Community Of Lancaster Education Group
- Assets
- $1.0m
- Revenue
- $103.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Lancaster, MN
- Founding
- 03/2001
- Data as of
- 12/2022
- EIN
- 41-1996178
Organization Overview
Community Of Lancaster Education Group is located in Lancaster, MN. The organization was established in 2001. 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. Community Of Lancaster Education Group 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 12/2022, Community Of Lancaster Education Group generated $103.7k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $51.2k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO RAISE FUNDS THROUGH CONTRIBUTIONS AND INVESTMENTS FOR THE SINGULAR PURPOSE OF PROVIDING REIMBURSEMENT OF POST SECONDARY TUITION EXPENSES OF GRADUATES OF LANCASTER HIGH SCHOOL (MINNESOTA INDEPENDENT SCHOOL DISTRICT #356)
Describe the Organization's Program Activity:
Part 3 - Line 4a
COLEG MADE NINE SCHOLARSHIP AWARDS TOTALING $101,000 DURING THE CALENDAR YEAR 2022. COLEG PAID OUT $50,875 IN TUITION REIMBURSEMENTS FOR AWARDS MADE PRIOR TO 2022. IT IS COLEG'S PRESENT POLICY TO BEGIN REIMBURSE UPON SUCCESSFUL COMPLETION OF THE FIRST FULL YEAR OF POST-SECONDARY STUDIES. COMPLETION OF THE FIRST YEAR MUST BE ACCOMPLISHED WITHIN 13 MONTHS FROM HIGH SCHOOL GRADUATION. AT THE END OF 2022 THERE WERE 17 AWARD RECIPIENTS ELIGIBLE TO RECEIVE UP TO $168,125 IN ADDITIONAL REIMBURSEMENTS. FURTHER AWARDS WILL BE MADE IN 2023 DEPENDING UPON APPLICATIONS AND PROJECTED INVESTMENT EARNINGS AND UNRESTRICTED CONTRIBUTIONS. THIS IS THE ONLY PROGRAM SERVICE PROVIDED BY COLEG
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diane Rice President | Officer | 1 | $0 |
Crystal Peterson Vice President | Officer | 1 | $0 |
Debbie Groves Secretary | Officer | 1 | $0 |
Shelly Westerberg Treasurer | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $27,960 |
| 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 | $27,960 |
| Total Program Service Revenue | $0 |
| Investment income | $75,745 |
| 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 | $103,705 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $50,875 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $361 |
| 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 | $51,236 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,730 |
| Savings and temporary cash investments | $0 |
| 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 | $1,020,757 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,033,487 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $192,625 |
| 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 | $192,625 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $840,862 |
| Total liabilities and net assets/fund balances | $1,033,487 |