Civic Intelligence

Mountain Island Charter School Soar Foundation

990 • Fiscal year 2016 • EIN 46-1445063

Jul 01, 2015 to Jun 30, 2016 • Filed on Oct 03, 2016

Organization ProfileWWW.MICHARTER.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

84th percentile

0.80x

Higher debt load relative to assets than 84% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

97th percentile

10.76x

Higher debt load relative to revenue than 97% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Net Margin

91st percentile

36%

Higher net margin than 91% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

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

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Asset Growth

84th percentile

22%

Faster asset growth than 84% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

2nd percentile

-63%

Faster revenue growth than 2% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$16,051,355

Up $2,853,695 (+22%) from 2015

Net Assets

Up

$3,146,199

Up $439,477 (+16%) from 2015

Liabilities

Up

$12,905,156

Up $2,414,218 (+23%) from 2015

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin91st percentile

Revenue

Down

$1,199,341

Down $2,011,243 (-63%) from 2015

Expenses

Up

$772,576

Up $268,714 (+53%) from 2015

Net Income

Down

$426,765

Down $2,279,957 (-84%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth84th 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

2016

Assets$16,051,355
Liabilities$12,905,156
Net Assets$3,146,199
Open 2016 Filing

Operations Trend

Revenue Growth2nd 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

2016

Revenue$1,199,341
Expenses$772,576
Net Income$426,765
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Oct 3, 2016
Return Version
2015v2.1
Gross Receipts
$1,212,053
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$13,118,435$15,353,281▲ $2,234,846
Cash and Non-Interest-Bearing Accounts$74,743$690,322▲ $615,579
Accounts Receivable$4,482$7,752▲ $3,270
Total Assets$13,197,660$16,051,355▲ $2,853,695
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,939,446$12,551,342▲ $2,611,896
Other Liabilities$148,763$305,878▲ $157,115
Accounts Payable and Accrued Expenses$385,204$27,636▼ $357,568
Deferred Revenue$17,525$20,300▲ $2,775
Total Liabilities$10,490,938$12,905,156▲ $2,414,218
Net Assets / Fund Balance
Unrestricted Net Assets$2,706,722$3,146,199▲ $439,477
Total Net Assets Fund Balance$2,706,722$3,146,199▲ $439,477
Total Liabilities and Net Assets / Fund Balance$13,197,660$16,051,355▲ $2,853,695

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,388,202$629,411$15,017,613
Land$704,304-$704,304
Other Land Buildings$260,775$95,798$356,573
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Brett RhinehardtChair
Kelly PledgerBoard Member
Mike StraussBoard Member
Betty DanziSecretary
Ana PetersonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$277,900
Program Service Revenue
$926,088
Investment Income
$0
Other Revenue
$-4,647
All Other Contributions
$151,263
Change in Net Assets
$426,765

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,199,341
Revenue Not Reported on Form 990
$12,712
Total Revenue per Audited Statements
$1,212,053
Total Revenue per Form 990
$1,199,341
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$772,576
Total Fundraising Expense$14,874
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion-$434,313-$434,313
Interest$300,760--$300,760
Fees for Services Accounting-$13,213-$13,213
Other Expenses$774$6,642$14,874$774
Total Functional Expenses$303,534$454,168$14,874$772,576

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$772,576
Total Expenses per Audited Statements$772,576
Total Expenses per Form 990$772,576
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$12,712
Fundraising Gross Income$8,065
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Raptor Run Even$72,744-$135-
Gala Fundraiser$25,915$8,065$203$7,862
Total Events$119,834$8,065$12,712$-4,647
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Retainage Payable$305,878
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 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, Page 6, Part VI, Line 11B

“The board of directors will review the form 990 prior to filing.”

