Ritchie County Educational Trust
- Assets
- $4.6m
- Revenue
- $714.7k
- Investments
- $0.0
- Employees
- 1
- Location
- Harrisville, WV
- Founding
- 06/1966
- Data as of
- 12/2021
- EIN
- 55-6020147
Organization Overview
Ritchie County Educational Trust is located in Harrisville, WV. The organization was established in 1966. 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. Ritchie County Educational Trust 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 12/2021, Ritchie County Educational Trust generated $714.7k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 41.9% each year . All expenses for the organization totaled $49.3k during the year ending 12/2021. While expenses have increased by 12.9% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE RITCHIE COUNTY EDUCATIONAL TRUST PROVIDES LOW INTEREST EDUCATIONAL LOANS TO RITCHIE COUNTY RESIDENTS PURSUING POST-SECONDARY EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2021, LOANS WERE MADE TOTALING $57,000. AS OF 12/31/2021, 119 INDIVIDUALS HAD LOAN BALANCES TOTALING $648,707. OF THOSE, 28 WERE FULL TIME STUDENTS AND 91 WERE OUT OF SCHOOL PAYING ON THEIR LOANS. OF THE PROGRAM SERVICE REVENUE LISTED ABOVE, $12,838. WAS RECEIVED IN LOAN INTEREST. DURING THE CALENDAR YEAR, A TOTAL OF $93,946. WAS RECEIVED AS PRINCIPAL PAYMENTS ON LOANS. IN 2021, A TOTAL OF 10 LOANEES PAID OFF THEIR LOANS, REPRESENTING A PRINCIPAL TOTAL OF $76,000. BEING PAID BACK. AS OF 12/31/2021, 1,447 LOANS HAVE BEEN REPAID IN FULL TO THE RITCHIE COUNTY EDUCATIONAL TRUST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wendy N Snider Director | Officer | 20 | $18,000 |
Jack Langford Trustee | Trustee | 0.1 | $0 |
Ira Haught Trustee | Trustee | 0.1 | $0 |
Claire Robinson Trustee | Trustee | 0.1 | $0 |
Timothy L Sweeney Trustee | Trustee | 0.1 | $0 |
Martha Hartley Trustee | Trustee | 0.1 | $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 | $3,073 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,073 |
| Total Program Service Revenue | $12,838 |
| Investment income | $94,277 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $361,786 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $242,774 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $714,748 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $18,000 |
| Compensation of current officers, directors, key employees. | $7,200 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,377 |
| Fees for services: Management | $253 |
| Fees for services: Legal | $66 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $29,320 |
| Fees for services: Other | $0 |
| Advertising and promotion | $35 |
| Office expenses | $1,583 |
| 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 | $802 |
| All other expenses | $0 |
| Total functional expenses | $49,293 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $341,616 |
| Savings and temporary cash investments | $151,485 |
| 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 | $609,784 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $18,486 |
| Investments—publicly traded securities | $3,460,322 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,581,693 |
| Accounts payable and accrued expenses | $182 |
| 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 | $182 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $790,036 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $3,791,475 |
| Total liabilities and net assets/fund balances | $4,581,693 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Ritchie County Educational Trust has recieved totaling $8.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $8 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Consortium For Graduate Dgrs Minorities In Engineering Alexandria, VA | $15,486,907 | $10,356,249 |
Lola G Duff & William Duff Ii Scholarship Fund Pittsburgh, PA | $108,136,539 | $9,727,539 |
Catholic Education Foundation Inc Louisville, KY | $34,954,329 | $8,681,774 |
Independence Foundation Philadelphia, PA | $78,719,217 | $2,815,934 |
Maryland Philanthropy Network Inc Baltimore, MD | $5,808,264 | $5,920,100 |
Meor Inc Silver Spring, MD | $283,304 | $5,067,456 |
Beta Theta Pi Foundation Oxford, OH | $33,085,697 | $6,703,723 |
Henrico Education Foundation Incorporated Henrico, VA | $1,910,582 | $5,313,927 |
Access College Foundation Norfolk, VA | $62,526,055 | $4,039,611 |
Addison Gibson Foundation Pittsburgh, PA | $46,529,076 | $11,633,912 |
Military Officers Association Of America Scholarship Fund Alexandria, VA | $166,984,015 | $13,631,800 |
Cardinal Health Foundation Dublin, OH | $40,394,329 | $2,713,784 |