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Corolla Education Foundation FY2022 filing

Tax-deductible

Rutherfordton, NC501(c)(3)Education EIN 27-5002997Revenue $779K in FY2022

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

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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

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FY2022 · 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
20 mo
of spending, in cash
Looks good: 20.5 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
$642
0.07% 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
$779K
+44% vs prior year
Spent
$512K
To programs
90%
Net assets
$903K
By yearFY2020–FY2025
Revenue
$779K
FY2022▲ +44%
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
$512K
FY2022▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$408K
FY2021$473K
FY2022$512K
FY2023$545K
FY2024$582K
FY2025$593K
Net assets
$903K
FY2022▲ +42%
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 FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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% · $461K Management & general 10% · $51K

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

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Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
$0Pt VII · Sec A
Al Marzetti
Vice Preside
$0Pt VII · Sec A
Bryan Daggett
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 →

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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

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

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Provided by the organization

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1 program · $461K · in their own filed words · FY2021
01

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

$461Kprogram 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
Fidelity Investments Charitable Gift FundFY2024$206K
Donor Advised Charitable Giving INCFY2024$12K
Dominion Energy Charitable FoundationFY2024$10K
W Buford Lewis and Linda M Lewis Family FoundationFY2024$2K
Total grants receivedfrom 4 funders$230K
See all 4 funders →

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$779K
Ln 12
Gifts and grantsLn 1h$774K
Other incomeLn 4–11$4K
Investment incomeLn 3$515
Money outPt IX
$512K
Ln 25
Programscol B$461K
Managementcol C$51K
Owns and owesPt X
$903K
net assets · Ln 32
Cash and savingsLn 1–2$875K
Total assetsLn 16$904K
LiabilitiesLn 26$642
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$774K
Government grantsLn 1e$565K
Investment incomeLn 3$515
Other incomeLn 4–11$4K
Total revenueLn 12$779K
Assets in detailPt X, end of year
CashLn 1$875K
Cash and savings togetherLn 1–2$875K
Land, buildings, equipmentLn 10c$10K
Total assetsLn 16$904K
LiabilitiesLn 26$642
Net assetsLn 32$903K
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 FY22End FY22
Cash and savingsLn 1–2$279K$875K
Land, buildings, equipmentLn 10c$437$10K
Total assetsLn 16$638K$904K
LiabilitiesLn 26$1K$642
Net assetsLn 32$637K$903K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$323K$291K$32K
Other employee benefitsLn 9$47K$42K$5K
Payroll taxesLn 10$24K$22K$2K
Management feesLn 11a$19K$17K$2K
Other fees for servicesLn 11g$30K$27K$3K
Information technologyLn 14$17K$16K$2K
OccupancyLn 16$19K$17K$2K
TravelLn 17$9K$8K$1K
Depreciation, depletion and amortizationLn 22$438$438
InsuranceLn 23$6K$5K$586
Other expenses (24a–d)Ln 24$18K$16K$2K
Total functional expensesLn 25$512K$461K$51K$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 Viewing $779K$512K$267K$903K 990 PDF
FY2021 $540K$473K$67K$637K 990 PDF
FY2020 $474K$408K$67K$570K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $778,806 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $533,556$774,329
I-9 Program service revenue$0
I-10 Investment income$515
I-11 Other revenuePrior year $6,228$3,962
I-12 Total revenuePrior year $539,784$778,806
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $378,411$394,152
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $94,801$118,053
I-18 Total expensesPrior year $473,212$512,205
I-19 Revenue less expensesPrior year $66,572$266,601
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 $778,806 across 6 lines filed
VIII-1e Government grants$565,234
VIII-1f All other contributions, gifts and grants$209,095
VIII-1h Total contributions, gifts and grants$774,329
VIII-3 Investment incomeRelated to mission $515$515
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $3,962$3,962
VIII-12 Total revenueRelated to mission $515 · Excluded from tax $3,962$778,806
Part IX · Statement of functional expenses $512,205 across 11 lines filed
IX-7 Other salaries and wagesPrograms $291,010 · Management $32,406$323,416
IX-9 Other employee benefitsPrograms $42,114 · Management $4,690$46,804
IX-10 Payroll taxesPrograms $21,534 · Management $2,398$23,932
IX-11a Management feesPrograms $16,889 · Management $1,881$18,770
IX-11g Other fees for servicesPrograms $26,621 · Management $2,964$29,585
IX-14 Information technologyPrograms $15,518 · Management $1,728$17,246
IX-16 OccupancyPrograms $17,061 · Management $1,900$18,961
IX-17 TravelPrograms $8,377 · Management $1,021$9,398
IX-22 Depreciation, depletion and amortizationPrograms $438$438
IX-23 InsurancePrograms $5,259 · Management $586$5,845
IX-24 Other expenses (24a–d)Programs $16,026 · Management $1,784$17,810
IX-25 Total functional expensesPrograms $460,847 · Management $51,358 · Fundraising $0$512,205
Part X · Balance sheet $903,769 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $279,211$874,958
X-4 Accounts receivableStart of year $12,785$16,906
X-9 Prepaid expenses and deferred chargesStart of year $2,117$1,585
X-10c Land, buildings and equipment, netStart of year $437$10,320
X-16 Total assetsStart of year $637,934$903,769
X-17 Accounts payable and accrued expensesStart of year $908$642
X-26 Total liabilitiesStart of year $1,408$642
X-27 Net assets without donor restrictionsStart of year $636,089$903,127
X-32 Total net assets or fund balancesStart of year $636,526$903,127
X-33 Total liabilities and net assetsStart of year $637,934$903,769
Part XI · Reconciliation of net assets $903,127 net assets at year end
XI-1 Total revenue$778,806
XI-2 Total expenses$512,205
XI-3 Revenue less expenses$266,601
XI-4 Net assets at start of year$636,526
XI-10 Net assets at end of year$903,127

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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