Civic Intelligence

Mountain Island Charter School Soar Foundation

990 • Fiscal year 2021 • EIN 46-1445063

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 29, 2021

Organization Profilewww.micssoar.org
13440 Lucia Riverbend HighwayMount Holly, NC 28120

(704) 609-2307

Siviq Scores

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

Liabilities / Assets

90th percentile

0.92x

Higher debt load relative to assets than 90% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

96th percentile

14.76x

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

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Net Margin

7th percentile

-32%

Higher net margin than 7% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

15th percentile

$0

Higher top officer pay than 15% of similar nonprofits.

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

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Asset Growth

15th percentile

-3.2%

Faster asset growth than 15% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

24th percentile

-1.9%

Faster revenue growth than 24% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$35,322,692

Down $1,165,052 (-3.2%) from 2020

Net Assets

Down

$2,910,203

Down $697,307 (-19%) from 2020

Liabilities

Down

$32,412,489

Down $467,745 (-1.4%) from 2020

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin7th percentile

Revenue

Down

$2,195,319

Down $41,709 (-1.9%) from 2020

Expenses

Up

$2,892,626

Up $206,778 (+7.7%) from 2020

Net Income

Down

-$697,307

Down $248,487 (-55%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth15th percentile

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

$40M$30M$20M$10M$0Assets 2015: $13,197,660Liabilities 2015: $10,490,938Net Assets 2015: $2,706,7222015Assets 2016: $16,051,355Liabilities 2016: $12,905,156Net Assets 2016: $3,146,1992016Assets 2017: $16,086,955Liabilities 2017: $12,461,180Net Assets 2017: $3,625,7752017Assets 2018: $39,279,584Liabilities 2018: $35,490,110Net Assets 2018: $3,789,4742018Assets 2019: $38,539,727Liabilities 2019: $35,394,341Net Assets 2019: $3,145,3862019Assets 2020: $36,487,744Liabilities 2020: $32,880,234Net Assets 2020: $3,607,5102020Assets 2021: $35,322,692Liabilities 2021: $32,412,489Net Assets 2021: $2,910,2032021Assets 2022: $34,289,732Liabilities 2022: $31,931,851Net Assets 2022: $2,357,8812022Assets 2023: $33,638,346Liabilities 2023: $31,421,085Net Assets 2023: $2,217,2612023Assets 2024: $33,272,252Liabilities 2024: $30,906,421Net Assets 2024: $2,365,8312024Assets 2025: $32,504,672Liabilities 2025: $30,386,298Net Assets 2025: $2,118,3742025

Highlighted filing

2021

Assets$35,322,692
Liabilities$32,412,489
Net Assets$2,910,203
Open 2021 Filing

Operations Trend

Revenue Growth24th percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2015: $3,210,584Expenses 2015: $503,862Net Income 2015: $2,706,7222015Revenue 2016: $1,199,341Expenses 2016: $772,576Net Income 2016: $426,7652016Revenue 2017: $1,286,160Expenses 2017: $806,584Net Income 2017: $479,5762017Revenue 2018: $1,793,428Expenses 2018: $1,629,729Net Income 2018: $163,6992018Revenue 2019: $1,960,762Expenses 2019: $2,604,851Net Income 2019: -$644,0892019Revenue 2020: $2,237,028Expenses 2020: $2,685,848Net Income 2020: -$448,8202020Revenue 2021: $2,195,319Expenses 2021: $2,892,626Net Income 2021: -$697,3072021Revenue 2022: $2,290,382Expenses 2022: $2,842,704Net Income 2022: -$552,3222022Revenue 2023: $2,584,052Expenses 2023: $2,724,672Net Income 2023: -$140,6202023Revenue 2024: $2,969,895Expenses 2024: $2,821,325Net Income 2024: $148,5702024Revenue 2025: $2,578,223Expenses 2025: $2,825,680Net Income 2025: -$247,4572025

Highlighted filing

2021

Revenue$2,195,319
Expenses$2,892,626
Net Income-$697,307
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 29, 2021
Return Version
2020v4.0
Gross Receipts
$2,218,409
Mission and Program Overview

Mission

The foundation was created for the purpose of supporting mountain island charter school by providing financial support and facilities. The foundation establishes and implements fundraising programs in support of the expansion and continuous improvement of the educational functions of the school.

