Grace Foundation
- Assets
- $700.6k
- Revenue
- $24.4k
- Investments
- $700.6k
- Employees
- 0
- Location
- Ames, IA
- Founding
- 02/1978
- Data as of
- 06/2023
- EIN
- 23-7294779
Organization Overview
Grace Foundation is located in Ames, IA. The organization was established in 1978. 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 an independent organization and not affiliated with a larger national or regional group of organizations. Grace 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 06/2023, Grace Foundation generated $24.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (17.2%) each year. All expenses for the organization totaled $71.8k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Grace Foundation has awarded 68 individual grants totaling $410,883. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL GRANTS FOR STUDENTS FROM CHINA AND SOUTHEAST ASIAN COUNTRIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christina Chan Trustee | 1 | $0 | |
Abigail Hawkins Trustee | 1 | $0 | |
Lis Yeun Trustee | 1 | $0 | |
Ming Chan Trustee | 1 | $0 | |
William E Blodgett Treasurer | 3 | $0 | |
George Chan Chairman | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $599 |
| Dividends & Interest | $26,297 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$2,757 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $244 |
| Total Revenue | $24,383 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $1,283 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $349 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $129 |
| Other expenses | $3,435 |
| Total operating and administrative expenses | $16,651 |
| Contributions, gifts, grants paid | $55,137 |
| Total expenses and disbursements | $71,788 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $700,634 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $700,634 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Grace Foundation has awarded $55,137 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
ASBURY THEOLOGICAL SEMINARY PURPOSE: PROGRAM SUPPORT | $28,000 |
DALLAS THEOLOGICAL SEMINARY PURPOSE: PROGRAM SUPPORT | $4,000 |
FULLER THEOLOGICAL SEMINARY PURPOSE: PROGRAM SUPPORT | $6,000 |
SOUTHERN BAPTIST THEOLOGICAL SEMINARY PURPOSE: PROGRAM SUPPORT | $3,137 |
GRADUATE THEOLOGICAL UNION PURPOSE: PROGRAM SUPPORT | $6,000 |
TRINITY EVANGELICAL DIVINITY SCHOOL PURPOSE: PROGRAM SUPPORT | $4,000 |