Civic Intelligence

Educational Foundation Scholarship Endowment Trust

990 • Fiscal year 2015 • EIN 56-6094839

Jul 01, 2014 to Jun 30, 2015 • Filed on May 02, 2016

Organization ProfileWWW.RAMSCLUB.COM
450 Skipper Bowles DriveChapel Hill, NC 27599

(919) 843-2000

Siviq Scores

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

Liabilities / Assets

6th percentile

0.00x

Higher debt load relative to assets than 6% of similar nonprofits.

2015 filings • NTEE B • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

5th percentile

0.00x

Higher debt load relative to revenue than 5% of similar nonprofits.

2015 filings • NTEE B • $100M-$250M nonprofits • Source year 2015

Net Margin

76th percentile

24%

Higher net margin than 76% of similar nonprofits.

2015 filings • NTEE B • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

33rd percentile

$338,005

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Asset Growth

72nd percentile

5.2%

Faster asset growth than 72% of similar nonprofits.

2015 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

69th percentile

10%

Faster revenue growth than 69% of similar nonprofits.

2015 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets6th percentile

Assets

Up

$232,725,483

Up $11,513,440 (+5.2%) from 2014

Net Assets

Up

$232,669,394

Up $11,517,374 (+5.2%) from 2014

Liabilities

Down

$56,089

Down $3,934 (-6.6%) from 2014

Revenue And Expenses
Liabilities / Revenue5th percentileNet Margin76th percentile

Revenue

Up

$13,432,054

Up $1,246,539 (+10%) from 2014

Expenses

Up

$10,228,784

Up $641,915 (+6.7%) from 2014

Net Income

Up

$3,203,270

Up $604,624 (+23%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth72nd percentile

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

$600M$400M$200M$0Assets 2010: $174,627,202Liabilities 2010: $95,815Net Assets 2010: $174,531,3872010Assets 2011: $191,065,552Liabilities 2011: $92,798Net Assets 2011: $190,972,7542011Assets 2012: $187,447,465Liabilities 2012: $66,865Net Assets 2012: $187,380,6002012Assets 2013: $200,401,457Liabilities 2013: $62,088Net Assets 2013: $200,339,3692013Assets 2014: $221,212,043Liabilities 2014: $60,023Net Assets 2014: $221,152,0202014Assets 2015: $232,725,483Liabilities 2015: $56,089Net Assets 2015: $232,669,3942015Assets 2016: $220,197,030Liabilities 2016: $47,626Net Assets 2016: $220,149,4042016Assets 2017: $241,319,053Liabilities 2017: $41,114Net Assets 2017: $241,277,9392017Assets 2018: $268,950,460Liabilities 2018: $37,844Net Assets 2018: $268,912,6162018Assets 2019: $287,135,487Liabilities 2019: $38,495Net Assets 2019: $287,096,9922019Assets 2020: $284,255,415Liabilities 2020: $36,677Net Assets 2020: $284,218,7382020Assets 2021: $389,903,195Liabilities 2021: $18,215Net Assets 2021: $389,884,9802021Assets 2022: $400,369,374Liabilities 2022: $17,748Net Assets 2022: $400,351,6262022Assets 2023: $390,931,229Liabilities 2023: $16,001Net Assets 2023: $390,915,2282023Assets 2024: $423,089,958Liabilities 2024: $0Net Assets 2024: $423,089,9582024

Highlighted filing

2015

Assets$232,725,483
Liabilities$56,089
Net Assets$232,669,394
Open 2015 Filing

Operations Trend

Revenue Growth69th percentile

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

$30M$20M$10M$0Expenses 2010: $9,249,1472010Expenses 2011: $8,966,1702011Expenses 2012: $9,455,4302012Expenses 2013: $9,585,7322013Revenue 2014: $12,185,515Expenses 2014: $9,586,869Net Income 2014: $2,598,6462014Revenue 2015: $13,432,054Expenses 2015: $10,228,784Net Income 2015: $3,203,2702015Revenue 2016: $13,254,885Expenses 2016: $10,429,259Net Income 2016: $2,825,6262016Revenue 2017: $18,603,054Expenses 2017: $10,553,783Net Income 2017: $8,049,2712017Revenue 2018: $25,227,168Expenses 2018: $10,931,913Net Income 2018: $14,295,2552018Revenue 2019: $21,579,390Expenses 2019: $11,260,488Net Income 2019: $10,318,9022019Revenue 2020: $17,928,472Expenses 2020: $11,748,217Net Income 2020: $6,180,2552020Revenue 2021: $25,351,334Expenses 2021: $12,344,558Net Income 2021: $13,006,7762021Revenue 2022: $25,037,284Expenses 2022: $12,994,195Net Income 2022: $12,043,0892022Revenue 2023: $25,424,536Expenses 2023: $14,052,980Net Income 2023: $11,371,5562023Revenue 2024: $23,391,900Expenses 2024: $15,179,740Net Income 2024: $8,212,1602024

