Civic Intelligence

Discovery Charter School Foundation Inc.

990 • Fiscal year 2021 • EIN 81-5323099

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 14, 2022

Organization Profile
501 Orange Factory RoadBahama, NC 27503

(984) 888-5504

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.05x

Higher debt load relative to assets than 92% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2021

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2021

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Balance Sheet
Liabilities / Assets92nd percentile

Assets

$13,026,291

No earlier filing loaded for comparison.

Net Assets

-$628,709

No earlier filing loaded for comparison.

Liabilities

$13,655,000

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

$0

No earlier filing loaded for comparison.

Expenses

$628,709

No earlier filing loaded for comparison.

Net Income

-$628,709

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$15M$10M$5.0M$0-$5.0MAssets 2021: $13,026,291Liabilities 2021: $13,655,000Net Assets 2021: -$628,7092021Assets 2022: $12,587,270Liabilities 2022: $13,655,000Net Assets 2022: -$1,067,7302022Assets 2024: $13,691,888Liabilities 2024: $13,384,313Net Assets 2024: $307,5752024

Highlighted filing

2021

Assets$13,026,291
Liabilities$13,655,000
Net Assets-$628,709
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.5M$1.0M$500K$0-$500K-$1.0MRevenue 2021: $0Expenses 2021: $628,709Net Income 2021: -$628,7092021Revenue 2022: $452,140Expenses 2022: $891,161Net Income 2022: -$439,0212022Revenue 2024: $982,959Expenses 2024: $1,229,423Net Income 2024: -$246,4642024

Highlighted filing

2021

Revenue$0
Expenses$628,709
Net Income-$628,709
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 14, 2022
Return Version
2020v4.2
Gross Receipts
$0
Mission and Program Overview

Mission

To benefit, perform the functions of or to carry out the purposes of Discovery Charter School, Inc. a public charter school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$13,026,291-
Total Assets$0$13,026,291▲ $13,026,291
Liabilities
Tax Exempt Bond Liabilities-$13,655,000-
Total Liabilities$0$13,655,000▲ $13,655,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$-628,709-
Total Net Assets Fund Balance$0$-628,709▼ $628,709
Total Liabilities and Net Assets / Fund Balance$0$13,026,291▲ $13,026,291

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,026,291$144,336$13,170,627
Compensation and Service Providers
Top Officer Pay21st percentile

Board Members and Trustees

NameTitle
Carl ForsythChair
Mario RodriguezVice Chair
Scott TalbertMember
Miya BrownSecretary
Jeff FaucetteTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-628,709
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$628,709
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$280,550--$280,550
Interest$168,504--$168,504
Depreciation Depletion$144,336--$144,336
Total Functional Expenses$628,709$0$0$628,709
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-

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2021-03-03$13,655,000Building permanent facilities

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$13,655,000---

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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

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

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

Filing and Contact Details

Filer

Filer Name
Discovery Charter School Foundation Inc
EIN
81-5323099
Phone
9848885504
Address
501 Orange Factory Road, Bahama, NC 27503

Signing Officer

Name
Carl Forsyth
Title
Board Chair
Phone
9848885504
Signed
2022-02-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Carl Forysth
Formed
2017
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Rebekah Barr CPA PC
Address
5422 Boswellville Road, Wilson, NC 27893
Preparer
Rebekah Barr
Phone
2522306294
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IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0628709
IRS990/TotalFunctionalExpensesGrp/TotalAmt0628709
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt013655000
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt013655000
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-628709
IRS990/TotalProgramServiceExpensesAmt0628709
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt013026291
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0true
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0501 Orange Factory Road
IRS990/USAddress/CityNm0Bahama
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027503
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/BuildTS02022-03-31 18:45:55Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Carl Forsyth
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Board Chair
ReturnHeader/BusinessOfficerGrp/PhoneNum09848885504
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-02-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Discovery Charter School Foundation Inc
ReturnHeader/Filer/BusinessNameControlTxt0DISC
ReturnHeader/Filer/EIN0815323099
ReturnHeader/Filer/PhoneNum09848885504
ReturnHeader/Filer/USAddress/AddressLine1Txt0501 Orange Factory Road
ReturnHeader/Filer/USAddress/CityNm0Bahama
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027503
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/PreparationDt02022-02-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Rebekah Barr
ReturnHeader/ReturnTs02022-02-14T05:21:53-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Carl
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Forysth
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,026,291
Liabilities
$13,655,000
Net assets
-$628,709
Revenue
$0
Expenses
$628,709
Net income
-$628,709
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$13.7$13.4$0.31$0.98$1.23$0.25
2022Detailed filing. Detailed filing data is available for this year.$12.6$13.7$1.07$0.45$0.89$0.44
2021Detailed filing. Detailed filing data is available for this year.$13.0$13.7$0.63$0.00$0.63$0.63