Morgan E Cline Perpetual Charitable Foundation
- Assets
- $14.5m
- Revenue
- $1.3m
- Investments
- $11.0m
- Employees
- 0
- Location
- Centerville, IA
- Founding
- 07/2015
- Data as of
- 12/2023
- EIN
- 47-7016421
Organization Overview
Morgan E Cline Perpetual Charitable Foundation is located in Centerville, IA. The organization was established in 2015. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morgan E Cline Perpetual Charitable Foundation 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 12/2023, Morgan E Cline Perpetual Charitable Foundation generated $1.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (22.1%) each year. All expenses for the organization totaled $2.0m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Morgan E Cline Perpetual Charitable Foundation has awarded 54 individual grants totaling $1,914,986. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOSTERING VIABLE AND THRIVING COMMUNITIES IN AND AROUND APPANOOSE COUNTY, IOWA BY COLLABORATING TO PROVIDE RESOURCES AND PROFESSIONAL SUPPORT. OPERATIONS IN 2023 INCLUDED, THE OPERATIONS OF THE CONTINENTAL HOTEL AND THE MAJESTIC THEATER BOTH OF WHICH ARE LOCATED IN APPANOOSE COUNTY, IOWA AND WERE OPERATED AS OUTLINED IN THE WILL OF MORGAN E. CLINE AND THE FORM 1023 APPLICATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alison Fraser CEO | 40 | $149,000 | |
Michael Craver ESQ Chair | 2 | $5,000 | |
Frank Reznicek Vice-Chair | 2 | $5,000 | |
Ann Young Secretary | 2 | $5,000 | |
The Iowa Trust And Savings Bank Corporate Trustee/treasurer | 2 | $5,000 | |
Bill Buss Trustee | 2 | $5,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Commercial Resources Inc | 12/30/23 | $85,223 |
Sysco Iowa | 12/30/23 | $63,842 |
Martin Brothers | 12/30/23 | $102,978 |
Performance Foodservice | 12/30/23 | $62,377 |
Bankers Trust | 12/30/23 | $50,241 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $295,774 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$85,462 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $456,997 |
| Other Income | $613,055 |
| Total Revenue | $1,280,364 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $189,000 |
| Other employee salaries and wages | $716,707 |
| Pension plans, employee benefits | $116,465 |
| Interest | $0 |
| Taxes | $27,543 |
| Depreciation | $162,625 |
| Occupancy | $110,635 |
| Travel, conferences, and meetings | $473 |
| Printing and publications | $1,945 |
| Other expenses | $311,825 |
| Total operating and administrative expenses | $1,833,923 |
| Contributions, gifts, grants paid | $213,900 |
| Total expenses and disbursements | $2,047,823 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $323,829 |
| Savings and temporary cash investments | $358,652 |
| Net Accounts receivable | $51,349 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $326,048 |
| Inventories for sale or use | $20,594 |
| Prepaid expenses and deferred charges | $2,867 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $2,411,558 |
| Other assets | $0 |
| Total assets | $14,480,107 |
| Accounts payable and accrued expenses | $139,550 |
| Grants payable | $0 |
| Deferred revenue | $9,906 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $775 |
| Total liabilities | $150,231 |
Grants Awarded
Over the last fiscal year, Morgan E Cline Perpetual Charitable Foundation has awarded $213,900 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
CENTERVILLE CONCERT ASSOCIATION PURPOSE: GENERAL OPERATING SUPPORT | $6,000 |
CITY OF EXLINE PURPOSE: CEMETERY MAINTENANCE | $1,000 |
INDIAN HILLS COMMUNITY COLLEGE FOUNDATION PURPOSE: CONSTRUCTION OF NEW FACILITY | $200,000 |
REACHING ALL PEOPLE TOGETHER (RAPT) PURPOSE: GENERAL OPERATING SUPPORT | $200 |
CENTERVILLE GARDEN CLUB PURPOSE: GENERAL OPERATING SUPPORT | $200 |
KIDS WORLD PURPOSE: PROFESSIONAL PLAYGROUND INSTALLATION | $3,500 |