Faribault Area Public Schools Educational Trust Association
- Assets
- $1.3m
- Revenue
- $261.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Faribault, MN
- Founding
- 07/1987
- Data as of
- 12/2020
- EIN
- 36-3495109
Organization Overview
Faribault Area Public Schools Educational Trust Association, operating under the name Faribault Falcon Scholarships, is located in Faribault, MN. The organization was established in 1987. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Faribault Falcon Scholarships 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 12/2020, Faribault Falcon Scholarships generated $261.8k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 19.5% each year . All expenses for the organization totaled $126.3k during the year ending 12/2020. While expenses have increased by 1.9% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
IN COOPERATION WITH LOCAL HIGH SCHOOL, PROVIDE SCHOLARSHIPS TO QUALIFIED SENIOR APPLICANTS USING ACADEMICS AND CITIZEN CRITERIA FROM THE "DOLLAR FOR SCHOLAR" NATIONAL PROGRAM
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN COOPERATION WITH LOCAL HIGH SCHOOL, PROVIDE SCHOLARSHIPS TO QUALIFIED SENIOR APPLICANTS USING ACADEMICS AND CITIZEN CRITERIA FROM THE "DOLLAR FOR SCHOLAR" NATIONAL PROGRAM
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Fielitz Executive Secretary | Trustee | 1 | $1,200 |
Heidi Oanes Treasurer | Trustee | 1 | $0 |
Brent Peroutka Ex-Officio | Trustee | 0.2 | $0 |
John Carlander Director | Trustee | 0.2 | $0 |
Cate Grinney Ex-Officio | Trustee | 0.2 | $0 |
Richard Berge President | Trustee | 1 | $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 | $220,697 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $220,697 |
| Total Program Service Revenue | $0 |
| Investment income | $34,163 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,922 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $261,782 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $109,328 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,200 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $0 |
| Fees for services: Accounting | $530 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $11,280 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,549 |
| Office expenses | $1,171 |
| 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 | $0 |
| Insurance | $775 |
| All other expenses | $0 |
| Total functional expenses | $126,322 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $206,793 |
| Savings and temporary cash investments | $0 |
| 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 | $1,103,236 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,310,029 |
| 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 | $1,310,029 |
| Total liabilities and net assets/fund balances | $1,310,029 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Faribault Area Public Schools Educational Trust Association has recieved totaling $453.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $453 |
Endowment Analysis
| Beg. Balance | $78,801 |
| Earnings | $3,389 |
| Net Contributions | $1,000 |
| Grants | $4,000 |
| Ending Balance | $79,190 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
Northstar Education Finance Inc Eagan, MN | $1,293,468,719 | $40,177,777 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Scholarship America Inc Minneapolis, MN | $219,130,905 | $29,933,482 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Waitt Foundation North Sioux City, SD | $157,175,219 | $6,009,824 |
Team Makers Club Inc Fargo, ND | $24,927,572 | $16,460,437 |
Bentson Foundation Wayzata, MN | $107,689,978 | $6,021,397 |
Rsm Us Foundation Davenport, IA | $13,920,904 | $7,669,329 |
Pleasant T Rowland Foundation Brookfield, WI | $94,312,384 | $11,804,849 |
Central States Fair Rapid City, SD | $6,354,015 | $4,358,357 |
Sc Johnson Giving Inc Racine, WI | $34,098,989 | $19,343,102 |