Ada Scholarship Foundation Inc
- Assets
- $2.6m
- Revenue
- $189.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Ada, MN
- Founding
- 04/1987
- Data as of
- 05/2024
- EIN
- 41-1566681
Organization Overview
Ada Scholarship Foundation Inc is located in Ada, MN. The organization was established in 1987. 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. Ada Scholarship 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 05/2024, Ada Scholarship Foundation Inc generated $189.2k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $179.2k during the year ending 05/2024. While expenses have increased by 2.4% per year over the past 9 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.
Since 2020, Ada Scholarship Foundation Inc has awarded 154 individual grants totaling $635,490. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cynthia Ann Julin Vice Preside | 0.1 | $0 | |
David Solseng President | 0.2 | $0 | |
Trudy Mickelson Treasurer | 2 | $400 | |
Barbara Anne Larson Secretary | 2 | $400 | |
Michael Ness Director | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $13,217 |
| Interest on Savings | $56 |
| Dividends & Interest | $72,426 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $103,510 |
| Capital Gain Net Income | $103,510 |
| Net ST Capital Gain | $478 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $189,209 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $800 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $443 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $384 |
| Total operating and administrative expenses | $30,141 |
| Contributions, gifts, grants paid | $149,050 |
| Total expenses and disbursements | $179,191 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $46,319 |
| Savings and temporary cash investments | $2,527,636 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,573,955 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Ada Scholarship Foundation Inc has awarded $149,050 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SEE ATTACHED PURPOSE: HIGHER EDUCATION SCHOLARSHIPS | $148,050 |
ADA BORUP WEST STUDENT COUNCIL PURPOSE: TO SUPPORT STUDENT ACTIVITIES | $1,000 |