Galax Foundation For Excellence In Education
- Assets
- $3.7m
- Revenue
- $407.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Galax, VA
- Founding
- 12/1988
- Data as of
- 06/2022
- EIN
- 54-1430294
Organization Overview
Galax Foundation For Excellence In Education is located in Galax, VA. The organization was established in 1988. 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. Galax Foundation For Excellence In 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 06/2022, Galax Foundation For Excellence In Education generated $407.0k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.8% each year . All expenses for the organization totaled $151.7k during the year ending 06/2022. While expenses have increased by 5.2% per year over the past 7 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
EDUCATION ASSISTANCE TO PROVIDE SCHOLARSHIPS FOR HIGH SCHOOL GRADUATES OF THE PUBLIC SCHOOLS IN GALAX, VA
Describe the Organization's Program Activity:
Part 3 - Line 4a
COLLEGE SCHOLARSHIPS AWARDED
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathy Halsey Secretary/treasurer | OfficerTrustee | 1 | $12,000 |
Tony L Truitt Chairman | OfficerTrustee | 1 | $0 |
David Vaughan Vice Chair | OfficerTrustee | 1 | $0 |
David Cockerham Director | Trustee | 1 | $0 |
Steve Conley Director | Trustee | 1 | $0 |
Milo Cockerham Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $2,522 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $107,694 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $110,216 |
| Total Program Service Revenue | $0 |
| Investment income | $133,667 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $163,359 |
| Net Income from Fundraising Events | -$250 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $406,992 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $102,730 |
| 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 | $12,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $33,364 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $377 |
| 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 | $202 |
| All other expenses | $35 |
| Total functional expenses | $151,708 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $144,720 |
| 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 | $3,535,489 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,680,209 |
| Accounts payable and accrued expenses | $124,263 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $124,263 |
| Net assets without donor restrictions | $947,390 |
| Net assets with donor restrictions | $2,608,556 |
| 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 | $3,680,209 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Galax Foundation For Excellence In Education has recieved totaling $2,000.
| Awarding Organization | Amount |
|---|---|
Darrell And Patricia Steagall Family Foundation Gastonia, NC PURPOSE: POST-SECONDARY EDUCATION | $2,000 |
Endowment Analysis
| Beg. Balance | $3,938,687 |
| Earnings | -$357,183 |
| Admin Expense | $33,364 |
| Net Contributions | $110,216 |
| Grants | $102,730 |
| Ending Balance | $3,555,626 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Education Loan Finance Inc Knoxville, TN | $2,281,627,256 | $227,234,757 |
Thurgood Marshall College Fund Inc Washington, DC | $121,810,471 | $98,266,975 |
Educational Foundation Inc Chapel Hill, NC | $193,854,804 | $63,834,996 |
Nc Student Aid Association Inc Raleigh, NC | $102,296,557 | $23,877,668 |
Breakthrough Prize Foundation Washington, DC | $10,581,357 | $48,295,695 |
Virginia Student Aid Foundation Charlottesville, VA | $165,530,915 | $45,876,846 |
Foundation For Advanced Education In The Sciences Inc Bethesda, MD | $54,757,501 | $41,367,941 |
The North Carolina A&t Real Estate Foundation Inc Greensboro, NC | $169,150,909 | $33,021,773 |
Horatio Alger Association Of Distinguished Americans Inc Alexandria, VA | $58,355,936 | $27,092,429 |
Somerset Community Services Inc Marion Station, MD | $23,511,474 | $20,221,070 |
American Association Of University Women Inc Washington, DC | $138,843,361 | $18,528,803 |
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |