Mgm Charitable Scholarship Tr
- Assets
- $579.1k
- Revenue
- $12.7k
- Investments
- $89.2k
- Employees
- 0
- Location
- Paducah, KY
- Founding
- 10/2001
- Data as of
- 11/2021
- EIN
- 61-6264013
Organization Overview
Mgm Charitable Scholarship Tr is located in Paducah, KY. The organization was established in 2001. 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. Mgm Charitable Scholarship Tr 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 11/2021, Mgm Charitable Scholarship Tr generated $12.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (37.5%) each year. All expenses for the organization totaled $30.3k during the year ending 11/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Mgm Charitable Scholarship Tr has awarded 403 individual grants totaling $1,522,840. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDED EDUCATIONAL SCHOLARSHIPS FOR 23 STUDENTS ATTENDING POST SECONDARY EDUCATIONAL INSTITUTIONS DURING THE TAX YEAR
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laxmaiah Manchikanti MD Donor Trustee | 0 | $0 | |
Murali Manchikanti Trustee | 0 | $0 | |
Ram Manchikanti Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $8,500 |
| Interest on Savings | $40 |
| Dividends & Interest | $1,509 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,652 |
| Capital Gain Net Income | $2,652 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $12,701 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $24 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $8,749 |
| Total operating and administrative expenses | $9,273 |
| Contributions, gifts, grants paid | $21,000 |
| Total expenses and disbursements | $30,273 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $243,407 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $89,170 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $246,538 |
| Total assets | $579,115 |
| 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, Mgm Charitable Scholarship Tr has awarded $21,000 in support to 41 organizations.
| Grant Recipient | Amount |
|---|---|
Louisville, KY PURPOSE: EDUCATIONAL SCHOLARSHIP FOR KAAMRAAN IQBAL | $2,000 |
Evanston, IL PURPOSE: EDUCATIONAL SCHOLARSHIP FOR MADELINE KERR | $2,000 |
Louisville, KY PURPOSE: EDUCATIONAL SCHOLARSHIP FOR MAGDALENE HARNED | $2,000 |
Lexington, KY PURPOSE: EDUCATIONAL SCHOLARSHIP FOR TAYLOR WILLIS | $1,000 |
Murray, KY PURPOSE: EDUCATIONAL SCHOLARSHIP FOR MOLLY YATES | $1,000 |
Murray, KY PURPOSE: EDUCATIONAL SCHOLARSHIP FOR HANNAH LESTER | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Genyouth Inc Rosemont, IL | $9,087,915 | $10,980,091 |
Robins Foundation Richmond, VA | $182,936,779 | $19,761,890 |
Anheuser-Busch Foundation Clayton, MO | $1,201,059 | $8,412,886 |
Carson-Myre Charitable Foundation Paducah, KY | $72,587,857 | $8,781,396 |
Virginia Institute Of Autism Incorporated Charlottesville, VA | $13,400,970 | $11,731,710 |
Sondheimer Family Charitable Foundation Wilmette, IL | $0 | $30,820 |
Joe C Davis Foundation Nashville, TN | $101,782,891 | $6,182,733 |
John Joseph Sigstein Foundation Inc Huntington, IN | $0 | $2,327,854 |
Illinois Tool Works Foundation Glenview, IL | $328,623 | $8,500,000 |
Willow Springs Charitable Tr Mt Carroll, IL | $100,115,931 | $21,339,853 |
Hamill Family Foundation Chicago, IL | $55,305,054 | $6,054,241 |
Steward Family Foundation St Louis, MO | $23,736 | $8,567,873 |