Grace S Davis Scholarship Trust
- Assets
- $1.3m
- Revenue
- $39.8k
- Investments
- $1.1m
- Employees
- 0
- Location
- Magnolia, IL
- Founding
- 07/2005
- Data as of
- 06/2024
- EIN
- 34-2010402
Organization Overview
Grace S Davis Scholarship Trust is located in Magnolia, IL. The organization was established in 2005. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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 S Davis Scholarship Trust 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 06/2024, Grace S Davis Scholarship Trust generated $39.8k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $59.8k during the year ending 06/2024. While expenses have increased by 14.5% per year over the past 5 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.
Since 2021, Grace S Davis Scholarship Trust has awarded 55 individual grants totaling $162,400. 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
2024
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDS TUITION SCHOLARSHIPS TO COLLEGE STUDENTS RESIDING IN THE MAGNOLIA AND HOPE TOWNSHIPS FOR AT LEAST A TEN YEAR PERIOD. STUDENTS CAN QUALIFY FOR UP TO SIX SEMESTERS OF ASSISTANCE BEGINNING THEIR SOPHOMORE YEAR. 8 INDIVIDUALS WERE AWARDED SCHOLARSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christiana Whitney Trustee | 0 | $0 | |
M Brooks Whitney Trustee | 1.5 | $2,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $6,006 |
| Dividends & Interest | $26,910 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $6,857 |
| Capital Gain Net Income | $6,857 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $39,773 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $3,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $476 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,255 |
| Total operating and administrative expenses | $5,806 |
| Contributions, gifts, grants paid | $54,000 |
| Total expenses and disbursements | $59,806 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $146,588 |
| 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 | $43,606 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,264,477 |
| 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 S Davis Scholarship Trust has awarded $54,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
CASSANDRA JOHNSON PURPOSE: TUITION SCHOLARSHIP | $7,825 |
JACOB WIESBROCK PURPOSE: TUITION SCHOLARSHIP | $7,825 |
JAIDIN TRONE PURPOSE: TUITION SCHOLARSHIP | $6,225 |
EMMA EDENS PURPOSE: TUITION SCHOLARSHIP | $6,825 |
GABBIE SMITH PURPOSE: TUITION SCHOLARSHIP | $6,825 |
LUCAS WIESBROCK PURPOSE: TUITION SCHOLARSHIP | $5,825 |