The foundation was created for the purpose of supporting Mountain Island Charter School by providing financial support of the expansion and continuous improvement of the educational functions of the school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$32,255,595$31,114,655▼ $1,140,940
Cash and Non-Interest-Bearing Accounts$1,039,901$1,030,475▼ $9,426
Accounts Receivable$2,077$8,422▲ $6,345
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$36,487,744$35,322,692▼ $1,165,052
Other Assets Total$3,190,171$3,169,140▼ $21,031
Liabilities
Tax Exempt Bond Liabilities$32,082,424$31,622,451▼ $459,973
Unsecured Notes Loans Payable$769,025$760,525▼ $8,500
Deferred Revenue$28,785$28,725▼ $60
Accounts Payable and Accrued Expenses-$788-
Total Liabilities$32,880,234$32,412,489▼ $467,745
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,607,510$2,910,203▼ $697,307
Total Net Assets Fund Balance$3,607,510$2,910,203▼ $697,307
Total Liabilities and Net Assets / Fund Balance$36,487,744$35,322,692▼ $1,165,052

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$24,294,412$3,441,141$27,735,553
Leasehold Improvements$5,646,951$823,288$6,470,239
Equipment$347,228$483,476$830,704
Land$824,011-$824,011
Other Land Buildings$2,053$1,217$3,270
Other Assets Org$1,968,517--
Compensation and Service Providers
Top Officer Pay15th percentile

Board Members and Trustees

NameTitle
Brett RhinehardtChair
Ana PetersonMember
Kelly PledgerMember
Kevin WileyMember
Mike StraussMember
Molly CalvelloMember
Kimberly TadlockSecretary
Jenny CurryTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$215,145
Program Service Revenue
$1,976,944
Investment Income
$569
Other Revenue
$2,661
Change in Net Assets
$-697,307

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,195,319
Total Revenue per Audited Statements
$2,195,319
Total Revenue per Form 990
$2,195,319
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,892,626
Total Fundraising Expense$22,075
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,467,915--$1,467,915
Depreciation Depletion$1,256,404--$1,256,404
Other Expenses$116,575$3,256$22,075$3,256
Total Functional Expenses$2,840,894$29,657$22,075$2,892,626

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,892,626
Total Expenses per Audited Statements$2,892,626
Total Expenses per Form 990$2,892,626
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$24,736
Fundraising Direct Expenses$22,075
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Raptor Run Event$103,812-$13,944-
Other$79,011-$3,480-
Total Events$213,864$23,471$20,810$2,661
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
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
AA Public Finance Authorit2017-11-01$31,540,000The Purpose of the Organizatio

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A----

Bond Financing Compliance

No rebate due
No
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
No
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, Line 11B: Form 990 Review Process

“The Board of Directors will review the Form 990 prior to filing.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The documents are available to the public in the front office of the school.”

Filing and Contact Details

Filer

Filer Name
Mountain Island Charter School SOAR
EIN
46-1445063
Phone
7046092307
Address
13440 Lucia Riverbend Highway, Mount Holly, NC 28120

Signing Officer

Name
Brett Rhinehardt
Title
Chair
Signed
2021-11-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brett Rhinehardt
Formed
2012
Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
100

