Civic Intelligence

Charlotte Education Foundation

990 • Fiscal year 2022 • EIN 46-4239471

Jul 01, 2021 to Jun 30, 2022 • Filed on May 09, 2024

8701 Mallard Creek RdCharlotte, NC 28262-6006

(980) 299-6633

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2022

Liabilities / Revenue

8th percentile

0.00x

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

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

28th percentile

-1.8%

Higher net margin than 28% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

37th percentile

$94,381

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

40th percentile

-0.6%

Faster revenue growth than 40% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Assets

Down

$0

Down $17,162,280 (-100%) from 2021

Net Assets

Up

$0

Up $27,293 (+100%) from 2021

Liabilities

Down

$0

Down $17,189,573 (-100%) from 2021

Revenue

Down

$8,634,032

Down $50,412 (-0.6%) from 2021

Expenses

Up

$8,785,162

Up $1,220,770 (+16%) from 2021

Net Income

Down

-$151,130

Down $1,271,182 (-113%) from 2021

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0-$5.0MAssets 2014: $1Liabilities 2014: $02014Assets 2015: $1Liabilities 2015: $02015Assets 2016: $526,347Liabilities 2016: $739,456Net Assets 2016: -$213,1092016Assets 2017: $282,015Liabilities 2017: $670,280Net Assets 2017: -$388,2652017Assets 2018: $10,550,359Liabilities 2018: $11,602,227Net Assets 2018: -$1,051,8682018Assets 2019: $16,079,302Liabilities 2019: $17,412,555Net Assets 2019: -$1,333,2532019Assets 2020: $16,697,195Liabilities 2020: $17,844,540Net Assets 2020: -$1,147,3452020Assets 2021: $17,162,280Liabilities 2021: $17,189,573Net Assets 2021: -$27,2932021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2022

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2014: $0Expenses 2014: $0Net Income 2014: $02014Revenue 2015: $0Expenses 2015: $0Net Income 2015: $02015Revenue 2016: $2,215,566Expenses 2016: $2,428,675Net Income 2016: -$213,1092016Revenue 2017: $2,845,807Expenses 2017: $3,020,963Net Income 2017: -$175,1562017Revenue 2018: $4,059,680Expenses 2018: $4,723,283Net Income 2018: -$663,6032018Revenue 2019: $4,439,759Expenses 2019: $4,721,144Net Income 2019: -$281,3852019Revenue 2020: $6,243,082Expenses 2020: $6,057,174Net Income 2020: $185,9082020Revenue 2021: $8,684,444Expenses 2021: $7,564,392Net Income 2021: $1,120,0522021Revenue 2022: $8,634,032Expenses 2022: $8,785,162Net Income 2022: -$151,1302022

Highlighted filing

2022

Revenue$8,634,032
Expenses$8,785,162
Net Income-$151,130
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 9, 2024
Return Version
2021v4.0
Gross Receipts
$8,634,032
Mission and Program Overview

Mission

Operation of a public charter school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,187,657--
Cash and Non-Interest-Bearing Accounts$2,248,657--
Investments in Publicly Traded Securities$1,471,210--
Accounts Receivable$254,756--
Total Assets$17,162,280$0▼ $17,162,280
Liabilities
Tax Exempt Bond Liabilities$16,200,000--
Mortgage Notes Payable Secured by Investment Property$860,000--
Accounts Payable and Accrued Expenses$129,573--
Total Liabilities$17,189,573$0▼ $17,189,573
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-27,293--
Total Net Assets Fund Balance$-27,293$0▲ $27,293
Total Liabilities and Net Assets / Fund Balance$17,162,280$0▼ $17,162,280
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Murat AlkanPrincipalFT$94,381$94,381

