Triangle Aquatic Center
Triangle Aquatic Center shows consistent revenue growth and strong assets, but carries substantial liabilities.
EIN: 141839387 · Cary, NC · NTEE: N30 · Updated: 2026-03-28
Is Triangle Aquatic Center Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Triangle Aquatic Center directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Triangle Aquatic Center
Triangle Aquatic Center (EIN: 141839387) is a nonprofit organization based in Cary, NC, classified under NTEE code N30. The organization reported total revenue of $13.7M and total assets of $25.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Triangle Aquatic Center's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Triangle Aquatic Center is a large nonprofit that has been operating for 24 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 5.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $4.9M |
| Total Expenses | $4.6M |
| Surplus / Deficit | +$322K |
| Total Assets | $25.8M |
| Total Liabilities | $19.1M |
| Net Assets | $6.7M |
| Operating Margin | 6.6% |
| Debt-to-Asset Ratio | 73.9% |
| Months of Reserves | 67.4 months |
Financial Health Grade: A
In 2023, Triangle Aquatic Center reported a surplus of $322K with revenue exceeding expenses, holds 67.4 months of operating reserves (strong position), has a debt-to-asset ratio of 73.9% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Triangle Aquatic Center's revenue has grown at a compound annual growth rate (CAGR) of 5.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -21.6% | -21.0% | +3.6% |
| 2022 | +9.8% | +22.3% | +5.6% |
| 2021 | +36.0% | -37.5% | +51.9% |
| 2020 | -24.0% | +38.8% | -15.1% |
| 2019 | +22.3% | +24.3% | +12.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2002 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Triangle Aquatic Center with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Triangle Aquatic Center allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $322K, with revenue exceeding expenses.
- Debt-to-asset ratio: 73.9%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, which is unusual for an organization of this size with $13.7 million in latest revenue and $25.8 million in assets, suggesting compensation may be reported under other expense categories or that leadership is entirely volunteer-based.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Triangle Aquatic Center's IRS 990 filings:
- High liabilities relative to assets ($19,084,691 in liabilities vs. $25,827,862 in assets in 2023)
- Unusually low or 0% reported officer compensation for an organization of this scale, potentially obscuring executive pay details.
Strengths
The following positive indicators were identified for Triangle Aquatic Center:
- Consistent revenue growth over multiple years, indicating increasing support and operational scale.
- Strong asset base, with total assets reaching $25,827,862 in 2023.
- Generally positive net income (revenue exceeding expenses) in recent years, demonstrating sound financial operations.
- Recovery from a significant expense spike in 2020, showing resilience and adaptive financial management.
Frequently Asked Questions about Triangle Aquatic Center
Is Triangle Aquatic Center a legitimate charity?
Based on AI analysis of IRS 990 filings, Triangle Aquatic Center (EIN: 141839387) some concerns. Mission Score: 75/100. 2 red flags identified, 4 strengths noted.
How does Triangle Aquatic Center spend its money?
Triangle Aquatic Center directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Triangle Aquatic Center tax-deductible?
Triangle Aquatic Center is registered as a tax-exempt nonprofit (EIN: 141839387). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What is the nature of the significant liabilities ($19,084,691 in 2023) and what is the plan for their repayment?
The IRS 990 filings indicate substantial liabilities, but do not provide specific details on their nature (e.g., mortgages, bonds, program-related investments). Understanding these details is crucial for assessing long-term financial risk.
How is executive compensation structured if 'Officer Comp' is consistently reported as 0%?
Given the organization's size and operational scope, it's highly probable that executive leadership receives compensation. This compensation might be reported under other expense lines (e.g., salaries and wages) rather than specifically as 'Officer Comp' on the 990, or the organization relies heavily on volunteer leadership. Further detail would be needed to clarify.
What is the organization's strategy for managing and potentially reducing its high liability-to-asset ratio?
With liabilities representing approximately 74% of total assets in 2023, understanding the organization's financial strategy for debt management and ensuring long-term solvency is important for stakeholders.
Filing History
IRS 990 filing history for Triangle Aquatic Center showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Triangle Aquatic Center's revenue has grown by 91%, moving from $2.6M to $4.9M. Total assets increased by 39.4% over the same period, from $18.5M to $25.8M. Total functional expenses rose by 74%, from $2.6M to $4.6M. In its most recent filing year (2023), Triangle Aquatic Center reported a surplus of $322K, with revenue exceeding expenses. The organization holds $19.1M in liabilities against $25.8M in assets (debt-to-asset ratio: 73.9%), resulting in net assets of $6.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $4.9M | $4.6M | $25.8M | $19.1M | — | View 990 |
| 2022 | $6.3M | $5.8M | $24.9M | $18.5M | — | View 990 |
| 2021 | $5.7M | $4.8M | $23.6M | $17.6M | — | View 990 |
| 2020 | $4.2M | $7.6M | $15.5M | $14.4M | — | View 990 |
| 2019 | $5.5M | $5.5M | $18.3M | $13.8M | — | View 990 |
| 2018 | $4.5M | $4.4M | $16.2M | $11.8M | — | View 990 |
| 2017 | $3.8M | $4.0M | $16.3M | $12.0M | — | View 990 |
| 2016 | $3.5M | $3.8M | $16.8M | $12.2M | — | View 990 |
| 2015 | $3.3M | $3.3M | $17.3M | $12.4M | — | View 990 |
| 2014 | $3.1M | $3.2M | $17.4M | $12.5M | — | View 990 |
| 2013 | $3.5M | $3.4M | $17.9M | $12.9M | — | View 990 |
| 2012 | $2.5M | $2.6M | $18.1M | $13.3M | — | View 990 |
| 2011 | $2.6M | $2.6M | $18.5M | $13.5M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $4.9M, expenses of $4.6M, and assets of $25.8M (revenue -21.6% year-over-year).
- 2022: Revenue of $6.3M, expenses of $5.8M, and assets of $24.9M (revenue +9.8% year-over-year).
- 2021: Revenue of $5.7M, expenses of $4.8M, and assets of $23.6M (revenue +36.0% year-over-year).
- 2020: Revenue of $4.2M, expenses of $7.6M, and assets of $15.5M (revenue -24.0% year-over-year).
- 2019: Revenue of $5.5M, expenses of $5.5M, and assets of $18.3M (revenue +22.3% year-over-year).
- 2018: Revenue of $4.5M, expenses of $4.4M, and assets of $16.2M (revenue +18.6% year-over-year).
- 2017: Revenue of $3.8M, expenses of $4.0M, and assets of $16.3M (revenue +9.5% year-over-year).
- 2016: Revenue of $3.5M, expenses of $3.8M, and assets of $16.8M (revenue +6.3% year-over-year).
- 2015: Revenue of $3.3M, expenses of $3.3M, and assets of $17.3M (revenue +6.7% year-over-year).
- 2014: Revenue of $3.1M, expenses of $3.2M, and assets of $17.4M (revenue -11.9% year-over-year).
- 2013: Revenue of $3.5M, expenses of $3.4M, and assets of $17.9M (revenue +41.4% year-over-year).
- 2012: Revenue of $2.5M, expenses of $2.6M, and assets of $18.1M (revenue -4.2% year-over-year).
- 2011: Revenue of $2.6M, expenses of $2.6M, and assets of $18.5M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Triangle Aquatic Center:
Data Sources and Methodology
This transparency report for Triangle Aquatic Center is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.