Ely Educational Foundation Inc
- Assets
- $1.1m
- Revenue
- $112.5k
- Investments
- $19.0k
- Employees
- 0
- Location
- Ely, MN
- Founding
- 08/1993
- Data as of
- 06/2022
- EIN
- 41-1622190
Organization Overview
Ely Educational Foundation Inc is located in Ely, MN. The organization was established in 1993. 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. Ely 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 06/2022, Ely Educational Foundation Inc generated $112.5k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $64.0k during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Ely Educational Foundation Inc has awarded 17 individual grants totaling $264,092. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ENHANCING AND ADVANCING EDUCATIONAL OPPORTUNITIES OF PRESENT AND FUTURE GRADUATES OF ELY MEMORIAL HIGH SCHOOL, TO SUPPORT SPECIAL PROJECTS WITHIN THE SCHOOL DISTRICT 696, AND TO PROMOTE THE SCHOOLS WITHIN THE ELY AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDED 12 SCHOLARSHIPS TO GRADUATING SENIORS OF ELY MEMORIAL HIGH SCHOOL TO FURTHER THEIR EDUCATION.
PROVIDED CONTRIBUTIONS TO ASSIST IN THE COST OF RUNNING SPORTS TEAMS, ART, SCIENCE, AND INDUSTRIAL ARTS DEPARTMENTS, AND OTHER SCHOOL AND YOUTH RELATED PROJECTS FOR THE BENEFIT OF STUDENTS OF ELY HIGH SCHOOL.
AMOUNTS CONTRIBUTED FOR ITEMS REQUESTED BY TEACHERS OF ELY MEMORIAL HIGH SCHOOL FOR EDUCATIONAL PURPOSES. ITEMS INCLUDE TEXTBOOKS, SCHOOL SUPPLIES, AND OTHER EDUCATIONAL TOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Latourell Jr President | OfficerTrustee | 1 | $0 |
Ann Johnson Treasurer | Officer | 1 | $0 |
Darlene Nemanich Director | Trustee | 1 | $0 |
Phyliss Olson Director | Trustee | 1 | $0 |
Geraldine Koschak Director | Trustee | 1 | $0 |
Derek Johnson Secretary | 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 | $56,920 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $56,920 |
| Total Program Service Revenue | $0 |
| Investment income | $51,055 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,541 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $112,516 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $22,100 |
| Grants and other assistance to domestic individuals. | $34,500 |
| 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 | $1,610 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,501 |
| Fees for services: Other | $0 |
| Advertising and promotion | $40 |
| Office expenses | $281 |
| 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 | $64,032 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,647 |
| 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 | $933,661 |
| Investments—other securities | $18,992 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $138,239 |
| Total assets | $1,095,539 |
| 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 | $154,882 |
| Net assets with donor restrictions | $940,657 |
| 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 | $1,095,539 |
Grants Awarded
Over the last fiscal year, Ely Educational Foundation Inc has awarded $20,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ISD 696 PURPOSE: SPANISH PROGRAM | $14,000 |
ISD 696 PURPOSE: EARLY CHILDHOOD CLASSROOM | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Ely Educational Foundation Inc has recieved totaling $8,383.
| Awarding Organization | Amount |
|---|---|
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $6,000 |
Xcel Energy Foundation Minneapolis, MN PURPOSE: MATCHING EMPLOYEE DONATION | $2,333 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $50 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Grinnell College Medical Benefit Plan Trust Agreement Grinnell, IA | $11,174,588 | $9,791,771 |
University Of Wisconsin-Eau Claire Foundation Inc Eau Claire, WI | $103,402,476 | $22,599,486 |
Iowa State University Research Park Corp Ames, IA | $68,199,725 | $11,124,615 |
Minnesota State University Mankato Foundation Incorporated Mankato, MN | $77,015,205 | $9,285,148 |
University Gateway Corporation Minneapolis, MN | $78,655,248 | $6,023,242 |
Charles & Ellora Alliss Educational Foundation Milwaukee, WI | $87,576,345 | $9,781,011 |
Iowa High School Athleticassociation Boone, IA | $17,327,220 | $5,760,245 |
St Cloud State University Foundation Inc St Cloud, MN | $54,919,652 | $10,818,973 |
Hmong Education Reform Company St Paul, MN | $74,819,992 | $9,901,803 |
Isu Veterinary Services Corporation Des Moines, IA | $3,723,871 | $7,166,183 |
University Of Wisconsin Green Bay Foundation Inc Green Bay, WI | $63,454,275 | $9,667,784 |
University Of Minnesota Foundation Investment Advisors Minneapolis, MN | $2,748,098 | $5,244,210 |