Triad Math and Science Academy Company

Nonprofit profile at a glance

EIN
208471670
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Apex, NC, USA
Phone
9196502270
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Charter Schools

Official website

Reported finances

Revenue
$64,646,722
Expenses
$61,693,092
Assets
$25,062,634
Liabilities
$339,783

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

12 people listed

Executive titles in this filing

  • VICTOR OFORI-BOADU (PRESIDENT)
  • MIR NUGMANOV (VICE PRESIDENT)

Highest reported compensation

  • BEN KARADUMAN (SUPERINTENDENT): $241,082 total reported compensation
  • FATIH KANDIL (TMSA-TRIAD PRINCIPAL): $179,050 total reported compensation
  • DIANA GUNESGOR (TMSA-TRIAD PRINCIPAL): $170,059 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Operation of public charter schools.

What it reported doing in 2024

Operated four public charter schools in North Carolina: triad math and science academy, the math and science academy of apex, the math and science academy of charlotte, and triangle math and science academy, serving approximately 5,138 students for the fiscal year ending june 30, 2025.

Operating model

Revenue model
Grant-funded. 91% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% 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.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 70
  • Accountability: 100
  • Sustainability: 49
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.6%; rating input score 72
  • Program expense ratio: 74.9%; rating input score 75
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th 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: 4.6%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 0.41; rating input score 14; 14th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 94; 94th percentile among comparable filings
  • Officer compensation ratio: 1.5%; rating input score 65; 65th percentile among comparable filings

Growth

  • Program expense growth: 16.5% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 16.2% per year; rating input score 100; 90th percentile among comparable filings
  • Asset growth: 18.4% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 71.6% of revenue deployed · 74.9% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $46.2M in reported program spending
  • Leadership: top reported pay $241K · 12 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 8 filed schedules · includes major donors and executive pay
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • High — Sustainability: Total-asset coverage ratio scored 14/100.
  • Review — Sustainability: Operating margin scored 55/100.