Civic Intelligence

Schermco Foundation Inc.

990 • Fiscal year 2023 • EIN 85-3967606

Jan 01, 2023 to Dec 31, 2023 • Filed on May 16, 2024

Organization Profilescherm.co
809 Westmere Avenue C146Charlotte, NC 28208

(419) 367-0119

Siviq Scores

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

Liabilities / Assets

80th percentile

0.06x

Higher debt load relative to assets than 80% of similar nonprofits.

2023 filings • NTEE B • <$500k nonprofits • Source year 2023

Liabilities / Revenue

83rd percentile

0.06x

Higher debt load relative to revenue than 83% of similar nonprofits.

2023 filings • NTEE B • <$500k nonprofits • Source year 2023

Net Margin

76th percentile

35%

Higher net margin than 76% of similar nonprofits.

2023 filings • NTEE B • <$500k nonprofits • Source year 2023

Top Officer Pay

86th percentile

$0

Higher top officer pay than 86% of similar nonprofits.

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

2023 filings • NTEE B • <$500k nonprofits • Source year 2023

Asset Growth

86th percentile

55%

Faster asset growth than 86% of similar nonprofits.

2023 filings • NTEE B • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

87th percentile

104%

Faster revenue growth than 87% of similar nonprofits.

2023 filings • NTEE B • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets80th percentile

Assets

Flat

$285,672

Flat from 2023

Net Assets

Flat

$269,959

Flat from 2023

Liabilities

Flat

$15,713

Flat from 2023

Revenue And Expenses
Liabilities / Revenue83rd percentileNet Margin76th percentile

Revenue

Flat

$245,546

Flat from 2023

Expenses

Flat

$159,917

Flat from 2023

Net Income

Flat

$85,629

Flat from 2023

Historical Trend

Balance Sheet Trend

Asset Growth86th percentile

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

$600K$400K$200K$0Assets 2020: $49,000Liabilities 2020: $735Net Assets 2020: $48,2652020Assets 2021: $97,295Liabilities 2021: $02021Assets 2022: $184,329Liabilities 2022: $0Net Assets 2022: $184,3292022Assets 2023: $285,672Liabilities 2023: $15,713Net Assets 2023: $269,9592023Assets 2023: $285,672Liabilities 2023: $15,713Net Assets 2023: $269,9592023Assets 2024: $320,917Liabilities 2024: $13,818Net Assets 2024: $307,0992024Assets 2025: $549,472Liabilities 2025: $225,398Net Assets 2025: $324,0742025

Highlighted filing

2023

Assets$285,672
Liabilities$15,713
Net Assets$269,959
Open 2023 Filing

Operations Trend

Revenue Growth87th percentile

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

$400K$300K$200K$100K$0Revenue 2020: $50,750Expenses 2020: $2,485Net Income 2020: $48,2652020Revenue 2021: $114,099Expenses 2021: $65,069Net Income 2021: $49,0302021Revenue 2022: $120,375Expenses 2022: $33,341Net Income 2022: $87,0342022Revenue 2023: $245,546Expenses 2023: $159,917Net Income 2023: $85,6292023Revenue 2023: $245,546Expenses 2023: $159,917Net Income 2023: $85,6292023Revenue 2024: $349,639Expenses 2024: $312,499Net Income 2024: $37,1402024Revenue 2025: $110,457Expenses 2025: $93,482Net Income 2025: $16,9752025

Highlighted filing

2023

Revenue$245,546
Expenses$159,917
Net Income$85,629
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 16, 2024
Return Version
2023v5.0
Gross Receipts
$245,546
Mission and Program Overview

