Civic Intelligence

Bridges Educational Foundation Inc.

990 • Fiscal year 2021 • EIN 56-2018020

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 11, 2022

Organization Profile
2587 Pleasant Ridge RoadState Road, NC 28676

(336) 874-2721

Siviq Scores

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

Liabilities / Assets

84th percentile

0.62x

Higher debt load relative to assets than 84% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

93rd percentile

1.52x

Higher debt load relative to revenue than 93% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Net Margin

6th percentile

-35%

Higher net margin than 6% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

36th percentile

$0

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Asset Growth

7th percentile

-17%

Faster asset growth than 7% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

18th percentile

-12%

Faster revenue growth than 18% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$3,939,307

Down $793,200 (-17%) from 2020

Net Assets

Up

$1,508,803

Up $1,346,117 (+827%) from 2020

Liabilities

Down

$2,430,504

Down $2,139,317 (-47%) from 2020

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin6th percentile

Revenue

Down

$1,601,935

Down $221,378 (-12%) from 2020

Expenses

Up

$2,155,216

Up $139,672 (+6.9%) from 2020

Net Income

Down

-$553,281

Down $361,050 (-188%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

$6.0M$4.0M$2.0M$0Assets 2012: $844,215Liabilities 2012: $45,744Net Assets 2012: $798,4712012Assets 2013: $786,299Liabilities 2013: $7,067Net Assets 2013: $779,2322013Assets 2014: $916,430Liabilities 2014: $37,518Net Assets 2014: $878,9122014Assets 2015: $1,139,110Liabilities 2015: $223,664Net Assets 2015: $915,4462015Assets 2016: $1,546,612Liabilities 2016: $224,240Net Assets 2016: $1,322,3722016Assets 2017: $2,042,015Liabilities 2017: $433,219Net Assets 2017: $1,608,7962017Assets 2018: $2,199,394Liabilities 2018: $2,004,136Net Assets 2018: $195,2582018Assets 2019: $2,625,369Liabilities 2019: $2,270,452Net Assets 2019: $354,9172019Assets 2020: $4,732,507Liabilities 2020: $4,569,821Net Assets 2020: $162,6862020Assets 2021: $3,939,307Liabilities 2021: $2,430,504Net Assets 2021: $1,508,8032021Assets 2022: $318,619Liabilities 2022: $0Net Assets 2022: $318,6192022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2021

Assets$3,939,307
Liabilities$2,430,504
Net Assets$1,508,803
Open 2021 Filing

Operations Trend

Revenue Growth18th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2012: $1,286,313Expenses 2012: $1,274,628Net Income 2012: $11,6852012Revenue 2013: $1,254,934Expenses 2013: $1,274,173Net Income 2013: -$19,2392013Revenue 2014: $1,384,803Expenses 2014: $1,285,123Net Income 2014: $99,6802014Revenue 2015: $1,512,599Expenses 2015: $1,332,259Net Income 2015: $180,3402015Revenue 2016: $1,821,295Expenses 2016: $1,414,369Net Income 2016: $406,9262016Revenue 2017: $1,844,404Expenses 2017: $1,557,980Net Income 2017: $286,4242017Revenue 2018: $2,040,858Expenses 2018: $1,864,971Net Income 2018: $175,8872018Revenue 2019: $1,942,724Expenses 2019: $1,783,065Net Income 2019: $159,6592019Revenue 2020: $1,823,313Expenses 2020: $2,015,544Net Income 2020: -$192,2312020Revenue 2021: $1,601,935Expenses 2021: $2,155,216Net Income 2021: -$553,2812021Revenue 2022: $390,008Expenses 2022: $71,389Net Income 2022: $318,6192022Revenue 2023: $1,392,318Expenses 2023: $102,471Net Income 2023: $1,289,8472023

Highlighted filing

2021

Revenue$1,601,935
Expenses$2,155,216
Net Income-$553,281
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 11, 2022
Return Version
2020v4.2
Gross Receipts
$1,601,935
Mission and Program Overview

