Chelco Foundation A Florida Corporation Not-For-Profit
- Assets
- $2.0m
- Revenue
- $1.2m
- Investments
- $669.7k
- Employees
- 0
- Location
- Defuniak Springs, FL
- Founding
- 03/2018
- Data as of
- 12/2023
- EIN
- 82-1794757
Organization Overview
Chelco Foundation A Florida Corporation Not-For-Profit is located in Defuniak Springs, FL. The organization was established in 2018. 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. Chelco Foundation A Florida Corporation Not-For-Profit 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, Chelco Foundation A Florida Corporation Not-For-Profit generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 29.1% each year . All expenses for the organization totaled $23.9k during the year ending 12/2023. While expenses have increased by 13.5% per year over the past 2 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
THE ORGANIZATION WAS ESTABLISHED BY THE BOARD OF TRUSTEES OF CHOCTAWHATCHEE ELECTRIC COOPERATIVE, INC. (CHELCO) TO SERVE AS A PHILANTHROPIC AGENCY TO ASSIST INDIVIDUALS AND ORGANIZATIONS IN THE LOCAL COMMUNITY AS WELL AS ACROSS THE NATION AND THROUGHOUT THE WORLD. DONATIONS MADE TO THE FOUNDATION ARE MADE VOLUNTARILY BY EMPLOYEES, MEMBERS, AND OTHERS WHO WISH TO SUPPORT CHELCO'S COMMUNITY OUTREACH, WHICH INCLUDES ITEMS LIKE SCHOLARSHIPS AND INTERNATIONAL ELECTRIFICATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1) MURIAL DREBING PROGRAM - IN PROGRESS TO CREATE A PROGRAM BY USING THE FUNDS DONATED TO THE FOUNDATION IN 2022 AND 2023. EXPECTED TO START IN 2024.
2) CHARITY GOLF TOURNAMENT - BENEFITING THE AMERICAN HEART ASSOCIATION, THE AMERICAN CANCER SOCIETY, AND THE EMERALD COAST AUTISM CENTER.
3) CHELCO EMPLOYEE FUNDRAISING (JEANS FRIDAY, HALLOWEEN SOUP/DESSERT CONTEST, ETC.) - BENEFITING VARIOUS 501(C)(3) ORGANIZATIONS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald Edmondson President | OfficerTrustee | 1 | $0 |
Brady Bearden Vice-President | OfficerTrustee | 1 | $0 |
Gayle Hughes Secretary/treasurer | OfficerTrustee | 1 | $0 |
Stephen Rhodes Director | Trustee | 5 | $0 |
Robin Shaw Director | Trustee | 5 | $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 | $1,151,712 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,151,712 |
| Total Program Service Revenue | $0 |
| Investment income | $42,360 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $13,080 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,207,152 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,035 |
| Grants and other assistance to domestic individuals. | $1,600 |
| 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 | $1,444 |
| Fees for services: Accounting | $5,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,279 |
| Advertising and promotion | $0 |
| Office expenses | $259 |
| 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 | $2,250 |
| Total functional expenses | $23,867 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $173,777 |
| Savings and temporary cash investments | $1,118,787 |
| 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 | $0 |
| Investments—other securities | $669,695 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,387 |
| Total assets | $1,971,646 |
| 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 | $0 |
| 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 | $1,971,646 |
| Total liabilities and net assets/fund balances | $1,971,646 |
Grants Awarded
Over the last fiscal year, Chelco Foundation A Florida Corporation Not-For-Profit has awarded $11,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN CANCER SOCIETY PURPOSE: DONATION | $3,000 |
AMERICAN HEART ASSOCIATION PURPOSE: DONATION | $3,000 |
EMERALD COAST AUTISM CENTER PURPOSE: DONATION | $3,000 |
MATRIX COMMUNITY OUTREACH CENTER PURPOSE: COMMUNITY CHRISTMAS | $2,000 |