Heart Of Iowa School Tuition Organization Inc
- Assets
- $2.1m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Urbandale, IA
- Founding
- 08/2006
- Data as of
- 12/2023
- EIN
- 20-5286383
Organization Overview
Heart Of Iowa School Tuition Organization Inc is located in Urbandale, IA. The organization was established in 2006. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Heart Of Iowa School Tuition Organization 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 12/2023, Heart Of Iowa School Tuition Organization Inc generated $2.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $2.6m during the year ending 12/2023. While expenses have increased by 11.6% per year over the past 9 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.
Since 2017, Heart Of Iowa School Tuition Organization Inc has awarded 100 individual grants totaling $13,197,331. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ELEMENTARY & SECONDARY EDUCATION: THE ORGANIZATION DISTRIBUTES FROM FUNDS RAISED IN THE FORM OF SCHOLARSHIPS TO LOW INCOME FAMILIES. LOW INCOME IS DEFINED AS FAMILIES WITH INCOME LESS THAN FOUR TIMES THE POVERTY LEVEL FOR THEIR HOUSEHOLD. THE STATE REQUIRES THAT 90% OF THE FUNDS BE DISTRIBUTED TO THESE FAMILIES, WHICH IS ALWAYS COMPLIED WITH, BUT USUALLY AT LEAST 99% OF THE DONATIONS HAVE BEEN DISTRIBUTED TO STUDENTS ATTENDING STATE ACCREDITED NON-PUBLIC SCHOOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELEMENTARY & SECONDARY EDUCATION: THE STATE REQUIRES THAT 90% OF THE FUNDS RAISED FOR SCHOLARSHIPS BE DISTRIBUTED TO LOW INCOME FAMILIES ATTENDING STATE ACCREDITED NON-PUBLIC SCHOOLS WHICH HAS ALWAYS BEEN DONE BY THIS STO. THE ORGANIZATION DISTRIBUTED 99% OF THE FUNDS RAISED FOR SCHOLARSHIPS FOR LOW INCOME FAMILIES ATTENDING STATE ACCREDITED NON-PUBLIC SCHOOLS FOR THE SCHOOL YEAR COVERED BY THIS FORM 990.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glen Swanson Treasurer | OfficerTrustee | 10 | $0 |
Ryan Hall Director | Trustee | 1 | $0 |
Kyle Harris Director | Trustee | 1 | $0 |
Penni Chadderdon Director | Trustee | 1 | $0 |
Jacob Hardiman Secretary | OfficerTrustee | 10 | $0 |
Josh Knight 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 | $1,966,040 |
| Noncash contributions included in lines 1a–1f | $140,072 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,966,040 |
| Total Program Service Revenue | $0 |
| Investment income | $23,052 |
| 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 | $1,989,092 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,583,094 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,323 |
| Advertising and promotion | $0 |
| Office expenses | $1,547 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,594,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,142,396 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,142,396 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $591,067 |
| Net assets with donor restrictions | $1,551,329 |
| 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 | $2,142,396 |
Grants Awarded
Over the last fiscal year, Heart Of Iowa School Tuition Organization Inc has awarded $2,583,094 in support to 17 organizations.
| Grant Recipient | Amount |
|---|---|
IOWA ACE PURPOSE: PRIVATE EDUCATION SERVICE SUPPORT | $10,750 |
ANKENY CHRISTIAN ACADEMY PURPOSE: TO PROVIDE STUDENT SCHOLARSHIPS | $340,926 |
IOWA ACS PURPOSE: PRIVATE EDUCATION SERVICE SUPPORT | $10,750 |
CEDAR VALLEY CHRISTIAN SCHOOL PURPOSE: TO PROVIDE STUDENT SCHOLARSHIPS | $111,300 |
DES MOINES CHRISTIAN SCHOOL PURPOSE: TO PROVIDE STUDENT SCHOLARSHIPS | $676,215 |
GRAND VIEW CHRISTIAN SCHOOL PURPOSE: TO PROVIDE STUDENT SCHOLARSHIPS | $304,913 |