Civic Intelligence

Triangle Education Organization

990 • Fiscal year 2020 • EIN 47-5478684

Jul 01, 2019 to Jun 30, 2020 • Filed on Mar 17, 2021

Organization ProfileWWW.PSPA.TEAMCFA.SCHOOL
220 Rosewood Centre DriveHolly Springs, NC 27540

(919) 439-9448

Siviq Scores

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

Liabilities / Assets

85th percentile

0.88x

Higher debt load relative to assets than 85% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

88th percentile

2.33x

Higher debt load relative to revenue than 88% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Net Margin

39th percentile

0.9%

Higher net margin than 39% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

24th percentile

$47,256

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Asset Growth

84th percentile

40%

Faster asset growth than 84% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

85th percentile

34%

Faster revenue growth than 85% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets85th percentile

Assets

Up

$18,627,585

Up $5,312,662 (+40%) from 2019

Net Assets

Up

$2,242,119

Up $64,120 (+2.9%) from 2019

Liabilities

Up

$16,385,466

Up $5,248,542 (+47%) from 2019

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin39th percentile

Revenue

Up

$7,017,655

Up $1,777,735 (+34%) from 2019

Expenses

Up

$6,953,535

Up $2,597,890 (+60%) from 2019

Net Income

Down

$64,120

Down $820,155 (-93%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth84th percentile

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

$60M$40M$20M$0Assets 2017: $56,994Liabilities 2017: $81,2502017Assets 2018: $12,931,194Liabilities 2018: $11,637,470Net Assets 2018: $1,293,7242018Assets 2019: $13,314,923Liabilities 2019: $11,136,924Net Assets 2019: $2,177,9992019Assets 2020: $18,627,585Liabilities 2020: $16,385,466Net Assets 2020: $2,242,1192020Assets 2021: $38,299,119Liabilities 2021: $36,147,406Net Assets 2021: $2,151,7132021Assets 2022: $38,991,074Liabilities 2022: $36,270,883Net Assets 2022: $2,720,1912022Assets 2023: $39,644,521Liabilities 2023: $36,623,658Net Assets 2023: $3,020,8632023Assets 2024: $45,976,380Liabilities 2024: $42,768,448Net Assets 2024: $3,207,9322024Assets 2025: $54,623,831Liabilities 2025: $49,966,793Net Assets 2025: $4,657,0382025

Highlighted filing

2020

Assets$18,627,585
Liabilities$16,385,466
Net Assets$2,242,119
Open 2020 Filing

Operations Trend

Revenue Growth85th percentile

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

$40M$30M$20M$10M$0-$10MRevenue 2017: $33,097Expenses 2017: $57,353Net Income 2017: -$24,2562017Revenue 2018: $4,065,391Expenses 2018: $2,747,411Net Income 2018: $1,317,9802018Revenue 2019: $5,239,920Expenses 2019: $4,355,645Net Income 2019: $884,2752019Revenue 2020: $7,017,655Expenses 2020: $6,953,535Net Income 2020: $64,1202020Revenue 2021: $8,454,714Expenses 2021: $8,545,120Net Income 2021: -$90,4062021Revenue 2022: $11,437,237Expenses 2022: $10,868,759Net Income 2022: $568,4782022Revenue 2023: $13,233,511Expenses 2023: $12,932,839Net Income 2023: $300,6722023Revenue 2024: $14,522,304Expenses 2024: $14,335,235Net Income 2024: $187,0692024Revenue 2025: $38,298,703Expenses 2025: $36,849,597Net Income 2025: $1,449,1062025

Highlighted filing

2020

Revenue$7,017,655
Expenses$6,953,535
Net Income$64,120
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Mar 17, 2021
Return Version
2019v5.0
Gross Receipts
$7,017,655
Mission and Program Overview

Mission

Operate a Public Charter School.

