Friends Of Catholic Education Inc
- Assets
- $3.8m
- Revenue
- $173.9k
- Investments
- $0.0
- Employees
- 3
- Location
- Frederick, MD
- Founding
- 07/1991
- Data as of
- 06/2023
- EIN
- 52-1659600
Organization Overview
Friends Of Catholic Education Inc is located in Frederick, MD. The organization was established in 1991. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2023, Friends Of Catholic Education Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of Catholic 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, Friends Of Catholic Education Inc generated $173.9k 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 (10.8%) each year. All expenses for the organization totaled $290.4k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (3.2%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Friends Of Catholic Education Inc has awarded 32 individual grants totaling $996,881. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FRIENDS OF CATHOLIC EDUCATION, INC. IS AN INDEPENDENT ORGANIZATION DEDICATED TO PROVIDING CATHOLIC SCHOOL EDUCATION, IN FREDERICK COUNTY, FOR ALL WHO SEEK IT. TO ACCOMPLISH THIS, THE ORGANIZATION PROVIDES TUITION ASSISTANCE AND TUITION CREDITS THROUGH BLOCK GRANTS AND SCHOLARSHIPS FOR THE SCHOOLS AND DESERVING STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION RAISES AND MANAGES FUNDS TO SUPPORT AND ENHANCE LOCAL AREA CATHOLIC SCHOOLS AND PROGRAMS. THE ORGANIZATION PROVIDES TUITION ASSISTANCE AND TUITION CREDITS THROUGH BLOCK GRANTS AND SCHOLARSHIPS FOR THE SCHOOLS AND DESERVING STUDENTS. IN ADDITION, ASSISTANCE IS PROVIDED THROUGH THE PURCHASE AND SALE OF FOOD CERTIFICATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michele P Corr Executive Di | Officer | 40 | $68,084 |
Toni Edwards Director | Trustee | 1 | $0 |
Dr Bernadette Emerson Director | Trustee | 1 | $0 |
David Grove Secretary | OfficerTrustee | 1 | $0 |
Tracy Hickman Director | Trustee | 1 | $0 |
Dr Carol L Hinds 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 | $95,382 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $95,382 |
| Total Program Service Revenue | $7,695 |
| Investment income | $70,451 |
| 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 | $173,939 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $113,195 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $68,083 |
| Compensation of current officers, directors, key employees. | $6,808 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,168 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,000 |
| Payroll taxes | $6,828 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,022 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6,765 |
| Information technology | $3,743 |
| Royalties | $0 |
| Occupancy | $2,500 |
| 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 | $2,813 |
| All other expenses | $4,348 |
| Total functional expenses | $290,425 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $160,159 |
| Savings and temporary cash investments | $892,953 |
| 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 | $2,684,470 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $44,935 |
| Total assets | $3,782,517 |
| Accounts payable and accrued expenses | $1,850 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,480,862 |
| 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 | $7,660 |
| Total liabilities | $1,490,372 |
| Net assets without donor restrictions | $1,595,002 |
| Net assets with donor restrictions | $697,143 |
| 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 | $3,782,517 |
Grants Awarded
Over the last fiscal year, Friends Of Catholic Education Inc has awarded $110,695 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
SAINT JOHN'S CATHOLIC PREP PURPOSE: SCHOLARSHIP & GRANT | $45,062 |
SAINT JOHN REGIONAL CATHOLIC SCHOOL PURPOSE: SCHOLARSHIP & GRANT | $30,980 |
ST THOMAS MORE ACADEMY PURPOSE: SCHOLARSHIP & GRANT | $13,534 |
MOTHER SETON SCHOOL PURPOSE: SCHOLARSHIP & GRANT | $21,119 |