Civic Intelligence

Otha E Herring Scholarship Fund I

990 • Fiscal year 2023 • EIN 75-6690165

Jul 01, 2022 to Jun 30, 2023 • Filed on Mar 29, 2024

Organization ProfileN/A
PO Box 29522Raleigh, NC 27626

(919) 716-2015

Siviq Scores

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

Liabilities / Assets

60th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • NTEE B82 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

58th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • NTEE B82 • $1M-$5M nonprofits • Source year 2023

Net Margin

84th percentile

76%

Higher net margin than 84% of similar nonprofits.

2023 filings • NTEE B82 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

90th percentile

$170,000

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 21.4% of source-year revenue.

2023 filings • NTEE B82 • $1M-$5M nonprofits • Source year 2023

Asset Growth

82nd percentile

20%

Faster asset growth than 82% of similar nonprofits.

2023 filings • NTEE B82 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

91st percentile

376%

Faster revenue growth than 91% of similar nonprofits.

2023 filings • NTEE B82 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets60th percentile

Assets

Up

$3,538,068

Up $598,843 (+20%) from 2022

Net Assets

Up

$3,538,068

Up $598,843 (+20%) from 2022

Liabilities

Flat

$0

Flat from 2022

Revenue And Expenses
Liabilities / Revenue58th percentileNet Margin84th percentile

Revenue

Up

$794,142

Up $627,449 (+376%) from 2022

Expenses

Down

$194,450

Down $20,154 (-9.4%) from 2022

Net Income

Up

$599,692

Up $647,603 (+1352%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth82nd percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2012: $3,332,587Liabilities 2012: $0Net Assets 2012: $3,332,5872012Assets 2013: $3,729,713Liabilities 2013: $446,250Net Assets 2013: $3,283,4632013Assets 2014: $3,613,535Liabilities 2014: $0Net Assets 2014: $3,613,5352014Assets 2015: $3,482,776Liabilities 2015: $0Net Assets 2015: $3,482,7762015Assets 2016: $3,365,625Liabilities 2016: $0Net Assets 2016: $3,365,6252016Assets 2017: $3,271,702Liabilities 2017: $0Net Assets 2017: $3,271,7022017Assets 2018: $3,160,771Liabilities 2018: $0Net Assets 2018: $3,160,7712018Assets 2019: $3,046,233Liabilities 2019: $0Net Assets 2019: $3,046,2332019Assets 2020: $3,034,633Liabilities 2020: $0Net Assets 2020: $3,034,6332020Assets 2021: $2,987,006Liabilities 2021: $0Net Assets 2021: $2,987,0062021Assets 2022: $2,939,225Liabilities 2022: $0Net Assets 2022: $2,939,2252022Assets 2023: $3,538,068Liabilities 2023: $0Net Assets 2023: $3,538,0682023Assets 2024: $3,471,913Liabilities 2024: $0Net Assets 2024: $3,471,9132024Assets 2025: $3,486,555Liabilities 2025: $0Net Assets 2025: $3,486,5552025

Highlighted filing

2023

Assets$3,538,068
Liabilities$0
Net Assets$3,538,068
Open 2023 Filing

Operations Trend

Revenue Growth91st percentile

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

$1.0M$500K$0-$500KRevenue 2012: $172,950Expenses 2012: $253,606Net Income 2012: -$80,6562012Expenses 2013: $256,5842013Revenue 2014: $588,434Expenses 2014: $259,308Net Income 2014: $329,1262014Revenue 2015: $217,133Expenses 2015: $343,890Net Income 2015: -$126,7572015Revenue 2016: $127,833Expenses 2016: $248,139Net Income 2016: -$120,3062016Revenue 2017: $150,467Expenses 2017: $244,599Net Income 2017: -$94,1322017Revenue 2018: $139,224Expenses 2018: $251,356Net Income 2018: -$112,1322018Revenue 2019: $114,427Expenses 2019: $232,293Net Income 2019: -$117,8662019Revenue 2020: $225,047Expenses 2020: $236,648Net Income 2020: -$11,6012020Revenue 2021: $177,443Expenses 2021: $222,285Net Income 2021: -$44,8422021Revenue 2022: $166,693Expenses 2022: $214,604Net Income 2022: -$47,9112022Revenue 2023: $794,142Expenses 2023: $194,450Net Income 2023: $599,6922023Revenue 2024: $138,185Expenses 2024: $202,171Net Income 2024: -$63,9862024Revenue 2025: $223,074Expenses 2025: $213,030Net Income 2025: $10,0442025

Highlighted filing

2023

Revenue$794,142
Expenses$194,450
Net Income$599,692
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Mar 29, 2024
Return Version
2022v5.0
Gross Receipts
$4,130,707
Mission and Program Overview

Mission

Provide scholarships for residents of duplin county and the town of mount olive, nc who are full or part-time students of mount olive college

Provide funding for scholarships for residents of duplin county and the town of mount olive, nc who are full or part-time students of mount olive college

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$2,939,225$3,538,068▲ $598,843
Investments in Publicly Traded Securities$2,759,135$3,439,643▲ $680,508
Savings and Temporary Cash Investments$168,578$86,980▼ $81,598
Land, Buildings, and Equipment, Net$11,445$11,445→ $0
Cash and Non-Interest-Bearing Accounts$67--
Total Assets$2,939,225$3,538,068▲ $598,843
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,939,225$3,538,068▲ $598,843
Total Liabilities and Net Assets / Fund Balance$2,939,225$3,538,068▲ $598,843

