Governors Scholars Program Foundation Inc
- Assets
- $4.0m
- Revenue
- $718.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Frankfort, KY
- Founding
- 10/2001
- Data as of
- 12/2021
- EIN
- 61-1393028
Organization Overview
Governors Scholars Program Foundation Inc is located in Frankfort, KY. The organization was established in 2001. According to its NTEE Classification (T30) the organization is classified as: Public 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. Governors Scholars Program 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 12/2021, Governors Scholars Program Foundation Inc generated $718.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $589.8k during the year ending 12/2021. 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
TO PROVIDE FINANCIAL SUPPORT FOR THE GOVERNOR'S SCHOLARS PROGRAM, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL SUPPORT PROVIDED TO VARIOUS EDUCATIONAL PROGRAMS OF THE GOVERNOR'S SCHOLARS PROGRAM, INC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Draut President/secretary | OfficerTrustee | 40 | $115,000 |
Alan Stein Chair | OfficerTrustee | 0.5 | $0 |
William Malone Treasurer | OfficerTrustee | 0.5 | $0 |
Vince Gabbert Vice Chair | OfficerTrustee | 0.25 | $0 |
Harold H Hal Smith Board Member | Trustee | 0.25 | $0 |
Laura Coleman Pritchard Board Member | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $576,310 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $594,810 |
| Total Program Service Revenue | $0 |
| Investment income | $46,604 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $49,640 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $27,192 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $718,246 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $319,577 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $115,000 |
| Pension plan accruals and contributions | $6,900 |
| Other employee benefits | $7,756 |
| Payroll taxes | $8,797 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,219 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $47,619 |
| Information technology | $743 |
| Royalties | $0 |
| Occupancy | $2,107 |
| Travel | $4,202 |
| 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 | $3,805 |
| All other expenses | $0 |
| Total functional expenses | $589,801 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $388,843 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $88,270 |
| 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 | $19,218 |
| Prepaid expenses and deferred charges | $413 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,509,786 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,230 |
| Total assets | $4,012,760 |
| Accounts payable and accrued expenses | $2,409 |
| 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 | $2,409 |
| Net assets without donor restrictions | $3,297,687 |
| Net assets with donor restrictions | $712,664 |
| 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 | $4,012,760 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Governors Scholars Program Foundation Inc has recieved totaling $71,575.
| Awarding Organization | Amount |
|---|---|
R C Durr Foundation Inc Covington, KY PURPOSE: GENERAL SUPPORT | $40,000 |
Blue Grass Community Foundation Inc Lexington, KY PURPOSE: TO FURTHER THE EXEMPT PURPOSE OF THE ORGANIZATION | $11,529 |
Gheens Foundation Inc Louisville, KY PURPOSE: GOVERNOR'S SCHOLARS PROGRAM | $10,000 |
Keeneland Foundation Inc Lexington, KY PURPOSE: GENERAL OPERATING GRANT | $5,000 |
C F Pollard Foundation Inc Louisville, KY PURPOSE: CHARITABLE | $3,000 |
Lazard Foundation New York, NY PURPOSE: UNRESTRICTED | $1,500 |
Endowment Analysis
| Beg. Balance | $1,417,245 |
| Ending Balance | $1,417,245 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Cincinnati Foundation Cincinnati, OH | $616,325,698 | $119,970,948 |
Schuler Education Foundation Lake Forest, IL | $54,673,241 | $7,067,242 |
Gary Sinise Foundation Nashville, TN | $79,715,180 | $58,070,139 |
Johnson Charitable Gift Fund Cincinnati, OH | $240,192,248 | $106,272,377 |
Young Mens Christian Association Of Greater Cincinnati Cincinnati, OH | $89,901,831 | $29,563,808 |
Veterans United Foundation Columbia, MO | $54,107,159 | $30,165,811 |
Jefferson Scholars Foundation Charlottesville, VA | $761,742,846 | $36,629,374 |
The Pauley Family Foundation Richmond, VA | $2,022,061,315 | $1,899,350,410 |
College Foundation Of The University Of Virginia Charlottesville, VA | $252,362,262 | $51,045,128 |
Independent Charitable Gift Fund Hudson, OH | $203,452,465 | $150,370,213 |
Philanthropic Impact Foundation Nashville, TN | $919,847 | $18,241,201 |
University Of Louisville Real Estate Foundation Louisville, KY | $156,388,720 | $20,770,834 |