Dace Foundation
- Assets
- $60.8k
- Revenue
- $33.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Frederick, MD
- Founding
- 07/2019
- Data as of
- 12/2022
- EIN
- 38-4116440
Organization Overview
Dace Foundation is located in Frederick, MD. The organization was established in 2019. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, 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. Dace 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, Dace Foundation generated $33.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (25.6%) each year. All expenses for the organization totaled $49.9k during the year ending 12/2022. 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
DACE FOUNDATION PROVIDES FINANCIAL, EDUCATIONAL AND SOCIAL SUPPORT TO STUDENTS FROM UNDERSERVED AREAS IN GHANA. THROUGH OUR PROGRAMS, DACE HAS BEEN ABLE TO PUT STUDENTS TO SOME OF THE BEST SCHOOLS AND UNIVERSITIES IN GHANA, AND WE ARE CONTINUOUSLY ADDING MORE STUDENTS TO OUR PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DACE FOUNDATION SUPPORTS OVER 80 STUDENTS IN MIDDLE SCHOOLS, HIGH SCHOOLS AND UNIVERSITIES. THE NUMBER OF STUDENTS DACE FOUNDATION SUPPORTS CONTINUE TO GROW YEAR BY YEAR AND WE ARE ON TRACK OF HAVING OVER 100 STUDENTS IN THE UNIVERSITIES BY 2030. WITHOUT DACE GENEROUS SUPPORT, THESE STUDENTS WILL NOT BE ABLE TO ATTEND HIGH SCHOOLS AND UNIVERSITIES. NOT ONLY IS DACE PROVIDING FUNDING FOR THEIR EDUCATION BUT ALSO ADDRESSING THE WELL-BEING OF ITS STUDENTS. THESE INCLUDE TAKING STUDENTS TO HOSPITALS AND PAYING FOR THEIR MEDICAL BILLS, ROUTINE PHYSICAL AND EYE CHECK-UPS, SUPPORT FOR THOSE WITH ACCOMMODATION AND OTHER UNFORESEEN EVENTS THAT MAY DISTRACT THEIR STUDIES. OUR VOLUNTEERS WORK WITH OUR STUDENTS, THEIR FAMILIES AND SCHOOL ADMINISTRATORS TO ENSURE THE SUCCESS OF EVERY DACE STUDENT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wilfred Yartey President And CEO | OfficerTrustee | 3 | $0 |
Daniel Payne Director | OfficerTrustee | 2 | $0 |
Frank Justice Atta Director | OfficerTrustee | 2 | $0 |
Dennis Mensah Sarbah Director | Trustee | 1 | $0 |
Ransford Mensah Sarbah Director | Trustee | 1 | $0 |
Aaron Geraldo De-Lima Director | OfficerTrustee | 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 | $33,551 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,551 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $33,551 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,286 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $777 |
| Information technology | $1,162 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,716 |
| 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 | $17,609 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $49,861 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,402 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $2,748 |
| Net Land, buildings, and equipment | $46,668 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $60,818 |
| Accounts payable and accrued expenses | $16,165 |
| 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 | $0 |
| Total liabilities | $16,165 |
| Net assets without donor restrictions | $44,653 |
| Net assets with donor restrictions | $0 |
| 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 | $60,818 |