WEP 990 2006 581518182_200606_990

Nip .4

Fbrm 990Department of the Tr% suInternal Revenue Service

A For the 2(O5 calen

B Check if applicable

F1 Address change

Return of Organization Exempt From Income TaxUnder section 501(c ), 527, or 4947( a)(1) of the Internal Revenue Code (except black lung

ry benefit trust or p rivate foundation )► The organization may have to use a copy of this return to satisfy state reportin g re uiremel

dar ear , or tax year beg inning 7/01/05 , and endinq 6 / 3 0 / 0 6Please C Name of organizationuse IRSlabel or

q Name change print or WAKE EDUCATION PARTNERSHIP

type . Number and street (or P 0 box if mail is not delivered to street address)q Initial return See

706 HILLSBOROUGH STREET

q Final returnSpecific

Instruc- City or town, state or country, and ZIP + 4

q Amended return tions . RALEIGH NC 2 7 6 0 3

OMB No 1545-0047

2005Open to Public

D Employer identification no.

58-1518182E Telephone number

Room/suite 919-821-7609A F Accounting method,Li Cash

% Accrual q Other (specify)

• Section 501 (c)(3) organizations and 4947 (a)(1) nonexempt charitableq A li endintio H and I are not applicable to section 527 organizationspp gca n ptrusts must attach a completed Schedule A (Form 990 or 990 -EZ). H(a ) Is this a group return for affiliates? q Yes FRI No

G Website : ► WAKEEDPARTNERSHIP. ORG H(b) If "Yes," enter number of affiliates ►J Organization type H(c) Are all affiliates included? q Yes q No

(check only one ) ► X 501 c 3 s ( insert no ) F1 4947 (a )( 1 ) or 527 (if "No," attach a list See instr )

K Check here ► q if the organization's gross receipts are normally not more than $25,000 The H(d) Is this a separate return filed by an

organization need not file a return with the IRS, but if the organization chooses to file a return, be organization covered by a g rou p rulin g? Yes X No

sure to file a complete return Some states require a complete return . I Grou p Exemption Number 1110-

M Check ► if the organization is not required

L Gross recei p ts Add lines 6b, 8b, 9b, and 10b to line 12 ► 1,575,719 to attach Sch. B ( Form 990, 990-EZ, or 990-PF )

P rt 1 RPvPnul Fmenses _ and Chances in Net Assets or Fund Ba lances (See the instructions-)

I Contributions , gifts, grants , and similar amounts received

a Direct public support 1a 803,306

b Indirect public support lb

c Government contributions (grants ) 1 c 500,000

d Total (add lines 1a through 1 c ) ( cash $ 1,288,526 noncash $ 14,780 ) 1d 1,303,306

2 Program service revenue including government fees and contracts (from Part VII , line 93 ) 2 83,123

3 Membership dues and assessments --fc^;r_^ 3

w ^^ ^ D4 Interest on savings and temporary cash investments II 4 28,185

5 Divi

t

ends and Interesfrom securities 5

6a

E Lt,b • rental expenses 6b

c Net rental income or (loss) (subtract line 6b from line 6 I( 6c_

OG ED, ,D, , U7 Other investment income (descnb' T 7

C 8a Gross amount from sales of assets other (A) SecuntCies ( B) Other

dthan inventory 69,280 8a

b Less cost or other basis and sales expenses 84,269 8b

c Gain or ( loss) (attach schedule ) - 14,989 8c

d Net gain or (loss) (combine line 8c, columns (A) and (B)) SEE STMT 1 8d -14,989

9 Special events and activities ( attach schedule ) If any amount is from gaming , check herb' q

a Gross revenue ( not including $ of

contributions reported on line 1a) 9a 74,214

b Less direct expenses other than fundraising expenses 9b

c Net income or (loss ) from special events ( subtract line 9b from line 9a) 9c 74,214

10a Gross sales of inventory , less returns and allowances 10a

b Less cost of goods sold 10b

c Gross profit or (loss ) from sales of inventory (attach schedule ) (subtract line 10b from line 10a) 10c

11 Other revenue ( from Part VII , line 103 ) 11 17, 611

12 Total revenue (add lines 1d , 2, 3, 4, 5, 6c, 7, 8d, 9c, 10c, and 11 ) 12 1,491,450

13 Program services (from line 44 , column (B)) 13 1, 017,290

14 Management and general (from line 44, column ( C)) 14 308, 866

a 15 Fundraising (from line 44, column (D)) 15 204, 163

16 Payments to affiliates ( attach schedule) 16

17 Total ex penses (add lines 16 and 44, column (A )) 17 1, 530,319

18 Excess or (deficit ) for the year (subtract line 17 from line 12 ) 18 -38, 869

19 Net assets or fund balances at beginning of year ( from line 73 , column ( A)) 19 1 , 0 2 9 , 2 7 7

20 Other changes in net assets or fund balances ( attach explanation) SEE STATEMENT 2 20 21,988

21 Net assets or fund balances at end of year (combine lines 18 , 19, and 20 ) 21 1 , 012, 396For Privacy Act and raperworK Keauctton Act Notice , see the separate Form 990 (2005)instructions.DAA

Fofm 990 (2005) WAKE EDUCATION PARTNERSHIP 58-1518182 Page 2

Part it Statement of All organizations must complete column (A) Columns (B), (C), and (D) are required for section 501(c)(3) and (4)

Functional Expenses organizations and section 4947(a)(1) nonexempt chantable trusts but optional for others (See the instructions )

Do not include amounts reported on line6b , 86 , 9b , 10b or 16 of Part I. (A) Total

(B) Programservices

(C) Managementand general (D) Fundraising

22 Grants and allocations (attach schedule) STMT 3non-

(cash$ 162,094 cash $ )

If this amount includes foreign grants, check here ►22

62 ,094 62,09423 Specific assistance to individuals (attach

schedule) El 23

24 Benefits paid to or for members (attach

schedule) 24

25 Compensation of officers, directors, etc. 25 94,500 56,898 23,314 14,288

26 Other salaries and wages 26 503,551 303,200 124,249 76,10227 Pension plan contributions 27

28 Other employee benefits 28 49,578 28,856 10,100 10,62229 Payroll taxes 29 44,019 2 5, 619 8,971 9,42930 Professional fundraising fees 30

31 Accounting fees 31 15,754 9,040 5,733 98132 Legal fees 32

33 Supplies 33 8,704 1,937 6,395 37234 Telephone 34 15,460 6,498 6,153 2,80935 Postage and shipping 35 6,263 1,021 2,780 2,46236 Occupancy 36 63,204 34,223 14,538 14,44337 Equipment rental and maintenance 37 18,781 2,007 16,022 752

38 Printing and publications 38 27,753 7, 312 6,071 14,37039 Travel 39 16,128 6,002 7,141 2,98540 Conferences, conventions, and meetings 40 62,313 34,861 9,104 18,348

41 Interest 41 6,008 213 5,713 8242 Depreciation, depletion, etc. (attach schedule) 42 16,935 9,064 3,939 3,932

43 Other expenses not covered above (itemize)

a SEE STATEMENT 4 43a 419,274 328,445 58,643 32,186b 43b

c 43c

d 43d

e 43e

f 43f

g 43

44 Total functional expenses . Add lines 22

through 43. (Organizations completing

columns (B)-(D), carry these totals to lines

13-15 ) 4 , 530, 319 ,017,290 08,866 04,163Joint Costs . Check ► U if you are following SOP 98-2

Are any j oint costs from a combined educational campaign and fundraising solicitation reported in (B) Program services '? ► Yes No

If "Yes," enter ( i) the aggregate amount of these j oint costs $ , ( ii) the amount allocated to Program services $

(iii) the amount allocated to Management and genera$ , and (iv) the amount allocated to Fundraising$

Form 990 (2005)

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Form 990 (2005) WAKE EDUCATION PARTNERSHIP 58-1518182 Page 3Part Ut Statement of Program Service Accomplishments (See the instructions.)

Form 990 is available for public inspection and, for some people, serves as the primary or sole source of information about a

particular organization How the public perceives an organization in such cases may be determined by the information presentedon its return Therefore, please make sure the return is complete and accurate and fully describes, in Part III, the organization's

programs and accomplishments

What is the organization's primary exempt purpose's Program Service► IMPROVE WAKE COUNTY PUBLIC SCHOOLS ExpensesAll organizations must describe their exempt purpose achievements in a clear and concise manner State the number (Required for 501(c)(3) &

of clients served, publications issued, etc. Discuss achievements that are not measurable (Section 501(c)(3) and (4)(4) orgs , 4947(a)(1)

trusts, butt optional

for

fororganizations and 4947(a)(1) nonexempt charitable trusts must also enter the amount of grants and allocations to others.) others )

a SEE STATEMENT 5

(Grants and allocations $ 162,094 If this amount includes foreign g rants, check here ► 193,048b SEE STATEMENT 6

Grants and allocations $ If this amount includes foreig n g rants , check here ► 9 6 , 0 8 9

c SEE STATEMENT 7

( Grants and allocations $ If this amount includes forei gn g rants, check here ► 728,153d

Grants and allocations $ If this amount includes forei g n rants, check here ► q

e Other program services (attach schedule)

Grants and allocations $ If this amount includes forei g n rants, check here ►f Total of Program Service Expenses (should equal line 44, column (B), Program services) ► 1,017,290

Form 990 (2005)

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Form 990 (2005) WAKE EDUCATION PARTNERSHIP 58-1518182 Page 4Part IV Balance Sheets (See the instructions.)Note: Where required, attached schedules and amounts within the description (A) (B)

column should be for end-of-year amounts only Beginning of year End of year

45 Cash-non-interest-beanng 107,542 45 25,620

46 Savings and temporary cash investments 125,752 46 301,870

47a Accounts receivable 47a

b Less allowance for doubtful accounts 47b ____________________ 47c

48a Pledges receivable 48a

b Less allowance for doubtful accounts 48b 16 5 , 5 5 7 48c 10 0 , 8 4 6

49 Grants receivable 2 5 3, 2 0 0 5, 0 0 050 Receivables from officers, directors, trustees, and key emplo

(attach schedule)

51a Other notes and loans receivable (attach

schedule) 51a

b Less allowance for doubtful accounts 51b 51c

52 Inventories for sale or use 52

53 Prepaid expenses and deferred charges 1, 210 53 3 4 , 2 0 354 Investments-secunties SEE STATEMENT 8 5 0 0, 2 9 9 4 5 91, 9 9 655a Investments-land, buildings, and

equipment: basis 55a

b Less: accumulated depreciation (attach

schedule) 55b 55c

56 Investments-other (attach schedule)

.

