Jack & Katherine Pearce Educational Foundation
- Assets
- $3.7m
- Revenue
- $217.3k
- Investments
- $3.4m
- Employees
- 0
- Location
- Galveston, TX
- Founding
- 06/1950
- Data as of
- 12/2023
- EIN
- 74-6035546
Organization Overview
Jack & Katherine Pearce Educational Foundation is located in Galveston, TX. The organization was established in 1950. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Jack & Katherine Pearce Educational Foundation 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 12/2023, Jack & Katherine Pearce Educational Foundation generated $217.3k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $129.0k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2022, Jack & Katherine Pearce Educational Foundation has awarded 27 individual grants totaling $132,500. 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
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING INTEREST FREE LOANS TO QUALIFIED RESIDENTS OF GALVESTON, TEXAS, WHO ENROLL AS FULL-TIME STUDENTS AT AN INSTITUTION OF HIGHER LEARNING IN THE U.S.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frost Bank Trustee | 4 | $53,692 | |
Melissa Hernandez Director | 0.16 | $0 | |
Reverend Jimmy Abbott Director | 0.16 | $0 | |
Maureen Mccutchen Director | 0.16 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $10,190 |
| Dividends & Interest | $84,644 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $122,317 |
| Capital Gain Net Income | $122,317 |
| Net ST Capital Gain | $418 |
| Income Modifications | $111,385 |
| Profit on Inventory Sales | $0 |
| Other Income | $120 |
| Total Revenue | $217,271 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $53,692 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $3,002 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $808 |
| Total operating and administrative expenses | $68,990 |
| Contributions, gifts, grants paid | $60,000 |
| Total expenses and disbursements | $128,990 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50 |
| Savings and temporary cash investments | $333,892 |
| 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 | $1,080 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $3,362,410 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $5,100 |
| Total assets | $3,702,532 |
| 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, Jack & Katherine Pearce Educational Foundation has awarded $60,000 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
BROOKE CROMIE PURPOSE: EDUCATIONAL | $5,000 |
COURTNEY MACK PURPOSE: EDUCATIONAL | $5,000 |
BIANCA LOBODIN PURPOSE: EDUCATIONAL | $5,000 |
JAMES JOBE PURPOSE: EDUCATIONAL | $5,000 |
JAMES STEVENS PURPOSE: EDUCATIONAL | $5,000 |
KYLE NATHAN TAN PURPOSE: EDUCATIONAL | $5,000 |