Civic Intelligence

Triad Educational Services Inc

990 • Fiscal year 2017 • EIN 27-2186510

Jul 01, 2016 to Jun 30, 2017 • Filed on May 02, 2018

312 Gregson DriveCary, NC 27511

(336) 621-0061

Siviq Scores

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

Liabilities / Assets

94th percentile

1.05x

Higher debt load relative to assets than 94% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

99th percentile

12.08x

Higher debt load relative to revenue than 99% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Net Margin

17th percentile

-8.4%

Higher net margin than 17% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

21st percentile

$18,944

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Asset Growth

Score unavailable

No value available

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

Source year 2017

Revenue Growth

Score unavailable

No value available

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

Source year 2017

Assets

$20,617,151

No earlier filing loaded for comparison.

Net Assets

-$1,007,849

No earlier filing loaded for comparison.

Liabilities

$21,625,000

No earlier filing loaded for comparison.

Revenue

$1,790,567

No earlier filing loaded for comparison.

Expenses

$1,940,593

No earlier filing loaded for comparison.

Net Income

-$150,026

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0-$50MAssets 2017: $20,617,151Liabilities 2017: $21,625,000Net Assets 2017: -$1,007,8492017Assets 2018: $20,238,371Liabilities 2018: $21,347,885Net Assets 2018: -$1,109,5142018Assets 2019: $19,819,660Liabilities 2019: $20,965,000Net Assets 2019: -$1,145,3402019Assets 2020: $19,440,747Liabilities 2020: $20,605,000Net Assets 2020: -$1,164,2532020Assets 2021: $19,188,075Liabilities 2021: $20,225,000Net Assets 2021: -$1,036,9252021Assets 2022: $65,312,732Liabilities 2022: $68,126,634Net Assets 2022: -$2,813,9022022Assets 2023: $103,340,096Liabilities 2023: $105,943,034Net Assets 2023: -$2,602,9382023Assets 2024: $103,640,885Liabilities 2024: $107,492,066Net Assets 2024: -$3,851,1812024

Highlighted filing

2017

Assets$20,617,151
Liabilities$21,625,000
Net Assets-$1,007,849

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2017: $1,790,567Expenses 2017: $1,940,593Net Income 2017: -$150,0262017Revenue 2018: $1,801,748Expenses 2018: $1,903,413Net Income 2018: -$101,6652018Revenue 2019: $1,799,896Expenses 2019: $1,835,722Net Income 2019: -$35,8262019Revenue 2020: $1,798,378Expenses 2020: $1,817,291Net Income 2020: -$18,9132020Revenue 2021: $1,928,977Expenses 2021: $1,801,649Net Income 2021: $127,3282021Revenue 2022: $5,915,716Expenses 2022: $4,754,516Net Income 2022: $1,161,2002022Revenue 2023: $7,577,228Expenses 2023: $5,200,006Net Income 2023: $2,377,2222023Revenue 2024: $6,288,377Expenses 2024: $7,536,620Net Income 2024: -$1,248,2432024

Highlighted filing

2017

Revenue$1,790,567
Expenses$1,940,593
Net Income-$150,026
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 2, 2018
Return Version
2016v3.1
Gross Receipts
$1,790,567
Mission and Program Overview

Mission

To provide facilities for charter schools operating in north carolina.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$17,264,043$16,837,325▼ $426,718
Investments in Publicly Traded Securities$1,510,070$1,518,773▲ $8,703
Other Notes and Loans Receivable, Net$226,002$226,002→ $0
Cash and Non-Interest-Bearing Accounts$54,888$160,090▲ $105,202
Accounts Receivable$91,332--
Total Assets$19,146,335$20,617,151▲ $1,470,816
Other Assets Total-$1,874,961-
Liabilities
Tax Exempt Bond Liabilities$19,000,909$20,845,000▲ $1,844,091
Mortgage Notes Payable Secured by Investment Property$984,474$780,000▼ $204,474
Accounts Payable and Accrued Expenses$18,775--
Total Liabilities$20,004,158$21,625,000▲ $1,620,842
Net Assets / Fund Balance
Unrestricted Net Assets$-857,823$-1,007,849▼ $150,026
Total Net Assets Fund Balance$-857,823$-1,007,849▼ $150,026
Total Liabilities and Net Assets / Fund Balance$19,146,335$20,617,151▲ $1,470,816

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,702,325$2,100,832$18,803,157
Land$135,000-$135,000
Other Assets Org$1,874,961--
Compensation and Service Providers

Employees

NameTitleBaseTotal
Orhan AkbulutBusiness Man$18,944$18,944

Board Members and Trustees

NameTitle
Fatih OguzPresident
Hakan GolbasiBoard Member
Ahmet BozdagTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,769,649
Investment Income
$2,144
Other Revenue
$18,774
Change in Net Assets
$-150,026