56

57a Land, buildings, and equipment. basis 57a

b Less accumulated depreciation (attach

schedule) 57b 11, 822 57c 31, 26458 Other assets (descnbe SEE STATEMENT 9 44 , 7 04 58 5 , 2 52

59 Total assets must a ual line 74 . Add lines 45 throw h 58 1, 210 , 0 8 6 59 1, 0 9 6 , 0 51

60 Accounts payable and accrued expenses 9 7 , 8 0 9 60 7 7 , 7 61

61 Grants payable 61

62 Deferred revenue 62

v, 63 Loans from officers, directors, trustees, and key employees (

schedule) 63

64a Tax-exempt bond liabilities (attach schedule) 64a

b Mortgages and other notes payable (attach schedule) S 83 , 000 64b 5 , 894

65 Other liabilities (describe 65

66 Total liabilities. Add lines 60 through 65 180,809 66 8 3 , 6 5 5Organizations that follow SFAS 117, check here ► X and complete lines

67 through 69 and lines 73 and 74.

67 Unrestricted 129,848 67 60,369r_ 68 Temporarily restricted 372,605 68 431,905

69 Permanently restricted 526,824 69 520,122Organizations that do not follow SFAS 117, check here ► and

U. complete lines 70 through 74

70 Capital stock, trust principal, or current funds 70

71 Paid-in or capital surplus, or land, building, and equipment fund 71

72 Retained earnings, endowment, accumulated income, or other funds 72

73 Total net assets or fund balances (add lines 67 through 69 or lines

Z 70 through 72,

column (A) must equal line 19, column (B) must equal line 21) 1,029,277

-

73 1,012,396

74 Total liabilities and net assets/fund balances. Add lines 66 and 73 F 1,210,086 74 1,096,051Form 990 (2005)

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Form 990 (2005) WAKE EDUCATION PARTNERSHIP 58-1518182 Page 5Part WA Reconciliation of Revenue per Audited Financial Statements With Revenue per Return (See the

a Total revenue, gains, and other support per audited financial statements

b Amounts included on line a but not on Part I, line 12

1 Net unrealized gains on investments

2 Donated services and use of facilities

3 Recoveries of pnor year grants

4 Other (specify)

b1 21, 988b2 258,788

a 1 1,735,046

Add lines b1 through b4 b 280,776

c Subtract line b from line a c 1,454,270

d Amounts included on Part I, line 12, but not on line a:

1 Investment expenses not included on Part I, line 6b dl

2 Other (specify) SEE STMT 10d 37,180

Add lines d1 and d2 d 37,180

e Total revenue (Part I, line 12). Add lines c and d ► e 1,491,450

Pail. IV-B. Reconciliation of Expenses per Audited Financial Statements With Expenses per Returna Total expenses and losses per audited financial statements a 1,751,926

b Amounts included on line a but not Part I, line 17:

1 Donated services and use of facilities b1 258,788

2 Prior year adjustments reported on Part I, line 20 b2

3 Losses reported on Part I, line 20 b3

4 Other (specify)

Add lines b1 through b4 b 258,788

c Subtract line b from line a c 1,493,138

d Amounts included on Part I, line 17, but not on line a:

1 Investment expenses not included on Part I, line 6b dl

2 Other (specify) SEE STMT 11d2 37,181

Add lines dl and d2 d 37,181

e Total expenses (Part I, line 17) Add lines c and d ► e 1, 530,319

Part V-A Current Officers, Directors, Trustees , and Key Employees (List each person who was an officer, director, trustee,or key employee at any time during the year even if they were not compensated ) (See the instructions )

(A) Name and address(B)

Title and average hours perweek devoted to position

(C) Compensation( If not paid , enter

-0-.)

(D) CYontnb to

a lanls 8edefened, e(n

(E) Expenseaccount and other

allowances

SEE STATEMENT 12

Form 990 (2005)

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Form 990 2005 WAKE EDUCATION PARTNERSHIP 58-1518182 Pa ePart VA Current Officers , Directors , Trustees , and Key Employees (continued ) Yes No

75a Enter the total number of officers, directors, and trustees permitted to vote on organization business at board

meetings ► 66

b Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated

employees listed in Schedule A, Part I, or highest compensated professional and other independent

contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business

relationships'? If "Yes," attach a statement that identifies the individuals and explains the relationship(s) 75b X

SEE STATEMENT 13

c Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated

employees listed in Schedule A, Part I, or highest compensated professional and other independent

contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether

tax exempt or taxable, that are related to this organization through common supervision or common control'? 75c X

Note . Related organizations include section 509(a)(3) supporting organizations

If "Yes," attach a statement that identifies the individuals, explains the relationship between this

organization and the other organization(s), and describes the compensation arrangements,

including amounts paid to each individual by each related organization

d Does the organization have a wntten conflict of interest policy? 75d X

Part V•B Former Officers , Directors , Trustees, and Key Employees That Received Compensation or Other Benefits(If any former officer, director, trustee, or key employee received compensation or other benefits (descnbed below) dunngthe year, list that person below and enter the amount of compensation or other benefits in the appropnate column See the

Instructions.)

(A) Name and address (B) Loans and Advances (C) Compensation(D) Contnb to employebenefit plans & deterredcompensation plans

(E) Expenseaccount and other

allowances

N/A

Part Vt Other Information (See the Instructions. Yes No76 Did the organization engage in any activity not previously reported to the IRS? If "Yes," attach a detailed

description of each activity 76 X

77 Were any changes made in the organizing or governing documents but not reported to the IRS? 77 X

If "Yes," attach a conformed copy of the changes

78a Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return? 78a X

b If "Yes," has it filed a tax return on Form 990-T for this year? 78b

79 Was there a liquidation, dissolution, termination, or substantial contraction during the year? If "Yes," attach

a statement 79 X

80a Is the organization related (other than by association with a statewide or nationwide organization) through

common membership, governing bodies, trustees, officers, etc , to any other exempt or nonexempt organization? 80a X

b If "Yes," enter the name of the organization ► WAKE CO. BOARD OF EDUCATION & WAKE C

and check whether it is exempt or 11 nonexempt

81a Enter direct and indirect political expenditures (See line 81 instructions) 81a

b Did the organization file Form 1120-POL for this year? N/A 1b

DAA Form 990 (2005)

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Form 990 2005 WAKE EDUCATION PARTNERSHIP 58-1518182 Pa e 7Part VE Other Information (continued ) Yes No

82a Did the organization receive donated services or the use of materials, equipment, or facilities at no charge

or at substantially less than fair rental value? 82a X

b If "Yes," you may indicate the value of these items here Do not include this

amount as revenue in Part I or as an expense in Part II

(See instructions in Part III ) SEE STMT 14 82b 2 5 8 , 7 8 883a Did the organization comply with the public inspection requirements for returns and exemption applications? 83a X

b Did the organization comply with the disclosure requirements relating to quid pro quo contributions? 83b X

84a Did the organization solicit any contributions or gifts that were not tax deductible? 84a X

b If "Yes," did the organization include with every solicitation an express statement that such contributions or

gifts were not tax deductible? N/A 84b85 501(c)(4), (5), or (6) organizations a Were substantially all dues nondeductible by members? N/A 85a

b Did the organization make only in-house lobbying expenditures of $2,000 or less? N/A 85bIf "Yes" was answered to either 85a or 85b, do not complete 85c through 85h below unless the organization

received a waiver for proxy tax owed for the pnor year

c Dues, assessments, and similar amounts from members 85c

d Section 162(e) lobbying and political expenditures 85d

e Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices 85e

f Taxable amount of lobbying and political expenditures (line 85d less 85e) 85f

g Does the organization elect to pay the section 6033(e) tax on the amount on line 85f" N/A 85h If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount on line 85f

to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the

following tax year? N/A 85h

86 501(c)(7) orgs Enter: a Initiation fees and capital contributions included on

line 12 86a

b Gross receipts, included on line 12, for public use of club facilities 86b

87 501(c)(12) orgs Enter a Gross income from members or shareholders 87a

b Gross income from other sources. (Do not net amounts due or paid to other

sources against amounts due or received from them) 87b

88 At any time during the year, did the organization own a 50% or greater interest in a taxable corporation or

partnership, or an entity disregarded as separate from the organization under Regulations sections 301.7701-2

and 301 7701-3? If "Yes," complete Part IX 88 X

89a 501 (c)(3) organizations Enter Amount of tax imposed on the organization during the year under.

section 4911 ► 0 , section 4912 ► 0 , section 4955 ► 0

b 501(c)(3) and 501(c)(4) orgs. Did the organization engage in any section 4958 excess benefit transaction

during the year or did it become aware of an excess benefit transaction from a prior year? If "Yes," attach

a statement explaining each transaction 89b X

c Enter: Amount of tax imposed on the organization managers or disqualified persons during the year

sections 4912, 4955, and 4958 ► 0

d Enter Amount of tax on line 89c, above, reimbursed by the organization ► 0

90a List the states with which a copy of this return is filed ► NONE

b Number of employees employed in the pay period that includes March 12, 2005 (See

instructions ) 190b 10

91a The books are in care of ► ROBERT SAFFOLD Telephone no. ► 919-821-7609706 HILLSBOROUGH STREET

