Wrec Educational Foundation Inc
- Assets
- $7.9m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Dade City, FL
- Founding
- 03/1998
- Data as of
- 12/2022
- EIN
- 59-3407203
Organization Overview
Wrec Educational Foundation Inc is located in Dade City, FL. The organization was established in 1998. 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. Wrec 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 12/2022, Wrec Educational Foundation Inc generated $1.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. While expenses have increased by 11.1% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ACCUMULATE AND DISBURSE FUNDS FOR EDUCATIONAL PURPOSES IN THE SERVICE AREA OF WITHLACOOCHEE RIVER ELECTRIC COOPERATIVE, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION'S MAJOR PROGRAM IS TO PROVIDE COLLEGE SCHOLARSHIPS TO STUDENTS RESIDING IN PASCO, HERNANDO AND CITRUS COUNTIES, ALL WHICH ARE IN THE STATE OF FLORIDA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Billy E Brown Exec. Vice P | Officer | 1 | $0 |
Alan F Hengesbach Treasurer | OfficerTrustee | 1 | $0 |
Terrence E Schrader President | OfficerTrustee | 1 | $0 |
Kimberly L Kinney Director | Trustee | 1 | $0 |
Desmond G Little Director | Trustee | 1 | $0 |
Robert Barthle Trustee/dire | 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 | $1,505,518 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,505,518 |
| Total Program Service Revenue | $0 |
| Investment income | $100,990 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,606,508 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $403,163 |
| Grants and other assistance to domestic individuals. | $730,581 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| 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 | $8,050 |
| 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 | $0 |
| 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 | $61 |
| Total functional expenses | $1,141,855 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $184,260 |
| Savings and temporary cash investments | $7,715,820 |
| 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 | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,678 |
| Total assets | $7,919,758 |
| 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 | $7,919,758 |
| 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 | $7,919,758 |
Grants Awarded
Over the last fiscal year, Wrec Educational Foundation Inc has awarded $751,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
HERNANDO COUNTY SCHOOL BOARD PURPOSE: COLLEGE/CAREER PROGR | $121,000 |
PASCO-HERNANDO STATE COLLEGEFOUNDATION INC PURPOSE: BASEBALL FIELD LIGHT | $408,000 |
PASCO-HERNANDO STATE COLLEGEFOUNDATION INC PURPOSE: OPERATIONAL FUNDS | $72,000 |
CITRUS COUNTY SCHOOL BOARD PURPOSE: VOCATIONAL TRAINING | $150,000 |