Agnes Smith Mcdowell Tr
- Assets
- $6.8m
- Revenue
- $232.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Cynthiana, KY
- Founding
- 03/2008
- Data as of
- 12/2023
- EIN
- 32-0186585
Organization Overview
Agnes Smith Mcdowell Tr, operating under the name 103 Court Street, is located in Cynthiana, KY. The organization was established in 2008. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. 103 Court Street 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 12/2023, 103 Court Street generated $232.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $299.8k during the year ending 12/2023. 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
FUNDS SHOULD BE UTILIZED FOR THE BENEFIT MAINTENANCE AND IMPROVEMENT OF VOAG CLASSES TAUGHT AT HARRISON CO HIGH SCHOOL
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE TRUST WAS SET FORTH BY THE WILL OF AGNES MCDOWELL & DIRECTED THAT IMPROVEMENTS AND EXPENSES TO THE FARM BE DONE WITH THE PROFITS MADE FROM FARM CROPS. A PORTION REMAINING IS ALLOCATED TO HARRISON COUNTY BOARD OF ED FOR THE VO-ED CLASSES. THIS YEAR $30,000 WAS GIVEN FOR THE HIGH SCHOOL CLASSES WHICH INCLUDED IMPLEMENTATION OF AG CLASSES BEING TAUGHT IN THE MIDDLE SCHOOLS GRADES (6-8). THE ALLOCATION ALSO ASSISTED STUDENTS WITH TRIPS, FEES, ON-SITE FARMING, COMPUTER SOFTWARE AND MORE.
THE FARM LAND LEFT BY THE WILL OF AGNES MCDOWELL HAS BEEN DIVIDED INTO FIVE TRACTS AND SEVEN YOUNG LOCAL FARMERS ARE USING THE LAND FOR CORN, SOYBEANS, TOBACCO, HAY, AND CATTLE FOR THEMSELVES. THE TRUST HAS A LANDLORD/TENANT RELATIONSHIP IN WHICH THESE FARMERS MAY FARM FOR A PERIOD OF 8 YEARS AND THE TRUST PAYS A PORTION OF THE EXPENSES IN RETURN FOR A PERCENTAGE OF THE PROFITS.THE FARM DID TRADE 115.95 ACRES OF FARM LAND TO SET UP SOLAR PANELS IN EXCHANGE FOR 360.474 ACRES ADJOINING MCDOWELL. ONCE CLEARING TIMBER (PRODUCING INCOME), THE LAND WILL PROVIDE THE TRUST THE OPPORTUNITY TO OFFER ANOTHER TRACT TO A YOUNG FARMER IN THE COMMUNITY.
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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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $192,785 |
| Investment income | $86,331 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,565 |
| Net Gain/Loss on Asset Sales | -$56,404 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $232,277 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,000 |
| 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. | $28,833 |
| Compensation of current officers, directors, key employees. | $14,416 |
| 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 | $5,803 |
| Fees for services: Accounting | $2,433 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,820 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $22,003 |
| 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 | $33,430 |
| Insurance | $21,875 |
| All other expenses | $73,981 |
| Total functional expenses | $299,768 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $41,374 |
| Savings and temporary cash investments | $11,502 |
| 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 | $4,951,905 |
| Investments—publicly traded securities | $1,773,957 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,778,738 |
| 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 | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $6,778,738 |
| Total liabilities and net assets/fund balances | $6,778,738 |
Grants Awarded
Over the last fiscal year, Agnes Smith Mcdowell Tr has awarded $57,463 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HARRISON COUNTY BOARD OF EDUCATION PURPOSE: STUDENTS OF THE VOCATIONAL AGRICULTURAL CLASSES WILL HAVE ACCESS OPPORTUNITI | $7,463 |
HARRISON COUNTY BOARD OF EDUCATION PURPOSE: STUDENTS OF THE VOCATIONAL AGRICULTURAL CLASSES WILL HAVE ACCESS OPPORTUNITIES TO PARTICIPATE IN THE ACTIVITIES ON A "WORKING" FARM INCLUDING TO STUDY CROP ROTATION, PRODUCTIVITY AND EFFICIENCY OF CROP YIELDS, FARMING METHODS, SOIL CONSERVATION AND LIVESTOCK CARE AMONG OTHER ACTIVITIES. | $50,000 |