Gratiot County Community Foundation
- Assets
- $16.2m
- Revenue
- $853.1k
- Investments
- $0.0
- Employees
- 4
- Location
- Ithaca, MI
- Founding
- 04/1993
- Data as of
- 09/2023
- EIN
- 38-3087756
Organization Overview
Gratiot County Community Foundation is located in Ithaca, MI. The organization was established in 1993. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 09/2023, Gratiot County Community Foundation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gratiot County 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 09/2023, Gratiot County Community Foundation generated $853.1k 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 (3.6%) each year. All expenses for the organization totaled $999.3k during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Gratiot County Community Foundation has awarded 188 individual grants totaling $3,289,627. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO RECEIVE AND ACCEPT PROPERTY THAT WILL BE EXCLUSIVELY USED FOR CHARITABLE PURPOSES, PRIMARILY FOR THE BENEFIT OF GRATIOT COUNTY RESIDENTS AND INSTITUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS AND SCHOLARSHIPS AWARDED FOR COMMUNITY PROJECTS AND PROGRAMS IN FIELDS OF EDUCATION, HEALTH, HUMAN SERVICES, ARTS, CULTURE AND COMMUNITY SERVICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Lambrecht President | OfficerTrustee | 1 | $0 |
Ali Barnes Vice Preside | OfficerTrustee | 1 | $0 |
Jim Wheeler Treasurer | OfficerTrustee | 1 | $0 |
Laura Bever Secretary | OfficerTrustee | 1 | $0 |
Mike Miller Director | Trustee | 1 | $0 |
Nora Colthorp Director | 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 | $264,883 |
| Noncash contributions included in lines 1a–1f | $10,204 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $264,883 |
| Total Program Service Revenue | $12,372 |
| Investment income | $353,061 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $218,921 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $853,137 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $516,738 |
| Grants and other assistance to domestic individuals. | $178,200 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $66,315 |
| Compensation of current officers, directors, key employees. | $43,105 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,806 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,613 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $50,867 |
| Fees for services: Other | $2,322 |
| Advertising and promotion | $390 |
| Office expenses | $8,323 |
| Information technology | $28,301 |
| Royalties | $0 |
| Occupancy | $1,200 |
| 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 | $4,588 |
| Insurance | $4,087 |
| All other expenses | $7,148 |
| Total functional expenses | $999,318 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $107,635 |
| Savings and temporary cash investments | $211,402 |
| Pledges and grants receivable | $2,500 |
| 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 | $4,983 |
| Net Land, buildings, and equipment | $215,307 |
| Investments—publicly traded securities | $15,482,197 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $135,637 |
| Total assets | $16,159,661 |
| Accounts payable and accrued expenses | $7,280 |
| Grants payable | $144,199 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $892,373 |
| 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 | $1,043,852 |
| Net assets without donor restrictions | $14,979,171 |
| Net assets with donor restrictions | $136,638 |
| 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 | $16,159,661 |
Grants Awarded
Over the last fiscal year, Gratiot County Community Foundation has awarded $457,578 in support to 26 organizations.
| Grant Recipient | Amount |
|---|---|
ALMA HIGHLAND FESTIVAL PURPOSE: RENOVATIONS | $6,250 |
ALMA PUBLIC SCHOOLS PURPOSE: FOOTBALL FIELD | $7,500 |
ASHLEY COMMUNITY SCHOOLS PURPOSE: STUDENT SUPPORT | $15,400 |
BRECKENRIDGE ELEMENTARY SCHOOL PURPOSE: STUDENT SUPPORT | $15,400 |
CARRIE KNAUSE ELEMENTARY PURPOSE: STUDENT SUPPORT | $15,400 |
FULTON ELEMENTARY PURPOSE: STUDENT SUPPORT | $15,235 |