Mission

Operation of a public charter school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,443,800$3,417,013▼ $26,787
Cash and Non-Interest-Bearing Accounts$899,651$522,294▼ $377,357
Accounts Receivable$1,053--
Total Assets$4,732,507$3,939,307▼ $793,200
Other Assets Total$388,003--
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,374,194$2,371,336▼ $2,858
Other Liabilities$2,151,823--
Accounts Payable and Accrued Expenses$43,804$59,168▲ $15,364
Total Liabilities$4,569,821$2,430,504▼ $2,139,317
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$162,686$1,508,803▲ $1,346,117
Total Net Assets Fund Balance$162,686$1,508,803▲ $1,346,117
Total Liabilities and Net Assets / Fund Balance$4,732,507$3,939,307▼ $793,200

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,385,525$171,459$2,556,984
Buildings$672,637$294,512$967,149
Land$300,000-$300,000
Equipment$58,851$214,235$273,086
Compensation and Service Providers
Top Officer Pay36th percentile

Board Members and Trustees

NameTitle
Kristi EidsonBoard Chair
Jan AyersVice Chair
Maria BriggsBoard Member
Melissa ClineBoard Member
Teresa RoyallSecretary
Crystal ScottTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$161,632
Program Service Revenue
$1,440,303
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-553,281
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,141,058
Salaries, Compensation, and Employee Benefits$1,014,158
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$578,426$156,230-$734,656
Payroll Taxes$145,233$27,120-$172,353
Other Employee Benefits$99,696$7,453-$107,149
Fees for Services Legal-$105,623-$105,623
Depreciation Depletion$65,676$7,297-$72,973
Occupancy$46,198$11,550-$57,748
All Other Expenses$52,227--$52,227
Other Expenses$44,705$280,559-$44,705
Insurance-$40,207-$40,207
Interest-$10,671-$10,671
Fees for Services Accounting-$8,230-$8,230
Advertising$5,361--$5,361
Total Functional Expenses$1,406,727$748,489$0$2,155,216
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes-
Compensated Absences-
Net Pension Liability-
Deferred Inflows of Resources-
Net OPEB Liability-
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

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The board treasurer reviews 990 and reports to the board of directors prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Each board member is required to execute a conflict of interest statement and confidentiality agreement annually. Any potential conflict of interest is reviewed and resolved by the board of directors.”

Form 990, Part VI, Section B, Line 15A

“Compensation for top officials is approved by the board of directors and is based on review of area comparability data and the experience and expertise of the individual.”

Form 990, Part VI, Section B, Line 15B

“Compensation for key employees is approved by the board of directors and is based on review of area comparability data and the experience and expertise of the individual.”

Form 990, Part VI, Section C, Line 19

“Governing documents, school policies and financial statements are available for viewing by the public at the Schools office upon request.”

Filing and Contact Details

Filer

Filer Name
Bridges Educational Foundation Inc
EIN
56-2018020
Phone
3368742721
Address
2587 Pleasant Ridge Road, State Road, NC 28676
Doing Business As
Bridges Academy

Signing Officer

Name
John Paul H Cournoyer
Title
Receiver
Phone
9199486827
Signed
2022-02-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Monroe Watkins
Formed
1996
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
6
Employees
39

Preparer

Firm
Rebekah Barr CPA PC
Address
5422 Boswellville Road, Wilson, NC 27893
Preparer
Rebekah Barr
Phone
2522306294
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1

“On September 24, 2021, the North Carolina Superior Court, Wilkes County entered an order appointing John Paul H. Cournoyer as general receiver for Bridges Educational Foundation Inc., in case number 21-CVS-959. The Receiver lacks personal knowledge of the Companys transactions that occurred prior to September 24, 2021, and the information in this return is prepared based upon a reivew of the Companys business records.”

Form 990, Part XI, Line 9

“The School removed the net pension and OPEB liability at 6/30/2021 due to the closure of the School effective 6/30/2021.”

