Civic Intelligence

Triangle Education Organization

990 • Fiscal year 2023 • EIN 47-5478684

Jul 01, 2022 to Jun 30, 2023 • Filed on Apr 22, 2024

Organization ProfileN/A
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

83rd percentile

0.92x

Higher debt load relative to assets than 83% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

80th percentile

2.77x

Higher debt load relative to revenue than 80% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Net Margin

48th percentile

2.3%

Higher net margin than 48% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

37th percentile

$163,100

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Asset Growth

40th percentile

1.7%

Faster asset growth than 40% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

71st percentile

16%

Faster revenue growth than 71% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Up

$39,644,521

Up $653,447 (+1.7%) from 2022

Net Assets

Up

$3,020,863

Up $300,672 (+11%) from 2022

Liabilities

Up

$36,623,658

Up $352,775 (+1.0%) from 2022

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin48th percentile

Revenue

Up

$13,233,511

Up $1,796,274 (+16%) from 2022

Expenses

Up

$12,932,839

Up $2,064,080 (+19%) from 2022

Net Income

Down

$300,672

Down $267,806 (-47%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth40th 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

2023

Assets$39,644,521
Liabilities$36,623,658
Net Assets$3,020,863
Open 2023 Filing

Operations Trend

Revenue Growth71st 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

2023

Revenue$13,233,511
Expenses$12,932,839
Net Income$300,672
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Apr 22, 2024
Return Version
2022v5.0
Gross Receipts
$13,233,511
Mission and Program Overview

Mission

Operate a Public Charter School.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$16,822,597$33,416,895▲ $16,594,298
Savings and Temporary Cash Investments$3,006,735$4,349,824▲ $1,343,089
Cash and Non-Interest-Bearing Accounts$1,709,661$1,595,965▼ $113,696
Prepaid Expenses and Deferred Charges$372,114$263,774▼ $108,340
Accounts Receivable$80,756$18,063▼ $62,693
Total Assets$38,991,074$39,644,521▲ $653,447
Other Assets Total$16,999,211--
Liabilities
Tax Exempt Bond Liabilities$35,649,390$35,717,085▲ $67,695
Mortgage Notes Payable Secured by Investment Property$510,000$689,649▲ $179,649
Accounts Payable and Accrued Expenses$111,493$216,924▲ $105,431
Total Liabilities$36,270,883$36,623,658▲ $352,775
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,720,191$3,020,863▲ $300,672
Total Net Assets Fund Balance$2,720,191$3,020,863▲ $300,672
Total Liabilities and Net Assets / Fund Balance$38,991,074$39,644,521▲ $653,447

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$31,297,178$1,931,757$33,228,935
Land$1,750,000-$1,750,000
Equipment$369,717$115,542$485,259
Compensation and Service Providers
Top Officer Pay37th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Bruce FriendHead of SchoolFT$163,100$163,100
Bruce Friend--$163,100$163,100
Stephanie NeedhamPrincipalFT$106,657$106,657
Glenn DanskyPrincipalFT$96,828$96,828

Board Members and Trustees

NameTitle
Shea MaliszewskiChair
Craig TuckerVice Chair
Dave MachadoMember
Erin FisherMember
Julia MccombsMember
Kristen StockingMember
Sean ColemanSecretary
Gregg SindersTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
The Budd GroupCustodial1000 AMBLE DRIVE, Charlotte, NC 28206$257,001
Bland LandscapingLandscapingNORWALK STREET, Greensboro, NC 27407$109,778
-Instructional300 COLONIAL CENTER PKWY STE 100N, Roswell, GA 30076$106,653
Revenue and Support

Revenue Composition

Contributions and Grants
$12,891,488
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$342,023
All Other Contributions
$105,081
Change in Net Assets
$300,672

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,233,511
Total Revenue per Audited Statements
$13,233,511
Total Revenue per Form 990
$13,233,511
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,876,556
Other Expenses$6,056,283
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,030,020$112,695$0$5,142,715
Interest$0$2,439,978$0$2,439,978
Depreciation Depletion$48,670$839,272$0$887,942
Other Employee Benefits$803,904$18,413$0$822,317
All Other Expenses$412,842$154,194$0$567,036
Payroll Taxes$429,207$9,215$0$438,422
Current Officers, Directors, Trustees, and Key Employees$366,585$0$0$366,585
Occupancy$0$240,934$0$240,934
Office Expenses$44,824$108,697$0$153,521
Pension Plan Contributions$102,883$3,634$0$106,517
Insurance$0$77,504$0$77,504
Conferences and Meetings$37,234$903$0$38,137
Other Expenses$14,706$23,208$0$37,914
Advertising$0$19,058$0$19,058
Travel$15,378$0$0$15,378
Fees for Services Accounting$0$8,400$0$8,400
Fees for Services Legal$0$5,400$0$5,400
Total Functional Expenses$8,182,545$4,750,294$0$12,932,839

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$12,932,839
Total Expenses per Audited Statements$12,932,839
Total Expenses per Form 990$12,932,839
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
No
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
Filing and Contact Details

Filer

Filer Name
Triangle Education Organization
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
Director
Phone
9194399448
Signed
2024-04-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bruce Friend
Formed
2016
Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
115
Volunteers
8

Preparer

Firm
Darrell L Keller CPA PA
Address
PO Box 1028, Kings Mountain, NC 28086
Preparer
Darrell L Keller
Phone
7047390771
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“Board reviews 990 prior to filing.”