Locatedat ► RALEIGH, NC ZIP+4 ► 27603

b At any time during the calendar year, did the organization have an interest in or a signature or other authority

over a financial account in a foreign country (such as a bank account, securities account, or other financial Yes No

account)? 91b X

If " Yes," enter the name of the foreign country ►See the instructions for exceptions and filing requirements for Form TD F 90-22.1, Report of Foreign Bank

and Financial Accounts

At any time during the calendar year, did the organization maintain an office outside of the United States? 91 c X

c If "Yes," enter the name of the foreign country ►92 Section 4947(a)(1) nonexempt charitable trusts filing Form 990 in lieu of Form 1041- Check here ► U

and enter the amount of tax-exempt interest received or accrued during the tax year 92

Form 990 (2005)

DAA

Fdrrn 990 (2005) WAKE EDUCATION PARTNERSHIP 58-1518182 Page 8WEP

Part Vtl Analysis of Income-Producin g Activities (See the instructions. )Note : Enter gross amounts unless otherwise Unrelate d business income Excluded by sec 512. 513, or 51 (E)

indicated

93 Program service revenue

(A)Business code

(B)Amount

(C)Exclusiocode

(D)Amount

Related orexempt function

income

a CNTRCT FOR SVCS REIMBURSEMNT 83,123b

c

d

e

f Medicare/Medicaid payments

g Fees and contracts from government agencies

94 Membership dues and assessments

95 Interest on savings and temporary cash investments 14 28,185

96 Dividends and interest from securities

97 Net rental income or (loss) from real estate

a debt-financed property

b not debt-financed property

98 Net rental income or (loss) from personal property

99 Other investment income

100 Gain or (loss) from sales of assets other than inventory 1 -14,989

101 Net income or (loss) from special events 2 74,214102 Gross profit or (loss) from sales of inventory

103 Other revenue a

b MISCELLANEOUS INCOME 17,611

c

d

e

104 Subtotal (add columns (B), (D), and (E)) 0 87,410 100,734105 Total (add line 104, columns (B), (D), and (E)) ► 188,144Note : Line 105 plus line 1d, Part I, should equal the amount on line 1 2, Part I

Part VIII Relationshin of Activities to the Accomnlishment of Exemnt Purneses (Sap the instrurtinnc 1

Line No .V

Explain how each activity for which income is reported in column (E) of Part VII contributed importantly to the accomplishmentof the organization's exempt purposes (other than by providing funds for such purposes)

103 MISCELLANEOUS REFUNDS AND REIMBURSEMENTS ARE A NORMAL PARTOF THE ORGANIZATION'S OPERATIONS.

93A WAKE COUNTY SCHOOL SYSTEM REIMBURSED WAKE EDUCATIONPARTNERSHIP FOR LEADERSHIP ACADEMY DIRECTOR COMPENSATION.

Part IX Information Renarrlinn Taxahlp Subsidiaries and nisrPnarrtprl Entitias (Saa tha inctnirtinns )(A)

Name, address, and EIN of corporation,partnershi p , or disregarded enti ty

(B)Percentage of

ownershi p interest

(C)Nature of activities

(D)Total Income

(E)End-of-year

assets

N/A %a^

U/

o^

Part X Information Reciardin4 Transfers Associated with Personal Benefit Contracts (See the instructions.)(a) Did the organization , during the year , receive any funds , directly or indirectly , to pay premiums on a personal benefit contract 's

H

Yes X No

(b) Did the organization , during the year, pay premiums , directly or indirectly, on a personal benefit contracts Yes X No

Note : If "Yes" to ( b ), file Form 8870 and Form 4720 (see instructions )

Under penalties of perjury, Clare that I hav ex mined this return, incluand belief, it is t e c rrect, n complete cla ti n of epare (other t

Please ,

SignHere

Signature f officer

Type or print name and title

PaidPreparer'ssignature

PreparersUse Only Firm's name (re

if self-emploaddress, a

LANGION & COMPARY,223 US HIGHWAY 70GARNER, NC 27529-

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SCHEDULE A Organization Exempt Under Section 501(c)(3)(Form 990 or 990-EZ) (Except Private Foundation) and Section 501(e), 501(f), 501(k), 501(n),

or 4947(a)(1) Nonexempt Charitable Trust

Supplementary Information-(See separate instructions.)Department of the TreasuryInternal Revenue Service ► MUST be completed by the above organizations and attached to their Form 990 or 990-EZ

2005

7

Name of the organization Employer identification number

WAKE EDUCATION PARTNERSHIP 58-1518182

Part I Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees(See Haas 1 of the instructions List each nne If there are none enter "Nona "1

(a) Name and address of each employee paid morethan $50,000

(b) Title and average hoursper week devoted to position (c) Comp

(d) Contnb toempI ben plan& deferred com p

(e) Expenseaccount & other

allowances

JOSEPH W. PEEL, PHD RALEIGH

706 HILLSBOROUGH STREET, STE. A NC 27603

DIR-LDR ACAD

40 119,050 248 0

DAVID LANE RALEIGH


VP DEVELOPMENT

40 75,600 9,439 0

ANN TURNBILL RALEIGH


DIR-ANNUAL FUND

40 57,618 6,430 0

TAMMY RING RALEIGH


DIR-RES ACAD & ADV

40 51,508 5,048 0

Total number of other em ployees paid over $50,000 ► 0

Part [1-A Compensation of the Five Highest Paid Independent Contractors for Professional Services(See page 2 of the instructions. List each one (whether individuals or firms ) . If there are none , enter "None." )

(a) Name and address of each independent contractor paid more than $50,000 (b) Type of service (c) Compensation

NONE

Total number of others receiving over $50,000 for

Professional services ►Part 11-S Compensation of the Five Highest Paid Independent Contractors for Other Services

(List each contractor who performed services other than professional services, whether individuals orfirms. If there are none enter "None." See page 2 of the instructions.

(a) Name and address of each independent contractor paid more than $50,000 (b) Type of service (c) Compensation

NONE

Total number of other contractors receiving over

$50,000 for other services ►For Paperwork Reduction Act Notice , see the Instructions for Form 990 and Form 990 -EZ. Schedule A (Form 990 or 990-EZ) 2005

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Schedule A (Form 990 or 990-EZ) 2005 WAKE EDUCATION PARTNERSHIP 58-1518182 Paqe 2

Part III Statements About Activities (See page 2 of the instructions.) Yes No

1 During the year, has the organization attempted to influence national, state, or local legislation, including any

attempt to influence public opinion on a legislative matter or referendum? If "Yes," enter the total expenses paid

or incurred in connection with the lobbying activities ► $ (Must equal amounts on line 38,

Part VI-A, or line i of Part VI-B) 1 X

Organizations that made an election under section 501(h) by filing Form 5768 must complete Part VI-A Other

organizations checking "Yes" must complete Part VI-B AND attach a statement giving a detailed description of

the lobbying activities

2 During the year, has the organization, either directly or indirectly, engaged in any of the following acts with any

substantial contributors, trustees, directors, officers, creators, key employees, or members of their families, or

with any taxable organization with which any such person is affiliated as an officer, director, trustee, majority

owner, or principal beneficiary? (If the answer to any question is "Yes," attach a detailed statement explaining the

transactions.)

a Sale, exchange, or leasing of property? 2a X

b Lending of money or other extension of credit? 2b X

c Furnishing of goods, services, or facilities? 2c X

d Payment of compensation (or payment or reimbursement of expenses if more than $1,000)? SEE PART V, FORM 990 2d X

e Transfer of any part of its income or assets? 2e X

3a Do you make grants for scholarships, fellowships, student loans, etc ? (If "Yes," attach an explanation of how

you determine that recipients qualify to receive payments) SEE STATEMENT 15 3a X

b Do you have a section 403(b) annuity plan for your employees? 3b X

c During the year, did the organization receive a contribution of qualified real property interest under section 170(h)? 3c X

4a Did you maintain any separate account for participating donors where donors have the right to provide advice on

the use or distribution of funds? 4a X

b Do you provide credit counselin g , debt management, credit repair, or debt negotiation services? 4b X

Part IV Reason for Non-Private Foundation Status (See pages 3 through 6 of the instructions.)

The organization is not a private foundation because it is (Please check only ONE applicable box )

5 A church, convention of churches, or association of churches. Section 170(b)(1)(A)(i)

6 A school. Section 170(b)(1)(A)(n) (Also complete Part V.)

7 A hospital or a cooperative hospital service organization Section 170(b)(1)(A)(ui)

8 A Federal, state, or local government or governmental unit. Section 170(b)(1)(A)(v)

9 A medical research organization operated in conjunction with a hospital. Section 170(b)(1)(A)(ni) Enter the hospital's name, city,

and state ►10 q An organization operated for the benefit of a college or university owned or operated by a governmental unit Section 170(b)(1)(A)(iv)

(Also complete the Support Schedule in Part IV-A.)

