Wilmington Ace Charter Incorporated
Wilmington Ace Charter Incorporated consistently operates with high liabilities exceeding assets and frequent deficits.
EIN: 134283294 · Wilmington, NC · NTEE: B99 · Updated: 2026-03-28
Is Wilmington Ace Charter Incorporated Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Wilmington Ace Charter Incorporated directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Wilmington Ace Charter Incorporated
Wilmington Ace Charter Incorporated (EIN: 134283294) is a nonprofit organization based in Wilmington, NC, classified under NTEE code B99. The organization reported total revenue of $1.1M and total assets of $933K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Wilmington Ace Charter Incorporated's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Wilmington Ace Charter Incorporated is a mid-size nonprofit that has been operating for 21 years, with 14 years of IRS 990 filings on record (2010–2023). Revenue has grown at a compound annual rate of 0.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.2M |
| Total Expenses | $1.2M |
| Surplus / Deficit | $-68,940 |
| Total Assets | $1.1M |
| Total Liabilities | $2.6M |
| Net Assets | $-1,462,860 |
| Operating Margin | -5.9% |
| Debt-to-Asset Ratio | 231.7% |
| Months of Reserves | 10.8 months |
Financial Health Grade: C
In 2023, Wilmington Ace Charter Incorporated reported a deficit of $69K with expenses exceeding revenue, holds 10.8 months of operating reserves (strong position), has a debt-to-asset ratio of 231.7% (high leverage).
Financial Trends
Over 14 years of filings (2010–2023), Wilmington Ace Charter Incorporated's revenue has grown at a compound annual growth rate (CAGR) of 0.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -6.0% | +7.3% | +55.2% |
| 2022 | -5.1% | +0.8% | -2.2% |
| 2021 | +1.4% | -9.6% | +12.6% |
| 2020 | +3.6% | +3.3% | +5.1% |
| 2019 | +0.9% | -3.8% | +27.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 2005 |
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 Wilmington Ace Charter Incorporated with a Mission Score of 65 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Wilmington Ace Charter Incorporated allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 deficit of $69K, with expenses exceeding revenue.
- Debt-to-asset ratio: 231.7%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, suggesting either that no officers receive compensation or that it is reported elsewhere, which enhances transparency if accurate for an organization with over $1 million in annual revenue.
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 Wilmington Ace Charter Incorporated's IRS 990 filings:
- Consistently high liabilities significantly exceeding assets (e.g., $2,573,382 liabilities vs. $1,110,522 assets in 202306).
- Frequent operating deficits where expenses exceed revenue (e.g., 202306, 201806).
- Lack of detailed breakdown for program, administrative, and fundraising expenses in provided data.
Strengths
The following positive indicators were identified for Wilmington Ace Charter Incorporated:
- Consistent annual revenue generation above $1 million, indicating a stable funding stream.
- Consistent reporting of 0% officer compensation, suggesting transparency in executive pay or that compensation is not paid to officers.
- Long filing history (14 filings) indicates consistent compliance with IRS reporting requirements.
Frequently Asked Questions about Wilmington Ace Charter Incorporated
Is Wilmington Ace Charter Incorporated a legitimate charity?
Based on AI analysis of IRS 990 filings, Wilmington Ace Charter Incorporated (EIN: 134283294) some concerns. Mission Score: 65/100. 3 red flags identified, 3 strengths noted.
How does Wilmington Ace Charter Incorporated spend its money?
Wilmington Ace Charter Incorporated directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Wilmington Ace Charter Incorporated tax-deductible?
Wilmington Ace Charter Incorporated is registered as a tax-exempt nonprofit (EIN: 134283294). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Wilmington Ace Charter Incorporated manage its significant and growing liabilities?
The filings show liabilities consistently exceeding assets, reaching $2,573,382 in 202306 against assets of $1,110,522. Understanding the nature of these liabilities (e.g., long-term debt, leases) and the repayment strategy is crucial for assessing financial stability.
What is the specific breakdown of program, administrative, and fundraising expenses?
