Civic Intelligence

Wade Edwards Foundation

990 • Fiscal year 2022 • EIN 56-1970957

Jan 01, 2022 to Dec 31, 2022 • Filed on Apr 17, 2023

714 Saint Marys StreetRaleigh, NC 27605

(919) 856-9233

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.16x

Higher debt load relative to assets than 82% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

91st percentile

0.46x

Higher debt load relative to revenue than 91% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

12th percentile

-42%

Higher net margin than 12% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

98th percentile

$98,353

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 83.1% of source-year revenue.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

49th percentile

0.2%

Faster asset growth than 49% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

18th percentile

-31%

Faster revenue growth than 18% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Assets

Up

$353,071

Up $806 (+0.2%) from 2021

Net Assets

Down

$298,341

Down $49,901 (-14%) from 2021

Liabilities

Up

$54,730

Up $50,707 (+1260%) from 2021

Revenue

Down

$118,344

Down $54,035 (-31%) from 2021

Expenses

Down

$168,245

Down $38,612 (-19%) from 2021

Net Income

Down

-$49,901

Down $15,423 (-45%) from 2021

Historical Trend

Balance Sheet Trend

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

$600K$400K$200K$0Assets 2011: $398,176Liabilities 2011: $1,3092011Assets 2012: $425,345Liabilities 2012: $21,2392012Assets 2013: $362,354Liabilities 2013: $3,6182013Assets 2014: $293,780Liabilities 2014: $3,9702014Assets 2015: $237,463Liabilities 2015: $6,647Net Assets 2015: $230,8162015Assets 2016: $249,412Liabilities 2016: $5,103Net Assets 2016: $244,3092016Assets 2017: $207,505Liabilities 2017: $6,115Net Assets 2017: $201,3902017Assets 2018: $259,192Liabilities 2018: $2,826Net Assets 2018: $256,3662018Assets 2019: $240,851Liabilities 2019: $7,900Net Assets 2019: $232,9512019Assets 2020: $385,483Liabilities 2020: $2,763Net Assets 2020: $382,7202020Assets 2021: $352,265Liabilities 2021: $4,023Net Assets 2021: $348,2422021Assets 2022: $353,071Liabilities 2022: $54,730Net Assets 2022: $298,3412022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2022

Assets$353,071
Liabilities$54,730
Net Assets$298,341

Operations Trend

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

$600K$400K$200K$0-$200K-$400KRevenue 2011: $94,221Expenses 2011: $47,341Net Income 2011: $46,8802011Revenue 2012: $74,619Expenses 2012: $67,380Net Income 2012: $7,2392012Revenue 2013: $73,750Expenses 2013: $119,122Net Income 2013: -$45,3722013Revenue 2014: $90,743Expenses 2014: $159,667Net Income 2014: -$68,9242014Revenue 2015: $98,839Expenses 2015: $157,833Net Income 2015: -$58,9942015Revenue 2016: $152,185Expenses 2016: $138,692Net Income 2016: $13,4932016Revenue 2017: $128,246Expenses 2017: $171,165Net Income 2017: -$42,9192017Revenue 2018: $194,935Expenses 2018: $139,959Net Income 2018: $54,9762018Revenue 2019: $136,692Expenses 2019: $160,107Net Income 2019: -$23,4152019Revenue 2020: $305,358Expenses 2020: $155,589Net Income 2020: $149,7692020Revenue 2021: $172,379Expenses 2021: $206,857Net Income 2021: -$34,4782021Revenue 2022: $118,344Expenses 2022: $168,245Net Income 2022: -$49,9012022Revenue 2023: $119,476Expenses 2023: $417,817Net Income 2023: -$298,3412023

Highlighted filing

2022

Revenue$118,344
Expenses$168,245
Net Income-$49,901
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Apr 17, 2023
Return Version
2022v5.0
Gross Receipts
$119,589
Mission and Program Overview

Mission

Maintain an after-school learning lab offering high school students assistance through the use of technology.

To empower the high school community by providing opportunities for achievement, enrichment and service, enabling life-long academic, professional and personal success.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$138,182$138,651▲ $469
Cash and Non-Interest-Bearing Accounts$83,521$108,044▲ $24,523
Land, Buildings, and Equipment, Net$100,901$79,995▼ $20,906
Pledges and Grants Receivable$28,237$25,000▼ $3,237
Prepaid Expenses and Deferred Charges$1,324$1,381▲ $57
Accounts Receivable$100--
Total Assets$352,265$353,071▲ $806
Liabilities
Other Liabilities-$52,151-
Accounts Payable and Accrued Expenses$4,023$2,579▼ $1,444
Total Liabilities$4,023$54,730▲ $50,707
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$312,242$298,341▼ $13,901
Net Assets With Donor Restrictions$36,000--
Total Net Assets Fund Balance$348,242$298,341▼ $49,901
Total Liabilities and Net Assets / Fund Balance$352,265$353,071▲ $806

