Grand Traverse Educational Foundation Inc
- Assets
- $7.1m
- Revenue
- $454.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Traverse City, MI
- Founding
- 01/1972
- Data as of
- 12/2022
- EIN
- 23-7113692
Organization Overview
Grand Traverse Educational Foundation Inc is located in Traverse City, MI. The organization was established in 1972. 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. Grand Traverse Educational 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, Grand Traverse Educational Foundation Inc generated $454.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.6% each year . All expenses for the organization totaled $273.8k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Grand Traverse Educational Foundation Inc has awarded 25 individual grants totaling $2,805,462. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SUPPORT FOR THE GRAND TRAVERSE AREA CATHOLIC SCHOOLS (GTACS), INCLUDING, AMONG OTHER THINGS, TUITION ASSISTANCE TO NEEDY AND GIFTED STUDENTS, FACULTY SALARY ENHANCEMENT AND CAPITAL IMPROVEMENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDED GRANTS TO STUDENTS OF NEEDY FAMILIES ATTENDING GRAND TRAVERSE AREA CATHOLIC SCHOOLS IN TRAVERSE CITY, MI, ALSO AWARDED SCHOLARSHIPS TO STUDENTS ATTENDING COLLEGE IN 2023.
SALARY SUPPORT FOR GRAND TRAVERSE AREA CATHOLIC SCHOOLS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Brodeur President | OfficerTrustee | 1 | $0 |
Al Zelinski Treasurer | OfficerTrustee | 1 | $0 |
Jeff Connolly Vice President | OfficerTrustee | 1 | $0 |
Christopher Ellalasingham Trustee | Trustee | 1 | $0 |
Jerry Jenkins Trustee | Trustee | 1 | $0 |
Lori Erhardt Trustee | 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 | $317,481 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $317,481 |
| Total Program Service Revenue | $0 |
| Investment income | $141,943 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $6,964 |
| Net Rental Income | -$14,107 |
| Net Gain/Loss on Asset Sales | $2,483 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $454,764 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $222,375 |
| 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. | $20,000 |
| Compensation of current officers, directors, key employees. | $10,000 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,000 |
| Fees for services: Other | $7,320 |
| Advertising and promotion | $0 |
| Office expenses | $98 |
| 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 | $15,909 |
| Insurance | $2,116 |
| All other expenses | $0 |
| Total functional expenses | $273,818 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $123,075 |
| 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 | $251,326 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $975,895 |
| Investments—publicly traded securities | $5,748,064 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,098,360 |
| 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 | $1,072,187 |
| Net assets with donor restrictions | $6,026,173 |
| 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 | $7,098,360 |
Grants Awarded
Over the last fiscal year, Grand Traverse Educational Foundation Inc has awarded $221,225 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
GRAND TRAVERSE AREA CATHOLIC SCHOOLS PURPOSE: TUITION GRANTS AND SCHOLARSHIPS TO NEEDY STUDENTS ATTENDING GRAND TRAVERSE AREA CATHOLIC SCHOOLS AND TEACHER SALARY SUPPORT | $194,000 |
NORTHWESTERN MICHIGAN COLLEGE PURPOSE: COLLEGE SCHOLARSHIPS FOR FORMER STUDENTS OF GRAND TRAVERSE AREA CATHOLIC SCHOOLS | $14,825 |
AQUINAS COLLEGE PURPOSE: COLLEGE SCHOLARSHIPS FOR FORMER STUDENTS OF GRAND TRAVERSE AREA CATHOLIC SCHOOLS | $12,400 |