11a An organization that normally receives a substantial part of its support from a governmental unit or from the general public. Section

170(b)(1)(A)(vi) (Also complete the Support Schedule in Part IV-A )

11b q A community trust Section 170(b)(1)(A)(vi). (Also complete the Support Schedule in Part IV-A )

12 An organization that normally receives (1) more than 33 1/3% of its support from contributions, membership fees, and gross receipts

from activities related to its charitable, etc., functions-subject to certain exceptions, and (2) no more than 33 1/3% of its support

from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the

organization after June 30, 1975 See section 509(a)(2) (Also complete the Support Schedule in Part IV-A )

13 q An organization that is not controlled by any disqualified persons (other than foundation managers) and supports organizations

described in (1) lines 5 through 12 above, or (2) section 501(c)(4 , (5), or (6), if they meet the test of section 509(a)(2) Check

the box that describes the type of supporting organization ► Type 1 q Type 2 q Type 3

Provide the followin g information about the su pported organizations (See pa ge 6 of the instructions. )

(a) Name(s) of supported organization(s)(b) Line number

from above

14 q An organization organized and operated to test for public safety Section 509(a)(4) (See page 6 of the instructions )

DAA Schedule A (Form 990 or 990-EZ) 2005

WEP

Schedule A (Form 990 or 990-EZ) 2005 WAKE EDUCATION PARTNERSHIP 58-1518182 Page 3

Part [V-A Support Schedule (Complete only if you checked a box on line 10, 11, or 12 ) Use cash method of accounting.

Note: You may use the worksheet in the instructions for convertmn from the arcnial to the rash method of acrntintinn

Calendar year ( or fiscal year beg innin g in ) ► ( a ) 2004 ( b ) 2003 ( c ) 2002 ( d ) 2001 ( e ) Total

15 Gifts, grants, and contnbutions received (Do

not include unusual rants Seeline28 1,820,748 1,242,812 1,530,853 1,063,061 5,657,47416 Membershi p fees received 0

17 Gross receipts from admissions, merchandise

sold or services performed, or furnishing of

facilities in any activity that is related to the

organization's chantable. etc , purpose 149,339 149,459 63, 673 65,205 427,67618 Gross income from interest, dividends,

amounts received from payments on securities

loans (section 512(a)(5)), rents, royalties, and

unrelated business taxable income (less

section 511 taxes) from businesses acquired

by the organization after June 30, 1975 17,635 23,814 27,783 32,207 101,43919 Net income from unrelated business

activities not included in line 18 0

20 Tax revenues levied for the organization's

benefit and either paid to it or expended on

its behalf 0

21 The value of services or facilities furnished tothe organization by a governmental unitwithout charge Do not include the value of

services or facilities generally furnished to the

public without charge 0

22 Other income Attach a schedule Do not

s 16saleof

aaitaas°sesfrom 12, 391 5, 898 4, 695 838 23, 82223 Total of lines 15throu g h 22 2,000,113 1,421,983 1,627,004 1,161,311 6,210,41124 Line 23 minus line 17 1,850,774 1,272,524 1,563,331 1,096,106 5,782,73525 Enter 1 % of line 23 20,001 1 14,220 1 16,270 1 11, 61326 Organizations described on lines 10 or 11: a Enter 2% of amount in column (e), line 24 ► 26a 115,655

b Prepare a list for your records to show the name of and amount contributed by each person (other than a

governmental unit or publicly supported organization) whose total gifts for 2001 through 2004 exceeded the

amount shown in line 26a Do not file this list with your return . Enter the total of all these excess amounts ► 26b 514,228

c Total support for section 509(a)(1) test Enter line 24, column (e) ► 26c 5,782,735d Add. Amounts from column (e) for lines 18 101,439 19

22 23,822 26b 514,228 ► 26d 639,489e Public support (line 26c minus line 26d total) ► 26e 5,143,246f Public support percentage line 26e numerator divided b line 26c denominator ► 26f 88 .9414 %

27 Organizations described on line 12: a For amounts included in lines 15, 16, and 17 that were received from a "disqualified

person," prepare a list for your records to show the name of, and total amounts received in each year from, each "disqualified person

Do not file this list with your return. Enter the sum of such amounts for each year N/A(2004) (2003) (2002) (2001)

b For any amount included in line 17 that was received from each person (other than "disqualified persons"), prepare a list for your records to

show the name of, and amount received for each year, that was more than the larger of (1) the amount on line 25 for the year or (2) $5,000

(Include in the list organizations described in lines 5 through 11b, as well as individuals ) Do not file this list with your return . After computing

the difference between the amount received and the larger amount described in (1) or (2), enter the sum of these differences (the excess

amounts) for each year N/A

(2004) (2003) (2002) (2001)

c Add Amounts from column (e) for lines 15 16

17 20 21 ► 27c

d Add Line 27a total and line 27b total ► 27d

e Public support (line 27c total minus line 27d total) ► 27e

f Total support for section 509(a)(2) test Enter amount from line 23, column (e) ► 27f

g Public support percentage ( line 27e ( numerator ) divided by line 27f ( denominator)) ► 27g %

h Investment income percentage ( line 18 , column (e ) ( numerator ) divided by line 27f (denominator)) ► 27h %

28 Unusual Grants : For an organization described in line 10, 11, or 12 that received any unusual grants during 2001 through 2004,

prepare a list for your records to show, for each year, the name of the contributor, the date and amount of the grant, and a brief

descnDtion of the nature of the grant Do not file this list with your return . Do not include these arants in line 15

Schedule A (Form 990 or 990-EZ) 2005

DAA

WEP

Schedule A (Form 990 or 990-EZ) 2005 WAKE EDUCATION PARTNERSHIP 58-1518182 Page 4Part V Private School Questionnaire (See page 7 of the instructions.)

(To be com pleted ONLY by schools that checked the box on line 6 in Part IV)29 Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws, N/A Yes No

other goveming instrument, or in a resolution of its governing body's 29

30 Does the organization include a statement of its racially nondiscriminatory policy toward students in all its

brochures, catalogues, and other wntten communications with the public dealing with student admissions,

programs, and scholarships' 30

31 Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during

the period of solicitation for students, or during the registration period if it has no solicitation program, in a way

that makes the policy known to all parts of the general community it serves' 31

If "Yes," please describe; if "No," please explain. (If you need more space, attach a separate statement )

32 Does the organization maintain the following

a Records indicating the racial composition of the student body, faculty, and administrative staff? 32a

b Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory

basis? 32b

c Copies of all catalogues, brochures, announcements, and other written communications to the public dealing

with student admissions, programs, and scholarships' 32c

d Copies of all material used by the organization or on its behalf to solicit contributions? 32d

If you answered "No" to any of the above, please explain. (If you need more space, attach a separate statement )

33 Does the organization discriminate by race in any way with respect to:

a Students' rights or privileges? 33a

b Admissions policies' 33b

c Employment of faculty or administrative staffs 33c

d Scholarships or other financial assistance? I 33d

e Educational policies? I 33e

f Use of facilities? 33f

g Athletic programs' 33c

h Other extracurricular activities' 133h

If you answered "Yes" to any of the above, please explain. (If you need more space, attach a separate statement.)

34a Does the organization receive any financial aid or assistance from a governmental agency? I 34a

b Has the organization's right to such aid ever been revoked or suspended' 34b

If you answered "Yes" to either 34a or b, please explain using an attached statement

35 Does the organization certify that it has complied with the applicable requirements of sections 4 01 through 4 05

of Rev. Proc 75-50, 1975-2 C B 587, covering racial nondiscrimination? If "No," attach an explanation 35


DAA

WEP

Schedule A (Form 990 or 990-EZ) 2005 WAKE EDUCATION PARTNERSHIP 58-1518182 Page 5Part VI A Lobbying Expenditures by Electing Public Charities (See page 9 of the instructions.)

(To be completed ONLY by an eligible organization that filed Form 5768) N/ACheck ► a 1 1 if the organization belongs to an affiliated arouo Check ► b 1 1 if you checked "a" and "limited control" Drovisions aooly

Limits on Lobbying Expenditures

(The term "expenditures" means amounts paid or incurred )

36 Total lobbying expenditures to influence public opinion (grassroots lobbying)

37 Total lobbying expenditures to influence a legislative body (direct lobbying)

38 Total lobbying expenditures (add lines 36 and 37)

39 Other exempt purpose expenditures

40 Total exempt purpose expenditures (add lines 38 and 39)

41 Lobbying nontaxable amount Enter the amount from the following table-

If the amount on line 40 is- The lobbying nontaxable amount is-

Not over $500,000 20% of the amount on line 40

Over $500,000 but not over $1,000,000 $100,000 plus 15% of the excess over $500,000

Over $1,000,000 but not over $1,500,000 $175,000 plus 10% of the excess over $1,000,000

Over $1,500,000 but not over $17,000,000 $225,000 plus 5% of the excess over $1,500,000

Over $17,000,000 $1,000,000

42 Grassroots nontaxable amount (enter 25% of line 41)

43 Subtract line 42 from line 36 Enter -0- if line 42 is more than line 36

44 Subtract line 41 from line 38. Enter -0- if line 41 is more than line 38

(a) I (b)Affiliated group To be completed

totals for ALL electingorganizations

36

37

38

39

40

41

Caution : If there is an amount on either line 43 or line 44, you must file Form 4720. {

4-Year Averaging Period Under Section 501(h)(Some organizations that made a section 501(h) election do not have to complete all of the five columns below

Lobbying Expenditures During 4-Year Averaging Period

Calendar year (or

fiscal year beg inning in ) ►(a)

2005

(b )

2004

(c)

2003

(d)

2002

(e)

Total

45 Lobbyin g nontaxable amount

46 Lobbying ceiling amount (150% of

line 45(e ))

47 Total lobbying expenditures

48 Grassroots nontaxable amount

49 Grassroots ceiling amount (150% of

line 48 (e ))

50 Grassroots lobbyin g expenditures

Part Vt-13 Lobbying Activity by Nonelecting Public Charities( For reporting only by organizations that did not complete Part VI-A (See a e 11 of the instructions. N/A

During the year, did the organization attempt to influence national, state or local legislation, including anyYes No Amount

attempt to influence public opinion on a legislative matter or referendum, through the use of

a Volunteers

b Paid staff or management (Include compensation in expenses reported on lines through c h.)

c Media advertisements

d Mailings to members, legislators, or the public

e Publications, or published or broadcast statements

f Grants to other organizations for lobbying purposes

g Direct contact with legislators, their staffs, government officials, or a legislative body

h Rallies, demonstrations, seminars, conventions, speeches, lectures, or any other means

i Total lobbying expenditures (Add lines through c h.)

