Twin Lights Beverages Scholarship Tr
- Assets
- $2.6m
- Revenue
- $1.1m
- Investments
- $2.2m
- Employees
- 0
- Location
- Gloucester, MA
- Founding
- Data as of
- 06/2024
- EIN
- 87-6910148
Organization Overview
Twin Lights Beverages Scholarship Tr is located in Gloucester, MA. 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. Twin Lights Beverages Scholarship Tr 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 06/2024, Twin Lights Beverages Scholarship Tr generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (20.5%) each year. All expenses for the organization totaled $215.8k during the year ending 06/2024. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2024
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AWARDED TO GLOUCESTER MA AND ROCKPORT MA HIGH SCHOOL GRADUATES
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Philip E Hopkins Trustee | 1 | $0 | |
John W Salisbury Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,000,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $75,555 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $14,059 |
| Capital Gain Net Income | $14,059 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,089,614 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,331 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $500 |
| Total operating and administrative expenses | $15,829 |
| Contributions, gifts, grants paid | $200,000 |
| Total expenses and disbursements | $215,829 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,000 |
| Savings and temporary cash investments | $383,384 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $2,192,188 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,595,572 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Twin Lights Beverages Scholarship Tr has awarded $200,000 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
FINNIAN MULKERN PURPOSE: SCHOLARSHIP | $25,000 |
RYAN LAFLAM PURPOSE: SCHOLARSHIP | $35,000 |
MORGAN C REILLY PURPOSE: SCHOLARSHIP | $35,000 |
CAMILLA WILKENS-BOWENS PURPOSE: SCHOLARSHIP | $25,000 |
ABIGAIL LOWTHERS PURPOSE: SCHOLARSHIP | $10,000 |
SOPHIA SILVERIA PURPOSE: SCHOLARSHIP | $10,000 |