Board Members and Trustees

NameTitle
Fahrudin MekicPresident
Cagri KahramanDirector
Dr Ali TombakDirector
Carrol SingetarySecretary
Ben KaradumanSuperintende
Carlton CammonTreasurer
Scott SchleeVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$894,149
Program Service Revenue
$7,561,302
Investment Income
$1,068
Other Revenue
$177,513
All Other Contributions
$765
Change in Net Assets
$-151,130
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,004,444
Other Expenses$3,780,718
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,187,278$577,530-$3,764,808
Fees for Services Other$663,595$598,727-$1,262,322
Interest$922,508$162,796-$1,085,304
Other Employee Benefits$547,266$134,430-$681,696
Depreciation Depletion$369,752$123,251-$493,003
Payroll Taxes$235,298$57,799-$293,097
Current Officers, Directors, Trustees, and Key Employees-$205,394-$205,394
Occupancy$149,602$26,400-$176,002
Office Expenses$64,838$54,938-$119,776
Information Technology$90,148$15,909-$106,057
Conferences and Meetings$74,394$13,128-$87,522
Pension Plan Contributions$47,726$11,723-$59,449
All Other Expenses$45,044$7,950-$52,994
Fees for Services Legal-$27,717-$27,717
Insurance-$23,396-$23,396
Other Expenses$17,811$3,143-$20,954
Advertising$16,836$2,971-$19,807
Fees for Services Accounting-$8,150-$8,150
Travel$2,032$359-$2,391
Total Functional Expenses$6,717,066$2,068,096$0$8,785,162
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
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

President reviews the 990 prior to filing, copy is provided to full board.

Form 990, Page 6, Part VI, Line 12C

The board of directors reviews the policy annually. If any conflicts arise they are reviewed and resolved by the board of directors. Board members are required to complete disclosure form annually.

Form 990, Page 6, Part VI, Line 15A

The board of directors approves compensation for the top management official. Salary based on state and district salary schedules and school size.

Form 990, Page 6, Part VI, Line 15B

No officers are compensated. Key employee compensation is based on state and district salary schedules.

Form 990, Page 6, Part VI, Line 19

Governing documents, school policies, and financial statements are available for viewing by the public at the organization's office by appointment. Also posted to board doc web page.

Filing and Contact Details

Filer

Filer Name
Charlotte Education Foundation
EIN
46-4239471
Phone
9802996633
Address
8701 MALLARD CREEK RD, CHARLOTTE, NC 28262-6006
Doing Business As
Queen City Stem Academy

Signing Officer

Name
Ben Karaduman
Title
Superintendent
Phone
9106502270
Signed
2024-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Fahrudin Mekic
Formed
2013
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
Employees
104
Volunteers
7

Preparer

Firm
Petway Mills & Pearson Pa
Address
PO BOX 1036, ZEBULON, NC 27597-1036
Preparer
James a Ridoutt
Phone
9192697405
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

Amended return filed to indicate that the 6/30/22 return is a final return, and properly include schedule n "liquidation, termination, dissolution, or significant disposition of assets". Original return filed incorrectly due to tax preparer error.

Form 990, Part IX, Line 11G

Contracted r&m 98,885 32,962 0 contracted speech path svc 66,403 11,718 0 contracted general admin. 0 471,753 0 contracted custodian 110,334 36,778 0 contracted exceptional 51,499 5 0 contracted technology 18,879 6,293 0 contracted phychology 943 0 0 contracted pupil transportati 178,725 18 0 contracted security monitorin 23,548 7,850 0 contracted services student m 103,932 10 0 miscelaneous contracts 10,447 31,340 0 total 663,595 598,727 0

