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← TRIAD EDUCATIONAL SERVICES INC

Form 990 for tax year 2023

Filed by TRIAD EDUCATIONAL SERVICES INC.

Totals

Total revenue
$6,288,377
Total expenses
$7,536,620
Contributions and grants received
$0
Grants paid
$1,785
Program service revenue
$4,599,777
Investment income
$1,496,756
Other revenue
$191,844
Total assets, end of year
$103,640,885
Total liabilities, end of year
$107,492,066
Net assets or fund balances, end of year
-$3,851,181
Program services expenses (Part IX)
$1,748,018
Management and general expenses
$5,788,602
Fundraising expenses
$0
Program service expenses (Part III)
$1,748,018

Program services were 23.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENTAL INCOME

    total $4,415,088 · related or exempt $4,415,088

  • 2b · Program service revenue: SERVICES INCOME

    total $184,689 · related or exempt $184,689

  • 3 · Investment income

    total $1,496,756 · excluded $1,496,756

  • 11a · Other revenue: REPAIR & REPLACEMENT FUNDS

    total $185,881 · related or exempt $185,881

  • 11b · Other revenue: CONSTRUCTION PROJECT REFUNDS

    total $5,963 · related or exempt $5,963

  • 11e · Other revenue, total

    $191,844

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,785 · program services $1,785

  • 7 · Other salaries and wages

    total $97,039 · program services $22,507 · management and general $74,532

  • 8 · Pension plan contributions

    total $13,064 · program services $3,030 · management and general $10,034

  • 9 · Other employee benefits

    total $32,379 · program services $7,510 · management and general $24,869

  • 11b · Fees: legal

    total $41,726 · program services $9,678 · management and general $32,048

  • 11g · Fees: other

    total $1,200 · program services $278 · management and general $922

  • 13 · Office expenses

    total $1,732 · program services $402 · management and general $1,330

  • 17 · Travel

    total $901 · program services $209 · management and general $692

  • 20 · Interest

    total $5,164,526 · program services $1,197,842 · management and general $3,966,684

  • 22 · Depreciation, depletion and amortization

    total $1,679,126 · program services $389,451 · management and general $1,289,675

  • 23 · Insurance

    total $720 · program services $167 · management and general $553

  • 24a · Other expenses: MISCELLANEOUS

    total $307,403 · program services $69,928 · management and general $237,475

  • 24b · Other expenses: DEBT SERVICE

    total $128,149 · program services $29,722 · management and general $98,427

  • 24c · Other expenses: NON-CAPITALIZED IMPROVE

    total $26,435 · program services $6,131 · management and general $20,304

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $22,528 · program services $5,225 · management and general $17,303

  • 24e · All other expenses

    total $17,907 · program services $4,153 · management and general $13,754

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $372,988 · end of year $109,831

  • 10a · Land, buildings and equipment: cost or other basis

    $93,927,464

  • 10b · Land, buildings and equipment: accumulated depreciation

    $8,859,621

  • 10c · Land, buildings and equipment, net

    beginning of year $62,902,317 · end of year $85,067,843

  • 11 · Investments: publicly traded securities

    beginning of year $40,064,791 · end of year $18,463,211

  • 17 · Accounts payable and accrued expenses

    beginning of year $565,734 · end of year $3,159,634

  • 20 · Tax-exempt bond liabilities

    beginning of year $103,445,000 · end of year $102,370,000

  • 25 · Other liabilities

    beginning of year $1,932,300 · end of year $1,962,432

  • 27 · Net assets without donor restrictions

    beginning of year -$2,602,938 · end of year -$3,851,181

Mission and programs · 2023

Mission

TO PROVIDE FACILITIES FOR CHARTER SCHOOLS OPERATING IN NORTH CAROLINA.

  • PROVIDED FACILITIES AND GROUNDS MAINTENANCE FOR TRIAD MATH AND SCIENCE ACADEMY & TRIANGLE MATH AND SCIENCE ACADEMY, CHARTER SCHOOLS LOCATED IN NORTH CAROLINA.

    Expenses $1,748,018 · Grants $1,785 · Revenue $4,791,621

As filed on the 2023 return.

Listed in Part VII

  • Fahrudin Mekic

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Shkerah McDowell

    VICE-PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Mustafa Tosun

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Murat Bakir PhD

    SENIOR BUSINESS MANAGER

    Total calculated
    $130,492
    From this org
    $111,267
    From related orgs
    $0
    Other
    $19,225
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • CHARLOTTE EDUCATION SERVICES LLC

    REAL ESTATE · NC · income $258,845 · assets $15,216,731

    Directly controlled by TRIAD EDUCATIONAL SERVICES INC

Provenance

Return type
form_990
Tax year
2023
Filed
12 March 2025
IRS schema version
2023v6.0
Source object
202530719349300243

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