Monsignor Lafferty Tuition Foundation
- Assets
- $3.6m
- Revenue
- $3.6m
- Investments
- $6.7k
- Employees
- 0
- Location
- Sioux City, IA
- Founding
- 03/1946
- Data as of
- 12/2022
- EIN
- 20-5437032
Organization Overview
Monsignor Lafferty Tuition Foundation is located in Sioux City, IA. The organization was established in 1946. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Monsignor Lafferty Tuition Foundation 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 12/2022, Monsignor Lafferty Tuition Foundation generated $3.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $3.0m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE SOLICITATION, COLLECTION, ADMINISTRATION AND DISTRIBUTION OF VOLUNTARY CONTRIBUTIONS TO ALLOCATE AT LEAST 90% OF ANNUAL REVENUE FOR TUITION GRANTS TO ELIGIBLE STUDENTS WHO RESIDE IN IOWA TO ALLOW EACH STUDENT TO ATTEND ANY QUALIFIED SCHOOL OF THEIR PARENTS' CHOICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION DISTRIBUTED 90% OF IT'S ANNUAL REVENUE IN THE FORM OF TUITION GRANTS TO ELIGIBLE STUDENTS ATTENDING CATHOLIC SCHOOLS IN THE DIOCESE OF SIOUX CITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Most Rev R Walker Nickless Chairperson | OfficerTrustee | 1 | $0 |
Matt Greteman Board Member | Trustee | 1 | $0 |
Sherry Nilles Board Member | Trustee | 1 | $0 |
Rev Merlin Schrad Board Member | Trustee | 1 | $0 |
Dan Goebel Board Member | Trustee | 1 | $0 |
Patty Lansink Board Member | 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 | $3,604,402 |
| Noncash contributions included in lines 1a–1f | $499,866 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,604,402 |
| Total Program Service Revenue | $0 |
| Investment income | $31,028 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$689 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,634,741 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,850,941 |
| 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 | $87,948 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,980 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,508 |
| Advertising and promotion | $6,158 |
| Office expenses | $10,015 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $130 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $290 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,006,078 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,967 |
| Savings and temporary cash investments | $1,098,294 |
| 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 | $2,484,858 |
| Investments—other securities | $6,666 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,670 |
| Total assets | $3,637,455 |
| Accounts payable and accrued expenses | $11,281 |
| 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 | $11,281 |
| Net assets without donor restrictions | $354,287 |
| Net assets with donor restrictions | $3,271,887 |
| 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 | $3,637,455 |