Verl I Brooks Scholarship Foundation
- Assets
- $1.6m
- Revenue
- $52.9k
- Investments
- $1.5m
- Employees
- 0
- Location
- Galesburg, IL
- Founding
- 09/1994
- Data as of
- 12/2022
- EIN
- 36-3967580
Organization Overview
Verl I Brooks Scholarship Foundation is located in Galesburg, IL. The organization was established in 1994. 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. Verl I Brooks Scholarship 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 12/2022, Verl I Brooks Scholarship Foundation generated $52.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.2%) each year. All expenses for the organization totaled $114.0k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.6%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Verl I Brooks Scholarship Foundation has awarded 236 individual grants totaling $909,809. 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
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHARITABLE ACTIVITIES ARE LIMITED TO THE PROVISION OF SCHOLARSHIPS TO QUALIFIED STUDENTS PURSUANT TO THE TERMS OF THE TRUST DOCUMENT. 21 SCHOLARSHIPS WERE APPROVED FOR THE 2021-2022 SCHOOL YEAR TOTALING 81,062.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Bischoff Trustee | 2 | $4,000 | |
Michael Schaubroeck Trustee | 2 | $4,000 | |
Judy Diemer Foundation M | 15 | $21,298 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $2,607 |
| Dividends & Interest | $87,937 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$37,669 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $52,875 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $29,298 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,066 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $386 |
| Total operating and administrative expenses | $34,708 |
| Contributions, gifts, grants paid | $79,263 |
| Total expenses and disbursements | $113,971 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $188,175 |
| 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 | $510,414 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $932 |
| Total assets | $1,645,359 |
| 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, Verl I Brooks Scholarship Foundation has awarded $79,263 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
DIEHL GUINEVERE PURPOSE: EDUCATION | $3,950 |
ERNST CARLEE KNESS PURPOSE: EDUCATION | $4,050 |
GALLUAGHER JOELLE PURPOSE: EDUCATION | $1,050 |
HATLESTAD KATELIN PURPOSE: EDUCATION | $7,550 |
JOHNSON ELAINA PURPOSE: EDUCATION | $4,000 |
KAUR HARSIMRAN PURPOSE: EDUCATION | $8,533 |