Galesburg Community Foundation
- Assets
- $48.1m
- Revenue
- $13.6m
- Investments
- $0.0
- Employees
- 10
- Location
- Galesburg, IL
- Founding
- 09/1984
- Data as of
- 12/2023
- EIN
- 37-1159944
Organization Overview
Galesburg Community Foundation is located in Galesburg, IL. The organization was established in 1984. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Galesburg Community Foundation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Galesburg Community 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, Galesburg Community Foundation generated $13.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 26.1% each year . All expenses for the organization totaled $4.1m during the year ending 12/2023. While expenses have increased by 9.8% 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
THE GALESBURG COMMUNITY FOUNDATION WORKS TO IMPROVE THE QUALITY AND HEALTH OF OUR COMMUNITIES. WE BELIEVE THAT CONNECTING PEOPLE TO THE CAUSES THEY CARE ABOUT IS A KEY INGREDIENT TO EFFECTIVE PHILANTHROPY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COMPETITIVE GRANT MAKING TO NONPROFITS WHOSE PROGRAMS ENGAGE AND BETTER THE COMMUNITY THEY SERVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joshua Gibb Chief Executive Officer | Officer | 40 | $169,114 |
Shawn Hedden Director Of Finance & Operati | Officer | 40 | $93,095 |
Dustin Courson Board Member | Trustee | 1 | $0 |
Jamie Yemm Board Member | Trustee | 1 | $0 |
Dr Adam Welty Board Member | Trustee | 1 | $0 |
Chad Long Board Member | Trustee | 1 | $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 | $11,334,912 |
| Noncash contributions included in lines 1a–1f | $8,702,040 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,334,912 |
| Total Program Service Revenue | $136,025 |
| Investment income | $718,054 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $203,270 |
| Net Gain/Loss on Asset Sales | $1,070,350 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $130,501 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,597,781 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,600,257 |
| Grants and other assistance to domestic individuals. | $18,800 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $292,405 |
| Compensation of current officers, directors, key employees. | $97,617 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $318,573 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $79,567 |
| Payroll taxes | $42,984 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,133 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $154,638 |
| Fees for services: Other | $101,652 |
| Advertising and promotion | $70,957 |
| Office expenses | $13,589 |
| Information technology | $27,854 |
| Royalties | $0 |
| Occupancy | $7,653 |
| Travel | $15,484 |
| 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 | $50,326 |
| Insurance | $28,255 |
| All other expenses | $33,890 |
| Total functional expenses | $4,056,603 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $512,911 |
| Savings and temporary cash investments | $982,606 |
| Pledges and grants receivable | $9,716,554 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $225,544 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,151,615 |
| Investments—publicly traded securities | $26,610,309 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,905,470 |
| Total assets | $48,105,009 |
| Accounts payable and accrued expenses | $70,025 |
| Grants payable | $625,805 |
| 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 | $4,220,277 |
| Total liabilities | $4,916,107 |
| Net assets without donor restrictions | $11,177,347 |
| Net assets with donor restrictions | $32,011,555 |
| 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 | $48,105,009 |
Grants Awarded
Over the last fiscal year, Galesburg Community Foundation has awarded $894,624 in support to 34 organizations.
| Grant Recipient | Amount |
|---|---|
CHORAL DYNAMICS OF DYNAMICS PURPOSE: PRODUCTIONS | $10,000 |
CARL SANDBURG COLLEGE PURPOSE: EDUCATION | $289,101 |
MONMOUTH-ROSEVILLE EDU FOUNDATION PURPOSE: EDUCATION | $5,150 |
BUCHANAN CENTER FOR THE ARTS PURPOSE: ARTS PROGRAMMING | $10,250 |
TRIUMPH SERVICES INC PURPOSE: CAMP KIDZ | $10,000 |
WILLIAMSFIELD PARKS ASSOCIATION PURPOSE: ARTS | $91,912 |