Civic Intelligence

Spoleto Study Abroad

990 • Fiscal year 2022 • EIN 31-1539757

Jul 01, 2021 to Jun 30, 2022 • Filed on May 10, 2023

10600 Brownsburg PlaceRaleigh, NC 27613

(843) 696-0937

Siviq Scores

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

Liabilities / Assets

92nd percentile

0.57x

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

2022 filings • NTEE Q • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

5.23x

Higher debt load relative to revenue than 98% of similar nonprofits.

2022 filings • NTEE Q • $1M-$5M nonprofits • Source year 2022

Net Margin

72nd percentile

20%

Higher net margin than 72% of similar nonprofits.

2022 filings • NTEE Q • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

49th percentile

$0

Higher top officer pay than 49% of similar nonprofits.

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

2022 filings • NTEE Q • $1M-$5M nonprofits • Source year 2022

Asset Growth

44th percentile

0.6%

Faster asset growth than 44% of similar nonprofits.

2022 filings • NTEE Q • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Assets

$1,872,261

No earlier filing loaded for comparison.

Net Assets

$810,296

No earlier filing loaded for comparison.

Liabilities

$1,061,965

No earlier filing loaded for comparison.

Revenue

$202,983

No earlier filing loaded for comparison.

Expenses

$163,226

No earlier filing loaded for comparison.

Net Income

$39,757

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.

$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 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 2022: $1,872,261Liabilities 2022: $1,061,965Net Assets 2022: $810,2962022Assets 2024: $1,951,978Liabilities 2024: $231,608Net Assets 2024: $1,720,3702024

Highlighted filing

2022

Assets$1,872,261
Liabilities$1,061,965
Net Assets$810,296

Operations Trend

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 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 2022: $202,983Expenses 2022: $163,226Net Income 2022: $39,7572022Revenue 2024: $1,049,425Expenses 2024: $307,869Net Income 2024: $741,5562024

Highlighted filing

2022

Revenue$202,983
Expenses$163,226
Net Income$39,757
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 10, 2023
Return Version
2021v4.2
Gross Receipts
$428,595
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$784,895$810,296▲ $25,401
Cash and Non-Interest-Bearing Accounts$182,617$398,493▲ $215,876
Savings and Temporary Cash Investments$432,822$340,258▼ $92,564
Other Notes and Loans Receivable, Net$238,743$194,656▼ $44,087
Investments in Publicly Traded Securities$93,791$83,797▼ $9,994
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,860,795$1,872,261▲ $11,466
Other Assets Total$912,822$855,057▼ $57,765
Liabilities
Other Liabilities$750,000$858,178▲ $108,178
Mortgage Notes Payable Secured by Investment Property$250,900$200,900▼ $50,000
Deferred Revenue$75,000--
Accounts Payable and Accrued Expenses$0$2,887▲ $2,887
Total Liabilities$1,075,900$1,061,965▼ $13,935
Net Assets / Fund Balance
Total Net Assets Fund Balance$784,895$810,296▲ $25,401
Total Liabilities and Net Assets / Fund Balance$1,860,795$1,872,261▲ $11,466

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$855,057--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Anthony SgroBoard President
Lorenzo MutiPresident
Jill MutiVice President
Anna White HoseaDirector
Anne WestonDirector
Brian BakerDirector
Cynthia LandvaterDirector
Jonathan D CohenDirector
Joyce PopeDirector
Judith YarbroughDirector
Karen PhillipsDirector
Kevin MacneilDirector
Sarah SprinkleDirector
Talmadge MangumDirector
Thomas MorrisDirector
Jill MutiCo-program Manager/directo
Lorenzo MutiCo-program Manager/directo
Jill MutiSecretary
Lorenzo MutiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$61,986
Program Service Revenue
$117,172
Investment Income
$1,590
Other Revenue
$22,235
All Other Contributions
$61,986
Change in Net Assets
$39,757
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$163,226
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Travel$59,632$4,385-$64,017
Fees for Services Other$3,000$60,146-$63,146
Conferences and Meetings$10,269--$10,269
Interest-$7,692-$7,692
Office Expenses-$7,141-$7,141
Advertising-$3,223-$3,223
Insurance$2,500--$2,500
Other Expenses$783$3,041-$783
Fees for Service Investment Mgmnt Fees-$27-$27
Total Functional Expenses$77,571$85,655$0$163,226
International Activity

