Civic Intelligence

Myfuturenc Inc.

990 • Fiscal year 2020 • EIN 84-2326658

Jan 01, 2020 to Dec 31, 2020 • Filed on Jul 14, 2021

Organization Profilewww.myfuturenc.org
301 N Wilmington StreetRaleigh, NC 27601-2825

(919) 515-9186

Siviq Scores

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

Liabilities / Assets

30th percentile

0.02x

Higher debt load relative to assets than 30% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

28th percentile

0.02x

Higher debt load relative to revenue than 28% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Net Margin

96th percentile

76%

Higher net margin than 96% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

89th percentile

$217,812

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 5.1% of source-year revenue.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Asset Growth

97th percentile

270%

Faster asset growth than 97% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

97th percentile

239%

Faster revenue growth than 97% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets30th percentile

Assets

Up

$4,553,818

Up $3,324,375 (+270%) from 2019

Net Assets

Up

$4,466,360

Up $3,237,727 (+264%) from 2019

Liabilities

Up

$87,458

Up $86,648 (+10697%) from 2019

Revenue And Expenses
Liabilities / Revenue28th percentileNet Margin96th percentile

Revenue

Up

$4,240,000

Up $2,990,000 (+239%) from 2019

Expenses

Up

$1,002,273

Up $980,906 (+4591%) from 2019

Net Income

Up

$3,237,727

Up $2,009,094 (+164%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth97th percentile

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

$10M$5.0M$0Assets 2019: $1,229,443Liabilities 2019: $810Net Assets 2019: $1,228,6332019Assets 2020: $4,553,818Liabilities 2020: $87,458Net Assets 2020: $4,466,3602020Assets 2021: $5,795,785Liabilities 2021: $46,214Net Assets 2021: $5,749,5712021Assets 2022: $6,058,127Liabilities 2022: $89,763Net Assets 2022: $5,968,3642022Assets 2023: $6,454,167Liabilities 2023: $59,844Net Assets 2023: $6,394,3232023Assets 2024: $8,527,039Liabilities 2024: $2,064,027Net Assets 2024: $6,463,0122024

Highlighted filing

2020

Assets$4,553,818
Liabilities$87,458
Net Assets$4,466,360
Open 2020 Filing

Operations Trend

Revenue Growth97th percentile

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

$6.0M$4.0M$2.0M$0Revenue 2019: $1,250,000Expenses 2019: $21,367Net Income 2019: $1,228,6332019Revenue 2020: $4,240,000Expenses 2020: $1,002,273Net Income 2020: $3,237,7272020Revenue 2021: $3,498,615Expenses 2021: $2,215,404Net Income 2021: $1,283,2112021Revenue 2022: $3,385,195Expenses 2022: $3,166,402Net Income 2022: $218,7932022Revenue 2023: $3,871,657Expenses 2023: $3,721,364Net Income 2023: $150,2932023Revenue 2024: $3,782,304Expenses 2024: $3,713,615Net Income 2024: $68,6892024

Highlighted filing

2020

Revenue$4,240,000
Expenses$1,002,273
Net Income$3,237,727
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jul 14, 2021
Return Version
2020v4.1
Gross Receipts
$4,240,000
Mission and Program Overview

Mission

Myfuturencs mission is to prepare north carolina for the future by empowering individuals, strengthening communities, and ensuring our economic viability in a global economy.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,228,633$3,474,043▲ $2,245,410
Pledges and Grants Receivable$0$1,000,000▲ $1,000,000
Prepaid Expenses and Deferred Charges$810$34,325▲ $33,515
Accounts Receivable$0$450▲ $450
Savings and Temporary Cash Investments$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 Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,229,443$4,553,818▲ $3,324,375
Other Assets Total$0$45,000▲ $45,000
Liabilities
Accounts Payable and Accrued Expenses$810$57,323▲ $56,513
Unsecured Notes Loans Payable$0$30,135▲ $30,135
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$810$87,458▲ $86,648
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,228,633$2,736,360▲ $1,507,727
Net Assets With Donor Restrictions$0$1,730,000▲ $1,730,000
Total Net Assets Fund Balance$1,228,633$4,466,360▲ $3,237,727
Total Liabilities and Net Assets / Fund Balance$1,229,443$4,553,818▲ $3,324,375
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Cecilia HoldenPresident & CEOFT$200,900$16,912$217,812

Board Members and Trustees

NameTitle
Dale JenkinsChair
Peter HansVice-Chair
Ann GoodnightDirector
Anna Spangler NelsonDirector
Bill CarverDirector
David MountsDirector
Deanna BallardDirector
Dr Hope WilliamsDirector
Eric DavisDirector
Gary SalamidoDirector
Geoff ColtraneDirector
Jack CecilDirector
John FraleyDirector
Kathryn BlackDirector
Kevin HowellDirector
Lynn GoodDirector
Mark JohnsonDirector
MC Belk PilonSecretary/Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
The University of NC at Chapel HillData analysis123 W Franklin Street Suite 210, Chapel Hill, NC 27516$150,000
Revenue and Support

