Mustang Foundation Inc
- Assets
- $1.1m
- Revenue
- $157.1k
- Investments
- $600.0k
- Employees
- 0
- Location
- Independence, IA
- Founding
- 02/2011
- Data as of
- 12/2021
- EIN
- 42-1429135
Organization Overview
Mustang Foundation Inc is located in Independence, IA. The organization was established in 2011. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Mustang 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 12/2021, Mustang Foundation Inc generated $157.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (19.8%) each year. All expenses for the organization totaled $121.8k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (27.0%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO BENEFIT AND SUPPORT THE ACTIVITIES OF INDEPENDENCE COMMUNITY SCHOOL DISTRICT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHARITABLE, EDUCATIONAL AND SCIENTIFIC PURPOSES WHICH BENEFIT OR SUPPORT EXTRA CURRICULAR ACTIVITIES OF THE INDEPENDENCE COMMUNITY SCHOOL DISTRICT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lans Flickinger Secretary | OfficerTrustee | 1 | $0 |
Rob Robinson Treasurer | OfficerTrustee | 10 | $0 |
Dan Kegler Director | Trustee | 1 | $0 |
Jennifer Sornson Director | Trustee | 1 | $0 |
Andy Hauber Director | Trustee | 1 | $0 |
Gina Debour Director | Trustee | 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 | $134,153 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $134,153 |
| Total Program Service Revenue | $5,473 |
| Investment income | $11,767 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,691 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $157,084 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $98,509 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $7,418 |
| 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 | $2,726 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $121,777 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $530,888 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $600,004 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,130,892 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $869,884 |
| Net assets with donor restrictions | $261,008 |
| 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 | $1,130,892 |
Grants Awarded
Over the last fiscal year, Mustang Foundation Inc has awarded $98,509 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
INDEPENDENCE COMMUNITY SCHOOL PURPOSE: BUILDING & SCHOOL | $86,450 |
INDEPENDENCE AREA DFS PURPOSE: SCHOLARSHIPS | $6,162 |
MINNTEX CITRUS INC PURPOSE: FUNDRAISER | $5,897 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Mustang Foundation Inc has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
Independence Bancshares Charitable Foundation Inc Independence, IA PURPOSE: GENERAL OPERATIONS | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
South Dakota State University Foundation Brookings, SD | $287,960,105 | $54,798,337 |
Northern State University Foundation Aberdeen, SD | $84,974,607 | $23,577,331 |
Missouri State University Foundation Springfield, MO | $193,009,225 | $33,993,322 |
University Of South Dakota Foundation Vermillion, SD | $352,818,128 | $49,591,248 |
Ics Support Organization Inc Franklin, WI | $552,959,577 | $28,861,342 |
Umkc Foundation Kansas City, MO | $70,681,044 | $43,162,989 |
University Of Northern Iowa Foundation Cedar Falls, IA | $173,378,893 | $31,725,389 |
Illinois State University Foundation Normal, IL | $269,993,016 | $34,747,700 |
National Assistance Foundation Des Moines, IA | $16,519,301 | $16,875,706 |
Southern Illinois University Foundation Carbondale, IL | $260,208,288 | $31,565,742 |
St Louis Charter Schools St Louis, MO | $19,224,709 | $16,300,473 |
Linda Hall Library Trust Kansas City, MO | $201,287,634 | $7,552,380 |