Legacy Institute For Financial Education
- Assets
- $749.7k
- Revenue
- $825.3k
- Investments
- $0.0
- Employees
- 11
- Location
- Lufkin, TX
- Founding
- 10/2015
- Data as of
- 12/2022
- EIN
- 47-1941953
Organization Overview
Legacy Institute For Financial Education is located in Lufkin, TX. The organization was established in 2015. According to its NTEE Classification (O99) the organization is classified as: Youth Development N.E.C., under the broad grouping of Youth Development and related organizations. As of 12/2022, Legacy Institute For Financial Education employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Legacy Institute For Financial Education 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, Legacy Institute For Financial Education generated $825.3k in total revenue. All expenses for the organization totaled $820.7k during the year ending 12/2022. While expenses have increased by 93.0% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE LEGACY INSTITUTE OF FINANCIAL EDUCATION EXISTS TO TEACH FINANCIAL LITERACY, CREATE ECONOMIC STABILITY, AND BUILD GENERATIONAL WEALTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL LITERACY - LIFE PROVIDES PERSONAL FINANCE AND INVESTMENTS EDUCATION THROUGH WORKSHOPS AND INDIVIDUALIZED COACHING. THE CURRICULUM INCLUDES: UNDERSTANDING MONEY, BUDGETING, SAVING, IMPROVING CREDIT SCORES, HOMEOWNERSHIP, INVESTING, AND MORE.
LIFE TECH - A TECHNOLOGY ACCESS PROGRAM WHICH SERVES LOW TO MODERATE INCOME HOUSEHOLDS THROUGHOUT DEEP EAST TEXAS. THIS PROGRAM PARTNERS WITH THE DEEP EAST TEXAS REGIONAL HOUSING AUTHORITY (DETRHA) AND ANGELINA COLLEGE TO PROVIDE TRAINING AND LOW COST HARDWARE TO HOUSEHOLDS IN NEED WITH THE PURPOSE OF ENSURING EACH EAST TEXAS HOUSEHOLD HAS A COMPUTER AND ACCESS TO THE INTERNET. THIS PROGRAM ALSO PROVIDES INTERNSHIPS FOR COMMUNITY MEMBERS WHO ARE CONSIDERING A CAREER IN INFORMATION TECHNOLOGY (IT) AS THEY PURSUE THEIR COMPTIA A+ CERTIFICATION OR THEIR MICROSOFT TECHNOLOGY ASSOCIATE (MTA) CERTIFICATION.
LUGM (LUFKIN URBAN GARDEN & MARKET) - A SOCIAL ENTERPRISE THAT INCLUDES A 4 ACRE COMMUNITY GARDEN THAT FUNCTIONS AS A COMMUNITY SUPPORTED AGRICULTURE (CSA) PROJECT. THE PROJECT ALSO OPERATES A LAWN MAINTENANCE CREW TO PROVIDE JOBS FOR THE REENTRY POPULATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Reagan Mcclenny President | OfficerTrustee | 2 | $0 |
Tim Walker Secretary | OfficerTrustee | 2 | $0 |
Martha Maldonado Vice President | OfficerTrustee | 1 | $0 |
Krystal Riley Director | Trustee | 1 | $0 |
Maxine Peters-Giles Director | Trustee | 1 | $0 |
Monica Peters-Clark Director | 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 | $731,090 |
| Noncash contributions included in lines 1a–1f | $116,690 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $731,090 |
| Total Program Service Revenue | $101,708 |
| Investment income | $336 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,696 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$12,237 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $825,277 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $150 |
| Grants and other assistance to domestic individuals. | $6,089 |
| 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 | $351,909 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $34,780 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,023 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $15,751 |
| Office expenses | $20,675 |
| Information technology | $17,469 |
| Royalties | $0 |
| Occupancy | $15,482 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,718 |
| Interest | $23,577 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,438 |
| Insurance | $9,457 |
| All other expenses | $45,077 |
| Total functional expenses | $820,706 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $227,912 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $141,949 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $36,998 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $317,430 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $24,688 |
| Intangible assets | $707 |
| Other assets | $0 |
| Total assets | $749,684 |
| Accounts payable and accrued expenses | $1,152 |
| 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 | $660,014 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $19,564 |
| Total liabilities | $680,730 |
| Net assets without donor restrictions | -$78,030 |
| Net assets with donor restrictions | $146,984 |
| 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 | $749,684 |