Educational Assistance Ltd
- Assets
- $2.7m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 15
- Location
- Glen Ellyn, IL
- Founding
- 05/1982
- Data as of
- 12/2023
- EIN
- 36-3166932
Organization Overview
Educational Assistance Ltd is located in Glen Ellyn, IL. The organization was established in 1982. 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 12/2023, Educational Assistance Ltd employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Educational Assistance Ltd 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, Educational Assistance Ltd generated $5.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $5.7m during the year ending 12/2023. While expenses have increased by 9.7% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF EDUCATIONAL ASSISTANCE LTD. IS TO GIVE STUDENTS WITH FINANCIAL NEEDS THE OPPORTUNITY TO ATTEND COLLEGE. WITH A FOCUS ON EDUCATION AND THE ENVIRONMENT, EDUCATIONAL ASSISTANCE LTD. EXTENDS THE USEFUL LIFE OF SLOW-MOVING AND EXCESS INVENTORY DONATIONS BY REDISTRIBUTING THESE GIFTS TO 2- AND 4-YEAR COLLEGES AND UNIVERSITIES, INCLUDING COMMUNITY COLLEGES AND TRIBAL INSTITUTIONS HELPING THEM LOWER THEIR OPERATING EXPENSES. IN TURN, THESE SCHOOLS HELP THEIR STUDENTS WITH SCHOLARSHIPS ENABLING THEM TO TRANSFORM THEIR OWN LIVES. PRODUCTS NOT SUITABLE FOR USE ON CAMPUS ARE RECYLED, REPAIRED, OR CONVERTED TO CASH TO FUND ADDITIONAL SCHOLARSHIPS IN THE FORM OF CASH GIFTS TO PARTNER SCHOOLS. IN 2017, EDUCATIONAL ASSISTANCE LTD. REBRANDED AS EALGREEN TO CELEBRATE THE SUCCESS OF THIS CIRCULAR ECONOMY MODEL AND THE 21,000 STUDENTS WHO HAVE RECEIVED SCHOLARSHIPS TO DATE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COLLEGE SCHOLARSHIPS MADE AVAILABLE THROUGH DONATIONS OF EXCESS INVENTORY AND SURPLUS MATERIALS FROM CORPORATIONS AND INDIVIDUALS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Claudia Freed President & CEO | Officer | 40 | $273,833 |
Noel Navarro Director | Trustee | 2 | $0 |
Bairie Nichols Director | Trustee | 2 | $0 |
David Tretter Director | Trustee | 2 | $0 |
Karen Belling Chairman | OfficerTrustee | 5 | $0 |
Lauren Williams Director | Trustee | 2 | $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 | $5,372,910 |
| Noncash contributions included in lines 1a–1f | $5,365,534 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,372,910 |
| Total Program Service Revenue | $0 |
| Investment income | $44,728 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,417,638 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,000,000 |
| 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. | $273,833 |
| Compensation of current officers, directors, key employees. | $68,458 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $302,047 |
| Pension plan accruals and contributions | $24,055 |
| Other employee benefits | $29,286 |
| Payroll taxes | $71,084 |
| Fees for services: Management | $14,027 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,105 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $97,423 |
| Advertising and promotion | $0 |
| Office expenses | $3,748 |
| Information technology | $86,977 |
| Royalties | $0 |
| Occupancy | $16,519 |
| Travel | $12,605 |
| 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 | $119,777 |
| Insurance | $50,901 |
| All other expenses | $310,259 |
| Total functional expenses | $5,660,112 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,949,590 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $226,412 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,363 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $48,639 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $402,744 |
| Other assets | $24,275 |
| Total assets | $2,655,023 |
| Accounts payable and accrued expenses | $57,655 |
| 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 | $57,655 |
| Net assets without donor restrictions | $2,597,368 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,655,023 |