Highlighted filing

2015

Revenue$13,432,054
Expenses$10,228,784
Net Income$3,203,270
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 2, 2016
Return Version
2014v6.0
Gross Receipts
$13,499,721
Mission and Program Overview

Mission

The trust was organized and at all times has and shall continue to be operated exclusively for the purpose of making distributions to the educational foundation, inc. (the "foundation") for use by the foundation in awarding scholarships to student-athletes attending the university of north carolina at chapel hill.

The trust operates solely to assist the university of north carolina at chapel hill in providing financial assistance to students at the university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$202,108,430$213,077,161▲ $10,968,731
Savings and Temporary Cash Investments$10,559,908$11,853,137▲ $1,293,229
Pledges and Grants Receivable$2,407,577$2,010,209▼ $397,368
Investments in Publicly Traded Securities$302,283$297,098▼ $5,185
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0--
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$221,212,043$232,725,483▲ $11,513,440
Other Assets Total$5,833,845$5,487,878▼ $345,967
Liabilities
Other Liabilities$60,023$56,089▼ $3,934
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$60,023$56,089▼ $3,934
Net Assets / Fund Balance
Temporarily Rstr Net Assets$109,618,963$118,207,875▲ $8,588,912
Permanently Rstr Net Assets$111,533,057$114,461,519▲ $2,928,462
Unrestricted Net Assets$0$0→ $0
Total Net Assets Fund Balance$221,152,020$232,669,394▲ $11,517,374
Total Liabilities and Net Assets / Fund Balance$221,212,043$232,725,483▲ $11,513,440

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$288,799--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$221,152,020$3,279,447▲ $18,447,816-$232,669,394
2013$200,339,369$2,309,487▲ $28,071,679-$221,152,020
2012$187,380,600$2,376,348▲ $20,150,120-$200,339,369
2011$190,972,754$2,480,882▲ $3,382,394-$187,380,600
2010$174,531,387$2,059,092▲ $23,348,445-$190,972,754
Compensation and Service Providers
Top Officer Pay33rd percentile

Employees

NameTitleOtherTotal
Diane AldridgeCFO & General Counsel$148,364$148,364

Board Members and Trustees

NameTitle
Tom ChewningInvestment Committee Chair
John MontgomeryExecutive Director
Dawn McphersonChief Operating Officer
Allen WilsonInvestment Committee Member
Brad BurrisInvestment Committee Member
Ken WilliamsInvestment Committee Member
Munroe CobeyInvestments Committee Member
Revenue and Support

Revenue Composition

Contributions and Grants
$3,279,447
Program Service Revenue
$0
Investment Income
$10,152,607
Other Revenue
$0
All Other Contributions
$3,279,447
Change in Net Assets
$3,203,270

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded13$125,460Fair Market Value (FMV)
Total Noncash Contributions13$125,460-

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,413,159
Revenue Not Reported on Financial Statements
$18,895
Revenue Not Reported on Form 990
$8,314,104
Total Revenue per Audited Statements
$21,727,263
Total Revenue per Form 990
$13,432,054
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$9,853,034
Other Expenses$375,750
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$9,853,034--$9,853,034
Other Expenses-$18,895-$18,895
Total Functional Expenses$9,853,034$375,750$0$10,228,784

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$10,228,784
Expenses per Audited Statements$10,209,889
Total Expenses per Audited Statements$10,209,889
Expenses Not Reported on Financial Statements$18,895
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Educational Foundation IncChapel Hill, NC501(c)(3)Scholarships$9,853,034
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuities Payable$56,089
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 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, PART VI, QUESTION 11:

“Board review of form 990 during april of 2016, management distributed a draft of the 2014 form 990 to the audit committee and gave the members an opportunity to provide comments and ask questions with respect to the draft. Based on feedback provided from the audit committee, management updated the draft form 990. Prior to finalization of the return, management provided a finalized draft, via e-mail, to all members of the executive board of directors prior to filing with the irs.”

