Gaalema Family Foundation
- Assets
- $7.9k
- Revenue
- $1.0
- Investments
- $0.0
- Employees
- 0
- Location
- Colorado Springs, CO
- Founding
- Data as of
- 12/2022
- EIN
- 27-1423427
Organization Overview
Gaalema Family Foundation is located in Colorado Springs, CO. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gaalema Family 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 12/2022, Gaalema Family Foundation generated $1.0 in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (40.5%) each year. All expenses for the organization totaled $2.2k during the year ending 12/2022. 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
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
DONATIONS TO TAX EXEMPT ORGANIZATIONS THAT PROMOTE THE FOUNDATION'S SPECIFIC PURPOSES AS SET FORTH IN OUR BYLAWS. THE FOUNDATION GAVE QUALIFIED DISTRIBUTIONS TO FIVE DIFFERENT TAX EXEMPT ORGANIZATIONS IN 2020.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Gaalema Treasurer | 0 | $0 | |
Stephen Gaalema President | 0 | $0 | |
Diann Gaalema Vice Preside | 0 | $0 | |
Jennifer Gaalema Secretary | 0 | $0 | |
Erik Gaalema Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $224 |
| Total operating and administrative expenses | $1,244 |
| Contributions, gifts, grants paid | $990 |
| Total expenses and disbursements | $2,234 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,866 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $7,866 |
| 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, Gaalema Family Foundation has awarded $990 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
ECHO LEAHY CENTER PURPOSE: DONATION | $250 |
KIVA PURPOSE: DONATION | $100 |
PACIFIC SCIENCE CENTER PURPOSE: DONATION | $250 |
SPACE FOUNDATION PURPOSE: DONATION | $50 |
HOPELINK REDMOND CENTER PURPOSE: DONATION | $50 |
PAWS & HOOVES PURPOSE: DONATION | $50 |