Virgil And Virginia Schenck Foundation Inc
- Assets
- $3.0m
- Revenue
- $237.3k
- Investments
- $2.9m
- Employees
- 0
- Location
- Merritt Island, FL
- Founding
- 03/1998
- Data as of
- 12/2022
- EIN
- 59-3411693
Organization Overview
Virgil And Virginia Schenck Foundation Inc is located in Merritt Island, FL. The organization was established in 1998. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virgil And Virginia Schenck 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, Virgil And Virginia Schenck Foundation Inc generated $237.3k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 40.3% each year . All expenses for the organization totaled $237.4k during the year ending 12/2022. While expenses have increased by 8.0% per year over the past 3 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.
Since 2021, Virgil And Virginia Schenck Foundation Inc has awarded 22 individual grants totaling $302,150. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDED COLLEGE SCHOLARSHIPS TO 24 STUDENTS AT 7 DIFFERENT COLLEGES
5000 TO OUR LADY GRACE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jay G M Schenck Director | 3 | $0 | |
John L T Schenck Director | 2 | $0 | |
L Virgil Schenck 4th Director | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $359 |
| Dividends & Interest | $55,393 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $181,536 |
| Capital Gain Net Income | $181,536 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $237,288 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $21,600 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $2,932 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $10,907 |
| Total operating and administrative expenses | $68,910 |
| Contributions, gifts, grants paid | $168,500 |
| Total expenses and disbursements | $237,410 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,338 |
| Savings and temporary cash investments | $130,642 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,630 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $3,031,577 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Virgil And Virginia Schenck Foundation Inc has awarded $168,500 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
ADVENT HEALTH UNIVERSITY PURPOSE: SCHOLARSHIPS | $5,000 |
AVIATION INSTITUTE PURPOSE: SCHOLARSHIPS | $3,000 |
EASTERN FLORIDA STATE COLLEGE PURPOSE: SCHOLARSHIPS | $64,500 |
UNIVERSITY OF CENTRAL FL PURPOSE: SCHOLARSHIPS | $22,000 |
FLORIDA A&M UNIVERSITY PURPOSE: SCHOLARSHIPS | $39,000 |
FLORIDA STATE UNIVERSITY PURPOSE: SCHOLARSHIPS | $6,000 |