FORM 990, PART VI, SECTION B, QUESTION 12C:

“Conflict of interest policy educational foundation scholarship endowment trust has a conflict of interest policy. It is the responsibility of each board member to annually notify the foundation of any potential conflicts. The organization's annual notification process serves as its process for monitoring potential conflicts.”

FORM 990, PART VI, SECTION B, QUESTION 15:

“Compensation review educational foundation scholarship endowment trust's board of directors designated the compensation committee to be responsible for establishing compensation practices which are reasonable and do not violate the private inurement prohibition. The practices and processes are designed to avoid any claim for intermediate sanctions and to satisfy the requirements to obtain the rebuttable presumption. The compensation committee reviews outside, independent data to establish the compensation of our officers. The board of directors review and set forth the compensation for the ceo using the same process as the compensation committee.”

FORM 990,PART VI, SECTION C, QUESTION 19:

“Governing documents educational foundation scholarship endowment trust does not make its governing documents, financial statements, or its conflict of interest policy available to the public. The organization's form 990 is publicly available upon request.”

Filing and Contact Details

Filer

Filer Name
Educational Foundation
EIN
56-6094839
In Care Of
% DIANE SCOBIE ALDRIDGE
Phone
9198432000
Address
450 SKIPPER BOWLES DRIVE, CHAPEL HILL, NC 27599

Signing Officer

Name
Diane S Aldridge
Title
CFO & Gen. Counsel
Phone
9198432000
Signed
2016-05-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Montgomery
Formed
1938
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
200

Preparer

Firm
Kpmg Llp
Address
300 North Greene Street Suite 400, Greensboro, NC 27401
Preparer
Allison H Franklin
Phone
3362753394
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Other changes in net assets actuarial adjustment $3,934”

Financial Statement Notes

Form 990, Schedule D, Part XI, Line 2D

“Other actuarial adjustment of 3,934.”

Form 990, Schedule D, Part V, Line 4

“Intended uses of endowment funds endowments are invested in perpetuity and the income from those investments is expendable in accordance with the trust's endowment spending policy to support scholarships.”

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IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0On an annual basis, the Board of Trustees of the Educational Foundation Scholarship Trust ("Trust") appropriates a portion of the net appreciation on its assets to The Educational Foundation, Inc. ("Foundation") in its capacity as agent for the Trust. The distributions from the Trust to the Foundation were $9,853,034 in 2015 and $9,560,990 in 2014. The Foundation then forwards these funds to the University to provide financial assistance to students at the University.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Form 990, Schedule A, Part I
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0THE EDUCATION FOUNDATION INC
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$232,725,483
Liabilities
$56,089
Net assets
$232,669,394
Revenue
$13,432,054
Expenses
$10,228,784
Net income
$3,203,270
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$423$0.00$423$23.4$15.2$8.21
2023Detailed filing. Detailed filing data is available for this year.$391$0.02$391$25.4$14.1$11.4
2022Detailed filing. Detailed filing data is available for this year.$400$0.02$400$25.0$13.0$12.0
2021Detailed filing. Detailed filing data is available for this year.$390$0.02$390$25.4$12.3$13.0
2020Detailed filing. Detailed filing data is available for this year.$284$0.04$284$17.9$11.7$6.18
2019Detailed filing. Detailed filing data is available for this year.$287$0.04$287$21.6$11.3$10.3
2018Detailed filing. Detailed filing data is available for this year.$269$0.04$269$25.2$10.9$14.3
2017Detailed filing. Detailed filing data is available for this year.$241$0.04$241$18.6$10.6$8.05
2016Detailed filing. Detailed filing data is available for this year.$220$0.05$220$13.3$10.4$2.83
2015Detailed filing. Detailed filing data is available for this year.$233$0.06$233$13.4$10.2$3.20
2014Detailed filing. Detailed filing data is available for this year.$221$0.06$221$12.2$9.59$2.60
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$200$0.06$200$9.59
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$187$0.07$187$9.46
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$191$0.09$191$8.97
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$175$0.10$175$9.25