Civic Intelligence

Spoleto Study Abroad

990 • Fiscal year 2018 • EIN 31-1539757

Jul 01, 2017 to Jun 30, 2018 • Filed on Jan 08, 2019

Organization ProfileWWW.SPOLETOSTUDYABROAD.COM
10600 Brownsburg PlaceRaleigh, NC 27613

(919) 906-9306

Siviq Scores

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

Liabilities / Assets

36th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • NTEE Q • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

36th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • NTEE Q • $500k-$1M nonprofits • Source year 2018

Net Margin

88th percentile

30%

Higher net margin than 88% of similar nonprofits.

2018 filings • NTEE Q • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

63rd percentile

$40,000

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 8.1% of source-year revenue.

2018 filings • NTEE Q • $500k-$1M nonprofits • Source year 2018

Asset Growth

64th percentile

23%

Faster asset growth than 64% of similar nonprofits.

2018 filings • NTEE Q • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

66th percentile

28%

Faster revenue growth than 66% of similar nonprofits.

2018 filings • NTEE Q • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets36th percentile

Assets

Up

$795,756

Up $147,429 (+23%) from 2017

Net Assets

Up

$795,756

Up $147,429 (+23%) from 2017

Liabilities

Flat

$0

Flat from 2017

Revenue And Expenses
Liabilities / Revenue36th percentileNet Margin88th percentile

Revenue

Up

$493,031

Up $107,761 (+28%) from 2017

Expenses

Up

$345,602

Up $1,535 (+0.4%) from 2017

Net Income

Up

$147,429

Up $106,226 (+258%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth64th percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2012: $740,655Liabilities 2012: $0Net Assets 2012: $740,6552012Assets 2013: $700,923Liabilities 2013: $0Net Assets 2013: $700,9232013Assets 2014: $735,586Liabilities 2014: $0Net Assets 2014: $735,5862014Assets 2016: $607,124Liabilities 2016: $0Net Assets 2016: $607,1242016Assets 2017: $648,327Liabilities 2017: $0Net Assets 2017: $648,3272017Assets 2018: $795,756Liabilities 2018: $0Net Assets 2018: $795,7562018Assets 2019: $1,900,313Liabilities 2019: $968,562Net Assets 2019: $931,7512019Assets 2020: $1,935,918Liabilities 2020: $1,061,757Net Assets 2020: $874,1612020Assets 2021: $1,860,795Liabilities 2021: $1,075,900Net Assets 2021: $784,8952021Assets 2024: $1,951,978Liabilities 2024: $231,608Net Assets 2024: $1,720,3702024

Highlighted filing

2018

Assets$795,756
Liabilities$0
Net Assets$795,756
Open 2018 Filing

Operations Trend

Revenue Growth66th percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2012: $336,4782012Expenses 2013: $353,4632013Revenue 2014: $396,489Expenses 2014: $361,826Net Income 2014: $34,6632014Revenue 2016: $223,008Expenses 2016: $302,530Net Income 2016: -$79,5222016Revenue 2017: $385,270Expenses 2017: $344,067Net Income 2017: $41,2032017Revenue 2018: $493,031Expenses 2018: $345,602Net Income 2018: $147,4292018Revenue 2019: $448,761Expenses 2019: $331,194Net Income 2019: $117,5672019Revenue 2020: $123,878Expenses 2020: $184,848Net Income 2020: -$60,9702020Revenue 2021: -$19,015Expenses 2021: $96,172Net Income 2021: -$115,1872021Revenue 2024: $1,049,425Expenses 2024: $307,869Net Income 2024: $741,5562024

Highlighted filing

2018

Revenue$493,031
Expenses$345,602
Net Income$147,429
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Jan 8, 2019
Return Version
2017v2.3
Gross Receipts
$513,203
Mission and Program Overview

Mission

Spoleto study abroad is a collaborative community of artists and scholars gathered to explore in depth the rich cultural heritage of central italy while fostering individual artistic, intellectual and personal growth.

