Nantucket Education Trust Inc
- Assets
- $2.5m
- Revenue
- $314.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Nantucket, MA
- Founding
- 10/1993
- Data as of
- 12/2021
- EIN
- 04-3165556
Organization Overview
Nantucket Education Trust Inc is located in Nantucket, MA. The organization was established in 1993. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nantucket Education Trust Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Nantucket Education Trust Inc generated $314.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $270.0k during the year ending 12/2021. While expenses have increased by 2.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE NANTUCKET EDUCATION TRUST'S MISSION IS THREE-FOLD: TO GENERATE PRIVATE SUPPORT FOR PUBLIC EDUCATION ON NANTUCKET; TO FOSTER PRIVATE AND PUBLIC PARTNERSHIPS THAT BENEFIT THE CHILDREN OF NANTUCKET PUBLIC SCHOOLS; AND TO HONOR EXCELLENCE IN TEACHING AND LEARNING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUILD AND MAINTAIN 12 RENTAL HOUSING UNITS FOR THE BENEFIT OF TEACHERS AND SCHOOL STAFF.
PROVIDE EDUCATIONAL PROGRAMS IN THE NANTUCKET PUBLIC SCHOOL SYSTEM INCLUDING PURCHASE OF EQUIPMENT, PAYMENT OF SALARIES & GRANTS FOR TEACHERS, SPONSORSHIP OF LECTURES, SEMINARS AND WORKSHOPS, AND PARTICIPATION IN THE SATELLITE PROGRAMS COORDINATED BY THE SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martin Anguelov Director/bookkeeper | Trustee | 1 | $4,800 |
Pauline Proch President | OfficerTrustee | 1 | $0 |
William Michael Cozort Vice President | OfficerTrustee | 1 | $0 |
John Riccio Treasurer | OfficerTrustee | 1 | $0 |
Tracy Roberts Clerk | OfficerTrustee | 1 | $0 |
Chris Vineis Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,100 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,100 |
| Total Program Service Revenue | $308,428 |
| Investment income | $1,801 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $314,329 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,137 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $4,800 |
| Fees for services: Legal | $5,336 |
| Fees for services: Accounting | $13,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,091 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $52,785 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $65,827 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $86,068 |
| Insurance | $16,224 |
| All other expenses | $14,459 |
| Total functional expenses | $269,977 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $82,700 |
| Savings and temporary cash investments | $536,388 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,485 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,866,480 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,562 |
| Total assets | $2,511,615 |
| Accounts payable and accrued expenses | $10,570 |
| Grants payable | $0 |
| Deferred revenue | $2,400 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $22,562 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,724,142 |
| Other liabilities | $0 |
| Total liabilities | $1,759,674 |
| Net assets without donor restrictions | $619,033 |
| Net assets with donor restrictions | $132,908 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,511,615 |
Grants Awarded
Over the last fiscal year, Nantucket Education Trust Inc has awarded $41,721 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NANTUCKET PUBLIC SCHOOL DISTRICT PURPOSE: EDUCATION SUPPORT | $31,721 |
Boston, MA PURPOSE: EDUCATION SUPPORT | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Nantucket Education Trust Inc has recieved totaling $119,899.
| Awarding Organization | Amount |
|---|---|
Community Foundation For Nantucket Nantucket, MA PURPOSE: EDUCATION | $117,399 |
Rockland Trust Blue Hills Charitable Foundation Rockland, MA PURPOSE: PROGRAM SUPPORT | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dr Miriam And Sheldon G Adelson Medical Research Foundation Needham, MA | $9,824,950 | $46,333,953 |
Hope For Youth Inc Amityville, NY | $10,865,800 | $14,335,992 |
Lauren And Lee Fixel Family Foundation Inc New York, NY | $40,185,371 | $21,974,777 |
Joy In Childhood Foundation Inc Canton, MA | $7,582,989 | $8,931,292 |
Joint Council For Economic Opportunity Of Clinton & Franklin Plattsburgh, NY | $5,357,972 | $10,698,049 |
Health Management Group Ltd Getzville, NY | $13,266,135 | $8,802,636 |
Roy Lichtenstein Foundation New York, NY | $85,182,586 | $2,378,185 |
Mccance Foundation Tr North Scituate, MA | $91,930,926 | $3,999,038 |
Childrens Dyslexia Centers Inc Lexington, MA | $70,604,540 | $15,265,584 |
North Central Area Agency On Aging Inc Hartford, CT | $1,856,134 | $6,505,484 |
Hampton Classic Horse Show Inc Bridgehampton, NY | $1,702,497 | $4,948,481 |
Peggy Mcgrath Rockefeller Foundation New York, NY | $16,278,993 | $1,905,197 |