The Lexington Educational Association
- Assets
- $555.1k
- Revenue
- $114.0k
- Investments
- $329.0k
- Employees
- 0
- Location
- Lexington, NC
- Founding
- 04/1987
- Data as of
- 06/2021
- EIN
- 56-1532574
Organization Overview
The Lexington Educational Association, operating under the name Project Potential, is located in Lexington, NC. The organization was established in 1987. 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. Project Potential 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 06/2021, Project Potential generated $114.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $149.7k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 6 years. 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
PROVIDE SCHOLARSHIPS AND COLLEGE ADMISSIONS GUIDANCE AND MENTORING FOR STUDENTS IN THE LEXINGTON CITY SCHOOLS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION GIVES SCHOLARSHIPS TO STUDENTS WHO GRADUATE FROM LEXINGTON CITY SCHOOLS
THE ORGANIZATION MENTORS CURRENT STUDENTS IN THE PROGRAM BY TAKING THEM ON COLLEGE VISITS HELPING THEM WITH COLLEGE APPLICATIONS AND TESTING AS WELL AS PROVIDING ACADEMIC COUNSELING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anna Hayes Executive Director | 0 | $50,000 | |
Sally Dodd Treasurer | OfficerTrustee | 8 | $0 |
Corey Buggs Vice-President | OfficerTrustee | 5 | $0 |
Rosa Terry Secretary | OfficerTrustee | 1 | $0 |
Tina Alexander Member | Trustee | 1 | $0 |
Jenny Ferguson | 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 | $111,261 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $111,261 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $2,778 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $114,039 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $23,559 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $50,000 |
| Compensation of current officers, directors, key employees. | $15,000 |
| Compensation to disqualified persons | $52,902 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,127 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,578 |
| 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 | $815 |
| All other expenses | $0 |
| Total functional expenses | $149,693 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $111,261 |
| Savings and temporary cash investments | $114,828 |
| 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 | $0 |
| Investments—other securities | $328,984 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $555,073 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $555,073 |
| Net assets with donor restrictions | $0 |
| 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 | $555,073 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that The Lexington Educational Association has recieved totaling $15,440.
| Awarding Organization | Amount |
|---|---|
United Way Of Davidson County Inc Lexington, NC PURPOSE: Provide scholarships, guidance, and mentoring to students from Lexington City schools | $12,935 |
The Duke Energy Foundation Charlotte, NC PURPOSE: MATCHING GIFTS | $2,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Education Loan Finance Inc Knoxville, TN | $2,281,627,256 | $227,234,757 |
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 |
Virginia Student Aid Foundation Charlottesville, VA | $165,530,915 | $45,876,846 |
Georgia Goal Scholarship Program Inc Peachtree Corners, GA | $58,000,031 | $45,569,079 |
Meeting Street Schools Charleston, SC | $31,326,851 | $31,027,510 |
Georgia State University Athletic Association Inc Atlanta, GA | $12,025,331 | $28,251,593 |
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 |
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Marine Corps Scholarship Foundation Inc Alexandria, VA | $149,128,193 | $34,285,716 |