Bay Education Foundation Inc
- Assets
- $2.9m
- Revenue
- $452.4k
- Investments
- $0.0
- Employees
- 6
- Location
- Panama City, FL
- Founding
- 01/1994
- Data as of
- 06/2023
- EIN
- 59-2987826
Organization Overview
Bay Education Foundation Inc is located in Panama City, FL. The organization was established in 1994. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2023, Bay Education Foundation Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bay Education 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 06/2023, Bay Education Foundation Inc generated $452.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (28.3%) each year. All expenses for the organization totaled $602.4k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP STUDENT POTENTIAL BY PROVIDING ENHANCED OPPORTUNITIES FOR A QUALITY EDUCATION AS WELL AS ENCOURAGE EMPLOYEES AND PROMOTE GREATER COMMUNITY INVOLVEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TAKE STOCK IN CHILDRENMENTORING PROGRAM FORM THE RECIPIENTS OF COLLEGE SCHOLARSHIPS. EACH RECIPIENT IS ASSIGNED A MENTOR TO GUIDE THEM THROUGH THE PROGRAM.
OTHER PROGRAM SERVICES
VARIOUS SCHOLARSHIPS AND STUDENT/TEACHER RECOGNITION PROGRAMS.
LIFELONG LEARNING PROGRAMPROVIDES SCHOLARSHIPS TO TEACHERS TO ENHANCE THEIR ABILITY TO EDUCATE THE STUDENTS OF BAY COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Carroll President | Officer | 0 | $0 |
Cambridge Carruth Vice Preside | Officer | 0 | $0 |
Aaron Rich Secretary | Trustee | 0 | $0 |
Tim Prather Treasurer | Trustee | 0 | $0 |
Terry Booker Board Member | Trustee | 0 | $0 |
Shane Boyett Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $154,538 |
| All other contributions, gifts, grants, and similar amounts not included above | $229,709 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $384,247 |
| Total Program Service Revenue | $0 |
| Investment income | $7,771 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $9,557 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $452,418 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $378,682 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $118,872 |
| Compensation of current officers, directors, key employees. | $23,774 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,130 |
| 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 | $17,645 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $19,506 |
| 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 | $0 |
| All other expenses | $50,546 |
| Total functional expenses | $602,381 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $228,266 |
| Savings and temporary cash investments | $1,448,518 |
| Pledges and grants receivable | $934,258 |
| 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 | $241,641 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,852,683 |
| Accounts payable and accrued expenses | $12,359 |
| Grants payable | $792,657 |
| Deferred revenue | $160,002 |
| 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 | $965,018 |
| Net assets without donor restrictions | $745,391 |
| Net assets with donor restrictions | $1,142,274 |
| 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 | $2,852,683 |