Educational Foundation Inc
- Assets
- $193.9m
- Revenue
- $63.8m
- Investments
- $96.8m
- Employees
- 51
- Location
- Chapel Hill, NC
- Founding
- 10/1939
- Data as of
- 06/2021
- EIN
- 56-6058412
Organization Overview
Educational Foundation Inc is located in Chapel Hill, NC. The organization was established in 1939. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2021, Educational Foundation Inc employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Educational Foundation 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 06/2021, Educational Foundation Inc generated $63.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $48.9m during the year ending 06/2021. While expenses have increased by 7.0% per year over the past 6 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL: CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL TO PROVIDE SCHOLARSHIP ASSISTANCE TO STUDENT ATHLETES.
CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL:CONTRIBUTIONS TO UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL TO PROVIDE FINANCIAL ASSISTANCE TO OPERATING BUDGETS FOR 28 SPORTS, TO PROVIDE DEBT SERVICE FOR PREVIOUS RENOVATIONS OF ATHLETIC FACILITIES, TO PROVIDE ASSISTANCE WITH CONSTRUCTION OF PARKING FACILITIES ON CAMPUS, AND TO PROVIDE FINANCIAL ASSISTANCE TO VARIOUS OTHER ATHLETIC PROGRAMS AND PROJECTS.
COMPLETED CONSTRUCTION OF THE NEW SOCCER AND LACROSSE STADIUM COMPLEX. TRAILING COSTS ON RECENTLY COMPLETED PROJECTS INCLUDING THE RECENTLY COMPLETED TRACK COMPLEX. CONTINUED RENOVATIONS OF THE EDDIE SMITH FIELDHOUSE TO INCLUDE RE-SURFACING THE TRACK, ATHLETE LOCKER ROOM AND LOUNGE ENHANCEMENTS, INTERIOR & EXTERIOR UPDATES AND UPDATED SIGNAGE. REFURBISHED THE SEATS IN THE LOWER LEVEL OF THE DEAN E. SMITH CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dawn Mcpherson Chief Operating Officer | Officer | 40 | $700,200 |
Sue W Stankavage Assoc Exec Dir Scholarship | 40 | $680,340 | |
John Montgomery Executive Director | Officer | 40 | $469,322 |
Ken Mack Assoc Exec Director Lead G | 40 | $226,749 | |
Tim Smith Deputy Director | 40 | $213,628 | |
Diane Aldridge CFO & General Counsel | Officer | 40 | $187,165 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Forty Nine Degrees Design/fabrication | 6/29/21 | $690,923 |
Ta Lovingclancy & Theys General Contractors | 6/29/21 | $401,110 |
Vision Contractors General Contractors | 6/29/21 | $347,100 |
Beau Chene Company General Contractor | 6/29/21 | $536,129 |
Rotman Architecture Pa Architecture | 6/29/21 | $285,019 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $9,210,700 |
| Fundraising events | $450 |
| Related organizations | $12,238,117 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $38,354,713 |
| Noncash contributions included in lines 1a–1f | $8,112,816 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $59,803,980 |
| Total Program Service Revenue | $0 |
| Investment income | $35,228 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,989,133 |
| Net Income from Fundraising Events | $6,655 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $63,834,996 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $39,856,270 |
| 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. | $1,628,693 |
| Compensation of current officers, directors, key employees. | $384,839 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,421,863 |
| Pension plan accruals and contributions | $273,386 |
| Other employee benefits | $0 |
| Payroll taxes | $255,514 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,283 |
| Fees for services: Accounting | $164,652 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $28,645 |
| Fees for services: Investment Management | $285,049 |
| Fees for services: Other | $274,630 |
| Advertising and promotion | $514,824 |
| Office expenses | $170,939 |
| Information technology | $214,661 |
| Royalties | $0 |
| Occupancy | $300,974 |
| Travel | $91,578 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $62,581 |
| Interest | $1,362,384 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,600 |
| Insurance | $166,581 |
| All other expenses | $206,608 |
| Total functional expenses | $48,905,119 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $34,647,052 |
| Pledges and grants receivable | $50,174,466 |
| 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 | $5,084,276 |
| Net Land, buildings, and equipment | $57,881 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $96,838,954 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,052,175 |
| Total assets | $193,854,804 |
| Accounts payable and accrued expenses | $4,131,184 |
| Grants payable | $0 |
| Deferred revenue | $819,451 |
| Tax-exempt bond liabilities | $78,720,056 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $12,717,567 |
| Unsecured mortgages and notes payable | $27,467,151 |
| Other liabilities | $12,927,532 |
| Total liabilities | $136,782,941 |
| Net assets without donor restrictions | -$57,099,975 |
| Net assets with donor restrictions | $114,171,838 |
| 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 | $193,854,804 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Educational Foundation Inc has recieved totaling $2,652,145.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $1,125,958 |
American Endowment Foundation Hudson, OH PURPOSE: EDUCATIONAL | $600,000 |
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $389,064 |
The Community Fdn Of Middle Tn Inc Nashville, TN PURPOSE: TO SUPPORT THE STRATEGIC INVESTMENT FUND FOR FOOTBALL | $300,000 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: SUPPORT | $83,400 |
Laura M & Peter T Grauer Foundation New York, NY PURPOSE: GENERAL PURPOSE | $50,000 |
Endowment Analysis
| Beg. Balance | $46,744,080 |
| Earnings | $19,863,668 |
| Net Contributions | $10,143,581 |
| Grants | $2,147,581 |
| Ending Balance | $74,603,748 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Charles Koch Foundation Arlington, VA | $813,753,220 | $68,721,556 |
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 |