Asset Categories

AssetBook ValueDepreciationBasis
Land$11,445--
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleBaseOtherTotal
Ken BuchananTrustee-$170,000$170,000
Tim WoodwardTrustee-$104,000$104,000
Brian BlackburnTrustee-$65,000$65,000
Truist BankTrustee$19,310-$19,310
First Citizens BankTrustee$7,846-$7,846

Board Members and Trustees

NameTitle
Clark DrummondTrustee
Lynne SmithTrustee
Mary DrummondTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$793,990
Other Revenue
$152
Change in Net Assets
$599,692
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$163,821
Salaries, Compensation, and Employee Benefits$27,848
Other Expenses$2,781
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$163,821--$163,821
Current Officers, Directors, Trustees, and Key Employees$13,924$13,924-$27,848
Other Expenses-$693-$693
All Other Expenses-$42-$42
Total Functional Expenses$177,745$16,705$0$194,450
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
University of Mount Olive IncMount Olive, NC-Provide Funding for Scholarships for Residents of Duplin County and the Town of Mount Olive, Nc Who Are Full or Part-time Students of Mount Olive College$163,821
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
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Explanation for Form 990, Part VII, Section A

“First citizens bank acts as the institutional trustee for the otha a herring scholarship fund i trust. Tim woodward, brian blackburn, and ken buchanan are co-trustee's. Mr. Woodward, mr. Blackburn, and mr. Buchanan are also employed by the university of mount olive, which is the trust's supported organization.”

Explanation for Form 990, Page 6, Part VI, Line 6

“The members of the trust are family members of the grantor, the corporate trustee, and college appointed trustees.”

EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 7A

“Up to four trustees are appointed by the president of the supported organization, the college. The family member trustees are appointed by the grantor's issue.”

Form 990, Page 6, Part VI, Line 11-description of Process for Review

“The institutional trustee coordinates the preparation of form 990 with an accounting firm and shares it with the individual trustees prior to filing.”

EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12C

“NONE”

FORM 990, PAGE 6, PART VI, LINE 15A

“NONE”

FORM 990, PAGE 6, PART VI, LINE 15B

“NONE”

Form 990, Page 6, Part VI, Line 18

“We make our form 1023 and forms 990 available to the public upon request”

Form 990, Page 6, Part VI, Line 19

“We make our governing documents available to the public upon request”

Filing and Contact Details

Filer

Filer Name
Otha E Herring Scholars Fund I
EIN
75-6690165
Phone
9197162015
Address
PO BOX 29522, RALEIGH, NC 27626

Signing Officer

Name
Walter Reed
Title
Director
Phone
9197162015
Signed
2024-03-29

Organization Details

Principal Officer
Walter Reed
Formed
2003
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
0
Employees
0

Preparer

Firm
Ernst & Young US Llp
Address
800 YARD STREET SUITE 200, Grandville Heights, OH 43212
Preparer
Doak Arthur Pfaff
Phone
6142327288
Supplemental Narrative

Additional Explanations

Explanation for Form 990, Part XI, Line 9

“The difference between beginning and ending net assets is due transaction timing adjustment of (849).”

Raw XML AppendixShowing 400 of 404 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE INSTITUTIONAL TRUSTEE COORDINATES THE PREPARATION OF FORM 990 WITH AN ACCOUNTING FIRM AND SHARES IT WITH THE INDIVIDUAL TRUSTEES PRIOR TO FILING.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NONE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6NONE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7WE MAKE OUR FORM 1023 AND FORMS 990 AVAILABLE TO THE PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8WE MAKE OUR GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9THE DIFFERENCE BETWEEN BEGINNING AND ENDING NET ASSETS IS DUE TRANSACTION TIMING ADJUSTMENT OF (849).
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15a
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$3,538,068
Liabilities
$0
Net assets
$3,538,068
Revenue
$794,142
Expenses
$194,450
Net income
$599,692
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$3.49$0.00$3.49$0.22$0.21$0.01
2024Detailed filing. Detailed filing data is available for this year.$3.47$0.00$3.47$0.14$0.20$0.06
2023Detailed filing. Detailed filing data is available for this year.$3.54$0.00$3.54$0.79$0.19$0.60
2022Detailed filing. Detailed filing data is available for this year.$2.94$0.00$2.94$0.17$0.21$0.05
2021Detailed filing. Detailed filing data is available for this year.$2.99$0.00$2.99$0.18$0.22$0.04
2020Detailed filing. Detailed filing data is available for this year.$3.03$0.00$3.03$0.23$0.24$0.01
2019Detailed filing. Detailed filing data is available for this year.$3.05$0.00$3.05$0.11$0.23$0.12
2018Detailed filing. Detailed filing data is available for this year.$3.16$0.00$3.16$0.14$0.25$0.11
2017Detailed filing. Detailed filing data is available for this year.$3.27$0.00$3.27$0.15$0.24$0.09
2016Detailed filing. Detailed filing data is available for this year.$3.37$0.00$3.37$0.13$0.25$0.12
2015Detailed filing. Detailed filing data is available for this year.$3.48$0.00$3.48$0.22$0.34$0.13
2014Detailed filing. Detailed filing data is available for this year.$3.61$0.00$3.61$0.59$0.26$0.33
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.73$0.45$3.28$0.26
2012Summary only. Only limited summary data is available for this year.$3.33$0.00$3.33$0.17$0.25$0.08