Island Foundation Inc
- Assets
- $11.5m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 140
- Location
- Corpus Christi, TX
- Founding
- 01/1995
- Data as of
- 08/2023
- EIN
- 74-2710636
Organization Overview
Island Foundation Inc is located in Corpus Christi, TX. The organization was established in 1995. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 08/2023, Island Foundation Inc employed 140 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Island 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 08/2023, Island Foundation Inc generated $6.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $5.6m during the year ending 08/2023. While expenses have increased by 4.2% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATION AND COMMUNITY SERVICE
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF SEASHORE CHARTER SCHOOLS, INCLUDING SEASHORE LEARNING CENTER, A NON-PROFIT CHARTER SCHOOL CURRENTLY SERVING KINDERGARTEN THROUGH 4TH GRADE AND SEASHORE MIDDLE ACADEMY, A NON-PROFIT CHARTER SCHOOL CURRENTLY SERVING 5TH GRADE THROUGH 8TH GRADE.
OPERATION OF PRESCHOOL, AFTER SCHOOL CARE AND SUMMER PROGRAM FOR CHILDREN AND PROVIDING COMMUNITY PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Daniels Superintendent/if Director | Officer | 40 | $84,129 |
Jon Reynolds President | Trustee | 2 | $0 |
David Jackson Director | Trustee | 2 | $0 |
Michael York Director | Trustee | 2 | $0 |
Ben Smith Secretary | Trustee | 2 | $0 |
Jaclyn Mahlmann Treasurer | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $352,372 |
| Related organizations | $0 |
| Government grants | $4,706,042 |
| All other contributions, gifts, grants, and similar amounts not included above | $405 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,058,819 |
| Total Program Service Revenue | $926,879 |
| Investment income | $140 |
| 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 | $6,017,551 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $135,483 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,044,535 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $227,767 |
| Payroll taxes | $52,451 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $18,945 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $154,856 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $281,337 |
| Insurance | $330,236 |
| All other expenses | $706,396 |
| Total functional expenses | $5,562,744 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,648,833 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,090 |
| Accounts receivable, net | $365,050 |
| 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 | $192,202 |
| Net Land, buildings, and equipment | $8,259,674 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,466,849 |
| Accounts payable and accrued expenses | $28,690 |
| Grants payable | $0 |
| Deferred revenue | $41,619 |
| 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 | $4,663,776 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $331,666 |
| Total liabilities | $5,065,751 |
| Net assets without donor restrictions | $3,569,801 |
| Net assets with donor restrictions | $2,831,297 |
| 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 | $11,466,849 |