Patel Family Charitable Trust
- Assets
- $99.3k
- Revenue
- $10.1k
- Investments
- $96.6k
- Employees
- 0
- Location
- Vernon, TX
- Founding
- 06/1998
- Data as of
- 12/2021
- EIN
- 75-2743357
Organization Overview
Patel Family Charitable Trust is located in Vernon, TX. The organization was established in 1998. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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. Patel Family Charitable Trust 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, Patel Family Charitable Trust generated $10.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.9%) each year. All expenses for the organization totaled $6.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF FINANCIAL ASSISTANCE FOR HIGHER EDUCATION PURPOSES TO FIVE STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James E Smith Chairman/trustee | 0 | $0 | |
Jonathan Whitsitt Member Selection Committee | 0 | $0 | |
Tommy Cummings Member Selection Committee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $2,921 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $7,183 |
| Capital Gain Net Income | $7,183 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $10,104 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $34 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $2,019 |
| Contributions, gifts, grants paid | $4,188 |
| Total expenses and disbursements | $6,207 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$1 |
| Savings and temporary cash investments | $2,284 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $421 |
| Total assets | $99,299 |
| 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, Patel Family Charitable Trust has awarded $4,188 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
CAROLINE TAYLOR PURPOSE: HIGHER EDUCATION | $1,047 |
FARAI MUBVUMBA PURPOSE: HIGHER EDUCATION | $1,047 |
RONNA DENNIS PURPOSE: HIGHER EDUCATION | $1,047 |
ALYSSA CHIEV PURPOSE: HIGHER EDUCATION | $1,047 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Indigenous Education Inc Albuquerque, NM | $3,738,546 | $7,442,761 |
Higher Education Servicing Corp In Arlington, TX | $44,544,807 | $11,853,938 |
Brazos Higher Education Service Corporation Inc Waco, TX | $152,724,525 | $12,631,577 |
Smart Bowling Scholarship Funding Corporation Arlington, TX | $97,151,764 | $16,570,188 |
New Mexico Student Loan Guarantee Corporation Albuquerque, NM | $15,866,075 | $3,044,592 |
Kimberly-Clark Foundation Inc Irving, TX | $0 | $5,825,814 |
San Antonio Livestock Exposition Educational Fund Inc San Antonio, TX | $23,576,511 | $4,942,243 |
The Forte Foundation Austin, TX | $3,571,246 | $5,400,451 |
Usaa Educational Foundation San Antonio, TX | $96,381,454 | $7,561,828 |
Ulm Athletic Foundation Monroe, LA | $3,668,358 | $2,963,740 |
Panhandle-Plains Higher Education Foundation Inc Canyon, TX | $182,464,704 | $13,006,465 |
American Indian Graduate Center Scholars Albuquerque, NM | $1,252,569 | $3,993,312 |