If "Yes" to any of the above, also attach a statement giving a detailed description of the lobbying activities


DAA

WEP

Schedule A (Form 990 or 990-EZ) 2005 WAKE EDUCATION PARTNERSHIP 58-1518182 Page 6Part VII Information Regarding Transfers To and Transactions and Relationships With Noncharitable

Exempt Organizations (See page 12 of the instructions.)51 Did the reporting organization directly or indirectly engage in any of the following with any other organization described in section

501(c).of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

a Transfers from the reporting organization to a noncharltable exempt organization of Yes No

(i) Cash 51a(i) X

(ii) Other assets a ii X

b Other transactions.

(i) Sales or exchanges of assets with a nonchantable exempt organization b il l ) X

(ii) Purchases of assets from a nonchantable exempt organization b(H) X

(iii) Rental of facilities, equipment, or other assets b(iii) X

(iv) Reimbursement arrangements b(iv) X

(v) Loans or loan guarantees b ( v ) X

(vi) Performance of services or membership or fundraising solicitations b ( vi ) X

c Sharing of facilities, equipment, mailing lists, other assets, or paid employees c X

d If the answer to any of the above is "Yes," complete the following schedule Column (b) should always show the fair market value of the

goods, other assets, or services given by the reporting organization If the organization received less than fair market value in any

transaction or sharing arrangement, show in column (d ) the value of the goods, other assets, or services received-

(a) (b) ()c (d)Line no Amount involved Name of nonchantab le exempt organization Description of transfers, transactions, and sharing arrangements

N/A

52a Is the organization directly or indirectly affiliated with, or related to, one or more tax-exempt organizations

described in section 501(c) of the Code ( other than section 501 (c)( 3)) or in section 527? ► 11 Yes FX No

b If "Yes ." complete the following schedule

(a) (b) (c)Name of organization Type of organization Description of relationship

DAA Schedule A (Form 990 or 990-EZ) 2005

WEP

Form 990For calendar year 2005, or ta)

Name

WAKE EDUCATION PARTNERSHIP

pecial Events Schedule

eainnina 7/01/05 and endi 6/30/062005

Employer Identification Number

58-1518182

(A) (B)

Gross receipts 51,258 11,045

Less contributions 0 0

Gross revenue 51,258 11,045Less direct expenses 0 0

Net income (loss) 51,258 11,045

Description. (A) PIECES OF GOLD TICKET SALES

(B) SPECIAL EVENT

(C) VIDEOTAPES

Others T-SHIRT SALESFLOWER SALESOTHER ACTIVITIES

(C)

6,5700

6,5700

6,570 5,341 74,214

Others Total

5,341 74,2140 0

5,341 74,2140 0

N/EP

Forms Mortgages and Other Notes Payable990/990

1-PF 2005

For calendar year 2005, or tax year beg innin g 7/01/05 and endin 6 / 30 / 06Name Employer Identification Number

WAKE EDUCATION PARTNERSHIP 58-1518182

FORM 990. PART IV. LINE 64B - ADDITIONAL INFORMATION

Name of lender Relationship to disqualified person

1 P&L CAPITAL NON RELATED LENDER(2 )

( 3 )

(4 )

( 5 )

(6 )

( 7 )

( 8 )

( 9 )

( 10 )

Original amountborrowed Date of loan

Maturitydate Repayment terms

Interestrate

( 1 ) 11,178 2 / 15 / 05 2/15 / 08 $ 352.53 MONTHLY 8.435(2 )

( 3 )

(4 )

( 5 )

( 6 )

( 7 )

( 8 )

(9 )10

Security provided by borrower Purpose of loan

( 1 ) BLACKBAUD SOFTWARE TO PURCHASE SOFTWARE(2 )

( 3 )

(4 )

( 5 )

(6 )

( 7 )

( 8 )

(9 )( 10 )

Consideration furnished by lenderBalance due at

beginning of yearBalance due atend of year

1 NONE 9,382 5,894( 2 )

( 3 )

(4 )

( 5 )

( 6 )

(7 )

(8 )

(9 )

( 10 )

