Civic Intelligence

Mountain Island Charter School Soar Foundation

990 • Fiscal year 2018 • EIN 46-1445063

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 20, 2018

Organization ProfileWWW.MICHARTER.ORG
13440 Lucia Riverbend HighwayMount Holly, NC 28120

(704) 827-8840

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$39,279,584

Flat from 2018

Net Assets

Flat

$3,789,474

Flat from 2018

Liabilities

Flat

$35,490,110

Flat from 2018

Revenue And Expenses

Revenue

Flat

$1,793,428

Flat from 2018

Expenses

Flat

$1,629,729

Flat from 2018

Net Income

Flat

$163,699

Flat from 2018

Historical Trend

Balance Sheet Trend

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 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

2018

Assets$39,279,584
Liabilities$35,490,110
Net Assets$3,789,474
Open 2018 Filing

Operations Trend

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 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

2018

Revenue$1,793,428
Expenses$1,629,729
Net Income$163,699
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 20, 2018
Return Version
2017v2.3
Gross Receipts
$1,810,823
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$15,308,610$25,814,407▲ $10,505,797
Savings and Temporary Cash Investments-$12,580,744-
Cash and Non-Interest-Bearing Accounts$770,548$735,516▼ $35,032
Accounts Receivable$7,797$148,917▲ $141,120
Total Assets$16,086,955$39,279,584▲ $23,192,629
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,196,706$32,152,371▲ $19,955,665
Accounts Payable and Accrued Expenses$237,336$2,038,839▲ $1,801,503
Unsecured Notes Loans Payable-$769,025-
Other Liabilities$500$511,483▲ $510,983
Deferred Revenue$26,638$18,392▼ $8,246
Total Liabilities$12,461,180$35,490,110▲ $23,028,930
Net Assets / Fund Balance
Unrestricted Net Assets$3,625,775$3,789,474▲ $163,699
Total Net Assets Fund Balance$3,625,775$3,789,474▲ $163,699
Total Liabilities and Net Assets / Fund Balance$16,086,955$39,279,584▲ $23,192,629

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$24,580,718$1,459,044$26,039,762
Land$823,011-$823,011
Other Land Buildings$410,678$155,549$566,227
Compensation and Service Providers

Board Members and Trustees

NameTitle
Brett RhinehardtChair
Kelly PledgerBoard Member
Mike StraussBoard Member
Molly CalvelloBoard Member
Betty DanziSecretary
Ana PetersonTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Rj LeeperConstruction601 MORRIS STREET, Charlotte, NC 28202$530,514
Revenue and Support

Revenue Composition

Contributions and Grants
$121,463
Program Service Revenue
$1,438,386
Investment Income
$113,488
Other Revenue
$120,091
All Other Contributions
$59,703
Change in Net Assets
$163,699

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,793,428
Total Revenue per Audited Statements
$1,793,428
Total Revenue per Form 990
$1,793,428
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,629,729
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
Interest$1,141,961--$1,141,961
Depreciation Depletion-$452,972-$452,972
Fees for Services Accounting-$21,774-$21,774
Other Expenses$9,945$3,077-$13,022
Total Functional Expenses$1,151,906$477,823$0$1,629,729

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,629,729
Total Expenses per Audited Statements$1,629,729
Total Expenses per Form 990$1,629,729
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$137,486
Fundraising Direct Expenses$17,395
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Raptor Run Even$78,531$67,766$241$67,525
Fall Festival$6,025$6,025$53$5,972
Total Events$84,556$73,791$11,045$62,746
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$511,483
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
7048278840
Address
13440 LUCIA RIVERBEND HIGHWAY, MOUNT HOLLY, NC 28120

Signing Officer

Name
Brett Rhinehardt
Title
Chair
Phone
7046092307
Signed
2018-11-20

Organization Details

Principal Officer
Brett Rhinehardt
Formed
2012
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
100

Preparer

Firm
Rives & Associates Llp
Address
212 W CENTER ST, LEXINGTON, NC 27292-3012
Preparer
W Leon Rives
Phone
3362488281
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.”

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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/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
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ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-20
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MOUNTAIN ISLAND CHARTER SCHOOL
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ReturnHeader/FilingSecurityInformation/IPTm013:12:11
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0200427530
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RIVES & ASSOCIATES LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0212 W CENTER ST
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ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$39,279,584
Liabilities
$35,490,110
Net assets
$3,789,474
Revenue
$1,793,428
Expenses
$1,629,729
Net income
$163,699
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
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