Revenue Composition

Contributions and Grants
$4,240,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$4,240,000
Change in Net Assets
$3,237,727

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,240,000
Revenue Not Reported on Form 990
$497,010
Total Revenue per Audited Statements
$4,737,010
Total Revenue per Form 990
$4,240,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$669,316
Other Expenses$332,957
Total Fundraising Expense$65,865
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$287,944$63,719$26,892$378,555
Current Officers, Directors, Trustees, and Key Employees$174,249$21,781$21,781$217,811
Fees for Services Other$169,314$17,878$9,333$196,525
Conferences and Meetings$52,282--$52,282
Advertising$45,727$300-$46,027
Payroll Taxes$30,596$6,087$3,338$40,021
Other Employee Benefits$14,924$4,039$778$19,741
Pension Plan Contributions$9,916$2,324$948$13,188
Information Technology$9,190$1,712$1,712$12,614
Fees for Services Legal-$8,753-$8,753
Insurance-$6,701-$6,701
Travel$2,647$493$493$3,633
Fees for Services Accounting-$2,500-$2,500
Office Expenses$820$153$153$1,126
Other Expenses$547$310$201$1,058
Total Functional Expenses$799,422$136,986$65,865$1,002,273

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,499,283
Expenses per Audited Statements$1,002,273
Total Expenses per Form 990$1,002,273
Expenses Not Reported on Form 990$497,010
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
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 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
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

Governance Explanations

FORM 990, PART VI, LINE 4:

“AMENDMENTS TO BYLAWS INCLUDED: 1) AMENDED Language TO CLARIFY EX-OFFICIO POSITIONS 2) CHANGE OF ANNUAL MEETING DATE 3) CLARIFICATION OF PRESIDENT/CEO ROLE ON BOARD 4) CHANGES AND ADDITIONS TO STANDING COMMITTEES 5) CHANGE TO NOTICE PERIOD AND TIMING FOR BOARD MEMBER NOMINATIONS 6) ADDED Clarification FOR ELECTION AND TERMS OF BOARD MEMBERS.”

FORM 990, PART VI, LINE 11B:

“The audit & finance committee reviews a copy of the draft form 990 prior to filing. In addition, a copy of the form 990 is made available to the board of directors for their review prior to filing.”

FORM 990, PART VI, LINE 12C:

“The board of directors reviews annually the conflict of interest policy and collects signed acknowledgment letters from each director as to their understanding and compliance with the conflict of interest policy.”

FORM 990, PART VI, LINE 15A:

“The board of directors reviews and approves compensation based on comparable industry guidelines, labor data, and market research.”

FORM 990, PART VI, LINE 19:

“The organization makes its governing documents, conflict of interest policy, and financial statements available upon request to the public.”

Filing and Contact Details

Filer

Filer Name
myFutureNC Inc
EIN
84-2326658
In Care Of
% NICK BORNHOFT CPA
Phone
9195159186
Address
301 N Wilmington Street, Raleigh, NC 27601-2825

Signing Officer

Name
Cecilia Holden
Title
President & CEO
Phone
9195159186
Signed
2021-07-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cecilia Holden
Formed
2019
Legal Domicile
Nc
Voting Board Members
18
Independent Board Members
18
Employees
7
Volunteers
18

Preparer

Firm
Bdo USA Llp
Address
1100 Peachtree Street Suite 700, ATLANTA, GA 30309-4516
Preparer
Sandra L Feinsmith
Phone
4046886841
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1, ORGANIZATION'S MISSION:

“Myfuturenc is working throughout the state to close gaps in postsecondary attainment, promote alignment between educational programming and business/industry needs, and ultimately improve the quality of educational opportunities for all north carolinians.”

FORM 990, PART III, LINE 2:

“2020 PROGRAMMATIC SERVICES HAVE EXPANDED TO INCLUDE ADVOCACY, DATA, AND LOCAL/REGIONAL initiatives.”

FORM 990, PART XII, LINE 2C:

“The organization will require an annual audit by an independent cpa firm. The audit & finance committee is responsible for selection and oversight of the external cpa firm.”