Totals 9,382 5,894

FY06 Grants and Allocations

School CamDaian (2001/1/2006 Zebulon Middle Schoo-010106 $550.00

1/(/2006 Wake Forest Rolesvil-010106 $400.00

1/12006 East Wake Middle Sch-010106 $250.00

1/1/2006 North Ridge Elementa-0 10106 $1,000.00

1/1/2006 Cary Elementary-010106 $200.00

1/1/2006 Middle Creek Element-010106 $800.00

1/1/2006 Hilburn Elementary-010106 $300.00

1/1/2006 Swift Creek Elementa-0 10106 $60000

1/12006 Vance Elementary-010106 $250.00

1/1/2006 Zebulon Elementary S-0 10106 $1,200.00

1/1/2006 Willburn Elementary -0 10106 $400.00

l/1!2006 Salem Middle School-0 10106 $350.00

l/12006 Forestville Road Ele-010106 $150.00

1/1/2006 Highcroft Drive Elem-0 10106 $125.00

1/31/2006 Middle Creek High School $1,500.00

Total $8,075.00

Teacher Grants/FFT (401)1/11/2006 Beverly Almond-One-Time Check-15203 $2,000.00

1/11/2006 Came Beach-One-Time Check-15205 $2,000.00

1/1 1/2006 Karen Berryman-One-Time Check-15213 $1,998.10

1/11/2006 Jill Bliss-One-Time Check-15211 $1,987.07

1/11/2006 David Bode-One-Time Check-15208 $1,955.20

1/11/2006 Kimberly Grant-One-Time Check-15216 $2,000.00

1/11/2006 Holly Marie Hamblin-One-Time Check-152 $1,044.00

1/11/2006 Paula Hoffman-One-Time Check-I 5221 $2,000.00

1/11/2006 Melody Kendall-One-Time Check-15219 $1,976 05

1/11/2006 Susan Klaric-One-Time Check-15222 $2,000 00

1/11/2006 Allison Kuhns-One-Time Check-15201 $2,000.00

1/11/2006 Danielle McCaslin-One-Time Check-15207 $2,000.00

1/11/2006 Dail Rawls-One-Time Check-15206 $1,998.00

I/11/2006 Anne Safrit-One-Time Check-15202 $1,916.00

1/112006 Krystal Sanders-One-Time Check-15217 $2,000.00

1/I 1/2006 Erica Schurter-One-Time Check-15209 $2,000 00

1/11/2006 Jodi Songer-One-Time Check-15212 $2,000 00

1/11/2006 Carol Swink-One-Time Check-15204 $1,992.61

1/11/2006 Paul Taperek-One-Time Check-15220 $2,000.00

1/11/2006 Kathy VanDeventer-One-Time Check-1521 $1,997.94

1/11/2006 Karen Waller-One-Time Check-15214 $1,998 76

1/11/2006 Marian Wheless-One-Time Check-15218 $1,839.90

6/2/2006 Lee Quinn-060206 $5,000.00

Total $47,703.63

TLA - MSA Cohorts (4538/30/2005 AK083005-Athena Kellogg-MSA Cohorts $184 00

8/30/2005 GW083005-Gregory Welsh-MSA Cohorts $184.00

8/30/2005 JM083005-Justin Matonic-MSA Cohorts $184.00

8/30/2005 KA083005-Kelly Aman-MSA Cohorts $184.00

$8,075 00

$47,703.63

8/30/2005 KG083005-Kevin Granger-MSA Cohorts $184.00

8/30/2005 KH083005-Kelly Hayes-MSA Cohorts $184.00

8/30/2005 KS083005-Kathleen Stuckey-MSA Cohorts $184 00

8/30/2005 LF083005-Lara Fricke-MSA Cohorts $184.00

8/30/2005 MDC083005-Melinda Demchak-MSA Coh. $184.00

8/302005 MM083005-Mary Meadows-MSA Cohorts $184.00

8/30/2005 PT083005-Paula Threadgill-MSA Cohorts $184.00

8/302005 RT083005-Randall Thomas-MSA Cohorts $184.00

8/302005 S083005-Steven Moore-MSA Cohorts $184.00

8/30/2005 SM083005-Steve Molinari-MSA Cohorts $184.00

8/30/2005 TJ083005-Tammy Jahad-MSA Cohorts $184.00

1/5/2006 Mary Meadows-Fall 2005 $895.50

1/5/2006 Steve Molinari-Fall 2005 $895.50

1/5/2006 Steven Moons-Fall 2005 $895.50

1/5/2006 Kathleen Stuckey-Fall 2005 $895.50

1/52006 Randall Thomas-Fall 2005 $895.50

1/5/2006 Paula Threadgill-Fall 2005 $895.50

1/5/2006 Gregory Welsh-Fall 2005 $895.50

6/72006 Randall Thomas-Spring 2006 $851.00

6/72006 Paula Threadgill-Spring 2006 $851.00

6/72006 Kelly Aman-Spring 2006 $851.00

6/7/2006 Tammy Jahad-Spring 2006 $851 00

6/7/2006 Mary Julia Meadows-Spring 2006 $851.00

6/72006 Steven Moore-Spring 2006 $851.00

6/72006 Kevin Granger-Spring 2006 $851.00

6/72006 Greg Walsh-Spring 2006 $851.00

6/7/2006 Steve Molinari-Spnng 2006 $851.00

6/72006 Mindy Crawford-Spring 2006 $851.00

6/15/2006 Justin Matonic-061506 $851.00

6/152006 Kelly Hayes-061506 $851.00

6/15/2006 Kathleen Stuckey-061506 $851.00

Total $20,091.50 $20,091.50

Kenan Fellows (4708/162005 Kenan Fellows-Kenan Institute-Kenan Fello $15,000.00

10/21/2005 Kenan Institute $15,000 00

4/26/2006 Kenan Institute-042606 $15,000.00

Total $45,000 00 $45,000 00

PEN Grant (480)3/14/2006 Communities In Schoo-031406 $15,000.00

6/2/2006 Wake County Public S-060206 $2,559 90

Total $17,559.90 $17,559.90

Pieces of Gold (500)3/12006 Carroll Middle Schoo-030106 $50.00

3/1/2006 Sanderson High Schoo-030106 $50.00

3/12006 Joyner Elementary-030106 $100.00

3/12006 Millbrook Elementary-030106 $100.00

3/1/2006 Wendell Elementary-030106 $100.00

3/1/2006 Underwood Elementary-030106 $100.00

3/1/2006 Fuller Elementary-030106 $100.00

3/12006 Olds Elementary-030106 $100.00

3/12006 Northwoods Elementar-030106 $100.00

3/12006 Briarcliff Elementar-030106 $100.00

3/12006 Fuquay-Varina Elemen-030106 $10000

3/12006 Powell Elementary-030106 $100 00

3/12006 Conn Elementary-030106 $100.00

3/1/2006 Combs Elementary-030106 $100.00

3/12006 Lincoln Heights Elem-030106 $100.00

3/1/2006 Martin Middle School-030106 $100 00

3/12006 Ligon Middle School-030106 $100.00

3/I2006 West Millbrook Middl-030106 $10000

3/12006 Enloe High School-030106 $100.00

3/12006 Green Hope High Scho-030106 $100.00

3/12006 Leesville Road High -030106 $100.00

3/12006 Southeast Raleigh Hi-030106 S10000

3/12006 Wake Forest Rolesvil-030106 $10000

3/12006 Weatherstone Element-030106 $100.00

3/12006 Hunter Elementary-030106 $100.00

3/12006 Wake Forest Rolesvil-030106 $100.00

3/12006 Holly Ridge Middle-030106 $100.00

3/12006 Centennial Campus Mi-030106 $10000

3/12006 Knightdale High-030106 $100.00

Total $2,800.00 $2,800 00

Jewell (700)

5/31/2006

5/31/2006

5/31/2006

Jenrette #2 (72012/12/2005

12/12/2005

12/12/2005

12/12n005

12/12/2005

12/12/2005

12/12/2005

12/12/2005

12/12/2005

12/12/2005

12/12/2005

12/ 12/2005

12/12/2005

12/12/2005

12/12/2005

12/12/2005

Michael Clinkscales-2006 Jewell $2,500.00

Cory Jenkins-2006 Jewell $2,500 00

Brian Martin-2006 Jewell $2,500 00

Total $7,500 00 $7,500.00

Christine Barger-One-Time Check-I 5137 $179.00

Nancy Carty-One-Time Check-15145 $300.00

Nancy Carty-One-Time Check-15146 $20000

Richard Dubois-One-Time Check-15149 $300 00

Carol Dukes-One-Time Check-15136 $300.00

Nancy Elliott-One-Time Check-15147 $65.00

Susan Evans-One-Time Check-15150 $200 00

Jane Forde-One-Time Check-15141 $200 00

Gail Jones-One-Time Check-15140 $200.00

Patricia Ligon-One-Time Check-15148 $20000

Kathy McGowan-One-Time Check-15143 $65 00

Mary-Kathryn Pate-One-Time Check-15144 $200.00

Jeffrey Richardson-One-Time Check-15142 $300.00

Douglas Shirley-One-Time Check-15138 $200.00

Enca Spain-One-Time Check-15139 $179 00

Susan Waldnun-One-Time Check-15151 $65.00

Total $3,153.00

Fletcher - PEN match (740

$3,153.00

6/30/2006 Wake Ed Partnership - PEN match $ 12,000.00 `

Total $12,000.00 $ 12,00000 E n C^^ r\I

e 1'^m'1rc^4c d')

Susan Ellis Roberts Scholarship (793)9/12/2005 Bauder College $5,000.00

Total $5,000.00 $5,000.00

7/1!2005 Miscellaneous - source unknown $5,210.49 $5,210.49

Total FY06 Grants $ 174,093.52

i (^a,o93,sa

General FootnotePart V-A #75bFamily and Business Relationships

Trustee Ann Goodnight (mother) and Director Leah Goodnight Tyler (daughter) are both affiliatedwith SAS Institute.

Director Gordon Brown and Director/Trustee Blount Williams are both affiliated with AlfredWilliams and Co.

Director Marty Clayton and Trustee Hilda Pinnix-Ragland are both affiliated with Progress Energy.

Director Robert Hatley and Director Virginia Parker are both affiliated with Paragon CommercialBank.

Director Irma Martinez and Trustee Rusine Mitchell-Sinclair are both affiliated with IBM.

Director Jim McClure and Trustee Orage Quarles are both affiliated with The News and Observer.

Director Charles Royal and Trustee Jack Clayton are both affiliated with Wachovia Bank.

Director Richard Urquhart and Trustee James Maynard are both affiliated with InvestorsManagement Corporation.

Director Rod Malone and Trustee Wade Smith are both affiliated with Tharrington Smith.

Ex Officio Directors Del Burns and Gladys Madauss and Ex Officio Trustee Patti Head areaaffiliated with Wake County Public School System.

Ex Officio Director David Cooke and Ex Officio Trustee Joe Bryan are both affiliated with WakeCounty, NC, Government.

WEP Wake Education Partnership

58-1518182 Federal StatementsFYE: 6/30/2006

Statement 1 - Form 990, Part I, Line 8c - Sale of Assets Other Than Inventory - Securities

Desc

HowRec'd

PUBLICLY TRADED SECURITIES

TOTAL

WhomSold

Date Date Sale Cost & Gain/Acquired Sold Price Expense Deprec -Loss

$ 69,280 $ 84,269 $ $ -14,989

$ 69,280 $ 84,269 $ 0 $ -14,989

1



Statement 2 - Form 990, Line 20 - Other Changes in Net Assets or Fund Balances

Description Amount

NET UNREALIZED GAINS ON INVESTMENTS $ 21,988

TOTAL $ 21,988

2



Statement 3 - Form 990, Part II, Line 22 - Grants, Allocations and Contributions

Name Relationship Class ofAddress to Org Activity

Date of Description of Cash NonCash Book BV FMVGift Property Contrib Contrib Value Explantn Explntn

SEE ATTACHED STATEMENT

TOTAL

$ 162,094 $ $

$ 162,094 $ 0 $ 0

3

WEP Wake Education Partnership58-1518182 Federal StatementsFYE: 6/30/2006

Statement 4 - Form 990. Part 11. Line 43 - Other Functional Expenses

Total Program Mgt & Fund-Description Expenses Service General Raising

$ $ $ $EXPENSES

COMMUNITY SERVICES 65,098 49,778 4,243 11,077DUES AND SUBSCRIPTIONS 8,723 50 4,947 3,726MISCELLANEOUS 7,974 2,154 4,066 1,754OTHER PROF FEES 121,600 69,776 44,255 7,569PROGRAM SUPPLIES 215,879 206,687 1,132 8,060

TOTAL $ 419,274 $ 328,445 $ 58,643 $ 32,186

Statement 5 - Form 990 , Part Ill, Line a - Statement of Program Service Accomplishments

Description

COMMUNITY ENGAGEMENT - GOAL IS TO FOSTER COMMUNITY

ENGAGEMENT TO BUILD PUBLIC UNDERSTANDING AND CREATE

MEANINGFUL DIALOGUE BETWEEN SCHOOLS AND THE COMMUNITY

THAT LEADS TO ACTION. THIS GOAL IS SUPPORTED BY THE

FOLLOWING PROGRAMS: AN ANNUAL MEETING TO CELEBRATE

PUBLIC EDUCATION AND PROGRESS TOWARDS HIGHER STANDARDS;

THE INSTITUTE FOR WAKE COUNTY SCHOOL LEADERS TO CULTIVATE

COMMUNITY LEADERSHIP FOR HIGH STANDARDS AT ALL LEVELS;

THE WAKE REGIONAL EDUCATION ROUNDTABLE TO SUPPORT LOCAL

CHAMBERS OF COMMERCE AND PTAS BY ENHANCING UNDERSTANDING

OF KEY EDUCATION ISSUES; THE PTA LIASON PROGRAM TO INFORM

AND SUPPORT PARENT LEADERSHIP ACROSS WAKE COUNTY; HOSTING

GIFTS OF GOLD AND PIECES OF GOLD ARTS CELEBRATIONS; AND

HOSTING THE WAKE EDUCATION MINI-SUMMIT TO SEEK DIVERSE

CITIZEN INPUT REFLECTIVE OF THE WAKE COUNTY COMMUNITY IN

DETERMING PRIORITIES FOR PUBLIC EDUCATION.

Statement 6 - Form 990, Part Ill, Line b - Statement of Program Service Accomplishments

Description

RESEARCH AND ADVOCACY - GOAL IS TO CONDUCT RESEARCH AND

ADVOCACY ON KEY EDUCATION ISSUES AND NEEDS TO CULTIVATE AMORE DEEPLY INFORMED CITIZENRY AND DRIVE ACTIONS TOACHIEVE RESULTS DEMANDED BY THE COMMUNITY. THIS GOAL ISSUPPORTED BY THE FOLLOWING PROGRAMS: "QUALITY MATTERS

2005" TO INFORM CITIZENS AND ELECTED LEADERS ABOUT THEFACTS OF SPENDING AND PERFORMANCE IN THE PUBLIC SCHOOLS;

ADVOCATE FOR POLICY AND PROGRAM RECOMMENDATIONS CONTAINED

IN THE "RECRUIT, RETAIN AND RESPECT" REPORT OF THE WAKE

TASK FORCE ON TEACHING EXCELLENCE; AND BY CO-SPONSORING A

PUBLIC EDUCATION COMMUNITY ASSESSMENT TO MEASURE CITIZEN

PERCEPTIONS OF QUALITY AND PERFORMANCE IN THE PUBLIC

SCHOOLS TO INFORM LOCAL LEADERS ABOUT THE PUBLIC'S VIEW

OF KEY ISSUES AND CHALLENGES AFFECTING THE FUTURE OF WAKECOUNTY'S SCHOOLS.

