Estes Palmer Foundation
- Assets
- $7.6m
- Revenue
- $329.7k
- Investments
- $7.5m
- Employees
- 0
- Location
- East Lansing, MI
- Founding
- 01/1973
- Data as of
- 12/2023
- EIN
- 38-6258410
Organization Overview
Estes Palmer Foundation is located in East Lansing, MI. The organization was established in 1973. According to its NTEE Classification (T90) the organization is classified as: Named Trusts N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Estes Palmer 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 12/2023, Estes Palmer Foundation generated $329.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (9.9%) each year. All expenses for the organization totaled $360.5k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (2.8%) per year over the past 5 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL ASSISTANCE TO ADRIAN COLLEGE AND ASBURY THEOLOGICAL SEMINARY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANT - ADRIAN COLLEGE
GRANT - ASBURY THEOLOGIAL SEMINARY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lance R Lynch President | OfficerTrustee | 1 | $2,000 |
Allison M Buege Watson Vice President & Secretary | OfficerTrustee | 1 | $2,000 |
Stephen Serkaian Treasurer | OfficerTrustee | 1 | $2,000 |
Jeremy Gough Director | Trustee | 1 | $2,000 |
Mark J Deluca Director | Trustee | 1 | $2,000 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $226,040 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $103,680 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $329,720 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $274,602 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $10,000 |
| Compensation of current officers, directors, key employees. | $10,000 |
| 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 | $15,070 |
| Fees for services: Accounting | $2,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $41,577 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $10,580 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,196 |
| 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 | $1,527 |
| All other expenses | $3,283 |
| Total functional expenses | $360,535 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $130,817 |
| 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 | $0 |
| Investments—other securities | $7,463,722 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,594,539 |
| 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 | $0 |
| Capital stock or trust principal, or current funds | $7,594,539 |
| 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 | $7,594,539 |
Grants Awarded
Over the last fiscal year, Estes Palmer Foundation has awarded $274,602 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ADRIAN COLLEGE PURPOSE: TO ASSIST WITH COLLEGE EXPENSES | $137,301 |
ASBURY THEOLOGIAL SEMINARY PURPOSE: TO ASSIST WITH COLLEGE EXPENSES | $137,301 |