Bright Beginnings Academy Inc
- Assets
- $722.6k
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 43
- Location
- Elizabeth City, NC
- Founding
- 07/2017
- Data as of
- 12/2022
- EIN
- 82-0603463
Organization Overview
Bright Beginnings Academy Inc is located in Elizabeth City, NC. The organization was established in 2017. According to its NTEE Classification (P33) the organization is classified as: Child Day Care, under the broad grouping of Human Services and related organizations. As of 12/2022, Bright Beginnings Academy Inc employed 43 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bright Beginnings Academy Inc 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 12/2022, Bright Beginnings Academy Inc generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 22.1% each year . All expenses for the organization totaled $1.8m during the year ending 12/2022. While expenses have increased by 23.5% per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SERVICES FOR LOW-INCOME FAMILIES AND ONE PARENT HOUSEHOLDS WHO HAVE PRESCHOOL CHILDREN IN NEED OF QUALITY CHILD CARE SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOW INCOME CHILD CARE AND FOOD SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michele Gregory President | Officer | 40 | $342,600 |
Tangie Bond Chair Person | Officer | 6 | $0 |
Deborah Billups Sec/treasurer | Officer | 40 | $29,435 |
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 | $235,065 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $235,065 |
| Total Program Service Revenue | $1,575,469 |
| Investment income | $44 |
| 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 | $1,810,578 |
| 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. | $372,035 |
| Compensation of current officers, directors, key employees. | $372,035 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $651,626 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $67,539 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,960 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $461 |
| Office expenses | $4,694 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $650 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $17,880 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,234 |
| Insurance | $21,253 |
| All other expenses | $590,753 |
| Total functional expenses | $1,827,085 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $194,196 |
| Savings and temporary cash investments | $0 |
| 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 | $528,451 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $722,647 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $19,576 |
| Secured mortgages and notes payable | $325,539 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,990 |
| Total liabilities | $347,105 |
| Net assets without donor restrictions | $0 |
| 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 | $375,542 |
| Total liabilities and net assets/fund balances | $722,647 |