4-6



Statement 7 - Form 990, Part III, Line c - Statement of Program Service Accomplishments

Description

LEADERSHIP & PROFESSIONAL DEVELOPMENT - GOAL IS TOPROVIDE LEADERSHIP AND PROFESSIONAL DEVELOPMENT FORTEACHERS, ASSISTANT PRINCIPALS, PRINCIPALS, AND DISTRICTLEADERS TO RAISE THE PERFORMANCE LEVEL OF THOSE CHARGEDWITH EDUCATING STUDENTS. THIS GOAL IS SUPPORTED BY THEFOLLOWING PROGRAMS: WAKE LEADERSHIP ACADEMY; KENANFELLOWS PROGRAM; FOOD FOR THOUGHT TEACHER GRANTS; AND ACHIEF INFORMATION OFFICER ADVISORY COMMITTEE AND HUMANRESOURCES ADVISORY COMMITTEE TO AID THE WAKE COUNTYPUBLIC SCHOOL SYSTEM IN EFFECTIVE DECISION-MAKING.

Statement 8 - Form 990. Part IV. Line 54 - Investments in Securities

Beginning End of Basis ofDescription of Year Year Valuation

US AND STATE GOVERNMENTU.S. TREASURY BONDS 1 1 MARKET

CORPORATE STOCKEXCELSIOR ST GOVT SEC FUND 250,249 314,662 MARKETEXCELSIOR MID CAP VALUE 82,705 125,029 MARKETEXCELSIOR BLENDED EQUITY 134,025 152,304 MARKETEXCELSIOR LARGE CAP GROW 33,319 MARKET

500,299 591,996

Statement 9 - Form 990 , Part IV, Line 58 - Other Assets

Beginning End ofDescription of Year Year

OTHER RECEIVABLES $ 4,729 $ 5,252LEADERSHIP ACADEMY - HELD ASSETS 39,975

TOTAL $ 44,704 $ 5,252

Statement 10 - Form 990 , Part IV-A - Other Revenue Included on Return

Description Amount

RECATEGORIZATION OF ADJUSTMENTS TO REVENUE - MOVED TO EXP $ 37,180

TOTAL $ 37,180

Statement 11 - Form 990 , Part IV-B - Other Expenses Included on Return

Description Amount

RECATEGORIZATION OF ADJUSTMENTS TO REVENUE - MOVED TO EXP $ 37,180ROUNDING 1

TOTAL $ 37,181

7-11



Statement 12 - Form 990, Part V-A - List of Officers , Directors , Trustees , and KeyEmployees

Name Address

AverageCity, State, Zip Title Hours Compensation Benefits Expenses

KENNETH BLACK PO BOX 27131RALEIGH NC 27611 BOARD MEMBER 1 0 0 0

JOHN BOLING 100 SAS CAMPUS DRIVECARY NC 27513 BOARD MEMBER 1 0 0 0

E. GORDON BROWN, JR. 1813 CAPITAL BLVDRALEIGH NC 27604 BOARD MEMBER 1 0 0 0

JAMES E. BROWN 3201 BEECHLEAF COURT, SUITE 70 0RALEIGH NC 27604 BOARD MEMBER 1 0 0 0

A. J. (DEL) BURNS 3600 WAKE FOREST ROADRALEIGH NC 27611 BOARD MEMBER 1 0 0 0

DERRICK BYRD 212 CLANCY CIRCLECARY NC 27511 BOARD MEMBER 1 0 0 0

A. MARTY CLAYTON 3000 SPRING FOREST ROADRALEIGH NC 27616 BOARD MEMBER 1 0 0 0

DAVID C. COOKE PO BOX 550RALEIGH NC 27602 BOARD MEMBER 1 0 0 0

ROBIN COSTELLO 311 EAST EDEN STREETRALEIGH NC 27601 BOARD MEMBER 1 0 0 0

ANDI CURTIS 101 INNOVATION AVE, SUITE 100MORRISVILLE NC 27560 BOARD MEMBER 1 0 0 0

WANDA W. DENNING 2635 CARLIE ADAMS ROADWILLOW SPRINGS NC 27592 BOARD MEMBER 1 0 0 0

WILLIAM FERRITER (BILL) 6150 OLD JENKS RDAPEX NC 27523 BOARD MEMBER 1 0 0 0

LYNNE GARRISON PO BOX 2291DURHAM NC 27702 BOARD MEMBER 1 0 0 0

PATTI GILLENWATER 1805 HILLSBOROUGH STREETRALEIGH NC 27605 BOARD MEMBER 1 0 0 0

BENJAMIN GOLDSTEIN PO BOX 33068RALEIGH NC 27636 BOARD MEMBER 1 0 0 0

GARY GREENE 805 SPRING FOREST ROAD, STE 40 0RALEIGH NC 27609 BOARD MEMBER 1 0 0 0

SHARON D. GUPTON 104 WRENHAVEN WAYCARY NC 27511 BOARD MEMBER 1 0 0 0

12



--iStatement 12 - Form 990 , Part V-A - List of Officers , Directors , Trustees, and Key

Employees (continued)

Name Address


ROBERT HATLEY 3605 GLENWOOD AVENUERALEIGH NC 27612 BOARD MEMBER 1 0 0 0

RUSSELL KILLEN PO BOX 389RALEIGH NC 27602 BOARD MEMBER 1 0 0 0

DEBORAH LUCAS PO BOX 13398RESEARCH TRIANGLE PARK NC 27709 BOARD MEMBER 1 0 0 0

JOHN MABE, JR. PO DRAWER 19764RALEIGH NC 27619 BOARD MEMBER 1 0 0 0

ROD MALONE PO BOX 1151RALEIGH NC 27602 BOARD MEMBER 1 0 0 0

IRMA MARTINEZ PO BOX 12195RESEARCH TRIANGLE PARK NC 27709 BOARD MEMBER 1 0 0 0

JAMES MCCLURE P.O. BOX 191RALEIGH NC 27602 BOARD MEMBER 1 0 0 0

JOHN MCKINNEY 128 WEST HARGETT STREETRALEIGH NC 27601 BOARD MEMBER 1 0 0 0

WILLIAM MCNEAL 3600 WAKE FOREST ROADRALEIGH NC 27611 BOARD MEMBER 1 0 0 0

JEFF MERRITT 2610 WYCLIFF RDRALEIGH NC 27607 BOARD MEMBER 1 0 0 0

KAY M. MOORE 210 POE HALL, BOX 7801RALEIGH NC 27695 BOARD MEMBER 1 0 0 0

TERRI T. NEWSOM 3400 WAKE FOREST ROADRALEIGH NC 27609 BOARD MEMBER 1 0 0 0

MICHAEL D. OLANDER P.O. BOX 20123RALEIGH NC 27619 BOARD MEMBER 1 0 0 0

VIRGINIA PARKER 1205 INLET PLACERALEIGH NC 27615 BOARD MEMBER 1 0 0 0

KATHERINE PEELE 434 FAYETTEVILLE ST, SUITE 170 0RALEIGH NC 27601 BOARD MEMBER 1 0 0 0

ALVIN RAGLAND 5200 PARAMOUNT PARKWAYMORRISVILLE NC 27560 BOARD MEMBER 1 0 0 0

JOHN RIGSBEE 104-B FOUNTAIN BROOK CIRCLECARY NC 27511 BOARD MEMBER 1 0 0 0



Statement 12 - Form 990 , Part V-A - List of Officers , Directors , Trustees , and KeyEmployees (continued)

Name Address


BOB ROBINSON 900 S. WILMINGTON STREETRALEIGH NC 27601 BOARD MEMBER 1 0 0 0

CHARLES A. ROYAL, III PO BOX 3008RALEIGH NC 27602 BOARD MEMBER 1 0 0 0

WALT SHERLIN 415 FORSYTH STRALEIGH NC 27609 BOARD MEMBER 1 0 0 0

HAYDEN SILVER, III 3737 GLENWOOD AVENUE, STE 400RALEIGH NC 27612 BOARD MEMBER 1 0 0 0

RICHARD URQUHART 5151-300 GLENWOOD AVENUERALEIGH NC 27612 BOARD MEMBER 1 0 0 0

RODRIGUEZ P. WEBB (ROD) 4601 SIX FORKS RD, SUITE 126RALEIGH NC 27609 BOARD MEMBER 1 0 0 0

J. BLOUNT WILLIAMS PO BOX 591RALEIGH NC 27602 BOARD MEMBER 1 0 0 0

MARCO ZARATE PO BOX 1557APEX NC 27502 BOARD MEMBER 1 0 0 0

WILLIAM ATKINSON 3000 NEW BERN AVENUERALEIGH NC 27610 BOARD MEMBER 1 0 0 0

ROBERT BRIDGES 2212 CANDY FLOWER PLACERALEIGH NC 27610 BOARD MEMBER 1 0 0 0

JAMES J. BRYAN (JOE) 706 HILLSBOROUGH STRALEIGH NC 27603 BOARD MEMBER 1 0 0 0

TIM CLANCY PO BOX 27608RALEIGH NC 27603 BOARD MEMBER 1 0 0 0

JACK CLAYTON PO BOX 27886RALEIGH NC 27611 BOARD MEMBER 1 0 0 0

DICK DAUGHERTY 1616 HUNTING RIDGE ROADRALEIGH NC 27615 BOARD MEMBER 1 0 0 0

THOMAS ESQUEDA 5400 GLENWOOD AVENUE, STE 300RALEIGH NC 27612 BOARD MEMBER 1 0 0 0

DUDLEY FLOOD 1408 GRIFFIN CIRCLERALEIGH NC 27610 BOARD MEMBER 1 0 0 0

ANN GOODNIGHT 900 APPLETREE LANECARY NC 27513 BOARD MEMBER 1 0 0 0

12



Statement 12 - Form 990 , Part V-A - List of Officers, Directors, Trustees , and KeyEmployees (continued)

