Legacy Institute
- Assets
- $1.1m
- Revenue
- $655.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Colorado Springs, CO
- Founding
- 12/2017
- Data as of
- 08/2023
- EIN
- 82-2620763
Organization Overview
Legacy Institute is located in Colorado Springs, CO. The organization was established in 2017. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 08/2023, Legacy Institute employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Legacy Institute 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 08/2023, Legacy Institute generated $655.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (36.0%) each year. All expenses for the organization totaled $1.8m during the year ending 08/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Legacy Institute has awarded 24 individual grants totaling $5,071,184. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE PUBLIC EDUCATION AND COMMUNITY DEVELOPMENT IN COLORADO SPRINGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HELEN HUNT CAMPUS: REDEVELOPMENT OF THE CLOSED HELEN HUNT ELEMENTARY SCHOOL INTO A COMMUNITY CAMPUS THAT SERVES THE HILLSIDE NEIGHBORHOOD IN PARTNERSHIP WITH COMMUNITY PARTNERSHIP FOR CHILD DEVELOPMENT, CATHOLIC CHARITIES, THE SHANDY CLINIC, COLORADO SPRINGS FOOD RESCUE, PEAK PARENT EDUCATION, AND CONCRETE COUCH. THIS PROPERTY WAS SOLD TO THE CATHOLIC CHARITIES DURING THE FISCAL YEAR ENDING 8-31-2023. THE LEGACY INSTITUTE ALSO DONATED $800,000 TO CATHOLIC CHARITIES DURING THE FISCAL YEAR, AS PART OF THE PROPERTY SALE.
FELLOWSHIP: NEW SCHOOL INCUBATOR
PUBLIC EDUCATION RELATED PROJECTS
SOCIAL IMPACT SERVICES: STRATEGIC PLANNING AND OPERATING SERVICES FOR COMMUNITY ORGANIZATIONS, PRIVATE FOUNDATIONS, AND SCHOOL DISTRICTS IN THE PIKES PEAK REGION FOCUSED ON INNOVATIVE APPROACHES TO SOCIAL IMPACT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Zachary Mccomsey CEO | Officer | 50 | $245,000 |
Philip R Lane Director | Trustee | 5 | $0 |
Bart Holaday Director | Trustee | 5 | $0 |
Vance Brown Director | Trustee | 5 | $0 |
Kelsey Nolan Director | Trustee | 5 | $0 |
Deborah Hendrix 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 | $275,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $275,000 |
| Total Program Service Revenue | $0 |
| Investment income | $488 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $829 |
| Net Gain/Loss on Asset Sales | $378,928 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $655,245 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $882,500 |
| 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. | $268,807 |
| Compensation of current officers, directors, key employees. | $146,307 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $75,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $19,330 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,033 |
| Fees for services: Accounting | $14,424 |
| Fees for services: Lobbying | $32,350 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $316,759 |
| Advertising and promotion | $41,638 |
| Office expenses | $12,855 |
| Information technology | $4,929 |
| Royalties | $0 |
| Occupancy | $35,603 |
| Travel | $5,118 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,906 |
| Interest | $37,744 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,995 |
| All other expenses | $0 |
| Total functional expenses | $1,764,991 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $208,707 |
| Savings and temporary cash investments | $377,213 |
| 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 | $500,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $17,560 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,500 |
| Total assets | $1,110,980 |
| Accounts payable and accrued expenses | $12,150 |
| 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 | $12,150 |
| 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 | $1,098,830 |
| Total liabilities and net assets/fund balances | $1,110,980 |
Grants Awarded
Over the last fiscal year, Legacy Institute has awarded $877,500 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
CONCRETE COUCH PURPOSE: Public Art Projects | $6,000 |
COLORADO PARENTS FOR QUALITY EDUCATION PURPOSE: Program Services | $12,500 |
STRIDER EDUCATION FOUNDATION PURPOSE: Community Development grant for all elementary schools in D2 bike program | $59,000 |
CATHOLIC CHARITIES PURPOSE: Program Services | $800,000 |