Gateway Area Foundation
- Assets
- $631.7k
- Revenue
- $59.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Clinton, IA
- Founding
- 11/2003
- Data as of
- 05/2020
- EIN
- 42-1270203
Organization Overview
Gateway Area Foundation is located in Clinton, IA. The organization was established in 2003. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gateway Area 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 05/2020, Gateway Area Foundation generated $59.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (40.4%) each year. All expenses for the organization totaled $62.2k during the year ending 05/2020. As we would expect to see with falling revenues, expenses have declined by (39.8%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC EDUCATION AND COMMUNITY DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FUNDING FOR EDUCATIONAL AND LEADERSHIP PROJECTS AND COMMUNITY DEVELOPMENT
SUBSTANTIALLY ALL USE OF PROPERTY FOR EXEMPT PURPOSES - 8% OF RENTAL EXPENSES UNRELATED TO EXEMPT PURPOSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Phelan Vice Chair | OfficerTrustee | 1 | $0 |
Jeff Atkinson Chair | OfficerTrustee | 1 | $0 |
Melissa Eversmeyer Treasurer | OfficerTrustee | 1 | $0 |
Eddie Dunham Director | Trustee | 1 | $0 |
Daniel Housenga Director | Trustee | 1 | $0 |
Karen Rowell Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $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 | -$918 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,807 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $2,610 |
| Advertising and promotion | $0 |
| Office expenses | $105 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,069 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,157 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,550 |
| Insurance | $2,786 |
| All other expenses | $0 |
| Total functional expenses | $62,188 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $119,711 |
| Savings and temporary cash investments | $8,152 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,209 |
| 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 | $1,399 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $631,727 |
| Accounts payable and accrued expenses | $2,010 |
| Grants payable | $0 |
| Deferred revenue | $750 |
| 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 | $55,513 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,447 |
| Total liabilities | $64,720 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $567,007 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Gateway Area Foundation has recieved totaling $123,217.
| Awarding Organization | Amount |
|---|---|
Edith Curtis Armstrong & Florence E Fulton, IL PURPOSE: EAGLE POINT LODGE PROJECT | $123,217 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vela Education Fund Glencoe, IL | $4,855,969 | $13,247,569 |
David Lynch Foundation For Consciousness-Based Education And Fairfield, IA | $9,280,358 | $8,736,448 |
Coxhealth Foundation Springfield, MO | $33,244,463 | $11,374,415 |
Bass Pro Shops & Cabelas Outdoor Fund Springfield, MO | $14,575,213 | $9,618,697 |
Community Foundation For The Land Of Lincoln Inc Springfield, IL | $62,800,465 | $16,636,147 |
Steve Stricker American Family Insurance Foundation Inc Madison, WI | $5,745,517 | $4,719,862 |
Chicago Cubs Charities Chicago, IL | $11,765,252 | $2,315,259 |
Delta Dental Of Illinois Foundation Naperville, IL | $25,024,389 | $3,455,775 |
Hope Gospel Mission Inc Eau Claire, WI | $10,860,307 | $6,194,588 |
Chicago Scholarship Fund Inc Chicago, IL | $0 | $5,200,805 |
Mercy Health Corporation Rockford, IL | $1,246,524,503 | $10,286,365 |
Columbia St Marys Foundation Inc St Louis, MO | $44,777,038 | $4,064,504 |