabilities and Net Assets / Fund Balance$11,359,217$11,561,017▲ $201,800

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,297,087$643,409$9,940,496
Land$2,000,000-$2,000,000
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$967,007
Investment Income
$99
Other Revenue
$0
Change in Net Assets
$199,467
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$767,639
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$408,869--$408,869
Depreciation Depletion$247,347--$247,347
Occupancy$8,950--$8,950
Fees for Services Accounting$6,550--$6,550
Fees for Services Legal$5,285--$5,285
Other Expenses$568--$568
Total Functional Expenses$767,639$0$0$767,639
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$1,834,081$1,834,081→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Interest$88,939
Customer Security Deposits$79,500
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
2022-06-09
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 Appendix297 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/PreparerFirmGrp/PreparerFirmEIN0261860008
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CROWLEY WECHSLER & ASSOCIATES LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01411 QUEEN STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BEAUFORT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd029902
ReturnHeader/PreparerPersonGrp/PhoneNum08433791065
ReturnHeader/PreparerPersonGrp/PreparationDt02022-09-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RICHARD D CROWLEY CPA
ReturnHeader/ReturnTs02022-09-14T14:01:07-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0RICHARD H
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0STEWART
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,561,017
Liabilities
$11,215,546
Net assets
$345,471
Revenue
$967,106
Expenses
$767,639
Net income
$199,467
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