Operation of a public charter school

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$11,862,901$15,466,980▲ $3,604,079
Cash and Non-Interest-Bearing Accounts$672,920$1,481,264▲ $808,344
Savings and Temporary Cash Investments$501,787$1,006,332▲ $504,545
Accounts Receivable$170,925$172,257▲ $1,332
Prepaid Expenses and Deferred Charges$106,390$50,703▼ $55,687
Total Assets$13,314,923$18,627,585▲ $5,312,662
Other Assets Total-$450,049-
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,937,171$16,298,813▲ $5,361,642
Accounts Payable and Accrued Expenses$199,753$86,653▼ $113,100
Total Liabilities$11,136,924$16,385,466▲ $5,248,542
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,177,999$2,242,119▲ $64,120
Total Net Assets Fund Balance$2,177,999$2,242,119▲ $64,120
Total Liabilities and Net Assets / Fund Balance$13,314,923$18,627,585▲ $5,312,662

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,676,553$198,211$13,874,764
Land$1,558,800-$1,558,800
Equipment$231,627$45,019$276,646
Compensation and Service Providers
Top Officer Pay24th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Christina WombleSuperintendeFT$47,256$47,256

Board Members and Trustees

NameTitle
Bruce FriendBoard Chair
Priscilla MaynorVice Chair
Julia MccombsDirector
Shea MaliszewskiDirector
Kristen StockingSecretary
Gregg SindersTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$146,529
Program Service Revenue
$6,778,679
Investment Income
$4,548
Other Revenue
$87,899
All Other Contributions
$50,435
Change in Net Assets
$64,120

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,017,655
Total Revenue per Audited Statements
$7,017,655
Total Revenue per Form 990
$7,017,655
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,532,092
Salaries, Compensation, and Employee Benefits$3,421,443
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,506,420$161,356-$2,667,776
Occupancy$967,140$322,381-$1,289,521
Fees for Services Other$323,809$98,650-$422,459
Depreciation Depletion$277,892$92,631-$370,523
Interest$232,294$77,432-$309,726
Other Employee Benefits$268,256$35,441-$303,697
Payroll Taxes$208,312$27,522-$235,834
Current Officers, Directors, Trustees, and Key Employees-$170,000-$170,000
Fees for Services Legal-$105,233-$105,233
Office Expenses$6,544$79,852-$86,396
All Other Expenses$56,235$21,698-$77,933
Fees for Services Accounting-$71,079-$71,079
Insurance-$53,357-$53,357
Pension Plan Contributions$38,985$5,151-$44,136
Conferences and Meetings$15,317$13,987-$29,304
Other Expenses$26,057$61-$26,118
Information Technology$10,466$5,284-$15,750
Advertising-$5,589-$5,589
Travel$521$2,312-$2,833
Total Functional Expenses$5,497,226$1,456,309$0$6,953,535

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,953,535
Total Expenses per Audited Statements$6,953,535
Total Expenses per Form 990$6,953,535
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$9,445
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“990 is reviewed by board chair and finance committee. Provided to board prior to filing.”

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

“Board reviews and resolves any potential conflicts of interest.”

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

“Top management official's compensation is approved by the board and is based on comparability data and performance.”

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

“Officers are not compensated. Key employee salaries are based on comparibility data and are approved by the board.”

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 upon request.”

Filing and Contact Details

Filer

Filer Name
Triangle Education Foundation
EIN
47-5478684
Phone
9194399448
Address
220 ROSEWOOD CENTRE DRIVE, HOLLY SPRINGS, NC 27540
Doing Business As
Pine Springs Preparatory Academy

Signing Officer

Name
Bruce Friend
Title
Board Chair
Phone
9194399448
Signed
2021-03-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bruce Friend
Formed
2016
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
6
Employees
83
Volunteers
20

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, Part XI, Line 9

“Fundraising expenses reported on statement of revenues 0 fundraising expenses deducted on statement of revenues 0”

Financial Statement Notes

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

“Fundraising expenses reported on statement of revenues 0”

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

“Fundraising expenses deducted on statement of revenues 0”

