Cherry River Foundation Inc
- Assets
- $1.1m
- Revenue
- $316.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Richwood, WV
- Founding
- Data as of
- 12/2021
- EIN
- 82-1696207
Organization Overview
Cherry River Foundation Inc is located in Richwood, WV. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cherry River 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 12/2021, Cherry River Foundation Inc generated $316.8k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 32.1% each year . All expenses for the organization totaled $85.7k during the year ending 12/2021. While expenses have increased by 13.6% per year over the past 3 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
THE CHERRY RIVER FOUNDATION IS A NONPROFIT CORPORATION ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE PURPOSES, SPECIFICALLY TO BE A VEHICLE FOR PEOPLE OF ALL MEANS TO MAKE A LASTING DIFFERENCE IN THEIR COMMUNITY. THE CENTRAL PURPOSE OF A COMMUNITY FOUNDATION IS TO SERVE THE NEEDS AND PHILANTHROPIC AIMS OF DONORS WHO WISH TO BETTER THEIR COMMUNITY, NOW AND IN THE FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR ORGANIZATION WILL PROVIDE GRANT FUNDS TO ORGANIZATIONS THAT SERVE THE GREATER RICHWOOD AREA AS WELL AS SCHOLARSHIPS TO STUDENTS OF RICHWOOD HIGH SCHOOL. A GRANT APPLICATION WILL BE UTILIZED TO AWARD GRANT FUNDS, THIS WILL INVOLVE UNDERSTANDING THE PROJECT, THE NEED FOR THE PROJECT, BUDGET AND IMPACT ON THE COMMUNITY. SHCOLARSHIPS WILL BE AWARDED BASED ON THE CRITERIAL SET UP BY EACH DONOR FOR THEIR SCHOLARSHIP. COMMON FACTORS ARE GPA, ACT/SAT SCORES, EXTRACURRICULAR ACTIVITIES, COMMUNITY SERVICE, WORK EXPERIENCE AND RECOMMENDATION.
THE CHERRY RIVER FOUNDATION WILL DISTRIBUTE GRANTS TO OTHER NONPROFITS TO HELP THEM SERVE THE NEEDS OF THE COMMUNITY. GRANTS AND SCHOLARSHIPS WILL BE AWARDED THROUGH AN APPLICATION. ORGANIZATIONS WILL SUBMIT A PROJECT OR NEED AND DISCUSS THE REASONING AND BENEFITS OF THE PROJECT AS WELL AS A BUDGET FOR THE PROJECT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ryan Bennett Treasurer | OfficerTrustee | $0 | |
Ian Gladwell Board Member | OfficerTrustee | $0 | |
Denise Taylor Secretary | OfficerTrustee | $0 | |
Cory Chambers President | OfficerTrustee | $0 | |
Marsha Hanna Board Member | Trustee | $0 | |
Dan Ritchey Board Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $220,226 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $220,226 |
| Total Program Service Revenue | $0 |
| Investment income | $35,569 |
| 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 | $316,841 |
| 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. | $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 | $1,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,516 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| All other expenses | $11,526 |
| Total functional expenses | $85,714 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $174,844 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $914,558 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,089,402 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $1,089,402 |
| Net assets with donor restrictions | $0 |
| 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 | $1,089,402 |
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