Race For Education Inc
- Assets
- $141.6k
- Revenue
- $82.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Lexington, KY
- Founding
- 10/2002
- Data as of
- 12/2023
- EIN
- 42-1546327
Organization Overview
Race For Education Inc is located in Lexington, KY. The organization was established in 2002. 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. Race For Education 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, Race For Education Inc generated $82.3k 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 (17.7%) each year. All expenses for the organization totaled $156.0k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (14.6%) 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE OPPORTUNITIES FOR EDUCATIONAL SUCCESS FOR YOUNG PEOPLE WITH SIGNIFICANT NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AND GRANTS - PROVIDING SUPPORT TO YOUNG PEOPLE WITH SIGNIFICANT FINANCIAL NEEDS AND ACADEMIC CHALLENGES. SCHOLARSHIPS ENSURE YOUNG MEMBERS OF THE COMMUNITY BECOME SUCCESSFUL IN LIFE AND ASSETS TO THEIR COMMUNITY.
STARTING GATE AFTER SCHOOL LITERACY PROGRAM - THE PRIMARY PURPOSE OF THIS PREOGRAM IS TO ADDRESS THE VERY BASIC LITERACY SKILL OF READING FLUENCY AND COMPREHENSION TO HELP STUDENTS IMPROVE THEIR OVERALL ACADEMIC PERFORMANCE. THE STARTING GATE IS AN AFTER SCHOOL LITERACY PROGRAM IN CENTRAL KENTUCKY CREATED TO PROVIDE MIDDLE SCHOOL STUDENTS FROM COMMUNITITES WITH A HIGH POPULATION OF LOW-INCOME, MINORITY FAMILIES AND ENGLISH LANGUAGE LEARNERS WITH ACADEMIC AND SOCIAL SUPPORT SERVICES.
PROVIDING GRANTS AND SPONSORSHIPS TO ORGANIZATIONS THAT ASSIST IN INCREASING LITERACY WORLDWIDE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elisabeth Jensen Director | Trustee | 5 | $0 |
Katie Lamonica Chair | OfficerTrustee | 1 | $0 |
Shannon M Cobb Treasurer | OfficerTrustee | 1 | $0 |
Gabrielle Bredin Director | Trustee | 1 | $0 |
Price Bell Director | Trustee | 1 | $0 |
Fred Sarver 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 | $82,340 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $82,340 |
| 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 | $82,340 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $62,500 |
| Grants and other assistance to domestic individuals. | $87,879 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $922 |
| 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 | $4,046 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $689 |
| 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 | $156,036 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$4,346 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$1,241 |
| 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 | $743 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $146,415 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $141,571 |
| Accounts payable and accrued expenses | $11,514 |
| 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 | -$1,500 |
| Total liabilities | $10,014 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $425,051 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | -$293,494 |
| Total liabilities and net assets/fund balances | $141,571 |
Grants Awarded
Over the last fiscal year, Race For Education Inc has awarded $50,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
THE KEEP FOUNDATION INC PURPOSE: TO SUPPORT THE MISSION OF EDUCATING THE PEOPLE OF THE COMMONWEALTH OF KENTUCKY ABOUT THE IMPORTANCE OF HORSES TO THE STATE, ITS ECONOMY, ITS HERITAGE AND ITS PEOPLE. | $25,000 |
KENTUCKY EDUCATIONAL TELEVISION PURPOSE: SUPPORT AND FURTHER THE EDUCATIONAL, CHARITABLE AND PUBLIC PURPOSES AND ACTIVITIES OF THE KENTUCKY AUTHORITY FOR EDUCATIONAL TELEVISION | $20,000 |
INTERNATIONAL BOOK PROJECT PURPOSE: TO PROMOTE LITERACY IN UNDERSERVED AREAS OF THE WORLD | $5,000 |