Lula Rich Educational Foundation Inc
- Assets
- $2.9m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 37
- Location
- Clarksdale, MS
- Founding
- 04/1990
- Data as of
- 06/2022
- EIN
- 64-0433661
Organization Overview
Lula Rich Educational Foundation Inc is located in Clarksdale, MS. The organization was established in 1990. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2022, Lula Rich Educational Foundation Inc employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lula Rich 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 06/2022, Lula Rich Educational Foundation Inc generated $2.2m 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 (3.1%) each year. All expenses for the organization totaled $1.9m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (6.0%) per year over the past 6 years. 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
PRIVATE SCHOOL GRADES SEVENTH THROUGH TWELFTH GRADE
Describe the Organization's Program Activity:
Part 3 - Line 4a
TUITION-PRIVATE SCHOOL GRADES SEVENTH THROUGH TWELFTH GRADE
SCHOOL ACTIVITIES INCLUDING ATHLETICS, STUDENT GOVERNMENT, YEARBOOK
BOOK FEES FOR STUDENT TEXTBOOKS
FOOD SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Smith President | Officer | $0 | |
Glenn Montgomery Director | Trustee | $0 | |
Scott Flowers Director | Trustee | $0 | |
Jimmy Walker Director | Trustee | $0 | |
Madelyn Marley Director | Trustee | $0 | |
Jamie Gaston Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $346,720 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,019 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $352,739 |
| Total Program Service Revenue | $1,229,086 |
| Investment income | $15,489 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $540,588 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,151,064 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $38,215 |
| 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 | $1,058,157 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $75,968 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $60,897 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,097 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $13,127 |
| 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 | $129,715 |
| Insurance | $47,056 |
| All other expenses | $0 |
| Total functional expenses | $1,889,351 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $84,236 |
| Savings and temporary cash investments | $1,451,130 |
| 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 | $1,387,587 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,922,953 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $4,022 |
| 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 | $4,022 |
| Net assets without donor restrictions | $2,880,168 |
| Net assets with donor restrictions | $38,763 |
| 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 | $2,922,953 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lula Rich Educational Foundation Inc has recieved totaling $5,500.
| Awarding Organization | Amount |
|---|---|
Younger Foundation Marks, MS PURPOSE: SUPPORT OF CHARITABLE OPERATIONSSUPPORT OF CHARITABLE OPERATIONSSUPPORT OF CHARITABLE OPERATIONS | $3,500 |
Graeber Foundation Lewis A Lewis A Jr & James D Graeber Ttee Marks, MS PURPOSE: SUPPORT OF CHARITABLE OPERATIONS | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jackson Academy Inc Jackson, MS | $38,072,523 | $26,664,882 |
Community Academies Of New Orleans Inc New Orleans, LA | $3,607,282 | $19,811,905 |
Randolph School Huntsville, AL | $69,168,210 | $21,425,432 |
Republic Schools Nashville Nashville, TN | $31,048,580 | $24,002,902 |
Christian Academy Of Knoxville Inc Knoxville, TN | $16,374,308 | $19,411,697 |
Cornerstone Academy Inc Morristown, TN | $83,376,022 | $25,507,605 |
Madison-Ridgeland Academy Madison, MS | $29,135,034 | $17,543,993 |
French & Montessori Education Inc New Orleans, LA | $8,632,060 | $13,354,447 |
Jackson Preparatory School Foundation Flowood, MS | $34,520,823 | $13,506,149 |
Oak Hill School Nashville, TN | $26,162,856 | $13,591,282 |
Arise Academy New Orleans, LA | $3,784,290 | $13,860,913 |
Bayside Academy Inc Daphne, AL | $24,736,797 | $13,712,687 |