Dreams of Wilmington Inc
Nonprofit profile at a glance
- EIN
- 562001053
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Wilmington, NC, USA
- Phone
- 9107721501
- Rating
- 86
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Arts, Culture, and Humanities N.E.C.
Reported finances
- Revenue
- $952,611
- Expenses
- $818,712
- Assets
- $2,150,921
- Liabilities
- $49,828
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
12 people listed
Highest reported compensation
- KIMBERLY LEBBY (EXECUTIVE DI): $95,000 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The mission of dreams is to create a culture of confidence for youth and teens, through equitable access to arts education, supported by values of respect, family and community.
What it reported doing in 2024
Dreams provides high-quality, free-of-charge classes in the literary, visual, and performing arts to youth ages 8-18 at our inner-city center as well as at outreach sites throughout our community. Specific initiatives include youth entrepreneurship, which provides students with a much-needed income stream through artwork sales and paid performances; family engagement, which offers opportunities for parents and siblings to get involved in programming; teen council, in which older students are given a leadership role within the organization; dance theatre of dreams, providing performance opportunities for advanced dance students; apprenticeship, in which dreams employs a select group of older students, teaching them real- world job skills; and initiatives focused on digital arts, higher education, and visiting artists. The interplay of these initiatives serves to address the "whole child- and guide the development of productive, engaged youth.
Operating model
- Revenue model
- Donor-supported. 83% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 97% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 74
- Transparency & Controls: 94
- Accountability: 100
- Sustainability: 64
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 70.6%; rating input score 71
- Program expense ratio: 80.8%; rating input score 81
- Fundraising efficiency: $28.39 raised per $1 spent on fundraising; rating input score 67; 67th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 8 of 8 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 14.1%; rating input score 68; 68th percentile among comparable filings
- Total-asset coverage ratio: 2.63; rating input score 72; 72nd percentile among comparable filings
- Liabilities to assets ratio: 0.02; rating input score 61; 61st percentile among comparable filings
- Officer compensation ratio: 11.6%; rating input score 32; 32nd percentile among comparable filings
Growth
- Program expense growth: 7.2% per year; rating input score 100; 53rd percentile among comparable filings
- Revenue growth: 2.2% per year; rating input score 100; 26th percentile among comparable filings
- Asset growth: 5.5% per year; rating input score 100; 41st percentile among comparable filings
Details
- Where the money goes: 70.6% of revenue deployed · 80.8% of spending went to programs
- Governance: 11 of 11 board members independent · 8 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $662K in reported program spending
- Leadership: top reported pay $95K · 12 people listed
- Consistency: 30 of 30 current checks pass
- Schedules: 6 filed schedules · includes major donors and grants
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Sustainability: Officer compensation ratio scored 32/100.