Corolla Education Foundation FY2021 filing

Tax-deductible

Rutherfordton, NC501(c)(3)EducationEIN 27-5002997Revenue $540K in FY2021

On file with the IRSwatersedgevillage.comPo Box 86, 28139-0086 · Rutherfordton, NCTax-exempt since Aug 2011Publicly supported charity — 170(b)(1)(A)(vi)

This page gets seen. Tell your story. Claim this org.

Operation of a public charter school to promote educational opportunities in a remote area

501(c)(3) charity; gifts are tax-deductible.
90¢ 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $393K a year · 43% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
16 mo
of spending, in cash
Looks good: 15.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $230K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$1K
0.2% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$540K
+14% vs prior year
Spent
$473K
To programs
90%
Net assets
$637K
By yearFY2020–FY2025
Revenue
$540K
FY2021▲ +14%
Tap a bar for its year
Revenue by fiscal year
FY2020$474K
FY2021$540K
FY2022$779K
FY2023$1.2M
FY2024$1.0M
FY2025$1.5M
Expenses
$473K
FY2021▲ +16%
Tap a bar for its year
Expenses by fiscal year
FY2020$408K
FY2021$473K
FY2022$512K
FY2023$545K
FY2024$582K
FY2025$593K
Net assets
$637K
FY2021▲ +12%
Tap a bar for its year
Net assets by fiscal year
FY2020$570K
FY2021$637K
FY2022$903K
FY2023$1.6M
FY2024$2.0M
FY2025$2.9M

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

Give Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 2011.

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

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $428K Management & general 10% · $45K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? The org can add a note here. Claim this org to fix it.

Who runs it and what they're paid

7 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
Vice Preside
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Marcy Moore’s $750 as Member is at the 0th percentile of top reported officer pay among 3395 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See Corolla Education Foundation executive salaries →

Are you one of these people? Claim this org to confirm your role

Something off? The org can add a note here. Claim this org to fix it.

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

Operates a public charter school to boost educational chances in a remote area.

Questions for Corolla Education Foundation

Tap to ask. Corolla Education Foundation sees how many people are interested.

Your first name shows with your question. Corolla Education Foundation answers here, for everyone.

Provided by the organization

Know this organization? Claim it to add your story

1 program · $428K · in their own filed words · FY2020
01

Operation of a public charter school to promote educational opportunities in a remote area

$428Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2024
See all 4 funders →

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$540K
Ln 12
Gifts and grantsLn 1h$534K
Other incomeLn 4–11$6K
Money outPt IX
$473K
Ln 25
Programscol B$428K
Managementcol C$45K
Owns and owesPt X
$637K
net assets · Ln 32
Cash and savingsLn 1–2$623K
Total assetsLn 16$638K
LiabilitiesLn 26$1K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$534K
Government grantsLn 1e$500K
Other incomeLn 4–11$6K
Total revenueLn 12$540K
Assets in detailPt X, end of year
CashLn 1$279K
SavingsLn 2$343K
Cash and savings togetherLn 1–2$623K
Land, buildings, equipmentLn 10c$437
Total assetsLn 16$638K
LiabilitiesLn 26$1K
Net assetsLn 32$637K
OperationsPt I, VI
EmployeesI 57
VolunteersI 610
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$557K$623K
Land, buildings, equipmentLn 10c$963$437
Total assetsLn 16$571K$638K
LiabilitiesLn 26$748$1K
Net assetsLn 32$570K$637K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$321K$290K$31K
Other employee benefitsLn 9$57K$52K$6K
Management feesLn 11a$17K$16K$2K
Other fees for servicesLn 11g$14K$13K$1K
Information technologyLn 14$11K$10K$1K
OccupancyLn 16$26K$24K$3K
Depreciation, depletion and amortizationLn 22$525$525
InsuranceLn 23$6K$6K$592
Other expenses (24a–d)Ln 24$20K$18K$2K
All other expensesLn 24e$240$217$23
Total functional expensesLn 25$473K$428K$45K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.5M$593K$857K$2.9M 990 PDF
FY2024 $1.0M$582K$449K$2.0M 990 PDF
FY2023 $1.2M$545K$652K$1.6M 990 PDF
FY2022 $779K$512K$267K$903K 990 PDF
FY2021 Viewing $540K$473K$67K$637K 990 PDF
FY2020 $474K$408K$67K$570K 990 PDF

Want to add your own materials alongside these filings? Claim this org

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 (6 parts)
Part I · Summary $539,784 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $437,525$533,556
I-9 Program service revenuePrior year $25,131$0
I-10 Investment income$0
I-11 Other revenuePrior year $11,646$6,228
I-12 Total revenuePrior year $474,302$539,784
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $321,113$378,411
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $86,684$94,801
I-18 Total expensesPrior year $407,797$473,212
I-19 Revenue less expensesPrior year $66,505$66,572
Part VI · Governance 7 of 7 board members independent, 4 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $539,784 across 5 lines filed
VIII-1e Government grants$499,667
VIII-1f All other contributions, gifts and grants$33,889
VIII-1h Total contributions, gifts and grants$533,556
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $6,228$6,228
VIII-12 Total revenueRelated to mission $6,228$539,784
Part IX · Statement of functional expenses $473,212 across 10 lines filed
IX-7 Other salaries and wagesPrograms $290,214 · Management $30,855$321,069
IX-9 Other employee benefitsPrograms $51,831 · Management $5,511$57,342
IX-11a Management feesPrograms $15,600 · Management $1,659$17,259
IX-11g Other fees for servicesPrograms $12,514 · Management $1,331$13,845
IX-14 Information technologyPrograms $9,593 · Management $1,020$10,613
IX-16 OccupancyPrograms $23,645 · Management $2,514$26,159
IX-22 Depreciation, depletion and amortizationPrograms $525$525
IX-23 InsurancePrograms $5,567 · Management $592$6,159
IX-24 Other expenses (24a–d)Programs $18,080 · Management $1,921$20,001
IX-24e All other expensesPrograms $217 · Management $23$240
IX-25 Total functional expensesPrograms $427,786 · Management $45,426 · Fundraising $0$473,212
Part X · Balance sheet $637,934 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $81,476$279,211
X-2 Savings and temporary cash investmentsStart of year $475,768$343,384
X-4 Accounts receivableStart of year $12,287$12,785
X-9 Prepaid expenses and deferred chargesStart of year $208$2,117
X-10c Land, buildings and equipment, netStart of year $963$437
X-16 Total assetsStart of year $570,702$637,934
X-17 Accounts payable and accrued expensesStart of year $748$908
X-19 Deferred revenue$500
X-26 Total liabilitiesStart of year $748$1,408
X-27 Net assets without donor restrictionsStart of year $569,954$636,089
X-28 Net assets with donor restrictions$437
X-32 Total net assets or fund balancesStart of year $569,954$636,526
X-33 Total liabilities and net assetsStart of year $570,702$637,934
Part XI · Reconciliation of net assets $636,526 net assets at year end
XI-1 Total revenue$539,784
XI-2 Total expenses$473,212
XI-3 Revenue less expenses$66,572
XI-4 Net assets at start of year$569,954
XI-10 Net assets at end of year$636,526

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

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

If you ARE the filing organization, claim this org and add context

Made it to the end? Claim this organization

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.