Mission

Increase educational equity by investing

The organization was formed to further invest and support equity in education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$121,222$216,668▲ $95,446
Accounts Receivable$50,000$55,200▲ $5,200
Savings and Temporary Cash Investments$13,107$13,804▲ $697
Total Assets$184,329$285,672▲ $101,343
Liabilities
Accounts Payable and Accrued Expenses-$15,713-
Total Liabilities$0$15,713▲ $15,713
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$184,329$269,959▲ $85,630
Total Net Assets Fund Balance$184,329$269,959▲ $85,630
Total Liabilities and Net Assets / Fund Balance$184,329$285,672▲ $101,343
Compensation and Service Providers
Top Officer Pay86th percentile

Board Members and Trustees

NameTitle
Greg SchermbeckBoard Chair
Crystal RountreeDirector
Lori SchermbeckSecretary
Brandon ZieglerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$130,952
Program Service Revenue
$111,890
Investment Income
$2,704
Other Revenue
$0
All Other Contributions
$130,952
Change in Net Assets
$85,629
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$86,631
Salaries, Compensation, and Employee Benefits$73,286
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$55,980--$55,980
Fees for Services Management$40,386$12,000-$52,386
Pension Plan Contributions$9,175--$9,175
Fees for Services Other$8,295--$8,295
Payroll Taxes$4,807--$4,807
Fees for Services Accounting-$4,680-$4,680
Other Employee Benefits$3,324--$3,324
Occupancy$1,472--$1,472
Insurance-$1,279-$1,279
Travel$1,256--$1,256
Information Technology$1,066--$1,066
Office Expenses$338--$338
Other Expenses$80$753-$80
All Other Expenses-$6-$6
Total Functional Expenses$139,866$20,051$0$159,917
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
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 A, line 2

“Greg Schermbeck and Lori Schermbeck are related. She is his mother.”

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

“A draft copy of the tax return will be provided to the governing body before the return is filed.”

Form 990, Part VI, Section C, line 19

“The organization makes its governing documents, conflict of interest policy, and Form 990 available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
SchermCo Foundation
EIN
85-3967606
Phone
4193670119
Address
809 Westmere Avenue C146, Charlotte, NC 28208

Signing Officer

Name
Gregory Schermbeck
Title
Chair
Phone
4193670119
Signed
2024-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gregory Schermbeck
Formed
2020
Legal Domicile
Nc
Voting Board Members
4
Independent Board Members
2
Employees
2
Volunteers
4

Preparer

Firm
BNA CPAs & Advisors
Address
596 Herrons Ferry Rd 5th Floor, Rock Hill, SC 29730
Preparer
Bernard N Ackerman CPA
Phone
8033668371
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Rounding 1.”

Raw XML Appendix337 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/ExplanationTxt0Greg Schermbeck and Lori Schermbeck are related. She is his mother.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A draft copy of the tax return will be provided to the governing body before the return is filed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The organization makes its governing documents, conflict of interest policy, and Form 990 available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Rounding 1.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part XI, line 9:
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0570707119
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BNA CPAs & Advisors
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0596 Herrons Ferry Rd 5th Floor
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Rock Hill
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd029730
ReturnHeader/PreparerPersonGrp/PhoneNum08033668371
ReturnHeader/PreparerPersonGrp/PreparationDt02024-05-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Bernard N Ackerman CPA
ReturnHeader/ReturnTs02024-05-20T08:30:38-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Gregory
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Schermbeck
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$285,672
Liabilities
$15,713
Net assets
$269,959
Revenue
$245,546
Expenses
$159,917
Net income
$85,629
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.49$2.25$3.24$1.10$0.93$0.17
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.21$0.14$3.07$3.50$3.12$0.37
2023Detailed filing. Detailed filing data is available for this year.$2.86$0.16$2.70$2.46$1.60$0.86
2023Summary only. Only limited summary data is available for this year.$2.86$0.16$2.70$2.46$1.60$0.86
2022Detailed filing. Detailed filing data is available for this year.$1.84$0.00$1.84$1.20$0.33$0.87
2021Summary only. Only limited summary data is available for this year.$0.97$0.00$1.14$0.65$0.49
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.49$0.01$0.48$0.51$0.02$0.48