Form 990, Page 6, Part VI, Line 19

“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
EIN
46-1445063
Phone
7046092307
Address
13440 LUCIA RIVERBEND HIGHWAY, MOUNT HOLLY, NC 28120

Signing Officer

Name
Brett Rhinehardt
Title
Chair
Phone
7046092307
Signed
2016-10-03

Organization Details

Principal Officer
Brett Rhinehardt
Formed
2012
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
100

Preparer

Firm
Rives & Associates Llp
Address
4515 FALLS OF NEUSE ROAD SUITE 450, RALEIGH, NC 27609
Preparer
Thomas B Cornwell CPA
Phone
9198326848
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S 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.”

Form 990, Part XI, Line 9

“Direct expenses reported on 990, schedule g 12,712 total 12,712”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“Direct expenses reported on 990, schedule g 12,712”

Raw XML Appendix368 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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IRS990ScheduleD/TotalRevenuePerForm990Amt01199341
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01212053
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0772576
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IRS990ScheduleG/FundraisingEventInformationGrp/CashPrizesTotalEventsAmt0880
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt0111769
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt072744
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent2Amt017850
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriOtherEventsAmt021175
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IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0RAPTOR RUN EVEN
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0GALA FUNDRAISER
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt025915
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt021175
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt08065
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt08065
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt0-4647
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesEvent1Amt07809
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesTotalEventsAmt07809
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssOtherEventsAmt03210
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt03548
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt0135
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent2Amt0203
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt01
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS WILL REVIEW THE FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE DOCUMENTS ARE AVAILABLE TO THE PUBLIC IN THE FRONT OFFICE OF THE SCHOOL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DIRECT EXPENSES REPORTED ON 990, SCHEDULE G 12,712 TOTAL 12,712
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt016051355
IRS990/TotalAssetsGrp/BOYAmt013197660
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IRS990/TotalContributionsAmt0277900
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt014874
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0454168
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0303534
IRS990/TotalFunctionalExpensesGrp/TotalAmt0772576
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt010490938
IRS990/TotalLiabilitiesEOYAmt012905156
IRS990/TotalLiabilitiesGrp/BOYAmt010490938
IRS990/TotalLiabilitiesGrp/EOYAmt012905156
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02706722
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03146199
IRS990/TotalProgramServiceExpensesAmt0303534
IRS990/TotalProgramServiceRevenueAmt0926088
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0926088
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01199341
IRS990/TotalVolunteersCnt0100
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt013197660
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt016051355
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IRS990/TypeOfOrganizationCorpInd0X
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IRS990/UnrestrictedNetAssetsGrp/BOYAmt02706722
IRS990/UnrestrictedNetAssetsGrp/EOYAmt03146199
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt013440 LUCIA RIVERBEND HIGHWAY
IRS990/USAddress/CityNm0MOUNT HOLLY
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028120
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.MICHARTER.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0BRETT RHINEHARDT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum07046092307
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-10-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MOUNTAIN ISLAND CHARTER SCHOOL
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0SOAR FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0MOUN
ReturnHeader/Filer/EIN0461445063
ReturnHeader/Filer/PhoneNum07046092307
ReturnHeader/Filer/USAddress/AddressLine1Txt013440 LUCIA RIVERBEND HIGHWAY
ReturnHeader/Filer/USAddress/CityNm0MOUNT HOLLY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028120
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0200427530
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RIVES & ASSOCIATES LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04515 FALLS OF NEUSE ROAD SUITE 450
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0RALEIGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027609
ReturnHeader/PreparerPersonGrp/PhoneNum09198326848
ReturnHeader/PreparerPersonGrp/PreparationDt02016-10-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0THOMAS B CORNWELL CPA
ReturnHeader/ReturnTs02016-11-16T12:06:22-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-07-01
ReturnHeader/TaxPeriodEndDt02016-06-30
ReturnHeader/TaxYr02015

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,051,355
Liabilities
$12,905,156
Net assets
$3,146,199
Revenue
$1,199,341
Expenses
$772,576
Net income
$426,765
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