Civic Intelligence

Triad Educational Services Inc

990 • Fiscal year 2020 • EIN 27-2186510

Jul 01, 2019 to Jun 30, 2020 • Filed on Feb 02, 2021

Organization ProfileTESNC.ORG
104 Towerview CourtCary, NC 27513

(919) 882-1516

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.06x

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

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

97th percentile

11.46x

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

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Net Margin

32nd percentile

-1.1%

Higher net margin than 32% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

24th percentile

$59,491

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 3.3% of source-year revenue.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Asset Growth

18th percentile

-1.9%

Faster asset growth than 18% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

40th percentile

-0.1%

Faster revenue growth than 40% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$19,440,747

Down $378,913 (-1.9%) from 2019

Net Assets

Down

-$1,164,253

Down $18,913 (-1.7%) from 2019

Liabilities

Down

$20,605,000

Down $360,000 (-1.7%) from 2019

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin32nd percentile

Revenue

Down

$1,798,378

Down $1,518 (-0.1%) from 2019

Expenses

Down

$1,817,291

Down $18,431 (-1.0%) from 2019

Net Income

Up

-$18,913

Up $16,913 (+47%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

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

2020

Assets$19,440,747
Liabilities$20,605,000
Net Assets-$1,164,253
Open 2020 Filing

Operations Trend

Revenue Growth40th percentile

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

2020

Revenue$1,798,378
Expenses$1,817,291
Net Income-$18,913
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Feb 2, 2021
Return Version
2019v5.0
Gross Receipts
$1,798,378
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$15,985,982$15,534,848▼ $451,134
Investments in Publicly Traded Securities$1,570,779$1,588,696▲ $17,917
Cash and Non-Interest-Bearing Accounts$494,485$625,858▲ $131,373
Accounts Receivable$22,765$10,352▼ $12,413
Total Assets$19,819,660$19,440,747▼ $378,913
Other Assets Total$1,745,649$1,680,993▼ $64,656
Liabilities
Tax Exempt Bond Liabilities$20,845,000$20,605,000▼ $240,000
Mortgage Notes Payable Secured by Investment Property$120,000--
Total Liabilities$20,965,000$20,605,000▼ $360,000
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,570,779$1,588,696▲ $17,917
Net Assets Without Donor Restrictions$-2,716,119$-2,752,949▼ $36,830
Total Net Assets Fund Balance$-1,145,340$-1,164,253▼ $18,913
Total Liabilities and Net Assets / Fund Balance$19,819,660$19,440,747▼ $378,913

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,399,848$3,539,036$18,938,884
Land$135,000-$135,000
Other Assets Org$1,680,993--
Compensation and Service Providers
Top Officer Pay24th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Orhan AkbulutBusiness ManFT$59,491$59,491

Board Members and Trustees

NameTitle
Dr Fatih OguzPast Preside
Dr Ahmet BozdagTreasurer
Dr Hakan GolbasiVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,773,437
Investment Income
$22,789
Other Revenue
$2,152
Change in Net Assets
$-18,913

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,798,378
Total Revenue per Audited Statements
$1,798,378
Total Revenue per Form 990
$1,798,378
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,751,489
Salaries, Compensation, and Employee Benefits$65,802
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,131,700--$1,131,700
Depreciation Depletion$544,964--$544,964
Current Officers, Directors, Trustees, and Key Employees$48,091$13,160-$61,251
Fees for Services Other$16,061--$16,061
Fees for Service Investment Mgmnt Fees-$12,000-$12,000
Insurance$10,243--$10,243
Occupancy$10,211--$10,211
Payroll Taxes$4,551--$4,551
Fees for Services Accounting$4,080--$4,080
Other Expenses-$1,822-$1,822
Office Expenses-$1,473-$1,473
Travel$94--$94
Total Functional Expenses$1,769,995$47,296$0$1,817,291

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,817,291
Total Expenses per Audited Statements$1,817,291
Total Expenses per Form 990$1,817,291
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$16,750$412,433

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
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 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
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 board members prior to filing.”

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

“The conflict of interest policy is reviewed at board meetings. Board members are required to complete a disclosure form each year. Any potential conflicts of interst are reviewed and resolved by the board.”

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 are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Triad Educational Services Inc
EIN
27-2186510
Phone
9198821516
Address
104 TOWERVIEW COURT, CARY, NC 27513

Signing Officer

Name
Orhan Akbulut
Title
Business Manager
Phone
3369446559
Signed
2021-02-02

Organization Details

Principal Officer
Dr Hakan Golbasi
Formed
2010
Legal Domicile
Nc
Voting Board Members
2
Independent Board Members
2
Employees
1
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 2018 through 2020 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 2018 THROUGH 2020 ARE ARE OPEN FOR EXAMINATION BY TAX AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0PUBLIC FINANCE AUTHORITY SERIES A SEE PART VI
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt1PUBLIC FINANCE AUTHORITY SERIES A 03/11/20
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt2PUBLIC FINANCE AUTHORITY SERIES A REFINANCE EXISTING LOAN AND NEW CONSTRUCTION
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0PURPOSE OF ISSUE DESCRIPTION
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc1DATE REBATE COMPUTATION PERFORMED
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc2ADDITIONAL INFORMATION
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0SEE PART VI
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY BOARD MEMBERS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CONFLICT OF INTEREST POLICY IS REVIEWED AT BOARD MEETINGS. BOARD MEMBERS ARE REQUIRED TO COMPLETE A DISCLOSURE FORM EACH YEAR. ANY POTENTIAL CONFLICTS OF INTERST ARE REVIEWED AND RESOLVED BY THE BOARD.
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 ARE MADE AVAILABLE TO THE PUBLIC 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/DisregardedEntityName/BusinessNameLine1Txt1CHARLOTTE EDUCATION FOUNDATION
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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/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0true
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt01491700
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt1281737
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0FAIR RENTAL VALUE
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1FMV OF SERVICES
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0TRIAD MATH & SCIENCE ACADEMY COMPNY
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1TRIAD MATH & SCIENCE ACADEMY COMPNY
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
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IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
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IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt020845000

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$19,440,747
Liabilities
$20,605,000
Net assets
-$1,164,253
Revenue
$1,798,378
Expenses
$1,817,291
Net income
-$18,913
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$104$107$3.85$6.29$7.54$1.25
2023Detailed filing. Detailed filing data is available for this year.$103$106$2.60$7.58$5.20$2.38
2022Detailed filing. Detailed filing data is available for this year.$65.3$68.1$2.81$5.92$4.75$1.16
2021Detailed filing. Detailed filing data is available for this year.$19.2$20.2$1.04$1.93$1.80$0.13
2020Detailed filing. Detailed filing data is available for this year.$19.4$20.6$1.16$1.80$1.82$0.02
2019Detailed filing. Detailed filing data is available for this year.$19.8$21.0$1.15$1.80$1.84$0.04
2018Detailed filing. Detailed filing data is available for this year.$20.2$21.3$1.11$1.80$1.90$0.10
2017Detailed filing. Detailed filing data is available for this year.$20.6$21.6$1.01$1.79$1.94$0.15