International Summary

Offices
0
Employees
0
Spending
$1,256,000

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
EuropeUnrelated BusinessCommercial Rental00$1,041,000
EuropeUnrelated BusinessCommercial Rental00$215,000
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

Other Reported Liabilities

LiabilityAmount
Deferred Rent$750,000
Prepaid Tuition$108,178
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 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
No
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 15A

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
Phone
8436960937
Address
10600 BROWNSBURG PLACE, RALEIGH, NC 27613

Signing Officer

Name
Jill Muti
Title
Vice President
Phone
8436960937
Signed
2023-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lorenzo Muti
Formed
1997
Legal Domicile
Nc
Voting Board Members
15
Independent Board Members
13
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

Professional services: program service expenses 3,000. Management and general expenses 60,146. Fundraising expenses 0. Total expenses 63,146.

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IRS990/InfoInScheduleOPartVIInd0X
IRS990/InsuranceGrp/ProgramServicesAmt02500
IRS990/InsuranceGrp/TotalAmt02500
IRS990/InterestGrp/ManagementAndGeneralAmt07692
IRS990/InterestGrp/TotalAmt07692
IRS990/InvestmentIncomeGrp/ExclusionAmt01740
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt01740
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt093791
IRS990/InvestmentsPubTradedSecGrp/EOYAmt083797
IRS990/IRPDocumentCnt04
IRS990/IRPDocumentW2GCnt00
IRS990/LegalDomicileStateCd0NC
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt010290
IRS990/LessRentalExpensesGrp/RealAmt0215322
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt0250900
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0200900
IRS990/NetAssetsOrFundBalancesBOYAmt0784895
IRS990/NetAssetsOrFundBalancesEOYAmt0810296
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-150
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-150
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt080000
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt022235
IRS990/NetRentalIncomeOrLossGrp/UnrelatedBusinessRevenueAmt0-57765
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0-14356
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NoncashContributionsAmt010289
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt07141
IRS990/OfficeExpensesGrp/TotalAmt07141
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0912822
IRS990/OtherAssetsTotalGrp/EOYAmt0855057
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc1ENTRANCE FEES
IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03041
IRS990/OtherExpensesGrp/ProgramServicesAmt01387
IRS990/OtherExpensesGrp/ProgramServicesAmt1783
IRS990/OtherExpensesGrp/TotalAmt03041
IRS990/OtherExpensesGrp/TotalAmt11387
IRS990/OtherExpensesGrp/TotalAmt2783
IRS990/OtherLiabilitiesGrp/BOYAmt0750000
IRS990/OtherLiabilitiesGrp/EOYAmt0858178
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0238743
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0194656
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0LORENZO MUTI
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0EDUCATIONAL TOURS
IRS990/ProgramServiceRevenueGrp/Desc1SUMMER STUDY
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0114893
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt12279
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0114893
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt12279
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/ExpenseAmt061681
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0114893
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt035330
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt01444
IRS990/PYOtherExpensesAmt096172
IRS990/PYOtherRevenueAmt0-56264
IRS990/PYProgramServiceRevenueAmt0475
IRS990/PYRevenuesLessExpensesAmt0-115187
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt096172
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0-19015
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt039757
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/RealAmt022235
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt02279
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0784895
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0810296
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0432822
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0340258
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0855057
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0INVESTMENT IN PALAZZO LETI SRL
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0750000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1108178
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DEFERRED RENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PREPAID TUITION
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0855057
IRS990ScheduleD/TotalLiabilityAmt0858178
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd00
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd00
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0SEE SUPPLEMENTAL PAGE
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1SOLICITATION OF STUDENTS IS THROUGH BROCHURES, INTERNET WEBSITE AND PERSONAL CONTACT. ALL BROCHURES AND WEBSITES CONTAIN THE RACIALLY NONDISCRIMINATORY POLICY.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1PART I, LINE 3
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/EmployeeCnt00
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/EmployeeCnt10
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/OfficesCnt00
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/OfficesCnt10
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTotalExpendituresAmt0215000
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTotalExpendituresAmt11041000
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt0EUROPE
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt1EUROPE
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt0COMMERCIAL RENTAL
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt1COMMERCIAL RENTAL
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt0UNRELATED BUSINESS
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt1UNRELATED BUSINESS
IRS990ScheduleF/BoycottCountriesInd00
IRS990ScheduleF/ContinuationSpentAmt00

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