Form 990 Part IX Line 11G

“Description:data services total fees:125000”

Form 990 Part IX Line 11G

“Description:consulting services total fees:58647”

Form 990 Part IX Line 11G

“Description:payroll service fees total fees:12878”

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IRS990/Form990PartVIISectionAGrp/PersonNm13Kevin Howell
IRS990/Form990PartVIISectionAGrp/PersonNm14Mark Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm15David Mounts
IRS990/Form990PartVIISectionAGrp/PersonNm16Anna Spangler Nelson
IRS990/Form990PartVIISectionAGrp/PersonNm17Gary Salamido
IRS990/Form990PartVIISectionAGrp/PersonNm18Dr Hope Williams
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt0200900
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt180
IRS990/Form990PartVIISectionAGrp/TitleTxt0President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Vice-Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary/Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
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IRS990/FormationYr02019
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IRS990/GrantsToDomesticOrgsGrp/TotalAmt00
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IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
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IRS990/GrossSalesOfInventoryAmt00
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IRS990/IncludeFIN48FootnoteInd0false
IRS990/IncmFromInvestBondProceedsGrp/TotalRevenueColumnAmt00
IRS990/IndependentAuditFinclStmtInd0true
IRS990/IndependentVotingMemberCnt018
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/FundraisingAmt01712
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt01712
IRS990/InformationTechnologyGrp/ProgramServicesAmt09190
IRS990/InformationTechnologyGrp/TotalAmt012614
IRS990/InsuranceGrp/ManagementAndGeneralAmt06701
IRS990/InsuranceGrp/TotalAmt06701
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IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/TotalAmt00
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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt00
IRS990/InvestmentsProgramRelatedGrp/BOYAmt00
IRS990/InvestmentsProgramRelatedGrp/EOYAmt00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt00
IRS990/InvestmentsPubTradedSecGrp/EOYAmt00
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt00
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IRS990/LoanOutstandingInd0false
IRS990/LoansFromOfficersDirectorsGrp/BOYAmt00
IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0MYFUTURENCS MISSION IS TO PREPARE NORTH CAROLINA FOR THE FUTURE BY EMPOWERING INDIVIDUALS, STRENGTHENING COMMUNITIES, AND ENSURING OUR ECONOMIC VIABILITY IN A GLOBAL ECONOMY.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt00
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IRS990/NetAssetsOrFundBalancesEOYAmt04466360
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0153
IRS990/OfficeExpensesGrp/ProgramServicesAmt0820
IRS990/OfficeExpensesGrp/TotalAmt01126
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt014924
IRS990/OtherEmployeeBenefitsGrp/TotalAmt019741
IRS990/OtherExpensesGrp/Desc0PROFESSIONAL DEVELOPMENT
IRS990/OtherExpensesGrp/Desc1DUES & SUBSCRIPTIONS
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IRS990/OtherExpensesGrp/FundraisingAmt1201
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0236
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1310
IRS990/OtherExpensesGrp/ProgramServicesAmt01266
IRS990/OtherExpensesGrp/ProgramServicesAmt1547
IRS990/OtherExpensesGrp/TotalAmt01738
IRS990/OtherExpensesGrp/TotalAmt11058
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IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherRevenueTotalAmt00
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt063719
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0287944
IRS990/OtherSalariesAndWagesGrp/TotalAmt0378555
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
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IRS990/PayrollTaxesGrp/ProgramServicesAmt030596
IRS990/PayrollTaxesGrp/TotalAmt040021
IRS990/PensionPlanContributionsGrp/FundraisingAmt0948
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt02324
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt09916
IRS990/PensionPlanContributionsGrp/TotalAmt013188
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0810
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt034325
IRS990/PrincipalOfficerNm0Cecilia Holden
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgSrvcAccomActy2Grp/Desc0DATA - PROGRAMMATIC EFFORTS TO MEASURE PROGRESS TOWARD NORTH CAROLINA EDUCATIONAL ATTAINMENT GOALS INCLUDING THE DEVELOPMENT, PUBLICATION, AND UPDATE OF A DATA DASHBOARD.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0216058
IRS990/ProgSrvcAccomActy3Grp/Desc0LOCAL AND REGIONAL INITIATIVES - PROGRAMMATIC EFFORTS TO CATALYZE AND SUPPORT NEW AND ONGOING LOCAL AND REGIONAL EDUCATIONAL ATTAINMENT FOCUSED INITIATIVES.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0100741
IRS990/ProhibitedTaxShelterTransInd0false

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,553,818
Liabilities
$87,458
Net assets
$4,466,360
Revenue
$4,240,000
Expenses
$1,002,273
Net income
$3,237,727
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.53$2.06$6.46$3.78$3.71$0.07
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.45$0.06$6.39$3.87$3.72$0.15
2022Detailed filing. Detailed filing data is available for this year.$6.06$0.09$5.97$3.39$3.17$0.22
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.80$0.05$5.75$3.50$2.22$1.28
2020Detailed filing. Detailed filing data is available for this year.$4.55$0.09$4.47$4.24$1.00$3.24
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.23$0.00$1.23$1.25$0.02$1.23