Name Address


WILLIAM GRAHAM PO BOX 109RALEIGH NC 27602 BOARD MEMBER 1 0 0 0

MAUREEN HARTFORD 3800 HILLSBOROUGH STREETRALEIGH NC 27606 BOARD MEMBER 1 0 0 0

PATTI R. HEAD 8857 WOODY HILL RDRALEIGH NC 27613 BOARD MEMBER 1 0 0 0

R. HORACE JOHNSON 3317 LANDOR ROADRALEIGH NC 27609 BOARD MEMBER 1 0 0 0

RODDY JONES 3101 INDUSTRIAL DRIVE, STE 200RALEIGH NC 27609 BOARD MEMBER 1 0 0 0

SENATOR VERNON MALONE 300-E LEGISLATIVE BLDGRALEIGH NC 27601 BOARD MEMBER 1 0 0 0

JEFF P. LEE 1 HANNOVER SQUARE, STE 201RALEIGH NC 27601 BOARD MEMBER 1 0 0 0

JAMES MAYNARD PO BOX 29502RALEIGH NC 27612 BOARD MEMBER 1 0 0 0

RUSINE MITCHELL-SINCLAIR 3039 CORNWALLIS RDRESEARCH TRIANGLE PARK NC 27709 BOARD MEMBER 1 0 0 0

RALPH MULLINS, JR. 4900 FALLS OF NEUSE ROAD,STE 200RALEIGH NC 27609 BOARD MEMBER 1 0 0 0

DR. CLARENCE NEWSOME 118 EAST SOUTH STREETRALEIGH NC 27601 BOARD MEMBER 1 0 0 0

MICHAEL PATTERSON 405 LAKE BOONE TRAILRALEIGH NC 27612 BOARD MEMBER 1 0 0 0

HILDA PINNIX-RAGLAND 1020 W. CHATHAM STREETCARY NC 27511 BOARD MEMBER 1 0 0 0

ORAGE QUARLES PO BOX 191RALEIGH NC 27602 BOARD MEMBER 1 0 0 0

KENNETH REECE 706 HILLSBOROUGH STRALEIGH NC 27603 BOARD MEMBER 1 0 0 0

HARVEY SCHMITT 800 SALISBURY STREET

RALEIGH NC 27601 BOARD MEMBER 1 0 0 0DR. STEPHEN C. SCOTT 9101 FAYETTEVILLE RD

RALEIGH NC 27603 BOARD MEMBER 1 0 0 0

12


58-1518182FYE: 6/30/2006

Federal Statements

Statement 12 - Form 990, Part V-A - List of Officers, Directors, Trustees , and KeyEmployees (continued)

Name Address


WADE SMITH 209 FAYETTEVILLE STREET MALLRALEIGH NC 27602 BOARD MEMBER 1 0 0 0

GEORGE TEAGUE 4140 PARKLAKE AVENUE, SUITE 200RALEIGH NC 27612 BOARD MEMBER 1 0 0 0

G. SMEADES YORK PO BOX 10007RALEIGH NC 27605 BOARD MEMBER 1 0 0 0

LEE YOUNGBLOOD PO BOX 27961RALEIGH NC 27601 BOARD MEMBER 1 0 0 0

W. ROBERT SAFFOLD 706 HILLSBOROUGH ST. SUITE ARALEIGH NC 27603 PRESIDENT 40 94,500 6,688 0

Statement 13 - Form 990, Part V-A, Line 75b - Related Party Information

BusinessName Name Title Name

BusinessName Title Relationship

SEE ATTACHED FOOTNOTE

I S'

12-13


58-1518182 Federal StatementsFYE: 6/30(2006

Statement 14 - Form 990, Part VI , Line 82b - Donated Services

Description Amount

RENT AND SERVICES $ 258,788

TOTAL $ 258,788

Statement 15 - Schedule A. Part III, Line 3a - Explanation of Grant / Loan Qualifications

Description

GENERALLY, THE WAKE EDUCATION PARTNERSHIP MAKES GRANTS TO TEACHERS, MEMBERSAND STUDENTS. RECIPIENTS FOR BOTH SCHOLARSHIPS & TEACHER GRANTS ARE CHOSENTHROUGH A SCREENING PROCESS. THE SCREENING BOARDS ARE MADE UP OF MEMBERSOF WAKE EDUCATION PARTNERSHIP, MEMBERS OF THE SCHOOL SYSTEM, AND MEMBERSOF VARIOUS COMMUNITY ORGANIZATIONS. APPLICATIONS AND NOMINATIONS ARESOLICITED FROM THE SCHOOLS IN THE WAKE COUNTY SCHOOL SYSTEM, AND THERECIPIENT IS SCREENED FROM ALL THOSE NOMINATED.

Statement 16 - Schedule A. Part IV-A, Line 22 - Other Income

Description 2004 2003 2002 2001

MISCELLANEOUS $ 12,391 $ 5,898 $ 4,695 $ 838

TOTAL $ 12,391 $ 5,898 $ 4,695 $ 838

14-16

WER ,

Form 4562(Rev January 2006)

Department of the TreasuryInternal Revenue Service

Name(s) shown on return

Depreciation and Amortization

(Including Information on Listed Property)

► See separate instructions . ► Attach to your tax retui

WAKE EDUCATION PARTNERSHIPIdentifying number

58-1518182

B No 1545-0172

2005chment

67uence No

Business or activity to which this form relates

INDIRECT DEPRECIATION

Part I. Election To Expense Certain Property Under Section 179Note: If you have any listed pro perty, com plete Part V before you com plete Part I.

I Maximum amount See the instructions for a higher limit for certain businesses 1 105,000

2 Total cost of section 179 property placed in service (see instructions) 2

3 Threshold cost of section 179 property before reduction in limitation 3 4 2 0 , 0 0 0

4 Reduction in limitation Subtract line 3 from line 2. If zero or less, enter -0- 4

5 Dollar limitation for tax year Subtract line 4 from line 1 If zero or less. enter -0-. If marned filmo separately. see instr 5

7 Listed property. Enter the amount from line 29 7

8 Total elected cost of section 179 property Add amounts in column (c), lines 6 and 7 8

9 Tentative deduction. Enter the smaller of line 5 or line 8 9

10 Carryover of disallowed deduction from line 13 of your 2004 Form 4562 10

11 Business income limitation Enter the smaller of business income (not less than zero) or line 5 (see instructions) 11

12 Section 179 expense deduction Add lines 9 and 10, but do not enter more than line 11 12

13 Ca rryover of disallowed deduction to 2006 Add lines 9 and 10, less line 12 ► 13

Note : Do not use Part 11 or Part III below for listed property Instead, use Part V.

Part It Special Depreciation Allowance and Other Depreciation (Do not include listed roe (See instructions. )

14 Special allowance for certain aircraft, certain property with a long production period, and qualified NYL

or GO Zone property (other than listed property) placed in service dunng the tax year (see instructions) 14

15 Property subject to section 168(f)(1) election 15

16 Other depreciation (including ACRS ) 16 16,935

Part 10 MACRS Depreciation (Do not include listed property.) (See instructions.)

Section A

17 MACRS deductions for assets placed in service in tax years beginning before 2005 17 0

18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here 10' n

Snrtinn R_Acnotc Pl u. rl in S rvira rh,rinn 2n05 Tnv Voar Ileinn fha (:nnaral nanrariafinn Rvefom

(a) Classification of property(b) Month andyear placed in

service

( c) Basis for depreciation(businessfinvestment use

onl y-see instructions

(d) Recovery

period ( e) Convention (f) Method (g) Depreciation deduction

19a 3-year p ro pe rty

b 5-year p ro pe rty

c 7-year p ro pe rty

d 10-ear property

15 ear prope rty

f 20-year p ro pe rty

25 ear prope rty 25 yrs; S/L

h Residential rental 27 5 yrs MM S/Lproperty 27 5 yrs MM S/L

i Nonresidential real 39 yrs MM S/Lproperty MM S/L

Section C-!Assets Placed in Service Durina 2005 Tax Year Usma the Alternative Denreciation System

20a Class life S/L

b 12-year 12 yrs S/L

c 40 ear 40 rs MM S/L

Part IV Summa ry (see instructions )21 Listed property Enter amount from line 28 21

22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21

Enter here and on the appropriate lines of your return Partnerships and S corporations-see instr 22 16,935

23 For assets shown above and placed in service during the current year,

enter the portion of the basis attributable to section 263A costs 23

For Paperwork Reduction Act Notice, see separate instructions . Form 4562 (2005) (Rev 1-2006)

Daa THERE ARE NO AMOUNTS FOR PAGE 2

9 U V.

WEPYear Ended: June 30, 2006 58-1518182

Wake Education Partnership706 Hillsborough Street A

Raleigh, NC 27603

Straight-Line Depreciation Method Election

Under IRC Section 168(b)(3)(D), the organization elects to use the straight-line method ofdepreciation, instead of the regular statutory method in computing the deduction for all propertyplaced into service dunng the tax year ending June 30, 2006. The election, made in accordancewith Code Sec. 168(b)(5), applies to all property placed in service during the tax year.

Documents

WEP 990 2006 581518182_200606_990