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Wade Edwards Foundation

Raleigh, NCUnknown exempt organization EIN 56-1970957Revenue $119K in FY2023Latest return filed Mar 6, 2024

On file with the IRS714 Saint Marys Street · Raleigh, NC

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To empower the high school community by providing opportunities for achievement, enrichment and service, enabling life-long academic, professional and personal success.

92¢ of each $1 spent went to programs.
Run by 39 volunteers.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 4
filings with a surplus
Average deficit $58K a year · 33% of revenue · last 4 filings
Concern: a surplus in 1 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Named funders
1
named funder · $28
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
total owed
No data yet: the filing does not give total assets.
Pt X · Ln 26
Independent board members
10
of 11 voting members
Looks good: 10 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$119K
+1.0% vs prior year
Spent
$418K
To programs
92%
Net assets
$0
By yearFY2020–FY2023
Revenue
$119K
FY2023▲ +1.0%
Tap a bar for its year
Revenue by fiscal year
FY2020$305K
FY2021$172K
FY2022$118K
FY2023$119K
Expenses
$418K
FY2023▲ +148%
Tap a bar for its year
Expenses by fiscal year
FY2020$156K
FY2021$207K
FY2022$168K
FY2023$418K
Net assets
$0
FY2023▼ -100%
Tap a bar for its year
Net assets by fiscal year
FY2020$383K
FY2021$348K
FY2022$298K
FY2023$0

From the FY2023 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023.

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

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $385K Management & general 5% · $23K Fundraising 2% · $10K

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

Something off? Claim to add context

Who runs it and what they're paid

12 people listed on the 990.

Part VII, Section A · reportable compensation
Betsey McFarland
Executive Di
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Wade Edwards Foundation executive salaries →

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 15aYes

Programs and updates

Empowers high schoolers with achievement, enrichment, and service opportunities for lifelong success.

Questions for Wade Edwards Foundation

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1 program · $385K · in their own filed words · FY2023
01

The wade edwards foundation offers after school academic support, post- secondary planning and summer technology and enrichment programs to wake county high school students. Programming includes access to the computer lab, positive youth development workshops and community service programs.

$385Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2023
Amazonsmile FoundationFY2023$28
Total grants receivedfrom 1 funder$28
Grants paid · 1 grant · $206K · 2023–2023
Needham B Broughton Capital FoundationNC · FY2023$206,000

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$119K
Ln 12
Gifts and grantsLn 1h$183K
Fees for servicesLn 2g$3K
Investment incomeLn 3$871
Money outPt IX
$418K
Ln 25
Programscol B$385K
Managementcol C$23K
Fundraisingcol D$10K
Owns and owesPt X
$0
net assets · Ln 32
Total assetsLn 16$0
LiabilitiesLn 26$0
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$183K
Government grantsLn 1e$26K
Fees for servicesLn 2g$3K
Investment incomeLn 3$871
Gains on assetsLn 7−$70K
Total revenueLn 12$119K
Assets in detailPt X, end of year
Total assetsLn 16$0
LiabilitiesLn 26$0
Net assetsLn 32$0
OperationsPt I, VI
EmployeesI 50
VolunteersI 639
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Total assetsLn 16$353K$0
LiabilitiesLn 26$55K$0
Net assetsLn 32$298K$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$206K$206K
Pay of current officers, directors and key staffLn 5$83K$66K$8K$8K
Other salaries and wagesLn 7$53K$53K
Payroll taxesLn 10$9K$8K$473$473
Accounting feesLn 11c$7K$7K
Other fees for servicesLn 11g$14K$10K$3K$935
Advertising and promotionLn 12$773$773
Office expensesLn 13$468$415$53
OccupancyLn 16$24K$24K
InterestLn 20$5$5
Depreciation, depletion and amortizationLn 22$10K$10K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$9K$7K$2K
All other expensesLn 24e$1K$580$715
Total functional expensesLn 25$418K$385K$23K$10K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest ViewingFiled with the IRS Mar 6, 2024 $119K$418K−$298K$0 990 PDF
FY2022Filed with the IRS May 8, 2023 $118K$168K−$50K$298K 990 PDF
FY2021Filed with the IRS Sep 8, 2022 $172K$207K−$34K$348K 990 PDF
FY2020Filed with the IRS Nov 4, 2021 $305K$156K$150K$383K 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $119,476 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $107,105$182,569
I-9 Program service revenuePrior year $7,690$3,131
I-10 Investment incomePrior year $544−$69,474
I-11 Other revenuePrior year $3,005$3,250
I-12 Total revenuePrior year $118,344$119,476
I-13 Grants and similar amounts paid$206,000
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $16,005$143,867
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $152,240$67,950
I-18 Total expensesPrior year $168,245$417,817
I-19 Revenue less expensesPrior year −$49,901−$298,341
Part VI · Governance 10 of 11 board members independent, 1 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members10
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $119,476 across 9 lines filed
VIII-1d Related organizations$150,000
VIII-1e Government grants$26,129
VIII-1f All other contributions, gifts and grants$6,440
VIII-1h Total contributions, gifts and grants$182,569
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,131$3,131
VIII-3 Investment incomeExcluded from tax $871$871
VIII-6 Net rental income or lossExcluded from tax $3,250$3,250
VIII-7 Net gain or loss on sales of assetsRelated to mission −$70,345−$70,345
VIII-12 Total revenueRelated to mission −$67,214 · Excluded from tax $4,121$119,476
Part IX · Statement of functional expenses $417,817 across 14 lines filed
IX-1 Grants to domestic organizationsPrograms $206,000$206,000
IX-5 Pay of current officers, directors and key staffPrograms $66,083 · Management $8,260 · Fundraising $8,260$82,603
IX-7 Other salaries and wagesPrograms $52,514$52,514
IX-10 Payroll taxesPrograms $7,804 · Management $473 · Fundraising $473$8,750
IX-11c Accounting feesManagement $6,549$6,549
IX-11g Other fees for servicesPrograms $9,990 · Management $2,800 · Fundraising $935$13,725
IX-12 Advertising and promotionPrograms $773$773
IX-13 Office expensesPrograms $415 · Management $53$468
IX-16 OccupancyPrograms $24,500$24,500
IX-20 InterestManagement $5$5
IX-22 Depreciation, depletion and amortizationPrograms $9,649$9,649
IX-23 InsuranceManagement $1,619$1,619
IX-24 Other expenses (24a–d)Programs $7,027 · Management $2,340$9,367
IX-24e All other expensesPrograms $580 · Management $715$1,295
IX-25 Total functional expensesPrograms $385,335 · Management $22,814 · Fundraising $9,668$417,817
Part X · Balance sheet $0 assets, 4 lines filed
X-16 Total assetsStart of year $353,071$0
X-26 Total liabilitiesStart of year $54,730$0
X-32 Total net assets or fund balancesStart of year $298,341$0
X-33 Total liabilities and net assetsStart of year $353,071$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$119,476
XI-2 Total expenses$417,817
XI-3 Revenue less expenses−$298,341
XI-4 Net assets at start of year$298,341
XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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