Granite Education Foundation Inc
- Assets
- $3.5m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Salt Lake City, UT
- Founding
- 06/1985
- Data as of
- 06/2022
- EIN
- 94-2951639
Organization Overview
Granite Education Foundation Inc is located in Salt Lake City, UT. The organization was established in 1985. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Granite Education Foundation Inc 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 06/2022, Granite Education Foundation Inc generated $3.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.4%) each year. All expenses for the organization totaled $3.2m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (2.2%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF GRANITE EDUCATION FOUNDATION IS TO IMPROVE EDUCATIONAL OUTCOMES BY STRENGTHENING THE GRANITE SCHOOL DISTRICT COMMUNITY. THIS IS ACCOMPLISHED THROUGH THE ENGAGEMENT OF BUSINESS AND COMMUNITY PARTNERS IN THE SUPPORT OF GRANITE SCHOOL DISTRICT AND THE ACADEMIC ACHIEVEMENT OF ALL ITS STUDENTS. OUR VISION IS THAT WE WILL HELP PREPARE GRANITE SCHOOL DISTRICT STUDENTS WITH OPPORTUNITIES TO SUCCEED IN HIGHER EDUCATION, CAREER, AND LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GRANITE EDUCATION FOUNDATION AWARDS NEEDS-BASED SCHOLARSHIP TO GRANITE SCHOOL DISTRICT STUDENTS ANNUALLY. SCHOLARSHIPS RANGE FROM 500-1,500 TO HELP LAUNCH STUDENTS FROM HIGH SCHOOL GRADUATION INTO AN ACCREDITED COLLEGE, UNIVERSITY, OR TECHNICAL COLLEGE.
SINCE GRANITE EDUCATION FOUNDATION'S INCEPTION IN 1988, EDUCATOR RECOGNITION AND SUPPORT HAS BEEN A KEY PRIORITY. THE EXCEL AWARDS ARE A PRESTIGIOUS HONOR GIVEN TO THE TOP TEN EDUCATORS OF GRANITE SCHOOL DISTRICT AND HAS BEEN SPONSORED BY GRANITE EDUCATION FOUNDATION SINCE THE BEGINNING. STUDENTS, ADMINISTRATORS, PARENTS, AND COLLEAGUES NOMINATE EDUCATORS THAT EXEMPLIFY THE VALUES OF GRANITE SCHOOL DISTRICT. THESE INDIVIDUALS ARE THEN PUT THROUGH A RIGOROUS REVIEW AND OBSERVATION PROCESS BY EXPERIENCED EDUCATION SPECIALIST WHO ULTIMATELY IDENTIFY TEN TEACHERS AND ADMINISTRATORS FROM ALL OVER THE DISTRICT. IN MID APRIL, UP TO 300 INDIVIDUALS FROM GRANITE SCHOOL DISTRICT, SUPPORTING BUSINESSES, COMMUNITY MEMBERS, AND LOCAL LEADERS GATHER TO RECOGNIZE AND HONOR TEN WINNERS IN THE NIGHT OF HONORS A DINNER AND AWARD CEREMONY.
ASSISTANCE TO SCHOOLS - COMPUTERS, SOFTWARE, TEXTBOOKS, SCHOOL SUPPLIES, AND PROFESSIONAL SERVICES FOR STUDENTS AND SCHOOLS WITHIN GRANITE SCHOOL DISTRICT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jadee Talbot CEO | Officer | 40 | $0 |
Robynn Eccles Board Member | Trustee | 1 | $0 |
Anthony Bennett Board Member | Trustee | 1 | $0 |
Albert Ferrerons Font Board Member | Trustee | 1 | $0 |
Terri Heyduk Board Member | Trustee | 1 | $0 |
Richard Madsen II Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $954,108 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,990,287 |
| Noncash contributions included in lines 1a–1f | $1,134,825 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,944,395 |
| Total Program Service Revenue | $0 |
| Investment income | $84,694 |
| 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 | $3,029,089 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,879,083 |
| Grants and other assistance to domestic individuals. | $40,193 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $139,555 |
| Compensation of current officers, directors, key employees. | $27,911 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $399,249 |
| Pension plan accruals and contributions | $111,923 |
| Other employee benefits | $111,768 |
| Payroll taxes | $39,391 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,660 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,933 |
| Advertising and promotion | $0 |
| Office expenses | $28,155 |
| Information technology | $177,069 |
| Royalties | $0 |
| Occupancy | $126,842 |
| Travel | $22,271 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $791 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $63,303 |
| Insurance | $8,424 |
| All other expenses | $0 |
| Total functional expenses | $3,231,950 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $286,093 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,438 |
| 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 | $402,435 |
| Investments—publicly traded securities | $2,606,287 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $231,955 |
| Total assets | $3,539,208 |
| Accounts payable and accrued expenses | $172,954 |
| 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 | $883,877 |
| Total liabilities | $1,056,831 |
| Net assets without donor restrictions | $1,455,232 |
| Net assets with donor restrictions | $1,027,145 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $3,539,208 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Granite Education Foundation Inc has recieved totaling $62,000.
| Awarding Organization | Amount |
|---|---|
Lee And Bev Kunz Foundation Wheat Ridge, CO PURPOSE: UNRESTRICTED CONTRIBUTION TO SUPPORT EDUCATION. | $32,000 |
C Scott And Dorothy E Watkins Charitable Foundation West Jordan, UT PURPOSE: CHARITABLE USE | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Educational Commission Of The States Denver, CO | $12,403,737 | $12,952,217 |
Association Of Graduates Of The Usafa USAF Academy, CO | $132,680,804 | $16,073,462 |
Granite Education Foundation Inc Salt Lake City, UT | $3,539,208 | $3,029,089 |
Kroenke Sports Charities Inc Denver, CO | $3,023,886 | $2,637,829 |
Durango Education Foundation Durango, CO | $1,644,385 | $454,341 |
Muessel-Ellison Memorial Trust Foundation Las Vegas, NV | $3,065,202 | $349,293 |
National Association Of Christian Educators Prescott, AZ | $56,451 | $0 |
Manufacturers Representatives Educational Research Foundation Golden, CO | $39,794 | $0 |