While the overall expenses are reported, a detailed breakdown of how the $1,229,366 in expenses for 202306 is allocated across program services, management and general, and fundraising is not provided in the summary data, making it difficult to precisely assess spending efficiency.
Why does the organization frequently operate with expenses exceeding revenue?
In multiple periods, such as 202306 ($1,229,366 expenses vs. $1,160,426 revenue) and 201806 ($1,265,682 expenses vs. $1,228,242 revenue), expenses surpassed revenue. Understanding the reasons for these deficits and how they are covered is important for long-term sustainability.
Filing History
IRS 990 filing history for Wilmington Ace Charter Incorporated showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2010–2023), Wilmington Ace Charter Incorporated's revenue has grown by 5.1%, moving from $1.1M to $1.2M. Total assets increased by 1067.2% over the same period, from $95K to $1.1M. Total functional expenses rose by 15.7%, from $1.1M to $1.2M. In its most recent filing year (2023), Wilmington Ace Charter Incorporated reported a deficit of $69K, with expenses exceeding revenue. The organization holds $2.6M in liabilities against $1.1M in assets (debt-to-asset ratio: 231.7%), resulting in net assets of $-1,462,860.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.2M | $1.2M | $1.1M | $2.6M | — | — |
| 2022 | $1.2M | $1.1M | $715K | $2.3M | — | View 990 |
| 2021 | $1.3M | $1.1M | $732K | $2.5M | — | View 990 |
| 2020 | $1.3M | $1.3M | $650K | $2.6M | — | — |
| 2019 | $1.2M | $1.2M | $618K | $2.6M | — | View 990 |
| 2018 | $1.2M | $1.3M | $485K | $2.5M | — | View 990 |
| 2017 | $1.2M | $1.2M | $516K | $550K | — | View 990 |
| 2016 | $1.2M | $1.1M | $206K | $249K | — | View 990 |
| 2015 | $1.1M | $972K | $143K | $253K | — | View 990 |
| 2014 | $1.1M | $1.1M | $57K | $91K | — | View 990 |
| 2013 | $1.1M | $1.1M | $19K | $60K | — | View 990 |
| 2012 | $967K | $906K | $47K | $78K | — | View 990 |
| 2011 | $836K | $960K | $35K | $127K | — | View 990 |
| 2010 | $1.1M | $1.1M | $95K | $62K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.2M, expenses of $1.2M, and assets of $1.1M (revenue -6.0% year-over-year).
- 2022: Revenue of $1.2M, expenses of $1.1M, and assets of $715K (revenue -5.1% year-over-year).
- 2021: Revenue of $1.3M, expenses of $1.1M, and assets of $732K (revenue +1.4% year-over-year).
- 2020: Revenue of $1.3M, expenses of $1.3M, and assets of $650K (revenue +3.6% year-over-year).
- 2019: Revenue of $1.2M, expenses of $1.2M, and assets of $618K (revenue +0.9% year-over-year).
- 2018: Revenue of $1.2M, expenses of $1.3M, and assets of $485K (revenue +2.5% year-over-year).
- 2017: Revenue of $1.2M, expenses of $1.2M, and assets of $516K (revenue +1.3% year-over-year).
- 2016: Revenue of $1.2M, expenses of $1.1M, and assets of $206K (revenue +8.8% year-over-year).
- 2015: Revenue of $1.1M, expenses of $972K, and assets of $143K (revenue +2.2% year-over-year).
- 2014: Revenue of $1.1M, expenses of $1.1M, and assets of $57K (revenue +0.4% year-over-year).
- 2013: Revenue of $1.1M, expenses of $1.1M, and assets of $19K (revenue +9.6% year-over-year).
- 2012: Revenue of $967K, expenses of $906K, and assets of $47K (revenue +15.7% year-over-year).
- 2011: Revenue of $836K, expenses of $960K, and assets of $35K (revenue -24.3% year-over-year).
- 2010: Revenue of $1.1M, expenses of $1.1M, and assets of $95K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Wilmington Ace Charter Incorporated:
Data Sources and Methodology
This transparency report for Wilmington Ace Charter Incorporated 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.