Pt VI, Line 12C

“Conflict of Interest Statement signed annually.”

Pt VI, Line 15A

“Compared to other Charter Schools.”

Pt VI, Line 15B

“Compared to other Charter Schools.”

Pt VI, Line 19

“On website and in the business office upon request.”

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IRS990/MissionDesc0Operate a Public Charter School.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt0510000
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0689649
IRS990/NetAssetsOrFundBalancesBOYAmt02720191
IRS990/NetAssetsOrFundBalancesEOYAmt03020863
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt0-15231
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt0-15231
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt02720191
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt03020863
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt0240934
IRS990/OccupancyGrp/ProgramServicesAmt00
IRS990/OccupancyGrp/TotalAmt0240934
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0108697
IRS990/OfficeExpensesGrp/ProgramServicesAmt044824
IRS990/OfficeExpensesGrp/TotalAmt0153521
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt016999211
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt018413
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0803904
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0822317
IRS990/OtherExpensesGrp/Desc0Contracted Svcs
IRS990/OtherExpensesGrp/Desc1Field Trips
IRS990/OtherExpensesGrp/Desc2Supplies/Textbooks
IRS990/OtherExpensesGrp/Desc3Food Purchases
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0610322
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt278467
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt323208
IRS990/OtherExpensesGrp/ProgramServicesAmt0416401
IRS990/OtherExpensesGrp/ProgramServicesAmt155983
IRS990/OtherExpensesGrp/ProgramServicesAmt2403908
IRS990/OtherExpensesGrp/ProgramServicesAmt314706
IRS990/OtherExpensesGrp/TotalAmt01026723
IRS990/OtherExpensesGrp/TotalAmt155983
IRS990/OtherExpensesGrp/TotalAmt2482375
IRS990/OtherExpensesGrp/TotalAmt337914
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/BusinessCd2900099
IRS990/OtherRevenueMiscGrp/Desc0School Activities
IRS990/OtherRevenueMiscGrp/Desc1Fundraising
IRS990/OtherRevenueMiscGrp/Desc2Various
IRS990/OtherRevenueMiscGrp/ExclusionAmt00
IRS990/OtherRevenueMiscGrp/ExclusionAmt10
IRS990/OtherRevenueMiscGrp/ExclusionAmt20
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt090149
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt173118
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt2193987
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt090149
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt173118
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2193987
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt00
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt20
IRS990/OtherRevenueTotalAmt0357254
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0112695
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt05030020
IRS990/OtherSalariesAndWagesGrp/TotalAmt05142715
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt09215
IRS990/PayrollTaxesGrp/ProgramServicesAmt0429207
IRS990/PayrollTaxesGrp/TotalAmt0438422
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt03634
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0102883
IRS990/PensionPlanContributionsGrp/TotalAmt0106517
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0372114
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0263774
IRS990/PrincipalOfficerNm0Bruce Friend
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0576912
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0678
IRS990/PYOtherExpensesAmt05442834
IRS990/PYOtherRevenueAmt0581273
IRS990/PYProgramServiceRevenueAmt010278374
IRS990/PYRevenuesLessExpensesAmt0568478
IRS990/PYSalariesCompEmpBnftPaidAmt05425925
IRS990/PYTotalExpensesAmt010868759
IRS990/PYTotalRevenueAmt011437237
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0300672
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt013233511
IRS990/SavingsAndTempCashInvstGrp/BOYAmt03006735
IRS990/SavingsAndTempCashInvstGrp/EOYAmt04349824
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt031297178
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01931757
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt033228935
IRS990ScheduleD/EquipmentGrp/BookValueAmt0369717
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0115542
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0485259
IRS990ScheduleD/ExpensesSubtotalAmt012932839
IRS990ScheduleD/LandGrp/BookValueAmt01750000
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01750000
IRS990ScheduleD/RevenueSubtotalAmt013233511
IRS990ScheduleD/TotalBookValueLandBuildingsAmt033416895
IRS990ScheduleD/TotalExpensesPerForm990Amt012932839
IRS990ScheduleD/TotalRevenuePerForm990Amt013233511
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt013233511
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt012932839
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
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/ExplanationTxt0Included in all advertisments, brochures and school applications N/A
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1N/A
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Line 3

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$39,644,521
Liabilities
$36,623,658
Net assets
$3,020,863
Revenue
$13,233,511
Expenses
$12,932,839
Net income
$300,672
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