Provide student summer study program and educator enrichment opportunities through exposure to the historical, architectural and cultural riches of the arts and humanities in Italy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$648,327$795,756▲ $147,429
Cash and Non-Interest-Bearing Accounts$250,098$388,193▲ $138,095
Savings and Temporary Cash Investments$356,868$313,427▼ $43,441
Investments in Publicly Traded Securities$41,361$94,136▲ $52,775
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$648,327$795,756▲ $147,429
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$648,327$795,756▲ $147,429
Total Liabilities and Net Assets / Fund Balance$648,327$795,756▲ $147,429
Compensation and Service Providers
Top Officer Pay63rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Lorenzo MutiCo-program Manager, DirectorPT$40,000$40,000

Board Members and Trustees

NameTitle
Anthony SgroBoard President
Lorenzo MutiPresident
Jill MutiVice President
Jill MutiCo-program Manager, Director
Anna White HoseaDirector
Anne WestonDirector
Doreen KellyDirector
Jan GuffinDirector
Jonathan D CohenDirector
Joyce PopeDirector
Karen PhillipsDirector
Kevin MacneilDirector
Michele WilliamsDirector
Talmadge MangumDirector
Jill MutiSecretary
Lorenzo MutiTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
None---
Revenue and Support

Revenue Composition

Contributions and Grants
$147,376
Program Service Revenue
$344,106
Investment Income
$1,549
Other Revenue
$0
All Other Contributions
$147,376
Change in Net Assets
$147,429

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded2$71,922Stock Quote
Total Noncash Contributions2$71,922-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$305,602
Salaries, Compensation, and Employee Benefits$40,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Travel$137,666$828$0$138,494
Fees for Services Other$21,114$56,864$0$77,978
Current Officers, Directors, Trustees, and Key Employees$0$40,000$0$40,000
Occupancy$21,736$0$0$21,736
Office Expenses$4,901$13,617$0$18,518
Advertising$0$12,296$0$12,296
Insurance$5,000$0$0$5,000
All Other Expenses$4,546--$4,546
Other Expenses$2,732$0$0$2,732
Total Functional Expenses$218,898$126,704$0$345,602
International Activity

International Summary

Spending
$220,000

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Europe (Including Iceland and Greenland)Program ServicesStudy Abroad Program--$121,000
Europe (Including Iceland and Greenland)Program ServicesEducational Tours--$70,000
Europe (Including Iceland and Greenland)Program ServicesConcerts--$29,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
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, Part VI - Section A, Line 2

“Family or business relationship: co-program managers/directors lorenzo muti and jill muti are married.”

Form 990, Part VI - Section B, Line 11B

“FORM 990 REVIEW PROCESS: The business manager works with the accountant to prepare Form 990. The draft is reviewed by two members of the governing body before the final copy is approved.”

Form 990, Part VI - Section B, Line 12C

“MONITORING CONFLICTS OF INTEREST: Each director, before taking his position, is required to disclose in writing to the Chairman a list of all businesses or other organizations of which he is an officer, director, shareholder, member, owner or employee, or for which he acts as an agent and with which the Corporation has or might reasonably in the future enter into a relationship or a transaction in which the director would have conflicting interests. Any director may raise an issue as to whether or not another director has a conflict of interest with respect to any matter coming before the Board, or if any matter should come before the Board or any of its committees in such a way to give rise to a conflict of interest, the affected director shall make known to the Board the potential conflict and shall answer any questions that might be asked. The Board shall determine whether or not a conflict exists. If the Board determines that a conflict does exist, the affected director shall be excluded from voting.”

Form 990, Part VI - Section B, Line 15

“PROCESS FOR DETERMINING COMPENSATION: Compensation for the organization's co-director is determined by the Board of Trustees and voted on annually.”

Form 990, Part VI - Section C, Line 19

“MAKING DOCUMENTS AVAILABLE TO THE PUBLIC: The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Spoleto Study Abroad
EIN
31-1539757
In Care Of
% JUDITH YARBROUGH
Phone
9199069306
Address
10600 BROWNSBURG PLACE, RALEIGH, NC 27613

Signing Officer

Name
Jill Muti
Title
Vice President
Phone
9199069306
Signed
2019-01-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lorenzo Muti
Formed
1997
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
11
Employees
0
Volunteers
0

Preparer

Firm
Batchelor Tillery & Roberts Llp
Address
3605 GLENWOOD AVENUE SUITE 350, RALEIGH, NC 27612
Preparer
Keith A Wasserman
Phone
9197878212
Supplemental Narrative

Additional Explanations

Form 990 Part IX Line 11G

“Description:professional services total fees:77978”