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IRS990/ProgramServiceRevenueGrp/Desc1COUNTY FUNDS
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IRS990/PYContributionsGrantsAmt0105583
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IRS990/PYInvestmentIncomeAmt01788
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IRS990/PYRevenuesLessExpensesAmt0884275
IRS990/PYSalariesCompEmpBnftPaidAmt02266366
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IRS990/ReconcilationRevenueExpnssAmt064120
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0false
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0198211
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt013874764
IRS990ScheduleD/EquipmentGrp/BookValueAmt0231627
IRS990ScheduleD/EquipmentGrp/DepreciationAmt045019
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0276646
IRS990ScheduleD/ExpensesSubtotalAmt06953535
IRS990ScheduleD/LandGrp/BookValueAmt01558800
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01558800
IRS990ScheduleD/RevenueSubtotalAmt07017655
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FUNDRAISING EXPENSES REPORTED ON STATEMENT OF REVENUES 0
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FUNDRAISING EXPENSES DEDUCTED ON STATEMENT OF REVENUES 0
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/TotalBookValueLandBuildingsAmt015466980
IRS990ScheduleD/TotalExpensesPerForm990Amt06953535
IRS990ScheduleD/TotalRevenuePerForm990Amt07017655
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt07017655
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt06953535
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IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0PINE SPRINGS PREPARATORY ACADEMY OPERATES AS 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 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
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0990 IS REVIEWED BY BOARD CHAIR AND FINANCE COMMITTEE. PROVIDED TO BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD REVIEWS AND RESOLVES ANY POTENTIAL CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2TOP MANAGEMENT OFFICIAL'S COMPENSATION IS APPROVED BY THE BOARD AND IS BASED ON COMPARABILITY DATA AND PERFORMANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3OFFICERS ARE NOT COMPENSATED. KEY EMPLOYEE SALARIES ARE BASED ON COMPARIBILITY DATA AND ARE APPROVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS, SCHOOL POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE FOR VIEWING BY THE PUBLIC AT THE ORGANIZATION'S OFFICE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FUNDRAISING EXPENSES REPORTED ON STATEMENT OF REVENUES 0 FUNDRAISING EXPENSES DEDUCTED ON STATEMENT OF REVENUES 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
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IRS990/SubjectToProxyTaxInd0false
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt05497226
IRS990/TotalFunctionalExpensesGrp/TotalAmt06953535
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt016385466
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IRS990/TotalProgramServiceRevenueAmt06778679
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt06861681
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt07017655
IRS990/TotalVolunteersCnt020
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt018627585
IRS990/TravelGrp/ManagementAndGeneralAmt02312
IRS990/TravelGrp/ProgramServicesAmt0521
IRS990/TravelGrp/TotalAmt02833
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0220 ROSEWOOD CENTRE DR
IRS990/USAddress/CityNm0HOLLY SPRINGS
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027540
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.PSPA.TEAMCFA.SCHOOL
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,627,585
Liabilities
$16,385,466
Net assets
$2,242,119
Revenue
$7,017,655
Expenses
$6,953,535
Net income
$64,120
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$54.6$50.0$4.66$38.3$36.8$1.45
2024Detailed filing. Detailed filing data is available for this year.$46.0$42.8$3.21$14.5$14.3$0.19
2023Detailed filing. Detailed filing data is available for this year.$39.6$36.6$3.02$13.2$12.9$0.30
2022Detailed filing. Detailed filing data is available for this year.$39.0$36.3$2.72$11.4$10.9$0.57
2021Detailed filing. Detailed filing data is available for this year.$38.3$36.1$2.15$8.45$8.55$0.09
2020Detailed filing. Detailed filing data is available for this year.$18.6$16.4$2.24$7.02$6.95$0.06
2019Summary only. Only limited summary data is available for this year.$13.3$11.1$2.18$5.24$4.36$0.88
2018Summary only. Only limited summary data is available for this year.$12.9$11.6$1.29$4.07$2.75$1.32
2017Summary only. Only limited summary data is available for this year.$0.06$0.08$0.03$0.06$0.02