Gleaner Life Insurance Society Scholarship Foundation
- Assets
- $4.8m
- Revenue
- $398.9k
- Investments
- $5.1m
- Employees
- 0
- Location
- Adrian, MI
- Founding
- 06/1992
- Data as of
- 06/2022
- EIN
- 38-3006741
Organization Overview
Gleaner Life Insurance Society Scholarship Foundation is located in Adrian, MI. The organization was established in 1992. 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. Gleaner Life Insurance Society 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 06/2022, Gleaner Life Insurance Society Scholarship Foundation generated $398.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (43.7%) each year. All expenses for the organization totaled $298.1k during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
99 STUDENT SCHOLARSHIPS FOR 2,500 EACH IN 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Garner Chairman | 0 | $0 | |
Mark Wills Vice Chairma | 0 | $0 | |
Donna Baker Director | 0 | $0 | |
Deborah Elliott Secretary | 0 | $0 | |
Russell Cunningham Director | 0 | $0 | |
Frank Dick Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $22,046 |
| Interest on Savings | $41,926 |
| Dividends & Interest | $47,918 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $286,998 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $398,888 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $2,226 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $40,967 |
| Total operating and administrative expenses | $50,643 |
| Contributions, gifts, grants paid | $247,500 |
| Total expenses and disbursements | $298,143 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$229,703 |
| Savings and temporary cash investments | $0 |
| 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 | $186,267 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $4,823,338 |
| Accounts payable and accrued expenses | $4,500 |
| 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 | $4,500 |
Grants Awarded
Over the last fiscal year, Gleaner Life Insurance Society Scholarship Foundation has awarded $209,250 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SCHOLARSHIPS PURPOSE: 2021 SCHOLARSHIP TUITION | $204,750 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Gleaner Life Insurance Society Scholarship Foundation has recieved totaling $80,000.
| Awarding Organization | Amount |
|---|---|
Gleaner Life Insurance Society Adrian, MI PURPOSE: SCHOLARSHIPS | $80,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Richard U Light Foundation Kalamazoo, MI | $629,730 | $25,417,215 |
Skillman Foundation Detroit, MI | $412,503,854 | $53,699,386 |
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 |
Kalamazoo Promise Kalamazoo, MI | $7,251,327 | $23,596,440 |
College Now Greater Cleveland Inc Cleveland, OH | $24,271,314 | $18,465,003 |
Knowledgeworks Foundation Cincinnati, OH | $34,010,195 | $7,717,304 |
Ruth Mott Foundation Flint, MI | $290,091,185 | $30,117,543 |
Jewell Educational Fund Owosso, MI | $398,993,901 | $18,985,075 |
Pleasant T Rowland Foundation Brookfield, WI | $94,312,384 | $11,804,849 |
Perkins Malo Hunter Foundation Holland, MI | $51,295,166 | -$331,905 |
Thompson Foundation Plymouth, MI | $5,518,000 | $2,844,461 |