Ritchie County Educational Trust
- Assets
- $5.3m
- Revenue
- $725.5k
- Investments
- $0.0
- Employees
- 1
- Location
- Harrisville, WV
- Founding
- 06/1966
- Data as of
- 12/2022
- 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 12/2022, Ritchie County Educational Trust generated $725.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (4.3%) each year. All expenses for the organization totaled $54.5k during the year ending 12/2022. 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 RITCHIE COUNTY EDUCATIONAL TRUST (RCET) MAKES LOW INTEREST LOANS TO RITCHIE COUNTY RESIDENTS PURSUING POST-SECONDARY EDUCATION. THE RCET IS A NON-COMMERCIAL, REVOLVING LOAN PROGRAM FOR THE EXPRESS PURPOSE OF ASSISTING WORTHY STUDENTS IN OBTAINING EDUCATION. STUDENTS WHO BORROW MONEY PAY IT BACK UPON THE COMPLETION OF THEIR STUDIES AT A LOW RATE OF INTEREST, MAKING THAT MONEY AVAILABLE TO OTHER STUDENTS IN THE FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE STUDENTS FROM RITCHIE COUNTY WITH LOW INTEREST LOANS TO PURSUE POST-SECONDARY EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy L Sweeney Trustee | Trustee | 0.1 | $0 |
James G Brown Trustee | Trustee | 0.1 | $0 |
Ira Haught Trustee | Trustee | 0.1 | $0 |
Claire Robinson Trustee | Trustee | 0.1 | $0 |
Martha Hartley Trustee | Trustee | 0.1 | $0 |
Lewis Cottrill 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 | $1,261 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,261 |
| Total Program Service Revenue | $0 |
| Investment income | $98,838 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $606,068 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $19,284 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $725,451 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $432 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,950 |
| Fees for services: Other | $0 |
| Advertising and promotion | $118 |
| Office expenses | $903 |
| Information technology | $523 |
| 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 | -$822 |
| Total functional expenses | $54,475 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $342,205 |
| Savings and temporary cash investments | $152,427 |
| 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 | $596,895 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $18,486 |
| Investments—publicly traded securities | $4,142,656 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,252,669 |
| 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 | $4,462,451 |
| Total liabilities and net assets/fund balances | $5,252,669 |