Foundation For Educational Opportunity At West Iron County Sc
- Assets
- $9.4m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Stambaugh, MI
- Founding
- 06/1994
- Data as of
- 06/2021
- EIN
- 38-3147380
Organization Overview
Foundation For Educational Opportunity At West Iron County Sc is located in Stambaugh, MI. 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. Foundation For Educational Opportunity At West Iron County SC 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 06/2021, Foundation For Educational Opportunity At West Iron County SC generated $5.3m in total revenue. All expenses for the organization totaled $351.1k during the year ending 06/2021. While expenses have increased by 5.7% per year over the past 6 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
TO RECEIVE AND DISBURSE FUNDS AND GIFTS OF ANY KIND EXCLUSIVELY FOR THE BENEFIT OF WEST IRON COUNTY SCHOOLS, OR ANY ORGANIZATION TO SUCCEED THE BOARD OF TRUSTEES OF WEST IRON COUNTY SCHOOLS. THE FOUNDATION WAS ESTABLISHED TO RECEIVE TAX DEDUCTIBLE CONTRIBUTIONS AND DISTRIBUTE FUNDS FOR EDUCATIONAL PROJECTS, MINI-GRANTS FOR TEACHERS AND SCHOLARSHIPS FOR GRADUATES OF WEST IRON COUNTY SCHOOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP FUNDS TO WEST IRON COUNTY SCHOOL DISTRICTS GRADUATES FOR SECONDARY EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Don Bastianello Treasurer | OfficerTrustee | 4 | $0 |
Lee Rometti Vice Preside | OfficerTrustee | 1 | $0 |
Mary Hebert Secretary | OfficerTrustee | 1 | $0 |
Jon Waara President | OfficerTrustee | 1 | $0 |
Karen Anderson Trustee | Trustee | 1 | $0 |
Rick Kent Trustee | 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 | $3,475,750 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,475,750 |
| Total Program Service Revenue | $0 |
| Investment income | $1,867,683 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,343,933 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $336,122 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,654 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,912 |
| Fees for services: Other | $437 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $351,125 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $558,257 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,888,041 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,446,298 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $9,446,298 |
| 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 | $9,446,298 |
Grants Awarded
Over the last fiscal year, Foundation For Educational Opportunity At West Iron County Sc has awarded $113,425 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UP COMMUNITY FOUNDATION | | | $102,925 |
WEST IRON SCHOOLS PURPOSE: EDUCATION | $10,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Foundation For Educational Opportunity At West Iron County Sc has recieved totaling $750,000.
| Awarding Organization | Amount |
|---|---|
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: EDUCATION | $750,000 |
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 |