Civic Intelligence

Bright Beginnings Academy Inc.

990 • Fiscal year 2021 • EIN 82-0603463

Jan 01, 2021 to Dec 31, 2021 • Filed on Jul 13, 2022

106 Beanway StElizabeth City, NC 27909

(252) 619-5090

Siviq Scores

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

Liabilities / Assets

79th percentile

0.51x

Higher debt load relative to assets than 79% of similar nonprofits.

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

Liabilities / Revenue

74th percentile

0.31x

Higher debt load relative to revenue than 74% of similar nonprofits.

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

Net Margin

37th percentile

3.8%

Higher net margin than 37% of similar nonprofits.

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

Top Officer Pay

94th percentile

$282,900

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 18.6% of source-year revenue.

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

Asset Growth

47th percentile

9.2%

Faster asset growth than 47% of similar nonprofits.

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

Revenue Growth

46th percentile

7.9%

Faster revenue growth than 46% of similar nonprofits.

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

Assets

Up

$912,170

Up $77,064 (+9.2%) from 2020

Net Assets

Up

$446,542

Up $214,950 (+93%) from 2020

Liabilities

Down

$465,628

Down $137,886 (-23%) from 2020

Revenue

Up

$1,520,311

Up $111,925 (+7.9%) from 2020

Expenses

Up

$1,462,667

Up $191,081 (+15%) from 2020

Net Income

Down

$57,644

Down $79,156 (-58%) from 2020

Historical Trend

Balance Sheet Trend

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

$1.0M$500K$0Assets 2018: $388,110Liabilities 2018: $357,576Net Assets 2018: $30,5342018Assets 2019: $405,511Liabilities 2019: $310,719Net Assets 2019: $94,7922019Assets 2020: $835,106Liabilities 2020: $603,514Net Assets 2020: $231,5922020Assets 2021: $912,170Liabilities 2021: $465,628Net Assets 2021: $446,5422021Assets 2022: $722,647Liabilities 2022: $347,105Net Assets 2022: $375,5422022Assets 2023: $697,357Liabilities 2023: $317,346Net Assets 2023: $380,0112023Assets 2024: $538,143Liabilities 2024: $128,150Net Assets 2024: $409,9932024

Highlighted filing

2021

Assets$912,170
Liabilities$465,628
Net Assets$446,542

Operations Trend

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

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2018: $667,377Expenses 2018: $634,881Net Income 2018: $32,4962018Revenue 2019: $907,418Expenses 2019: $846,937Net Income 2019: $60,4812019Revenue 2020: $1,408,386Expenses 2020: $1,271,586Net Income 2020: $136,8002020Revenue 2021: $1,520,311Expenses 2021: $1,462,667Net Income 2021: $57,6442021Revenue 2022: $1,810,578Expenses 2022: $1,827,085Net Income 2022: -$16,5072022Revenue 2023: $1,492,631Expenses 2023: $1,488,128Net Income 2023: $4,5032023Revenue 2024: $1,631,904Expenses 2024: $1,601,922Net Income 2024: $29,9822024

Highlighted filing

2021

Revenue$1,520,311
Expenses$1,462,667
Net Income$57,644
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jul 13, 2022
Return Version
2021v4.1
Gross Receipts
$1,520,311
Mission and Program Overview

Mission

To provide services for low-income families and one parent households who have preschool children in need of quality child care services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$429,598$548,799▲ $119,201
Rtn Earn Endowment Incm Other Fnds$231,592$446,542▲ $214,950
Cash and Non-Interest-Bearing Accounts$405,508$363,371▼ $42,137
Loans From Officers Directors$34,447$27,976▼ $6,471
Total Assets$835,106$912,170▲ $77,064
Liabilities
Mortgage Notes Payable Secured by Investment Property$566,390$434,630▼ $131,760
Other Liabilities$2,677$3,022▲ $345
Total Liabilities$603,514$465,628▼ $137,886
Net Assets / Fund Balance
Total Net Assets Fund Balance$231,592$446,542▲ $214,950
Total Liabilities and Net Assets / Fund Balance$835,106$912,170▲ $77,064

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$348,880--
Land$31,050--
Equipment$391,871--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Michele GregoryPresidentFT$282,900$282,900
Michele Gregory--$282,900$282,900
Deborah BillupsSec/TreasurerFT$28,740$28,740

Board Members and Trustees

NameTitle
Tangie BondChair person
Revenue and Support

Revenue Composition

Contributions and Grants
$302,647
Program Service Revenue
$1,216,269
Investment Income
$189
Other Revenue
$1,206
All Other Contributions
$302,647
Change in Net Assets
$57,644
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$833,057
Other Expenses$629,610
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$479,980$530$0$480,510
Other Salaries and Wages$469,681$0$0$469,681
Current Officers, Directors, Trustees, and Key Employees$0$311,640$0$311,640
Depreciation Depletion$94,165$0$0$94,165
Payroll Taxes$38,034$13,702$0$51,736
Interest$16,576$1,156$0$17,732
Insurance$16,982$0$0$16,982
Office Expenses$0$6,762$0$6,762
Fees for Services Accounting$0$6,750$0$6,750
Travel$4,785$0$0$4,785
Advertising$1,924$0$0$1,924
Total Functional Expenses$1,122,127$340,540$0$1,462,667
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$34,447$27,976▼ $6,471
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Nc W/h$3,009
Soc. Sec. W/H$13
Medicare W/H$0
Federal W/H$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
No
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
Filing and Contact Details

