Galveston College Foundation
- Assets
- $20.4m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Galveston, TX
- Founding
- 10/1996
- Data as of
- 08/2021
- EIN
- 76-0512266
Organization Overview
Galveston College Foundation is located in Galveston, TX. The organization was established in 1996. 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. Galveston College 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 08/2021, Galveston College Foundation generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.8% each year . All expenses for the organization totaled $409.8k during the year ending 08/2021. While expenses have increased by 6.9% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT GALVESTON COLLEGE'S MISSION OF ADVANCING PEOPLE'S LIVES THROUGH LIFELONG LEARNING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION GENERATES PHILANTHROPIC SUPPORT FOR THE GALVESTON COMMUNITY COLLEGE DISTRICT (THE COLLEGE) WITH A PRIMARY EMPHASIS ON UNIVERSAL ACCESS. THE UNIVERSAL ACCESS PROGRAM PROVIDES SCHOLARSHIPS TO GALVESTON, TEXAS HIGH SCHOOL GRADUATES REGARDLESS OF THEIR ABILITY TO PAY, THEREBY ENCOURAGING UNIVERSAL ACCESS TO HIGHER EDUCATION. IN ADDITION TO UNIVERSAL ACCESS, THE FOUNDATION SOLICITS, INVESTS, AND MANAGES FUNDS TO SUPPORT THE COLLEGE'S EDUCATIONAL ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeri Kinnear Chair | OfficerTrustee | 1 | $0 |
Keith Mcfatridge Vice Chair | OfficerTrustee | 1 | $0 |
Terry Frank Treasurer | OfficerTrustee | 1 | $0 |
Carol H Hodges Secretary | OfficerTrustee | 1 | $0 |
Frank Benavidez Thru 111820 Member | Trustee | 1 | $0 |
Armin Cantini Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $8,658 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $264,922 |
| Noncash contributions included in lines 1a–1f | $54,707 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $273,580 |
| Total Program Service Revenue | $0 |
| Investment income | $443,388 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,044,877 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,761,845 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $242,135 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $49,360 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $110,969 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6,050 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $1,241 |
| All other expenses | $0 |
| Total functional expenses | $409,755 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,997 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $27,414 |
| 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 | $0 |
| Investments—publicly traded securities | $20,370,495 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $20,425,906 |
| Accounts payable and accrued expenses | $25,197 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $25,197 |
| Net assets without donor restrictions | $192,221 |
| Net assets with donor restrictions | $20,208,488 |
| 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 | $20,425,906 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Galveston College Foundation has recieved totaling $153,039.
| Awarding Organization | Amount |
|---|---|
Dr Leon Bromberg Charitable Tr Galveston, TX PURPOSE: GRANT FOR HEALTH SCIENCES BUILDING | $100,000 |
Harbourview Care Center Inc League City, TX PURPOSE: TO SUPPORT THE ORGANIZATION AND ITS CAUSE. | $30,000 |
Betty M Schocke Charitable Foundation Cleveland, OH PURPOSE: GENERAL FINANCIAL SUPPORT | $20,939 |
Brodsky Foundation Houston, TX PURPOSE: GENERAL SUPPORT | $1,000 |
David F & Sara K Weston Fund Galveston, TX PURPOSE: GENERAL PURPOSE | $1,000 |
Rider Family Fund Galveston, TX PURPOSE: GENERAL | $100 |
Endowment Analysis
| Beg. Balance | $16,457,337 |
| Earnings | $3,785,462 |
| Net Contributions | $253,184 |
| Grants | $287,495 |
| Ending Balance | $20,208,488 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Texas A & M University 12th Man Foundation College Station, TX | $205,287,780 | $55,896,745 |
Noble Research Institute Llc Ardmore, OK | $149,630,598 | $47,833,341 |
Brazos Education Loan Authority Inc Waco, TX | $1,464,923,579 | $48,416,543 |
Folds Of Honor Foundation Owasso, OK | $73,033,715 | $51,158,137 |
Brazos Higher Education Authority Inc Waco, TX | $991,731,055 | $31,545,196 |
Terry Foundation Houston, TX | $405,880,401 | $20,877,529 |
At&t Foundation Dallas, TX | $30,306,998 | $4,969 |
New Mexico Educational Assistance Foundation Albuquerque, NM | $392,805,656 | $19,955,288 |
Greater Texas Foundation Bryan, TX | $0 | $15,972,442 |
Post Oak School Bellaire, TX | $33,296,853 | $15,447,844 |
American Indian Graduate Center Inc Albuquerque, NM | $28,393,677 | $10,605,933 |
Robert G Carr & Nona K Carr Scholarship Foundation San Angelo, TX | $175,014,798 | $4,176,344 |