Civic Intelligence

Softec Education Inc.

990 • Fiscal year 2022 • EIN 82-2164004

Jan 01, 2022 to Dec 31, 2022 • Filed on May 10, 2023

Organization ProfileWWW.SOFTECEDUCATION.ORG
PO Box 451Siren, WI 54872

(715) 349-7545

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.79x

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

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

97th percentile

1.63x

Higher debt load relative to revenue than 97% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

21st percentile

-16%

Higher net margin than 21% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

78th percentile

$0

Higher top officer pay than 78% of similar nonprofits.

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

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

19th percentile

-24%

Faster asset growth than 19% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

7th percentile

-68%

Faster revenue growth than 7% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Down

$153,961

Down $48,453 (-24%) from 2021

Net Assets

Down

$32,348

Down $11,789 (-27%) from 2021

Liabilities

Down

$121,613

Down $36,664 (-23%) from 2021

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin21st percentile

Revenue

Down

$74,397

Down $155,556 (-68%) from 2021

Expenses

Down

$86,186

Down $158,932 (-65%) from 2021

Net Income

Up

-$11,789

Up $3,376 (+22%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

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

$300K$200K$100K$0Assets 2018: $139,461Liabilities 2018: $117,628Net Assets 2018: $21,8332018Assets 2019: $137,455Liabilities 2019: $116,092Net Assets 2019: $21,3632019Assets 2020: $188,260Liabilities 2020: $128,959Net Assets 2020: $59,3012020Assets 2021: $202,414Liabilities 2021: $158,277Net Assets 2021: $44,1372021Assets 2022: $153,961Liabilities 2022: $121,613Net Assets 2022: $32,3482022Assets 2023: $141,117Liabilities 2023: $104,560Net Assets 2023: $36,5572023Assets 2024: $128,068Liabilities 2024: $94,191Net Assets 2024: $33,8772024

Highlighted filing

2022

Assets$153,961
Liabilities$121,613
Net Assets$32,348
Open 2022 Filing

Operations Trend

Revenue Growth7th percentile

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

$300K$200K$100K$0-$100KRevenue 2018: $62,029Expenses 2018: $40,196Net Income 2018: $21,8332018Revenue 2019: $168,657Expenses 2019: $169,127Net Income 2019: -$4702019Revenue 2020: $122,879Expenses 2020: $84,940Net Income 2020: $37,9392020Revenue 2021: $229,953Expenses 2021: $245,118Net Income 2021: -$15,1652021Revenue 2022: $74,397Expenses 2022: $86,186Net Income 2022: -$11,7892022Revenue 2023: $108,982Expenses 2023: $104,773Net Income 2023: $4,2092023Revenue 2024: $48,585Expenses 2024: $51,265Net Income 2024: -$2,6802024

Highlighted filing

2022

Revenue$74,397
Expenses$86,186
Net Income-$11,789
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 10, 2023
Return Version
2022v5.0
Gross Receipts
$74,397
Mission and Program Overview

Mission

Softec education, inc's mission is to provide a coordinated and collaborative educational training center pregram in the economically depressed northern counties, specifically burnett and the surrounding counties, of the state of wisconsin, to primarily unemployed and underemployed individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$135,530$131,209▼ $4,321
Cash and Non-Interest-Bearing Accounts$66,884$22,752▼ $44,132
Total Assets$202,414$153,961▼ $48,453
Liabilities
Unsecured Notes Loans Payable$107,652$102,590▼ $5,062
Other Liabilities$50,625$19,023▼ $31,602
Total Liabilities$158,277$121,613▼ $36,664
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$44,137$32,348▼ $11,789
Total Net Assets Fund Balance$44,137$32,348▼ $11,789
Total Liabilities and Net Assets / Fund Balance$202,414$153,961▼ $48,453

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$91,097$13,269$104,366
Land$34,789-$34,789
Equipment$5,323$2,902$8,225
Compensation and Service Providers
Top Officer Pay78th percentile

Board Members and Trustees

NameTitle
Bruce AllenPresident/se
Gary GerdsDirector
Thelma JohnsonDirector
Maureen WilsonExecutive Di
Jerry TischerVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$74,397
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$35,000
Change in Net Assets
$-11,789

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table1$30,000
Total Noncash Contributions1$30,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$86,186
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
Fees for Services Other$56,688$261-$56,949
Advertising$3,644$3,644-$7,288
Interest$2,970$2,970-$5,940
Fees for Services Accounting$2,747$2,748-$5,495
Depreciation Depletion$4,321--$4,321
Office Expenses$1,885$1,886-$3,771
Occupancy$1,211$1,211-$2,422
Total Functional Expenses$73,466$12,720$0$86,186
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
Sba Loan$19,023
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“A copy of the 990 is kept at the office of the taxpayer. A copy of the taxpayer's form 990 can be accessed via guidestar.org.”

