Education Foundation
- Assets
- $1.7m
- Revenue
- $131.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Berea, OH
- Founding
- 08/1997
- Data as of
- 06/2023
- EIN
- 31-1512495
Organization Overview
Education Foundation is located in Berea, OH. The organization was established in 1997. 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 06/2023, Education Foundation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Education 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, Education Foundation generated $131.4k 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 (5.3%) each year. All expenses for the organization totaled $126.7k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE EDUCATION FOUNDATION IS COMMITTED TO PROVIDING EDUCATIONAL OPPORTUNITIES FOR STUDENTS SERVED BY THE BEREA CITY SCHOOL DISTRICT. DISBURSEMENTS BY THE EDUCATION FOUNDATION ARE MADE TO SCHOOLS IN THE DISTRICT FOR EDUCATIONAL PROJECT GRANTS REQUESTS SUBMITTED BY TEACHERS, STAFF, AND STUDENTS AND TO STUDENTS OF THE DISTRICT FOR COLLEGE AND OTHER SCHOLARSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE EDUCATION FOUNDATION MADE GRANTS TO SCHOOLS IN THE BEREA CITY SCHOOL DISTRICT FOR 30 EDUCATIONAL PROJECTS SUBMITTED BY TEACHERS, STAFF AND STUDENTS. THE EDUCATION FOUNDATION AWARDED COLLEGE SCHOLARSHIPS TO 41 SENIOR HIGH SCHOOL STUDENTS GRADUATING FROM BEREA - MIDPARK HIGH SCHOOL.
THE EDUCATION FOUNDATION MADE GRANTS TO SCHOOLS IN THE BEREA CITY SCHOOL DISTRICT FOR 30 EDUCATIONAL PROJECTS SUBMITTED BY TEACHERS, STAFF AND STUDENTS. THE EDUCATION FOUNDATION AWARDED COLLEGE SCHOLARSHIPS TO 41 SENIOR HIGH SCHOOL STUDENTS GRADUATING FROM BEREA - MIDPARK HIGH SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cori Farris Trustee | Trustee | $0 | |
Jeff Haas Treasurer | OfficerTrustee | $0 | |
Susan Hans Chair | OfficerTrustee | $0 | |
Sarah Hastings Executive Di | OfficerTrustee | $0 | |
Jill Herrick At-Large App | Trustee | $0 | |
Irene Joyce Vice Chair | OfficerTrustee | $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 | $37,484 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $37,484 |
| Total Program Service Revenue | $0 |
| Investment income | $52,606 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,610 |
| Net Income from Fundraising Events | $39,690 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $131,390 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $33,276 |
| Grants and other assistance to domestic individuals. | $43,200 |
| 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 | $21,001 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,096 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,575 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $17,079 |
| Fees for services: Other | $250 |
| Advertising and promotion | $0 |
| Office expenses | $152 |
| Information technology | $3,086 |
| 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 | $987 |
| All other expenses | $0 |
| Total functional expenses | $126,702 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,362 |
| Savings and temporary cash investments | $29,230 |
| 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 | $1,606,651 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,672,243 |
| 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 | $60,754 |
| Net assets with donor restrictions | $1,611,489 |
| 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 | $1,672,243 |