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$32,296$48,093$80,389
Leasehold Improvements$27,720$23,619$51,339
Other Land Buildings$19,979$29,068$49,047
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Betsey McfarlandExecutive DiFT$98,353$98,353

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$107,105
Program Service Revenue
$7,690
Investment Income
$544
Other Revenue
$3,005
All Other Contributions
$82,368
Change in Net Assets
$-49,901
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$152,240
Salaries, Compensation, and Employee Benefits$16,005
Total Fundraising Expense$15,375
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$42,000--$42,000
Fees for Services Other$15,822-$14,125$29,947
Depreciation Depletion$20,906--$20,906
Other Employee Benefits$13,505$1,250$1,250$16,005
Fees for Services Accounting-$10,065-$10,065
Insurance$568$3,024-$3,592
All Other Expenses$43$3,223-$3,266
Other Expenses$1,405$450-$1,855
Office Expenses$666$595-$1,261
Total Functional Expenses$133,061$19,809$15,375$168,245
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$1,245
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Deposits$52,151
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
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 organization's board of directors receives a copy of the 990 and reviews and accepts prior to filing.

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

The organization's conflict of interest policy is provided to board members to review. Board members are asked to sign an annual disclosure statement regarding any conflicts.

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

The organization's board of directors annually determines the executive director's compensation with the approved budget. Executive director's compensation, including benefits, is based on comparable information from similar organizations.

Form 990, Page 6, Part VI, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request in writing.

Filing and Contact Details

Filer

Filer Name
Wade Edwards Foundation
EIN
56-1970957
Phone
9198569233
Address
714 SAINT MARYS STREET, RALEIGH, NC 27605

Signing Officer

Name
Betsey Mcfarland
Title
Executive Director
Phone
9198569233
Signed
2023-04-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ruth Heuer
Formed
1996
Legal Domicile
Nc
Voting Board Members
11
Independent Board Members
10
Employees
0
Volunteers
55

Preparer

Firm
Maddison & Caison Llp
Address
1111 OBERLIN RD, RALEIGH, NC 27605-1136
Preparer
Susan Glendenning
Phone
9198215482
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Contract consultants 15,822 0 14,125

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IRS990/Desc0THE WADE EDWARDS FOUNDATION OFFERS AFTER SCHOOL ACADEMIC SUPPORT, POST- SECONDARY PLANNING AND SUMMER TECHNOLOGY AND ENRICHMENT PROGRAMS TO WAKE COUNTY HIGH SCHOOL STUDENTS. PROGRAMMING INCLUDES ACCESS TO THE COMPUTER LAB, POSITIVE YOUTH DEVELOPMENT WORKSHOPS AND COMMUNITY SERVICE PROGRAMS. THE FOUNDATION FILLS A CRITICAL GAP FOR HIGH SCHOOL STUDENTS WITH FEW OPPORTUNITIES AVAILABLE TO THEM IN THE COMMUNITY. OUR CORE SERVICES INCLUDE TUTORING AND ACADEMIC ASSISTANCE, POST-SECONDARY PLANNING, ACT/SAT TEST PREP, WORK-FORCE DEVELOPMENT SKILL BUILDING, AND OPPORTUNITIES FOR COMMUNITY SERVICE. IN ADDITION, OUR HI-TECH TEENS PROGRAM OFFERS MONTHLY WORKSHOPS ON STEM SUBJECTS. DURING THE 2022-2023 SCHOOL YEAR THE WADE EDWARDS FOUNDATION SERVED OVER 200 STUDENTS FROM 16 DIFFERENT HIGH SCHOOLS.
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt029068
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt049047
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt052151
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION'S BOARD OF DIRECTORS RECEIVES A COPY OF THE 990 AND REVIEWS AND ACCEPTS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS PROVIDED TO BOARD MEMBERS TO REVIEW. BOARD MEMBERS ARE ASKED TO SIGN AN ANNUAL DISCLOSURE STATEMENT REGARDING ANY CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S BOARD OF DIRECTORS ANNUALLY DETERMINES THE EXECUTIVE DIRECTOR'S COMPENSATION WITH THE APPROVED BUDGET. EXECUTIVE DIRECTOR'S COMPENSATION, INCLUDING BENEFITS, IS BASED ON COMPARABLE INFORMATION FROM SIMILAR ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN WRITING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONTRACT CONSULTANTS 15,822 0 14,125
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 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0LEASE
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0714 ST MARY'S STREET LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt08825 WESTGATE PARK DR
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm0RALEIGH
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0DONOR
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0PF
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0714 ST MARYS STREET
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt016687
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt142000
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH DONATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1LEASE
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2ACTUAL PAYROLL
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0WADE EDWARDS PRIVATE FOUNDATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1714 ST MARY'S STREET LLC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2WADE EDWARDS PRIVATE FOUNDATION
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IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1K
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2O

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