Grand Forks Foundation For Education Inc
- Assets
- $13.4m
- Revenue
- $428.7k
- Investments
- $3.6m
- Employees
- 0
- Location
- Grand Forks, ND
- Founding
- 11/1988
- Data as of
- 06/2023
- EIN
- 45-0404011
Organization Overview
Grand Forks Foundation For Education Inc is located in Grand Forks, ND. The organization was established in 1988. 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. Grand Forks Foundation For Education 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 06/2023, Grand Forks Foundation For Education Inc generated $428.7k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $1.5m during the year ending 06/2023. 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
THE FOUNDATION'S PURPOSE IS TO SUPPORT AND PROVIDE ACCESS TO HIGH-QUALITY EDUCATION IN GRAND FORKS PUBLIC SCHOOLS BY RAISING PRIVATE SUPPORT FOR NEW AND ENRICHED OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDING OF INTERNAL PROGRAMS FOR GRAND FORKS PUBLIC SCHOOL DISTRICT.
THE FOUNDATION AWARDS SCHOLARSHIPS TO NEEDY STUDENTS THROUGHOUT THE YEAR. THIS PAST YEAR THE FOUNDATION AWARDED 387 SCHOLARSHIPS TO THESE NEEDY STUDENTS. ADDITIONALLY, THE FOUNDATION AWARDS SCHOLARSHIPS TO SENIOR STUDENTS TO FURTHER PURSUE ACADEMICS IN HIGHER EDUCATION. THIS PAST YEAR THE FOUNDATION AWARDED 109 POST HIGH SCHOOL SCHOLARSHIPS. SCHOLARSHIPS TOTALED $96,178 FOR THE YEAR.
THE FOUNDATION AWARDS GRANTS TWICE ANNUALLY TO EDUCATORS AT GRAND FORKS PUBLIC SCHOOL DISTRICT FOR ALL ELEMENTARY, MIDDLE AND HIGH SCHOOL GRADES. THE APPROXIMATE NUMBER SERVED IS 7,336 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Catherine Gillach Executive Secretary | OfficerTrustee | 1 | $0 |
Alex Todorovic Director | Trustee | 1 | $0 |
Meghan Compton Director | Trustee | 1 | $0 |
Hillary Kempenich Director | Trustee | 1 | $0 |
Kristy Paranica Past President | OfficerTrustee | 1 | $0 |
Mike Wilber Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $23,264 |
| Fundraising events | $25,337 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $343,754 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $392,355 |
| Total Program Service Revenue | $0 |
| Investment income | $132,319 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$98,546 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $428,726 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $96,022 |
| Grants and other assistance to domestic individuals. | $105,639 |
| 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 | $68,959 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,099 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,525 |
| 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 | $6,313 |
| Information technology | $23,931 |
| 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 | $23 |
| Insurance | $1,541 |
| All other expenses | $0 |
| Total functional expenses | $1,508,090 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $61,160 |
| Savings and temporary cash investments | $3,246,191 |
| Pledges and grants receivable | $6,487,192 |
| 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 | $1,298 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,560,909 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,172 |
| Total assets | $13,372,922 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $15,972 |
| 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 | $48,143 |
| Total liabilities | $64,115 |
| Net assets without donor restrictions | $253,746 |
| Net assets with donor restrictions | $13,055,061 |
| 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 | $13,372,922 |