Filing and Contact Details

Filer

Filer Name
Softec Education Inc
EIN
82-2164004
Phone
7153497545
Address
PO BOX 451, SIREN, WI 54872

Signing Officer

Name
Bruce Allen
Title
President/secretary
Phone
7156889629
Signed
2023-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bruce Allen
Formed
2018
Legal Domicile
Wi
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Adler Cpas & Advisors
Address
1706 YORK ST STE 8, BLOOMER, WI 54724-1921
Preparer
David Adler
Phone
7155685189
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Softec education, inc's mission is to provide a coordinated and collaborative educational training center pregram in the economically depressed northern counties, specifically burnett and the surrounding counties, of the state of wisconsin, to primarily unemployed and underemployed individuals.”

Form 990, Part IX, Line 11G

“Training 49,000 0 0 equipment lease 5,000 0 0 bank service charges 0 73 0 engineering 2,500 0 0 meals 188 188 0 total 56,688 261 0”

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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/ExplanationTxt0SOFTEC EDUCATION, INC'S MISSION IS TO PROVIDE A COORDINATED AND COLLABORATIVE EDUCATIONAL TRAINING CENTER PREGRAM IN THE ECONOMICALLY DEPRESSED NORTHERN COUNTIES, SPECIFICALLY BURNETT AND THE SURROUNDING COUNTIES, OF THE STATE OF WISCONSIN, TO PRIMARILY UNEMPLOYED AND UNDEREMPLOYED INDIVIDUALS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF THE 990 IS KEPT AT THE OFFICE OF THE TAXPAYER. A COPY OF THE TAXPAYER'S FORM 990 CAN BE ACCESSED VIA GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TRAINING 49,000 0 0 EQUIPMENT LEASE 5,000 0 0 BANK SERVICE CHARGES 0 73 0 ENGINEERING 2,500 0 0 MEALS 188 188 0 TOTAL 56,688 261 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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ReturnHeader/BusinessOfficerGrp/PhoneNum07156889629
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-10
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOFTEC EDUCATION INC
ReturnHeader/Filer/BusinessNameControlTxt0SOFT
ReturnHeader/Filer/EIN0822164004
ReturnHeader/Filer/PhoneNum07153497545
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 451
ReturnHeader/Filer/USAddress/CityNm0SIREN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
ReturnHeader/Filer/USAddress/ZIPCd054872
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0461661225
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ADLER CPAS & ADVISORS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01706 YORK ST STE 8
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BLOOMER
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0547241921
ReturnHeader/PreparerPersonGrp/PhoneNum07155685189
ReturnHeader/PreparerPersonGrp/PreparationDt02023-05-10
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DAVID ADLER
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02023-05-24T08:59:17-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0BRUCE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ALLEN
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$153,961
Liabilities
$121,613
Net assets
$32,348
Revenue
$74,397
Expenses
$86,186
Net income
-$11,789
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.28$0.94$0.34$0.49$0.51$0.03
2023Detailed filing. Detailed filing data is available for this year.$1.41$1.05$0.37$1.09$1.05$0.04
2022Detailed filing. Detailed filing data is available for this year.$1.54$1.22$0.32$0.74$0.86$0.12
2021Detailed filing. Detailed filing data is available for this year.$2.02$1.58$0.44$2.30$2.45$0.15
2020Detailed filing. Detailed filing data is available for this year.$1.88$1.29$0.59$1.23$0.85$0.38
2019Detailed filing. Detailed filing data is available for this year.$1.37$1.16$0.21$1.69$1.69$0.00
2018Detailed filing. Detailed filing data is available for this year.$1.39$1.18$0.22$0.62$0.40$0.22