The Frank And Margaret Race Foundation Inc
- Assets
- $2.5m
- Revenue
- $55.0k
- Investments
- $2.5m
- Employees
- 0
- Location
- Cedar Rapids, IA
- Founding
- 01/1967
- Data as of
- 12/2023
- EIN
- 42-0925360
Organization Overview
The Frank And Margaret Race Foundation Inc is located in Cedar Rapids, IA. The organization was established in 1967. According to its NTEE Classification (N11) the organization is classified as: Single Organization Support, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Frank And Margaret Race Foundation Inc 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, Frank And Margaret Race Foundation Inc generated $55.0k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $91.2k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (2.9%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Frank And Margaret Race Foundation Inc has awarded 119 individual grants totaling $751,193. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph R Russo President | 1 | $0 | |
Alan Brinkman Sec'y/treas | 1 | $0 | |
Dawn Mcdaniel Board Member | 1 | $0 | |
Susie Harrison Board Member | 1 | $0 | |
Toni Bain Board Member | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $43,920 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $11,125 |
| Capital Gain Net Income | $11,979 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $55,045 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $111 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $482 |
| Total operating and administrative expenses | $32,149 |
| Contributions, gifts, grants paid | $59,080 |
| Total expenses and disbursements | $91,229 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,760 |
| Savings and temporary cash investments | $53,120 |
| 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 | $32,008 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,548,431 |
| 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, The Frank And Margaret Race Foundation Inc has awarded $59,080 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
ALL NATIONS FAMILY PURPOSE: GENERAL SUPPORT | $11,580 |
HARVESTERS PURPOSE: GENERAL SUPPORT | $3,000 |
HIS HANDS PURPOSE: GENERAL SUPPORT | $3,500 |
HOUSE OF HOPE PURPOSE: GENERAL SUPPORT | $3,750 |
NEW INTERNATIONAL PURPOSE: GENERAL SUPPORT | $2,000 |
ONE COLLECTIVE PURPOSE: GENERAL SUPPORT | $3,500 |