Securing Assets for Education FY2021 filing

Tax-deductible

Moncks Corner, SC501(c)(3)Since 2003EducationEIN 20-0381906

Organized to construct and renovate berkeley county school district facilities.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $428K a year · under 1% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.0 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$222.4M
100% of total assets
Concern: liabilities are 100% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.8M
-18% vs prior year
Spent
$8.4M
To programs
100%
Net assets
−$690K
By yearFY2020–FY2024
Revenue
$7.8M
FY2021▼ -18%
Revenue by fiscal year
FY2020$9.5M
FY2021$7.8M
FY2022$22.8M
FY2023$31.7M
FY2024$183.2M
FY2024$26.8M
Expenses
$8.4M
FY2021▼ -12%
Expenses by fiscal year
FY2020$9.6M
FY2021$8.4M
FY2022$22.1M
FY2023$30.7M
FY2024$182.1M
FY2024$25.8M
Net assets
−$690K
FY2021▼ -1049%
Net assets by fiscal year
FY2020−$60K
FY2021−$690K
FY2022−$720K
FY2023−$291K
FY2024$77K
FY2024$144K

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 2006.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $8.4M

Form 990 Part IX, line 25. Every line is in By the numbers.

Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
See Securing Assets for Education executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Builds and renovates school facilities for Berkeley County students.

Provided by the organization

This section is blank until Securing Assets for Education claims this page.

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1 program service account for $8.4M of program spending, described in the organization's own filed words · FY2020.
01

The articles of incorporation and bylaws of the taxpayer provide that the taxpayer has been organized exclusively to (1) acquire, construct, finance, pledge, improve, maintain, operate, manage, lease, and dispose of school buildings and other public education facilities for the use and benefit of the berkeley county school district and…

$8.4Mprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$7.8M
Ln 12
Fees for servicesLn 2g$7.8M
Investment incomeLn 3$524
Money outPt IX
$8.4M
Ln 25
Programscol B$8.4M
Owns and owesPt X
−$690K
net assets · Ln 32
Cash and savingsLn 1–2$18K
Total assetsLn 16$221.7M
LiabilitiesLn 26$222.4M
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$7.8M
Investment incomeLn 3$524
Total revenueLn 12$7.8M
Assets in detailPt X, end of year
CashLn 1$18K
Cash and savings togetherLn 1–2$18K
InvestmentsLn 11–13$5K
Other assetsLn 15$221.7M
Total assetsLn 16$221.7M
LiabilitiesLn 26$222.4M
Net assetsLn 32−$690K
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$76K$18K
InvestmentsLn 11–13$5K
Total assetsLn 16$231.9M$221.7M
LiabilitiesLn 26$232.0M$222.4M
Net assetsLn 32−$60K−$690K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
InterestLn 20$8.3M$8.3M
Other expenses (24a–d)Ln 24$126K$126K
Total functional expensesLn 25$8.4M$8.4M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $183.2M$182.1M$1.1M$77K 990 PDF
FY2023 $31.7M$30.7M$965K−$291K 990 PDF
FY2022 $22.8M$22.1M$714K−$720K 990 PDF
FY2021 Viewing $7.8M$8.4M−$630K−$690K 990 PDF
FY2020 $9.5M$9.6M−$48K−$60K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $7,774,514 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $7,773,990$7,773,990
VIII-3 Investment incomeExcluded from tax $524$524
VIII-12 Total revenueRelated to mission $7,773,990 · Unrelated business $0 · Excluded from tax $524$7,774,514
Part IX · Statement of functional expenses $8,404,510 across 2 lines filed
IX-20 InterestPrograms $8,278,757$8,278,757
IX-24 Other expenses (24a–d)Programs $125,753$125,753
IX-25 Total functional expensesPrograms $8,404,510 · Management $0 · Fundraising $0$8,404,510
Part X · Balance sheet $221,693,651 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $76,202$17,600
X-13 Program-related investments$5,051
X-15 Other assetsStart of year $231,819,825$221,671,000
X-16 Total assetsStart of year $231,896,027$221,693,651
X-20 Tax-exempt bond liabilitiesStart of year $226,514,000$221,671,000
X-25 Other liabilitiesStart of year $5,442,072$712,692
X-26 Total liabilitiesStart of year $231,956,072$222,383,692
X-32 Total net assets or fund balancesStart of year −$60,045−$690,041
X-33 Total liabilities and net assetsStart of year $231,896,027$221,693,651
Part XI · Reconciliation of net assets −$690,041 net assets at year end
XI-1 Total revenue$7,774,514
XI-2 Total expenses$8,404,510
XI-3 Revenue less expenses−$629,996
XI-4 Net assets at start of year−$60,045
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$690,041

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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