The Peach Foundation
- Assets
- $10.7m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 2
- Location
- Foster City, CA
- Founding
- 03/2002
- Data as of
- 12/2023
- EIN
- 91-2155836
Organization Overview
The Peach Foundation is located in Foster City, CA. The organization was established in 2002. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2023, Peach Foundation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peach 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 12/2023, Peach Foundation generated $1.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $1.3m during the year ending 12/2023. While expenses have increased by 1.8% per year over the past 9 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
GRANTING SCHOLARSHIPS AND EDUCATIONAL FUNDS TO HELP CHILDREN FROM THE POOREST PARTS OF CHINA AND SOUTHEAST ASIA WITH AN OPPORTUNITY TO COMPLETE A COLLEGE EDUCATION. TO HELP BREAK THE VICIOUS CYCLE OF POVERTY AND TO RAISE THE EDUCATIONAL STANDARD OF THE REGIONS IN WHICH THE CHILDREN LIVE. SEE PART III & SCHEDULE O FOR DETAILS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANT SCHOLARSHIPS TO STUDENTS IN THE POOREST REGIONS OF CHINA, MAINLY TO SPONSOR THEIR MIDDLE/HIGH SCHOOL AND COLLEGE TUITION FEES. EXCEPTIONS MAY BE MADE FOR ELEMENTARY-LEVEL STUDENTS UNDER SPECIAL CIRCUMSTANCE. 2946 STUDENTS RECEIVED THE SCHOLARSHIPS DURING 2023. SEE ATTACHEMENT A, SCHEDULE TO FORM 990 PART III FOR REFERENCE AND ATTACH B, SUPPLEMENTAL INFORMATION TO FORM 990 PART III, LINE 4A FOR RECIPIENT DETAIL.
PAYROLL AND OFFICE EXPENSES ALLOCATED TO PROGRAMS.
USING 'TEACHER TRAINING FUNDS' TO PURCHASE TEACHING MATERIALS AND TO CONDUCT TRAINING SEMINARS FOR SCHOOLS LOCATED IN THE POOREST REGIONS OF CHINA IN ORDER TO ENHANCE THE EFFECTIVENESS OF TEACHING. SCHOOLS IN CHINA RECEIVED TEACHING MATERIALS AND/OR HELD SEMINARS USING THE TEACHER TRAINING FUNDS IN 2023. SEE ATTACHMENT A, SCHEDULE TO FORM 990 PART III FOR REFERENCE. USING 'LIBRARY FUNDS' TO PURCHASE BOOKS FOR SCHOOLS LOCATED IN THE POOREST REGIONS OF CHINA. SCHOOLS RECEIVED BOOKS BOUGHT WITH THE LIBRARY FUNDS IN 2023. SEE ATTACHMENT A, SCHEDULE TO FORM 990 PART III FOR REFERENCE. USING 'STUDENT MAGAZINE FUNDS' TO PUBLISH THE FOUNDATION'S MAGAZINE, PEACHER, WHICH COLLECTS ARTICLES FROM SCHOLARSHIP RECIPIENTS AND SERVES AS A VEHICLE FOR THEM TO SHARE IDEAS AND ENHANCE WRITING SKILLS. SEE ATTACHMENT A, SCHEDULE TO FORM 990 PART III FOR REFERENCE. USING 'MYANMAR PROJECT FUNDS', 'THAILAND PROJECT FUNDS', AND 'CAMBODIA PROJECT FUNDS' TO HELP THE POOREST CHILDREN TO OBTAIN EDUCATION FROM MIDDLE SCHOOLS TO COLLEGES AND TRAIN TEACHERS TO OBTAIN BETTER TEACHING SKILLS. SEE ATTACHMENT A, SCHEDULE TO FORM 990 PART III FOR REFERENCE.
USING 'STUDENT MEDICAL FUNDS' FOR PHYSICAL EXAMINATIONS AND MEDICAL TREATMENTS DEEMED NECESSARY FOR THOSE SCHOLARSHIP RECIPIENTS WHO CANNOT AFFORD THE EXPENSES THEMSELVES. SEE ATTACHMENT A, SCHEDULE TO FORM 990 PART III FOR REFERENCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ruth Jeng President | OfficerTrustee | 40 | $50,000 |
Anli Chao Secretary | OfficerTrustee | 30 | $0 |
Linda Lim Treasurer | OfficerTrustee | $0 | |
Emily Mann Director | Trustee | 10 | $0 |
Clara Yu Director | 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 | $1,662,507 |
| Noncash contributions included in lines 1a–1f | $20,107 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,662,507 |
| Total Program Service Revenue | $0 |
| Investment income | $259,680 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$37,007 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,885,180 |
| 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 | $1,025,574 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $50,000 |
| Compensation of current officers, directors, key employees. | $35,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,093 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,647 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,327 |
| Fees for services: Other | $0 |
| Advertising and promotion | $600 |
| Office expenses | $2,477 |
| 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 | $8,997 |
| Insurance | $0 |
| All other expenses | $1,994 |
| Total functional expenses | $1,253,499 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $499 |
| Savings and temporary cash investments | $10,364,179 |
| 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 | $70,747 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $285,277 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,720,702 |
| 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 | $1,724 |
| Total liabilities | $1,724 |
| 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 | $10,718,978 |
| Total liabilities and net assets/fund balances | $10,720,702 |