Verl I Brooks Scholarship Foundation
- Assets
- $1.7m
- Revenue
- $104.6k
- Investments
- $1.6m
- Employees
- 0
- Location
- Galesburg, IL
- Founding
- 09/1994
- Data as of
- 12/2021
- 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 12/2021, Verl I Brooks Scholarship Foundation generated $104.6k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $114.5k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.9%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Verl I Brooks Scholarship Foundation has awarded 186 individual grants totaling $734,651. 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
2021
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 |
|---|---|---|---|
Judy Diemer Foundation M | 15 | $20,362 | |
Michael Schaubroeck Trustee | 2 | $4,000 | |
Thomas Bischoff Trustee | 2 | $4,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $4,545 |
| Dividends & Interest | $81,653 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $14,764 |
| Capital Gain Net Income | $14,764 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $3,618 |
| Total Revenue | $104,580 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $28,362 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $3,320 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $103 |
| Other expenses | $208 |
| Total operating and administrative expenses | $33,465 |
| Contributions, gifts, grants paid | $81,062 |
| Total expenses and disbursements | $114,527 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $105,994 |
| 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 | $650,896 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $1,998 |
| Total assets | $1,706,455 |
| 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 $81,062 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
COOPER TAELOR PURPOSE: EDUCATION | $9,600 |
HATLESTAD BRITTANY PURPOSE: EDUCATION | $6,600 |
HATLESTAD AJ PURPOSE: EDUCATION | $5,400 |
WILSON ALEX PURPOSE: EDUCATION | $5,100 |
RYNER LILY PURPOSE: EDUCATION | $4,900 |
STREETER TAYLER PURPOSE: EDUCATION | $4,590 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Equity Fund Inc Chicago, IL | $118,912,735 | $59,533,345 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
National Merit Scholarship Corporation Evanston, IL | $183,825,978 | $50,191,294 |
Evans Scholars Foundation Glenview, IL | $101,873,087 | $62,566,812 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Cardinal Services Inc Of Indiana Warsaw, IN | $28,675,162 | $26,373,889 |
Future Leaders Of Americafoundation Inc Chicago, IL | $0 | $13,517,008 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Professional Convention Management Association Chicago, IL | $13,503,434 | $11,522,188 |
Sigma Chi Foundation Evanston, IL | $40,441,719 | $12,690,646 |