Form 990, Part XI, Line 9

Adjustment at close 178,423

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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/RevenueAmt07561302
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IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
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IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
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IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
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IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0CHARLOTTE EDUCATION ACADEMY OPERATES A PUBLIC CHARTER SCHOOL AND IS FUNDED BY THE STATE OF NORTH CAROLINA AND LOCAL GOVERNMENT. NORTH CAROLINA REQUIRES A POLICY OF NONDISCRIMINATION AND THE SCHOOL'S NONDISCRIMINATION POLICY IS DISCLOSED IN ALL SOLICITATIONS FOR THE STUDENTS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt16A) NORTH CAROLINA CHARTER SCHOOL, FUNDED BY STATE & LOCAL GOVERNMENT. ALSO RECEIVES VARIOUS FEDERAL AND STATE GRANTS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
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IRS990ScheduleN/LiabilitiesPaidInd0true
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0TRANSFER CASH
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1TRANSFER OF CASH
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc2TRANSFER OF ASSETS
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02022-06-30
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt12022-06-30
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt22022-06-30
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt02384881
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt11450402
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt26632713
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0501(C)(3)
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt2ESTIMATE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm0TRIAD MATH AND SCIENCE ACADEMY
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm1TRIAD EDUCATIONAL SERVICES
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm2TRIAD EDUCATIONAL SERVICES
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt0700 CREEK RIDGE ROAD
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt1123 SHORELAKE DRIVE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt2123 SHORELAKE DRIVE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0GREENSBORO
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm1GREENSBORO
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm2GREENSBORO
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd2NC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd027406
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd127455
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IRS990ScheduleN/ReceiveCompensationInd0false
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IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0MURAT ALKAN, PRINCIPAL OF CHARLOTTE EDUCATION FOUNDATION BECAME ONE OF THE PRINCIPALS OF TRIAD MATH AND SCIENCE ACADEMY.
IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt1TWO TAX EXEMPT BONDS WERE TRANSFERRED TO TRIAD EDUCATIONAL SERVICES. CUSIP S 744396CZ3 & 744396EJ7
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE N, PAGE 1, PART I, LINE 2E
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE N
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0AMENDED RETURN FILED TO INDICATE THAT THE 6/30/22 RETURN IS A FINAL RETURN, AND PROPERLY INCLUDE SCHEDULE N "LIQUIDATION, TERMINATION, DISSOLUTION, OR SIGNIFICANT DISPOSITION OF ASSETS". ORIGINAL RETURN FILED INCORRECTLY DUE TO TAX PREPARER ERROR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PRESIDENT REVIEWS THE 990 PRIOR TO FILING, COPY IS PROVIDED TO FULL BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS REVIEWS THE POLICY ANNUALLY. IF ANY CONFLICTS ARISE THEY ARE REVIEWED AND RESOLVED BY THE BOARD OF DIRECTORS. BOARD MEMBERS ARE REQUIRED TO COMPLETE DISCLOSURE FORM ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS APPROVES COMPENSATION FOR THE TOP MANAGEMENT OFFICIAL. SALARY BASED ON STATE AND DISTRICT SALARY SCHEDULES AND SCHOOL SIZE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NO OFFICERS ARE COMPENSATED. KEY EMPLOYEE COMPENSATION IS BASED ON STATE AND DISTRICT SALARY SCHEDULES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS, SCHOOL POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE FOR VIEWING BY THE PUBLIC AT THE ORGANIZATION'S OFFICE BY APPOINTMENT. ALSO POSTED TO BOARD DOC WEB PAGE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6CONTRACTED R&M 98,885 32,962 0 CONTRACTED SPEECH PATH SVC 66,403 11,718 0 CONTRACTED GENERAL ADMIN. 0 471,753 0 CONTRACTED CUSTODIAN 110,334 36,778 0 CONTRACTED EXCEPTIONAL 51,499 5 0 CONTRACTED TECHNOLOGY 18,879 6,293 0 CONTRACTED PHYCHOLOGY 943 0 0 CONTRACTED PUPIL TRANSPORTATI 178,725 18 0 CONTRACTED SECURITY MONITORIN 23,548 7,850 0 CONTRACTED SERVICES STUDENT M 103,932 10 0 MISCELANEOUS CONTRACTS 10,447 31,340 0 TOTAL 663,595 598,727 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7ADJUSTMENT AT CLOSE 178,423
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, ITEM B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XI, LINE 9
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0CH ED FOUN
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0CHARLOTTE EDUCATIONAL SERVICES LLC
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IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0REAL EST.
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt01331375
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt08701 MALLARD CREEK RD
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0CHARLOTTE
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