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Nonprofit · EIN 56-2001053

DREAMS OF WILMINGTON INC

Tax-exempt · WILMINGTON, NC 28401

Financials

$699K$839K2023$953K$819K2024
Revenue Expenses · by fiscal year end
Financials of DREAMS OF WILMINGTON INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
June 30, 2025990$952,611$818,712$133,899$2,150,921$49,828$2,101,093
June 30, 2024990$698,550$838,773-$140,223$2,005,650$55,251$1,950,399
Financial details: 990 for the year ended June 30, 2025

Revenue

Contributions, gifts and grants
$880,776
of which government grants
$90,321
Program service revenue
$36,955
Investment income
$31,202
Net gain from sales of assets
$4,412
Other revenue
$3,678

Expenses

Grants and similar amounts paid
$17,645
Compensation of officers, directors and key employees
$95,000
Other salaries and wages
$166,977
Salaries, compensation and benefits (total)
$304,061
Professional fundraising fees
$0
Occupancy
$41,473
Travel
$6,052
Depreciation
$70,875
Program services (functional)
$661,702
Management and general (functional)
$125,990
Fundraising (functional)
$31,020

Balance sheet and other

Total assets, start of year
$2,005,650
Total assets, end of year
$2,150,921
Total liabilities, end of year
$49,828
Net assets, end of year
$2,101,093
Land, buildings and equipment
$1,142,543
Publicly traded securities
$385,273
Net assets without donor restrictions
$1,971,469
Net assets with donor restrictions
$129,624
Gross receipts
$1,119,725
Employees
9
Volunteers
50
Year formed
1996
State of legal domicile
NC

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended June 30, 2025, highest compensation first.

NameTitleHours / weekCompensation
KIMBERLY LEBBYEXECUTIVE DI
Officer
40$95,000
MARLON RAMOSCHAIRMAN
Trustee or director, Officer
1$0
MIKE WILLIAMSCO-CHAIR
Trustee or director, Officer
1$0
MELISSA BAIRDTREASURER
Trustee or director, Officer
1$0
AUDRA MOORESECRETARY
Trustee or director, Officer
1$0
AMY GRANTBOARD MEMBER
Trustee or director
1$0
BETH LOONEYBOARD MEMBER
Trustee or director
1$0
CARSON HOBBSBOARD MEMBER
Trustee or director
1$0
CLARK HIPPBOARD MEMBER
Trustee or director
1$0
KASSANDRA DAVIDSONBOARD MEMBER
Trustee or director
1$0
KRISTIN PEOPLESBOARD MEMBER
Trustee or director
1$0
MADISON CARLOSBOARD MEMBER
Trustee or director
1$0
990 for the year ended June 30, 2024: 12 people
NameTitleHours / weekCompensation
FIDIAS REYESFORMER EXEC.
Officer
40$56,250
KIMBERLY LEBBYEXECUTIVE DI
Officer
40$0
MARLON RAMOSCHAIRMAN
Trustee or director, Officer
1$0
MIKE WILLIAMSCO-CHAIR
Trustee or director, Officer
1$0
MELISSA BAIRDTREASURER
Trustee or director, Officer
1$0
AUDRA MOORESECRETARY
Trustee or director, Officer
1$0
AMY GRANTBOARD MEMBER
Trustee or director
1$0
DANIELLE MCINTOSHBOARD MEMBER
Trustee or director
1$0
JEREMY MALANKABOARD MEMBER
Trustee or director
1$0
CARSON HOBBSBOARD MEMBER
Trustee or director
1$0
MARIA SPEAKSBOARD MEMBER
Trustee or director
1$0
LETTIE GOREBOARD MEMBER
Trustee or director
1$0

Address and contacts

Address (IRS master file)
901 FANNING ST, WILMINGTON, NC 28401-3639
Principal officer (990 for 2024)
KIMBERLY LEBBY
Signed the 990
MARLON RAMOS, CHAIRMAN
Phone
(910) 772-1501
Return prepared by
JASON C KELLER CPA PLLC

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.

990 for the year ended June 30, 2025

Program accomplishments

  • 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.
    Expenses $661,702 · grants $17,645 · revenue $36,955

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025June 30, 2026November 16, 2026Not due yet
2024June 30, 2025November 17, 2025990 on file
2023June 30, 2024November 15, 2024990 on file

IRS record

EIN
56-2001053
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1997
Accounting year ends
June
Files
Form 990 or 990-EZ
Assets (IRS master file)
$2,038,708
Income (IRS master file)
$571,815

Filing history

FormYear endedRevenueExpensesAssetsReturn
990June 2025$952,611$818,712$2,150,921XML
990June 2024$698,550$838,773$2,005,650XML
990June 2023$758,201$747,853$2,117,315IRS
990June 2022–––IRS
990June 2021–––IRS
990June 2019–––IRS
990June 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 56-2001053).

Questions about DREAMS OF WILMINGTON INC

What is the EIN of DREAMS OF WILMINGTON INC?
The employer identification number (EIN) of DREAMS OF WILMINGTON INC is 56-2001053.
Is DREAMS OF WILMINGTON INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1997.
Are donations to DREAMS OF WILMINGTON INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does DREAMS OF WILMINGTON INC file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of DREAMS OF WILMINGTON INC due?
The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did DREAMS OF WILMINGTON INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended June 2025.
Who is the principal officer of DREAMS OF WILMINGTON INC?
The 990 for the year ended June 30, 2025 names KIMBERLY LEBBY.
Who are the officers and directors of DREAMS OF WILMINGTON INC?
The 990 for the year ended June 30, 2025 lists 12 people; 1 received compensation from the organization, the highest $95,000 (KIMBERLY LEBBY, EXECUTIVE DI).
How much revenue does DREAMS OF WILMINGTON INC have?
On its 990 for the year ended June 30, 2025 it reported revenue of $952,611, expenses of $818,712 and total assets of $2,150,921 at year end.

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