Herbert V Prochnow Educational Foundation Inc
- Assets
- $8.6m
- Revenue
- $434.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Madison, WI
- Founding
- 06/1984
- Data as of
- 10/2023
- EIN
- 39-1466758
Organization Overview
Herbert V Prochnow Educational Foundation Inc is located in Madison, WI. The organization was established in 1984. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Herbert V Prochnow Educational Foundation Inc 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 10/2023, Herbert V Prochnow Educational Foundation Inc generated $434.4k 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 (4.0%) each year. All expenses for the organization totaled $266.5k during the year ending 10/2023. As we would expect to see with falling revenues, expenses have declined by (10.3%) per year over the past 8 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 INITIATE, FUND, MARKET AND IMPLEMENT PROGRAMS AND ACTIVITIES WHICH SUPPORT THE MISSION OF THE GRADUATE SCHOOL OF BANKING, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE HERBERT V. PROCHNOW EDUCATIONAL FOUNDATION, INC. SUPPORTS RESEARCH IN BANKING AND EDUCATION AND SPONSORS A NUMBER OF EDUCATIONAL PROGRAMS INTENDED TO BENEFIT THE BANKING INDUSTRY. THIS YEAR, RECIPIENTS USED 95 SCHOLARSHIPS TO THE BANKING SCHOOL AND 9 TO THE HUMAN RESOURCES SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kirby Davidson President & CEO | OfficerTrustee | 36 | $27,454 |
Lorrie Trogden Immediate Past Chair | OfficerTrustee | 1 | $0 |
Randy Hultgren Chair | OfficerTrustee | 1 | $0 |
Karlton Adam Vice Chair | OfficerTrustee | 1 | $0 |
Michael Adelman Treasurer | OfficerTrustee | 1 | $0 |
Betsy Johnson Member - Bab Chair | 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 | $6,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,500 |
| Total Program Service Revenue | $0 |
| Investment income | $312,095 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $115,771 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $434,366 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $152,145 |
| 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 | $40,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,432 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,605 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $81 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,234 |
| 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 | $266,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,256 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,372 |
| 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 | $879 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,495,653 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,559,160 |
| Accounts payable and accrued expenses | $104 |
| 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 | $104 |
| Net assets without donor restrictions | $8,544,056 |
| Net assets with donor restrictions | $15,000 |
| 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 | $8,559,160 |
Grants Awarded
Over the last fiscal year, Herbert V Prochnow Educational Foundation Inc has awarded $400,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF WISCONSIN FOUNDATION PURPOSE: DONATION MADE IN HONOR OF JAMES JOHANNES AND SUPPORT UW FOUNDATION. | $25,000 |
GRADUATE SCHOOL OF BANKING PURPOSE: SUPPORT THE OPERATIONS OF GRADUATE SCHOOL OF BANKING | $375,000 |