Preparer

Firm
C DeWitt Foard & Co PA CPAs
Address
817 E Morehead Street Ste 100, Charlotte, NC 28202
Preparer
Terry W Lancaster
Phone
7043721515
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IRS990/OtherExpensesGrp/TotalAmt222075
IRS990/OtherExpensesGrp/TotalAmt33256
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IRS990/ProgSrvcAccomActy2Grp/Desc0Support Mountain Island Charter School with Bus Transportation for Students.
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IRS990/PYRevenuesLessExpensesAmt0-448820
IRS990/PYTotalExpensesAmt02685848
IRS990/PYTotalRevenueAmt02237028
IRS990/QuidProQuoContributionsInd0true
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-697307
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01932585
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0236575
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0229642
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IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt01084
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0157754
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0113488
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0316082
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt01976944
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt01921530
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt01865398
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt01574247
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt01067587
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt08405706
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt01084
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt043756
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0157754
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0316082
IRS990ScheduleA/InvestmentIncomeCYPct00.03240
IRS990ScheduleA/InvestmentIncomePYPct00.03580
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/TotalAmt00
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.96760
IRS990ScheduleA/PublicSupportPY509Pct00.96420
IRS990ScheduleA/PublicSupportTotal509Amt09444365
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt02172675
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt02161553
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt02002086
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt01810822
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt01297229
IRS990ScheduleA/Total509Grp/TotalAmt09444365
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt02173759
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt02205309
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt02159840
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt01924310
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt01297229
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt09760447
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
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IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt024294412
IRS990ScheduleD/BuildingsGrp/DepreciationAmt03441141
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt027735553
IRS990ScheduleD/EquipmentGrp/BookValueAmt0347228
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0483476
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0830704
IRS990ScheduleD/ExpensesSubtotalAmt02892626
IRS990ScheduleD/LandGrp/BookValueAmt0824011
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0824011
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt05646951
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IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt06470239
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt11968517
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Bond Fund
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Debt Service Reserve
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt02053
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt01217
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt03270
IRS990ScheduleD/RevenueSubtotalAmt02195319
IRS990ScheduleD/TotalBookValueLandBuildingsAmt031114655
IRS990ScheduleD/TotalBookValueOtherAssetsAmt03169140
IRS990ScheduleD/TotalExpensesPerForm990Amt02892626
IRS990ScheduleD/TotalRevenuePerForm990Amt02195319
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02195319
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02892626
IRS990ScheduleG/AgrmtProfFundraisingActyInd0false
IRS990ScheduleG/FundraisingEventInformationGrp/CashPrizesEvent1Amt01400
IRS990ScheduleG/FundraisingEventInformationGrp/CashPrizesTotalEventsAmt01400
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt0190393
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt0103812
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent2Amt079011
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriOtherEventsAmt07570
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt020810
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0Raptor Run Event
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0Other
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IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageTotalEventsAmt0669
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0103812
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt079011
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt031041
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0213864
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt023471
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt023471

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$35,322,692
Liabilities
$32,412,489
Net assets
$2,910,203
Revenue
$2,195,319
Expenses
$2,892,626
Net income
-$697,307
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.5$30.4$2.12$2.58$2.83$0.25
2024Detailed filing. Detailed filing data is available for this year.$33.3$30.9$2.37$2.97$2.82$0.15
2023Detailed filing. Detailed filing data is available for this year.$33.6$31.4$2.22$2.58$2.72$0.14
2022Detailed filing. Detailed filing data is available for this year.$34.3$31.9$2.36$2.29$2.84$0.55
2021Detailed filing. Detailed filing data is available for this year.$35.3$32.4$2.91$2.20$2.89$0.70
2020Detailed filing. Detailed filing data is available for this year.$36.5$32.9$3.61$2.24$2.69$0.45
2019Detailed filing. Detailed filing data is available for this year.$38.5$35.4$3.15$1.96$2.60$0.64
2018Detailed filing. Detailed filing data is available for this year.$39.3$35.5$3.79$1.79$1.63$0.16
2017Detailed filing. Detailed filing data is available for this year.$16.1$12.5$3.63$1.29$0.81$0.48
2016Detailed filing. Detailed filing data is available for this year.$16.1$12.9$3.15$1.20$0.77$0.43
2015Detailed filing. Detailed filing data is available for this year.$13.2$10.5$2.71$3.21$0.50$2.71
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • NTEE B11 • $25M-$50M nonprofits