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,790,567
Total Revenue per Audited Statements
$1,790,567
Total Revenue per Form 990
$1,790,567
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,828,312
Salaries, Compensation, and Employee Benefits$112,281
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,189,300--$1,189,300
Depreciation Depletion$540,519--$540,519
Current Officers, Directors, Trustees, and Key Employees$56,444--$56,444
Occupancy$51,267--$51,267
Other Salaries and Wages$46,987--$46,987
Insurance$22,742--$22,742
Payroll Taxes$8,850--$8,850
Fees for Services Legal$8,663--$8,663
Fees for Services Accounting$4,360--$4,360
Other Expenses$3,811$2,996-$2,996
Office Expenses-$1,000-$1,000
Travel$75--$75
Total Functional Expenses$1,933,018$7,575$0$1,940,593

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,940,593
Total Expenses per Audited Statements$1,940,593
Total Expenses per Form 990$1,940,593
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
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority Series a2015-03-11$20,621,750SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$20,621,750$13,411,384-$412,433

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
Yes
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 11B

Form 990 is reviewed by the board prior to filing.

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

The conflict of interest policy is reviewed at board meetings. The organization does not do business with board members or their businesses.

Form 990, Page 6, Part VI, Line 15A

The board of directors approves compensation for the organization's top management official.

Form 990, Page 6, Part VI, Line 15B

No officers are compensated. All other compensation is approved by the board of directors.

Form 990, Page 6, Part VI, Line 19

Governing documents, policies and financial statements are available for viewing by the public at the organization's office upon request.

Filing and Contact Details

Filer

Filer Name
Triad Educational Services Inc
EIN
27-2186510
Phone
3366210061
Address
312 GREGSON DRIVE, CARY, NC 27511

Signing Officer

Name
Orhan Akbulut
Title
Business Manager
Phone
3366210061
Signed
2018-05-02

Organization Details

Principal Officer
Fatih Oguz
Formed
2010
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
3
Volunteers
3

Preparer

Firm
Petway Mills & Pearson Pa
Address
PO BOX 1036, ZEBULON, NC 27597-1036
Preparer
James a Ridoutt
Phone
9192697405
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

Fasb asc 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. Fasb asc 740 requires the evaluation of tax positions taken, or expected to be taken,in the course of preparing financial statements to determine whether the tax positions are "more likely than not" to be sustained by the applicable tax authority. As of the date of the independent auditors' report, the organization has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. Income tax returns for 2015 through 2017 are are open for examination by tax authorities.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FASB ASC 740 PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, PRESENTED AND DISCLOSED IN THE FINANCIAL STATEMENTS. FASB ASC 740 REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN, OR EXPECTED TO BE TAKEN,IN THE COURSE OF PREPARING FINANCIAL STATEMENTS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" TO BE SUSTAINED BY THE APPLICABLE TAX AUTHORITY. AS OF THE DATE OF THE INDEPENDENT AUDITORS' REPORT, THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. INCOME TAX RETURNS FOR 2015 THROUGH 2017 ARE ARE OPEN FOR EXAMINATION BY TAX AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt016837325
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01874961
IRS990ScheduleD/TotalExpensesPerForm990Amt01940593
IRS990ScheduleD/TotalRevenuePerForm990Amt01790567
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01790567
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01940593
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0PUBLIC FINANCE AUTHORITY SERIES A REFINANCE EXISTING LOANS AND NEW CONSTRUCTION
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE K - ADDITIONAL INFORMATION
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd0false
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt020621750
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0PUBLIC FINANCE AUTHORITY SERIES A
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0SEE PART VI
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd0false
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd0true
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd0true
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdvanceRefundingInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt05390684
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalizedInterestAmt01972
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd0true
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt01409221
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0412433
IRS990ScheduleK/TaxExemptBondsProceedsGrp/OtherSpentProceedsAmt013411384
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02015
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt020621750
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CONFLICT OF INTEREST POLICY IS REVIEWED AT BOARD MEETINGS. THE ORGANIZATION DOES NOT DO BUSINESS WITH BOARD MEMBERS OR THEIR BUSINESSES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS APPROVES COMPENSATION FOR THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO OFFICERS ARE COMPENSATED. ALL OTHER COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE FOR VIEWING BY THE PUBLIC AT THE ORGANIZATION'S OFFICE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0TRIAD MATH & SCIENCE ACADEMY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1CHARLOTTE EDUCATION FOUNDATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0208471670
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1464239471
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501C
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0EDUCATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1EDUCATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt02
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt12
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0700 CREEK RIDGE ROAD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt18701 MALLARD CREEK RD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0GREENSBORO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1CHARLOTTE
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt01499669
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt1269980
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt291332
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0FAIR RENTAL VALUE
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1FMV OF SERVICES
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2AMOUNT OF LOAN
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0TRIAD MATH & SCIENCE ACADEMY
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1TRIAD MATH & SCIENCE ACADEMY
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2CHARLOTTE EDUCATION FOUNDATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0J
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1L
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2D
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IRS990/TotalAssetsBOYAmt019146335
IRS990/TotalAssetsEOYAmt020617151
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IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt07575
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01933018
IRS990/TotalFunctionalExpensesGrp/TotalAmt01940593
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt020004158
IRS990/TotalLiabilitiesEOYAmt021625000

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