Ascte Foundation
- Assets
- $58.0m
- Revenue
- $10.8m
- Investments
- $0.0
- Employees
- 1
- Location
- Huntsville, AL
- Founding
- 06/2018
- Data as of
- 09/2023
- EIN
- 82-4345706
Organization Overview
Ascte Foundation is located in Huntsville, AL. The organization was established in 2018. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Ascte 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 09/2023, Ascte Foundation generated $10.8m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 28.4% each year . All expenses for the organization totaled $2.3m during the year ending 09/2023. 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO RAISE FUNDING FOR THE BENEFIT OF THE ALABAMA SCHOOL OF CYBER TECHNOLOGY AND ENGINEERING.
N/A
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alicia Ryan President | OfficerTrustee | 2 | $0 |
Van Sullivan VP | OfficerTrustee | 0.5 | $0 |
John Jeffries Treasurer | OfficerTrustee | 0.5 | $0 |
Dr Claudette Owens Secretary | OfficerTrustee | 0.5 | $0 |
James R Bullington Director | Trustee | 0.5 | $0 |
Ronald Chronister Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $303,409 |
| Government grants | $6,000,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,312,825 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,616,234 |
| Total Program Service Revenue | $2,150,000 |
| Investment income | $665 |
| 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 | $10,766,899 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $44,081 |
| Grants and other assistance to domestic individuals. | $15,000 |
| 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 | $58,476 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,466 |
| Fees for services: Management | $228,000 |
| Fees for services: Legal | $11,067 |
| Fees for services: Accounting | $45,396 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,000 |
| Advertising and promotion | $13,639 |
| Office expenses | $6,863 |
| 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 | $4,242 |
| Interest | $755,251 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,084,752 |
| Insurance | $5,594 |
| All other expenses | $0 |
| Total functional expenses | $2,335,981 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,428,726 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,734,023 |
| Accounts receivable, net | $29,247 |
| 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 | $42,770,561 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $57,962,557 |
| Accounts payable and accrued expenses | $25,005 |
| 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 | $31,614,113 |
| Total liabilities | $31,639,118 |
| 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 | $26,323,439 |
| Total liabilities and net assets/fund balances | $57,962,557 |