Gem City Scholarship Foundation
- Assets
- $1.9m
- Revenue
- $210.9k
- Investments
- $1.4m
- Employees
- 0
- Location
- Quincy, IL
- Founding
- 07/1987
- Data as of
- 06/2022
- EIN
- 37-1206707
Organization Overview
Gem City Scholarship Foundation is located in Quincy, IL. The organization was established in 1987. 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. Gem City Scholarship 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 06/2022, Gem City Scholarship Foundation generated $210.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.0% each year . All expenses for the organization totaled $255.3k during the year ending 06/2022. While expenses have increased by 10.9% per year over the past 7 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.
Since 2017, Gem City Scholarship Foundation has awarded 194 individual grants totaling $767,719. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SCHOLARSHIPS TO NEEDY AND QUALIFIED PERSONS ATTENDING OR WISHING TO ATTEND A VOCATIONAL COLLEGE
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SCHOLARSHIPS TO STUDENTS
PROVIDE LASER WELDER FOR STUDENTS
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Mahair Director/pre | 2 | $0 | |
William Brown Director/tre | 2 | $0 | |
Carl Adams Director/vp | 2 | $0 | |
Janice Miller Director/sec | 2 | $0 | |
Mark Cassens Director | 1 | $0 | |
Russell Hagenah Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $8,783 |
| Dividends & Interest | $50,824 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $151,329 |
| Capital Gain Net Income | $151,329 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $210,936 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $2,887 |
| Depreciation | $1,566 |
| Occupancy | $6,000 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $45 |
| Total operating and administrative expenses | $31,840 |
| Contributions, gifts, grants paid | $223,437 |
| Total expenses and disbursements | $255,277 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,247 |
| Savings and temporary cash investments | $223,420 |
| 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 | $185,157 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $52,248 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,877,825 |
| Accounts payable and accrued expenses | $668 |
| 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 | $668 |
Grants Awarded
Over the last fiscal year, Gem City Scholarship Foundation has awarded $223,437 in support to 48 organizations.
| Grant Recipient | Amount |
|---|---|
CHARLES MARKS PURPOSE: SCHOLARSHIP-JEWELRY | $8,000 |
NICHOLAS HECKMAN PURPOSE: SCHOLARSHIP-WATCHMAKING | $8,000 |
OLIVIA STOTTS PURPOSE: SCHOLARSHIP-COSMETOLOGY | $5,200 |
THANE OLSEN PURPOSE: SCHOLARSHIP-JEWELRY | $5,200 |
DAVID SCHROEDER PURPOSE: SCHOLARSHIP-JEWELRY | $5,200 |
SABRINA GARRELTS PURPOSE: SCHOLARSHIP-COSMETOLOGY | $5,200 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Equity Fund Inc Chicago, IL | $118,912,735 | $59,533,345 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
National Merit Scholarship Corporation Evanston, IL | $183,825,978 | $50,191,294 |
Evans Scholars Foundation Glenview, IL | $101,873,087 | $62,566,812 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Cardinal Services Inc Of Indiana Warsaw, IN | $28,675,162 | $26,373,889 |
Future Leaders Of Americafoundation Inc Chicago, IL | $0 | $13,517,008 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Professional Convention Management Association Chicago, IL | $13,503,434 | $11,522,188 |
Sigma Chi Foundation Evanston, IL | $40,441,719 | $12,690,646 |