Civic Intelligence

Triad Educational Services Inc

990 • Fiscal year 2022 • EIN 27-2186510

Jul 01, 2021 to Jun 30, 2022 • Filed on May 25, 2023

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

94th percentile

1.04x

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

2022 filings • NTEE B • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

94th percentile

11.52x

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

2022 filings • NTEE B • $50M-$100M nonprofits • Source year 2022

Net Margin

71st percentile

20%

Higher net margin than 71% of similar nonprofits.

2022 filings • NTEE B • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

17th percentile

$0

Higher top officer pay than 17% of similar nonprofits.

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

2022 filings • NTEE B • $50M-$100M nonprofits • Source year 2022

Asset Growth

98th percentile

240%

Faster asset growth than 98% of similar nonprofits.

2022 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

99th percentile

207%

Faster revenue growth than 99% of similar nonprofits.

2022 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$65,312,732

Up $46,124,657 (+240%) from 2021

Net Assets

Down

-$2,813,902

Down $1,776,977 (-171%) from 2021

Liabilities

Up

$68,126,634

Up $47,901,634 (+237%) from 2021

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin71st percentile

Revenue

Up

$5,915,716

Up $3,986,739 (+207%) from 2021

Expenses

Up

$4,754,516

Up $2,952,867 (+164%) from 2021

Net Income

Up

$1,161,200

Up $1,033,872 (+812%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth98th 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

2022

Assets$65,312,732
Liabilities$68,126,634
Net Assets-$2,813,902
Open 2022 Filing

Operations Trend

Revenue Growth99th 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

2022

Revenue$5,915,716
Expenses$4,754,516
Net Income$1,161,200
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 25, 2023
Return Version
2021v4.0
Gross Receipts
$5,915,716
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$15,054,218$46,182,058▲ $31,127,840
Investments in Publicly Traded Securities$1,742,000$18,306,660▲ $16,564,660
Cash and Non-Interest-Bearing Accounts$775,520$824,014▲ $48,494
Total Assets$19,188,075$65,312,732▲ $46,124,657
Other Assets Total$1,616,337--
Liabilities
Tax Exempt Bond Liabilities$20,225,000$66,791,599▲ $46,566,599
Mortgage Notes Payable Secured by Investment Property-$790,000-
Accounts Payable and Accrued Expenses-$545,035-
Total Liabilities$20,225,000$68,126,634▲ $47,901,634
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,036,925$-2,813,902▼ $1,776,977
Total Net Assets Fund Balance$-1,036,925$-2,813,902▼ $1,776,977
Total Liabilities and Net Assets / Fund Balance$19,188,075$65,312,732▲ $46,124,657

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$45,063,099$5,860,889$50,923,988
Land$976,880-$976,880
Compensation and Service Providers
Top Officer Pay17th percentile

Board Members and Trustees

NameTitle
Dr Ahmet BozdagPresident
Murat Bakir PhdBusiness Man
Tuncay GedikMember
Mumin DaramisirTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,088,662
Investment Income
$6,072
Other Revenue
$3,820,982
Change in Net Assets
$1,161,200
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,683,407
Salaries, Compensation, and Employee Benefits$71,109
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,094,808--$1,094,808
Depreciation Depletion$709,062$9,698-$718,760
Other Salaries and Wages$56,887$14,222-$71,109
Occupancy$34,382--$34,382
Insurance$13,223--$13,223
Fees for Services Legal$11,988--$11,988
Fees for Services Accounting$4,200--$4,200
Other Expenses$2,926--$2,926
Fees for Service Investment Mgmnt Fees-$900-$900
Travel$621--$621
Office Expenses-$355-$355
Total Functional Expenses$4,729,341$25,175$0$4,754,516
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
BPublic Finance Authority 2021 a2021-11-24$32,455,801Facilities purchase & construction
APublic Finance Authority 2015 a2015-03-11$20,621,750Refinance and new construction
CPublic Finance Authority 2017 a2017-12-01$10,670,000Transfer of bond issue due to merger with charlotte education foundation
DPublic Finance Authority 2019 a2019-06-28$5,567,883Transfer of bond issue due to merger with charlotte education foundation

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$32,455,801$2,874,972$15,000$587,900
A$20,720,111$13,411,384$1,551,681$412,433
C$10,705,847$567,635$20,000$213,397
D$5,568,602---

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
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
Yes
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
Murat Bakir Phd
Title
Business Manager
Phone
3369446559
Signed
2023-05-25

Organization Details

Principal Officer
Dr Ahmet Bozdag
Formed
2010
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
1

Preparer

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

Additional Explanations

Form 990, Part XI, Line 9

“Merger with charlotte education foundation -2,938,177”

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/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.
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0PUBLIC FINANCE AUTHORITY 2015 A REFINANCE AND NEW CONSTRUCTION
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt1PUBLIC FINANCE AUTHORITY 2021 A FACILITIES PURCHASE & CONSTRUCTION
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt2PUBLIC FINANCE AUTHORITY 2017 A TRANSFER OF BOND ISSUE DUE TO MERGER WITH CHARLOTTE EDUCATION FOUNDATION
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt3PUBLIC FINANCE AUTHORITY 2019 A TRANSFER OF BOND ISSUE DUE TO MERGER WITH CHARLOTTE EDUCATION FOUNDATION
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt22017-12-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt32019-06-28
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0REFINANCE AND NEW CONSTRUCTION
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc1FACILITIES PURCHASE & CONSTRUCTION
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc2TRANSFER OF BOND ISSUE DUE TO MERGER WITH CHARLOTTE EDUCATION FOUNDATION
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc3TRANSFER OF BOND ISSUE DUE TO MERGER WITH CHARLOTTE EDUCATION FOUNDATION
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$65,312,732
Liabilities
$68,126,634
Net assets
-$2,813,902
Revenue
$5,915,716
Expenses
$4,754,516
Net income
$1,161,200
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