Robert & Janice Mcnair Educational Foundation
- Assets
- $36.0m
- Revenue
- $925.5k
- Investments
- $0.0
- Employees
- 12
- Location
- Forest City, NC
- Founding
- 05/1990
- Data as of
- 06/2022
- EIN
- 58-1870080
Organization Overview
Robert & Janice Mcnair Educational Foundation is located in Forest City, NC. The organization was established in 1990. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2022, Robert & Janice Mcnair Educational Foundation employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Robert & Janice Mcnair Educational Foundation 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, Robert & Janice Mcnair Educational Foundation generated $925.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (27.9%) each year. All expenses for the organization totaled $2.7m during the year ending 06/2022. 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
EDUCATIONAL ASSISTANCE TO RUTHERFORD COUNTY, NC STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDES VARIOUS SERVICES TO SCHOOLS IN RUTHERFORD COUNTY, NC, INCLUDING MAINTENANCE OF A CAREER CENTER, TRAINING AND SUPPORT FOR VOLUNTEERS TO TUTOR STUDENTS, ASSISTANCE WITH FINANCIAL AID AND COLLEGE AND SCHOLARSHIP APPLICATIONS, AND FUNDING SPECIAL CLASSROOM PROJECTS. ADDITIONALLY, THE FOUNDATION GRANTS A VARIETY OF SCHOLARSHIPS TO INDIVIDUALS IN RUTHERFORD COUNTY, NC AND PROVIDES AMOUNTS TO FUND PERSONNEL TO STAFF CAREER CENTERS FOR MIDDLE SCHOOL AND HIGH SCHOOL STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Gavins Chairman | OfficerTrustee | 1 | $0 |
Terry Hines Vice Chairma | OfficerTrustee | 1 | $0 |
Tripp Flack Treasurer | OfficerTrustee | 1 | $0 |
John Condrey Board Member | Trustee | 1 | $0 |
Kristi Cooper Board Member | Trustee | 1 | $0 |
Janice Mcnair Board Member | 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 | $2,032,086 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,032,086 |
| Total Program Service Revenue | $0 |
| Investment income | $555,086 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,661,683 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $925,489 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $141,372 |
| Grants and other assistance to domestic individuals. | $842,591 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $147,107 |
| Compensation of current officers, directors, key employees. | $36,777 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $500,850 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $427,537 |
| Payroll taxes | $0 |
| Fees for services: Management | $46,579 |
| 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 | $128,536 |
| Fees for services: Other | $31,071 |
| Advertising and promotion | $3,482 |
| Office expenses | $140,005 |
| Information technology | $52,419 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $10,114 |
| 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 | $326 |
| Insurance | $31,702 |
| All other expenses | $0 |
| Total functional expenses | $2,671,800 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,354,608 |
| 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 | $911 |
| Investments—publicly traded securities | $34,615,840 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $35,971,359 |
| 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 | $0 |
| 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 | $35,971,359 |
| Total liabilities and net assets/fund balances | $35,971,359 |
Grants Awarded
Over the last fiscal year, Robert & Janice Mcnair Educational Foundation has awarded $137,579 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
RUTHERFORD CO SCHOOL DISTRICT PURPOSE: JUMPSTART PROGRAM | $72,579 |
RUTHERFORD CO SCHOOL DISTRICT PURPOSE: MARKETING SALARY | $40,000 |
RUTHERFORD CO SCHOOL DISTRICT PURPOSE: CHARITY SPONSORSHIPS | $25,000 |