Busby Memorial Educational Fund
- Assets
- $1.6m
- Revenue
- $101.2k
- Investments
- $1.6m
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 03/1995
- Data as of
- 12/2022
- EIN
- 38-2683345
Organization Overview
Busby Memorial Educational Fund is located in Detroit, MI. The organization was established in 1995. 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. Busby Memorial Educational Fund 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, Busby Memorial Educational Fund generated $101.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.3% each year . All expenses for the organization totaled $119.3k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Busby Memorial Educational Fund has awarded 14 individual grants totaling $680,108. 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 Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Comerica Bank Co-Trustee | 1 | $28,110 | |
John M Chase Jr Co- Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $38,131 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $63,069 |
| Capital Gain Net Income | $63,069 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $13 |
| Total Revenue | $101,213 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $28,110 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $2,428 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $30,538 |
| Contributions, gifts, grants paid | $88,736 |
| Total expenses and disbursements | $119,274 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $33,433 |
| 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 | $1,608,434 |
| 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, Busby Memorial Educational Fund has awarded $88,736 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HILLSDALE COLLEGE PURPOSE: OPERATING FUNDS | $62,115 |
INTERLOCHEN CENTER FOR THE ARTS PURPOSE: OPERATING FUNDS | $26,621 |