Galesburg Community Foundation
- Assets
- $41.4m
- Revenue
- $5.6m
- Investments
- $0.0
- Employees
- 11
- Location
- Galesburg, IL
- Founding
- 09/1984
- Data as of
- 12/2021
- EIN
- 37-1159944
Organization Overview
Galesburg Community Foundation is located in Galesburg, IL. The organization was established in 1984. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Galesburg Community Foundation employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Galesburg Community 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, Galesburg Community Foundation generated $5.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.8% each year . All expenses for the organization totaled $3.0m during the year ending 12/2021. While expenses have increased by 7.9% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE GALESBURG COMMUNITY FOUNDATION WORKS TO IMPROVE THE QUALITY AND HEALTH OF OUR COMMUNITIES. WE BELIEVE THAT CONNECTING PEOPLE TO THE CAUSES THEY CARE ABOUT IS A KEY INGREDIENT TO EFFECTIVE PHILANTHROPY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COMPETITIVE GRANT MAKING TO NONPROFITS WHOSE PROGRAMS ENGAGE AND BETTER THE COMMUNITY THEY SERVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joshua Gibb Chief Executive Officer | Officer | 40 | $154,014 |
Shawn Hedden Director Of Finance & Operati | Officer | 40 | $74,024 |
Dr John Mcclean Chairman | OfficerTrustee | 1 | $0 |
Dr Subbia Jagannathan Secretary | OfficerTrustee | 1 | $0 |
David Erickson Vice Chairman | OfficerTrustee | 1 | $0 |
Lisa Gavin Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $100,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,767,194 |
| Noncash contributions included in lines 1a–1f | $315,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,867,194 |
| Total Program Service Revenue | $132,430 |
| Investment income | $744,777 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $640,479 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $236,345 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,623,656 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,548,644 |
| Grants and other assistance to domestic individuals. | $284,034 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $256,437 |
| Compensation of current officers, directors, key employees. | $82,514 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $213,840 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $45,072 |
| Payroll taxes | $31,909 |
| Fees for services: Management | $4,108 |
| Fees for services: Legal | $150 |
| Fees for services: Accounting | $20,460 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $154,482 |
| Fees for services: Other | $92,863 |
| Advertising and promotion | $68,547 |
| Office expenses | $17,267 |
| Information technology | $22,865 |
| Royalties | $0 |
| Occupancy | $30,154 |
| Travel | $5,132 |
| 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 | $48,732 |
| Insurance | $26,553 |
| All other expenses | $12,696 |
| Total functional expenses | $2,991,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $513,388 |
| Savings and temporary cash investments | $550,773 |
| Pledges and grants receivable | $910,332 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,514 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,500 |
| Net Land, buildings, and equipment | $1,374,211 |
| Investments—publicly traded securities | $30,799,215 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,190,000 |
| Total assets | $41,357,933 |
| Accounts payable and accrued expenses | $51,547 |
| 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 | $4,486,768 |
| Total liabilities | $4,538,315 |
| Net assets without donor restrictions | $14,538,640 |
| Net assets with donor restrictions | $22,280,978 |
| 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 | $41,357,933 |
Grants Awarded
Over the last fiscal year, Galesburg Community Foundation has awarded $894,624 in support to 34 organizations.
| Grant Recipient | Amount |
|---|---|
CARL SANDBURG COLLEGE PURPOSE: EDUCATION | $289,101 |
Chicago, IL PURPOSE: NONPROFIT PROGRAMMING | $120,000 |
Williamsfield, IL PURPOSE: ARTS | $91,912 |
Galesburg, IL PURPOSE: CONSTRUCTION OF PARK | $36,451 |
Galesburg, IL PURPOSE: INDIVIDUAL IMPROVEMENT & DEVELPOMENT | $30,480 |
Monmouth, IL PURPOSE: EQUINE THERAPY | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Galesburg Community Foundation has recieved totaling $62,055.
| Awarding Organization | Amount |
|---|---|
Twomey Foundation Roseville, IL PURPOSE: CHARITABLE | $35,000 |
Carl Larsen & Pansy I Larsen Memorial Tr No 1885c Las Vegas, NV PURPOSE: GENERAL OPERATING | $14,193 |
Jane B Frankenburger Char Rem Tr Las Vegas, NV PURPOSE: GENERAL OPERATING | $12,850 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $12 |
Endowment Analysis
| Beg. Balance | $29,460,218 |
| Earnings | $3,458,330 |
| Net Contributions | $3,114,071 |
| Grants | $2,387,115 |
| Ending Balance | $33,645,504 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
David F And Margaret T Grohne Family Foundation Western Springs, IL | $161,662,019 | $15,904,271 |
The Burke Foundation Inc Milwaukee, WI | $121,362,007 | $6,169,378 |
Illinois Assistive Technology Program Springfield, IL | $10,127,419 | $6,900,669 |
Crossroads Fund Chicago, IL | $13,233,891 | $8,800,082 |
Vine And Branches Foundation Inc Brookfield, WI | $8,641,827 | $2,521,561 |
Association Of State Floodplain Managers Inc Madison, WI | $3,465,086 | $3,791,524 |
Alan Stone Family Charitable Foundation % Reed Smith LLP - Harry Rosenberg Chicago, IL | $0 | $100,169 |
Peter And Paula Fasseas Foundation Chicago, IL | $50,357,726 | $8,283,085 |
Jefferson City Parks And Recreation Foundation Jefferson City, MO | $842,423 | $291,038 |
Stephenson Family Foundation Schaumburg, IL | $89,371 | $3,480,000 |
Hope Haven Support Foundation Rock Valley, IA | $16,499,629 | $3,667,660 |
Butler Family Foundation Dubuque, IA | $48,442,192 | $3,565,783 |