Filer

Filer Name
Bright Beginnings Academy Inc
EIN
82-0603463
Phone
2526195090
Address
106 Beanway St, Elizabeth City, NC 27909

Signing Officer

Name
Michelle Gregory
Title
President
Phone
2526195090
Signed
2022-07-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michelle Gregory
Formed
2017
Legal Domicile
Nc
Voting Board Members
4
Independent Board Members
3
Employees
37
Volunteers
2

Preparer

Firm
Winslow Accounting & Tax Service Inc
Address
857 Halstead Blvd, Elizabeth City, NC 27909
Preparer
Joseph S Winslow Jr
Phone
2523123080
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

An annual board meeting is held to review this form 990

Pt VI, Line 12C

Compliance is monitored at scheduled meetings

Pt VI, Line 19

Upon request, a written copy is provided

Pt XI

PPP loan forgiven & loan balances corrected

Form 990, Part IX, Line 24E

Truck License 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Food Purchases 100139. 100139. 0. 0.

Form 990, Part IX, Line 24E

Mowing & Landscaping 6697. 6697. 0. 0.

Form 990, Part IX, Line 24E

Pest Control 1590. 1590. 0. 0.

Form 990, Part IX, Line 24E

Postage 301. 301. 0. 0.

Form 990, Part IX, Line 24E

Rental equipment 1864. 1864. 0. 0.

Form 990, Part IX, Line 24E

Rental Dumpster 4763. 4763. 0. 0.

Form 990, Part IX, Line 24E

Repairs and maintenance 161642. 161642. 0. 0.

Form 990, Part IX, Line 24E

Supplies 116689. 116689. 0. 0.

Form 990, Part IX, Line 24E

Required meals on job 7413. 7413. 0. 0.

Form 990, Part IX, Line 24E

City & Co. property tax 11776. 11776. 0. 0.

Form 990, Part IX, Line 24E

License & permits 750. 750. 0. 0.

Form 990, Part IX, Line 24E

Telephone 11419. 11419. 0. 0.

Form 990, Part IX, Line 24E

Utilities 23779. 23779. 0. 0.

Form 990, Part IX, Line 24E

Auto & Truck Expense 7764. 7764. 0. 0.

Form 990, Part IX, Line 24E

Inspections/fees 485. 485. 0. 0.

Form 990, Part IX, Line 24E

Lease 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Customer Refund 218. 218. 0. 0.

Form 990, Part IX, Line 24E

Continuing Education 10436. 10436. 0. 0.

Form 990, Part IX, Line 24E

Activities for members 112. 112. 0. 0.

Form 990, Part IX, Line 24E

Heating Oil & Fuel 2656. 2656. 0. 0.

Form 990, Part IX, Line 24E

Bank Service Charges 530. 0. 530. 0.

Form 990, Part IX, Line 24E

Donations 250. 250. 0. 0.

Form 990, Part IX, Line 24E

Dues 326. 326. 0. 0.

Form 990, Part IX, Line 24E

Laundry and Cleaning 8911. 8911. 0. 0.

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt20
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt33009
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Soc. Sec. W/H
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Medicare W/H
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Federal W/H
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3NC W/H
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0771801
IRS990ScheduleD/TotalLiabilityAmt03022
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0282900
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Michele Gregory
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0282900
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0Michelle Gregory manages this Academy and earned more that $150,000
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Other
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt027976
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd0true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0Setup
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt052000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0Michele Gregory
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0President
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd0true
IRS990ScheduleL/TotalBalanceDueAmt027976
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0An annual board meeting is held to review this form 990
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Compliance is monitored at scheduled meetings
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Upon request, a written copy is provided
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PPP loan forgiven & loan balances corrected
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Truck License 0. 0. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Food Purchases 100139. 100139. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Mowing & Landscaping 6697. 6697. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Pest Control 1590. 1590. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Postage 301. 301. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9Rental equipment 1864. 1864. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10Rental Dumpster 4763. 4763. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11Repairs and maintenance 161642. 161642. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12Supplies 116689. 116689. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13Required meals on job 7413. 7413. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt14City & Co. property tax 11776. 11776. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt15License & permits 750. 750. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt16Telephone 11419. 11419. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt17Utilities 23779. 23779. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt18Auto & Truck Expense 7764. 7764. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt19Inspections/fees 485. 485. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt20Lease 0. 0. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt21Customer Refund 218. 218. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt22Continuing Education 10436. 10436. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt23Activities for members 112. 112. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt24Heating Oil & Fuel 2656. 2656. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt25Bank Service Charges 530. 0. 530. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt26Donations 250. 250. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt27Dues 326. 326. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt28Laundry and Cleaning 8911. 8911. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt XI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc11Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc12Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc13Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc14Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc15Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc16Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc17Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc18Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc19Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc20Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc21Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc22Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc23Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc24Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc25Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc26Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc27Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc28Form 990, Part IX, Line 24e
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0835106
IRS990/TotalAssetsEOYAmt0912170
IRS990/TotalAssetsGrp/BOYAmt0835106
IRS990/TotalAssetsGrp/EOYAmt0912170
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt0302647
IRS990/TotalEmployeeCnt037
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0340540
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01122127
IRS990/TotalFunctionalExpensesGrp/TotalAmt01462667
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0603514
IRS990/TotalLiabilitiesEOYAmt0465628
IRS990/TotalLiabilitiesGrp/BOYAmt0603514
IRS990/TotalLiabilitiesGrp/EOYAmt0465628
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0231592
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0446542
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01122127

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