Legacy Of Grace School Tuition Organization Inc
- Assets
- $572.4k
- Revenue
- $551.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Oskaloosa, IA
- Founding
- 08/2006
- Data as of
- 06/2023
- EIN
- 20-5287030
Organization Overview
Legacy Of Grace School Tuition Organization Inc is located in Oskaloosa, 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. Legacy Of Grace 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 06/2023, Legacy Of Grace School Tuition Organization Inc generated $551.2k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $483.0k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Legacy Of Grace School Tuition Organization Inc has awarded 73 individual grants totaling $4,272,655. 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
TO SOLICIT CONTRIBUTIONS FROM THE GENERAL PUBLIC IN ORDER TO PROVIDE SCHOLARSHIPS TO FAMILIES TO ASSIST WITH TUITION COSTS IN GRADES K-12 OF ACCREDITED, NON-PUBLIC SCHOOLS LOCATED IN THE STATE OF IOWA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEGACY OF GRACE SCHOOL TUITION ORGANIZATION, INC. PROVIDED SCHOLARSHIPS TO ELIGIBLE STUDENTS ATTENDING NONPUBLIC K-12 SCHOOLS IN THE STATE OF IOWA WHICH ARE ACCREDITED UNDER IOWA CODE SECTION 256.11 AND ADHERES TO THE PROVISIONS OF THE FEDERAL CIVIL RIGHTS ACT OF 1964 AND CHAPTER 216. AN "ELIGIBLE STUDENT" IS A STUDENT WHO IS A MEMBER OF A HOUSEHOLD WHOSE TOTAL ANNUAL INCOME DURING THE CALENDAR YEAR BEFORE THE STUDENT RECEIVES A TUITION GRANT DOES NOT EXCEED AN AMOUNT EQUAL TO FOUR TIMES THE MOST RECENTLY PUBLISHED FEDERAL POVERTY GUIDELINES IN THE FEDERAL REGISTER BY THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES.THE ORGANIZATION DISTRIBUTED $451,200 IN THE FORM OF SCHOLARSHIPS. SCHOLARSHIP DISTRIBUTIONS WERE MADE DIRECTLY TO 7 ACCREDITED, NON-PUBLIC SCHOOLS LOCATED IN THE STATE OF IOWA TO PROVIDE TUITION ASSISTANCE FOR STUDENTS FROM ELIGIBLE FAMILIES AS DESCRIBED ABOVE.THE ORGANIZATION DISTRIBUTED $10,890 IN THE FORM OF DONATIONS TO UNRELATED, NOT-FOR-PROFIT ORGANIZATIONS PROMOTING PRIVATE EDUCATION IN IOWA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joel Groenenboom President | OfficerTrustee | 1 | $0 |
Kody Roos Trustee | Trustee | 1 | $0 |
Kurtis DE Bruin Secretary | OfficerTrustee | 1 | $0 |
Mike Ver Meer Past President | OfficerTrustee | 2 | $0 |
Brian White Trustee | Trustee | 1 | $0 |
Elden Van Zee Treasurer | OfficerTrustee | 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 | $547,795 |
| Noncash contributions included in lines 1a–1f | $108,291 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $547,795 |
| Total Program Service Revenue | $0 |
| Investment income | $3,418 |
| 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 | $551,213 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $462,090 |
| 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 | $1,155 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,225 |
| Advertising and promotion | $0 |
| Office expenses | $14,549 |
| 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 | $483,044 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,432 |
| 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 | $565,000 |
| Total assets | $572,432 |
| 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 | $79,417 |
| Net assets with donor restrictions | $493,015 |
| 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 | $572,432 |
Grants Awarded
Over the last fiscal year, Legacy Of Grace School Tuition Organization Inc has awarded $462,090 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
IOWA ACS PURPOSE: PRIVATE EDUCATION SERVICE SUPPORT | $5,445 |
IOWA ACE PURPOSE: PRIVATE EDUCATION SERVICE SUPPORT | $5,445 |
OSKALOOSA CHRISTIAN SCHOOL PURPOSE: TO PROVIDE STUDENT SCHOLARSHIPS | $128,640 |
NEWTON CHRISTIAN SCHOOL PURPOSE: TO PROVIDE STUDENT SCHOLARSHIPS | $39,680 |
OTTUMWA CHRISTIAN SCHOOL PURPOSE: TO PROVIDE STUDENT SCHOLARSHIPS | $57,600 |
PEORIA CHRISTIAN SCHOOL PURPOSE: TO PROVIDE STUDENT SCHOLARSHIPS | $20,800 |