Mariner Foundation
- Assets
- $23.9m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 10/2013
- Data as of
- 06/2023
- EIN
- 45-4997770
Organization Overview
Mariner Foundation is located in Charlotte, NC. The organization was established in 2013. According to its NTEE Classification (B94) the organization is classified as: Parent & Teacher Groups, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mariner Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Mariner Foundation generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 53.8% each year . All expenses for the organization totaled $2.1m during the year ending 06/2023. While expenses have increased by 7.9% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP MOUNTAIN ISLAND DAY COMMUNITY CHARTER SCHOOL SUCCEED BY PARTNERING PARENTS AND TEACHERS AND PROVIDING RESOURCES FOR THE SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MARINER FOUNDATION FUNCTIONS AS THE PARENT-TEACHER ORGANIZATION FOR MOUNTAIN ISLAND DAY COMMUNITY CHARTER SCHOOL AND ALSO OWNS THE PHYSICAL FACILTIES OF THE SCHOOL AND HOLDS THE ASSOCIATED DEBT. IN FY 19/20, THE FOUNDATION BORROWED $24,735,000 THROUGH A PUBLIC FINANCE BOND OFFERING IN ORDER TO PURCHASE THE SCHOOL'S FORMERLY LEASED FACILITIES, CONSTRUCT A NEW EDUCATIONAL FACILITY, PURCHASE LAND FOR FUTURE USE, AND MAKE A VARIETY OF IMPROVEMENTS TO THE SCHOOL'S GROUNDS.THE FOUNDATION LEASES THE PROPERTY TO THE SCHOOL IN AMOUNT EQUAL TO THE ANNUAL DEBT SERVICE REQUIREMENTS.THE FOUNDATION ALSO COORDINATES EXTRA-CURRICULAR AND ANCILLARY ACTIVITIES FOR THE SCHOOL SUCH AS BUS TRANSPORTATION AND STUDENT ACTIVITIES AND COLLECTS FEES AND PAYS EXPENSES FOR ACTIVITIES SUCH AS DANCE, ART, AND ATHLETICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bitika Williams President | OfficerTrustee | 5 | $0 |
Virginia Staley Secretary | OfficerTrustee | 5 | $0 |
Sarah Scholz Treasurer | OfficerTrustee | 5 | $0 |
Stephanie Hill Director | Trustee | 2 | $0 |
Daniel Tart Director | Trustee | 2 | $0 |
Bill Tracey Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,956,067 |
| Noncash contributions included in lines 1a–1f | $1,956,067 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,956,067 |
| Total Program Service Revenue | $2,057,927 |
| Investment income | $96,071 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,110,065 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,371,094 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $451,486 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,095,359 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $130,188 |
| Savings and temporary cash investments | $2,187,666 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $21,561,934 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,879,788 |
| Accounts payable and accrued expenses | $85,000 |
| Grants payable | $0 |
| Deferred revenue | $139,079 |
| Tax-exempt bond liabilities | $23,795,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $155,000 |
| Other liabilities | $0 |
| Total liabilities | $24,174,079 |
| Net assets without donor restrictions | -$294,291 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $23,879,788 |