Raw XML Appendix386 raw XML fields

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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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt02556984
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Compensated Absences
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Net Pension Liability
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Deferred Inflows of Resources
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4Net OPEB Liability
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03417013
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/ExplanationTxt0North Carolina charter schools are funded by the State and Local Governments. The School also receives various federal grants.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc06a
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The board treasurer reviews 990 and reports to the board of directors prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Each board member is required to execute a conflict of interest statement and confidentiality agreement annually. Any potential conflict of interest is reviewed and resolved by the board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Compensation for top officials is approved by the board of directors and is based on review of area comparability data and the experience and expertise of the individual.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Compensation for key employees is approved by the board of directors and is based on review of area comparability data and the experience and expertise of the individual.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Governing documents, school policies and financial statements are available for viewing by the public at the Schools office upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5On September 24, 2021, the North Carolina Superior Court, Wilkes County entered an order appointing John Paul H. Cournoyer as general receiver for Bridges Educational Foundation Inc., in case number 21-CVS-959. The Receiver lacks personal knowledge of the Companys transactions that occurred prior to September 24, 2021, and the information in this return is prepared based upon a reivew of the Companys business records.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The School removed the net pension and OPEB liability at 6/30/2021 due to the closure of the School effective 6/30/2021.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part I, Line 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part XI, Line 9
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt04732507
IRS990/TotalAssetsEOYAmt03939307
IRS990/TotalAssetsGrp/BOYAmt04732507
IRS990/TotalAssetsGrp/EOYAmt03939307
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0161632
IRS990/TotalEmployeeCnt039
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0748489
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01406727
IRS990/TotalFunctionalExpensesGrp/TotalAmt02155216
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt04569821
IRS990/TotalLiabilitiesEOYAmt02430504
IRS990/TotalLiabilitiesGrp/BOYAmt04569821
IRS990/TotalLiabilitiesGrp/EOYAmt02430504
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0162686
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01508803
IRS990/TotalProgramServiceExpensesAmt01406727
IRS990/TotalProgramServiceRevenueAmt01440303
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01601935
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt04732507
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03939307
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02587 Pleasant Ridge Road
IRS990/USAddress/CityNm0State Road
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028676
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-03-31 18:45:55Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0John Paul H Cournoyer
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Receiver
ReturnHeader/BusinessOfficerGrp/PhoneNum09199486827
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-02-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Bridges Educational Foundation Inc
ReturnHeader/Filer/BusinessNameControlTxt0BRID
ReturnHeader/Filer/EIN0562018020
ReturnHeader/Filer/PhoneNum03368742721
ReturnHeader/Filer/USAddress/AddressLine1Txt02587 Pleasant Ridge Road
ReturnHeader/Filer/USAddress/CityNm0State Road
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028676
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Rebekah Barr CPA PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05422 Boswellville Road
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Wilson
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027893
ReturnHeader/PreparerPersonGrp/PhoneNum02522306294
ReturnHeader/PreparerPersonGrp/PreparationDt02022-02-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Rebekah Barr
ReturnHeader/ReturnTs02022-02-11T03:00:30-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0John Paul
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Cournoyer
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$3,939,307
Liabilities
$2,430,504
Net assets
$1,508,803
Revenue
$1,601,935
Expenses
$2,155,216
Net income
-$553,281
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$1.39$0.10$1.29
2022Detailed filing. Detailed filing data is available for this year.$0.32$0.00$0.32$0.39$0.07$0.32
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.94$2.43$1.51$1.60$2.16$0.55
2020Detailed filing. Detailed filing data is available for this year.$4.73$4.57$0.16$1.82$2.02$0.19
2019Detailed filing. Detailed filing data is available for this year.$2.63$2.27$0.35$1.94$1.78$0.16
2018Detailed filing. Detailed filing data is available for this year.$2.20$2.00$0.20$2.04$1.86$0.18
2017Detailed filing. Detailed filing data is available for this year.$2.04$0.43$1.61$1.84$1.56$0.29
2016Detailed filing. Detailed filing data is available for this year.$1.55$0.22$1.32$1.82$1.41$0.41
2015Detailed filing. Detailed filing data is available for this year.$1.14$0.22$0.92$1.51$1.33$0.18
2014Detailed filing. Detailed filing data is available for this year.$0.92$0.04$0.88$1.38$1.29$0.10
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.79$0.01$0.78$1.25$1.27$0.02
2012Summary only. Only limited summary data is available for this year.$0.84$0.05$0.80$1.29$1.27$0.01