Penngift Foundation Inc
- Assets
- $2.4m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 2
- Location
- Elverson, PA
- Founding
- 08/2001
- Data as of
- 12/2022
- EIN
- 23-3088386
Organization Overview
Penngift Foundation Inc is located in Elverson, PA. The organization was established in 2001. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2022, Penngift Foundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Penngift Foundation 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 12/2022, Penngift Foundation Inc generated $2.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.2% each year . All expenses for the organization totaled $1.3m during the year ending 12/2022. While expenses have increased by 8.6% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SCHOLARSHIP ASSISTANCE TO FAMILIES WITH CHILDREN ATTENDING PRIVATE SCHOOLS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SCHOLARSHIP ASSISTANCE TO FAMILIES WITH CHILDREN ATTENDING PRIVATE SCHOOLS. DURING THE CURRENT YEAR, SCHOLARSHIPS WERE AWARDED FOR STUDENTS IN 3 CLASSES: PRE-KINDERGARTEN, KINDERGARTEN THROUGH 8 GRADE, AND GRADES 9 THROUGH 12. A TOTAL OF 422 SCHOLARSHIPS WERE GIVEN.
THE OPPORTUNITY SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIP ASSISTANCE TO FAMILIES WITH CHILDREN ATTENDING SCHOOLS WITHIN THE BOUNDARY OF A LOW-ACHIEVING SCHOOL. DURING THE CURRENT YEAR, SCHOLARSHIPS WERE AWARDED FOR STUDENTS IN 3 CLASSES: PRE-KINDERGARTEN, KINDERGARTEN THROUGH 8 GRADE, AND GRADES 9 THROUGH 12. A TOTAL OF 37 SCHOLARSHIPS WERE GIVEN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Samuel E Rohrer President | OfficerTrustee | 5 | $0 |
Gerald W Thacker Secretary | OfficerTrustee | 5 | $0 |
Jerald M Birmelin Treasurer; Managing Direct | OfficerTrustee | 30 | $0 |
Mark M Gillin Director | Trustee | 5 | $0 |
James A Cox Jr Director | Trustee | 5 | $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 | $1,961,226 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,961,226 |
| Total Program Service Revenue | $0 |
| Investment income | $279 |
| 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 | $1,987,601 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,086,538 |
| 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 | $46,527 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $16,586 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,376 |
| Advertising and promotion | $1,078 |
| Office expenses | $6,800 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $11,113 |
| Travel | $8,572 |
| 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 | $2,715 |
| All other expenses | $21,125 |
| Total functional expenses | $1,262,430 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,360,118 |
| 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 | $2,360,118 |
| 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 | $168,265 |
| Net assets with donor restrictions | $2,191,853 |
| 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 | $2,360,118 |