Raw XML AppendixShowing 400 of 582 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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IRS990/Desc0STUDY ABROAD PROGRAM FOR SECONDARY STUDENTS IN ARTS & HUMANITIES. PROVIDED ADVANCED STUDY & PERFORMANCE OPPORTUNITIES FOR VOCAL & INSTRUMENTAL MUSIC, VISUAL ART, CREATIVE WRITING, PHOTOGRAPHY AND SCREENWRITING.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt14TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt15CO-PROGRAM MANAGER, DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16CO-PROGRAM MANAGER, DIRECTOR
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IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InsuranceGrp/ManagementAndGeneralAmt00
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IRS990/IntangibleAssetsGrp/BOYAmt00
IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/TotalAmt00
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IRS990/InventoriesForSaleOrUseGrp/EOYAmt00
IRS990/InvestmentIncomeGrp/ExclusionAmt01657
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt01657
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IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
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IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0SPOLETO STUDY ABROAD IS A COLLABORATIVE COMMUNITY OF ARTISTS AND SCHOLARS GATHERED TO EXPLORE IN DEPTH THE RICH CULTURAL HERITAGE OF CENTRAL ITALY WHILE FOSTERING INDIVIDUAL ARTISTIC, INTELLECTUAL, AND PERSONAL GROWTH.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt00
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt00
IRS990/NetAssetsOrFundBalancesBOYAmt0648327
IRS990/NetAssetsOrFundBalancesEOYAmt0795756
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-108
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NoncashContributionsAmt071922
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt00
IRS990/OccupancyGrp/ProgramServicesAmt021736
IRS990/OccupancyGrp/TotalAmt021736
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt013617
IRS990/OfficeExpensesGrp/ProgramServicesAmt04901
IRS990/OfficeExpensesGrp/TotalAmt018518
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0CONCERT EXPENSES
IRS990/OtherExpensesGrp/Desc1ENTRANCE FEES
IRS990/OtherExpensesGrp/Desc2DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc3ITALIAN GUIDE
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt23099
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
IRS990/OtherExpensesGrp/ProgramServicesAmt017452
IRS990/OtherExpensesGrp/ProgramServicesAmt13751
IRS990/OtherExpensesGrp/ProgramServicesAmt20
IRS990/OtherExpensesGrp/ProgramServicesAmt32732
IRS990/OtherExpensesGrp/TotalAmt017452
IRS990/OtherExpensesGrp/TotalAmt13751
IRS990/OtherExpensesGrp/TotalAmt23099
IRS990/OtherExpensesGrp/TotalAmt32732
IRS990/OtherLiabilitiesGrp/BOYAmt00
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IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0SUMMER STUDY
IRS990/ProgramServiceRevenueGrp/Desc1EDUCATIONAL TOURS
IRS990/ProgramServiceRevenueGrp/Desc2CONCERTS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1136865
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt211091
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0196150
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1136865
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt211091
IRS990/ProgSrvcAccomActy2Grp/Desc0ENRICHMENT PROGRAMS AND TOURS FOR ADULTS, AND PROGRAMS DESIGNED TO MEET THE SPECIFIC CURRICULAR NEEDS AND INTERESTS OF A SCHOOL WISHING TO OFFER A SHORT TERM STUDY ABROAD OPPORTUNITY IN ITALY TO THEIR OWN STUDENTS AND FACULTY.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt069648
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0136865
IRS990/ProgSrvcAccomActy3Grp/Desc0CHAMBER MUSIC PROGRAM THAT BRINGS CLASSICAL MUSIC'S MOST PROMISING YOUNG MUSICIANS TOGETHER FROM ALL PARTS OF THE WORLD FOR CONCERT PERFORMANCES OR SHORT RESIDENCIES IN BOTH ITALY AND THE U.S.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt028630
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt011091
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt021059
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt01486
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0276067
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0362725
IRS990/PYRevenuesLessExpensesAmt041203
IRS990/PYSalariesCompEmpBnftPaidAmt068000
IRS990/PYTotalExpensesAmt0344067

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$795,756
Liabilities
$0
Net assets
$795,756
Revenue
$493,031
Expenses
$345,602
Net income
$147,429
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.95$0.23$1.72$1.05$0.31$0.74
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.86$1.08$0.78$0.02$0.10$0.12
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.94$1.06$0.87$0.12$0.18$0.06
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.90$0.97$0.93$0.45$0.33$0.12
2018Detailed filing. Detailed filing data is available for this year.$0.80$0.00$0.80$0.49$0.35$0.15
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.65$0.00$0.65$0.39$0.34$0.04
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.61$0.00$0.61$0.22$0.30$0.08
2014Detailed filing. Detailed filing data is available for this year.$0.74$0.00$0.74$0.40$0.36$0.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.70$0.00$0.70$0.35
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.74$0.00$0.74$0.34