Civic Intelligence

Triad Educational Services Inc

990 • Fiscal year 2021 • EIN 27-2186510

Jul 01, 2020 to Jun 30, 2021 • Filed on May 05, 2022

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

93rd percentile

1.05x

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

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

96th percentile

10.48x

Higher debt load relative to revenue than 96% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Net Margin

42nd percentile

6.6%

Higher net margin than 42% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

25th percentile

$66,105

Higher top officer pay than 25% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Asset Growth

17th percentile

-1.3%

Faster asset growth than 17% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

46th percentile

7.3%

Faster revenue growth than 46% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Down

$19,188,075

Down $252,672 (-1.3%) from 2020

Net Assets

Up

-$1,036,925

Up $127,328 (+11%) from 2020

Liabilities

Down

$20,225,000

Down $380,000 (-1.8%) from 2020

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin42nd percentile

Revenue

Up

$1,928,977

Up $130,599 (+7.3%) from 2020

Expenses

Down

$1,801,649

Down $15,642 (-0.9%) from 2020

Net Income

Up

$127,328

Up $146,241 (+773%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth17th 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

2021

Assets$19,188,075
Liabilities$20,225,000
Net Assets-$1,036,925
Open 2021 Filing

Operations Trend

Revenue Growth46th 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

2021

Revenue$1,928,977
Expenses$1,801,649
Net Income$127,328
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 5, 2022
Return Version
2020v4.0
Gross Receipts
$1,928,977
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$15,534,848$15,054,218▼ $480,630
Investments in Publicly Traded Securities$1,588,696$1,742,000▲ $153,304
Cash and Non-Interest-Bearing Accounts$625,858$775,520▲ $149,662
Accounts Receivable$10,352--
Total Assets$19,440,747$19,188,075▼ $252,672
Other Assets Total$1,680,993$1,616,337▼ $64,656
Liabilities
Tax Exempt Bond Liabilities$20,605,000$20,225,000▼ $380,000
Total Liabilities$20,605,000$20,225,000▼ $380,000
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,588,696--
Net Assets Without Donor Restrictions$-2,752,949$-1,036,925▲ $1,716,024
Total Net Assets Fund Balance$-1,164,253$-1,036,925▲ $127,328
Total Liabilities and Net Assets / Fund Balance$19,440,747$19,188,075▼ $252,672

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,919,218$4,019,666$18,938,884
Land$135,000-$135,000
Other Assets Org$1,616,337--
Compensation and Service Providers
Top Officer Pay25th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Orhan AkbulutBusiness ManFT$66,105$66,105

Board Members and Trustees

NameTitle
Nihat FidanPresident
Dr Ahmet BozdagTreasurer
Dr Hakan GolbasiVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,927,929
Investment Income
$196
Other Revenue
$852
Change in Net Assets
$127,328

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,928,977
Total Revenue per Audited Statements
$1,928,977
Total Revenue per Form 990
$1,928,977
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,735,544
Salaries, Compensation, and Employee Benefits$66,105
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,113,206--$1,113,206
Depreciation Depletion$545,286--$545,286
Current Officers, Directors, Trustees, and Key Employees$49,180$12,295-$61,475
Occupancy$29,605--$29,605
Fees for Services Other$13,349--$13,349
Insurance$10,782--$10,782
Fees for Service Investment Mgmnt Fees-$4,900-$4,900
Payroll Taxes$3,704$926-$4,630
Office Expenses-$2,528-$2,528
Other Expenses-$2,223-$2,223
Fees for Services Accounting$1,030--$1,030
Total Functional Expenses$1,766,142$35,507$0$1,801,649

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,801,649
Total Expenses per Audited Statements$1,801,649
Total Expenses per Form 990$1,801,649
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$20,714,039$13,411,384$396,750$412,433

Bond Financing Compliance

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

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
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
2022-05-05

Organization Details

Principal Officer
Nihat Fidan
Formed
2010
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
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.”

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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0BOND ISSUANCE COSTS - NET
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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.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt01616337
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IRS990ScheduleD/TotalRevenuePerForm990Amt01928977
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0PUBLIC FINANCE AUTHORITY SERIES A SEE PART VI
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0PURPOSE OF ISSUE DESCRIPTION
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0SEE PART VI
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt01499538
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0412433
IRS990ScheduleK/TaxExemptBondsProceedsGrp/OtherSpentProceedsAmt013411384
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RetiredAmt0396750
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02015
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt020714039
IRS990/ScheduleORequiredInd0true
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/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd1false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd1N/A
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1CHARLOTTE EDUCATION FOUNDATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0208471670
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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/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt1289818
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
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0J
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1L
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
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IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
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IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt020225000
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IRS990/TotalAssetsBOYAmt019440747
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IRS990/TotalAssetsGrp/BOYAmt019440747
IRS990/TotalAssetsGrp/EOYAmt019188075
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IRS990/TotalEmployeeCnt01
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt035507
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01766142
IRS990/TotalFunctionalExpensesGrp/TotalAmt01801649
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt020605000
IRS990/TotalLiabilitiesEOYAmt020225000
IRS990/TotalLiabilitiesGrp/BOYAmt020605000
IRS990/TotalLiabilitiesGrp/EOYAmt020225000

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$19,188,075
Liabilities
$20,225,000
Net assets
-$1,036,925
Revenue
$1,928,977
Expenses
$1,801,649
Net income
$127,328
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