Galax Foundation For Excellence In Education

Organization Overview

Galax Foundation For Excellence In Education is located in Galax, VA. The organization was established in 1988. 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. Galax Foundation For Excellence In Education 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 06/2022, Galax Foundation For Excellence In Education generated $407.0k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.8% each year . All expenses for the organization totaled $151.7k during the year ending 06/2022. While expenses have increased by 5.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

EDUCATION ASSISTANCE TO PROVIDE SCHOLARSHIPS FOR HIGH SCHOOL GRADUATES OF THE PUBLIC SCHOOLS IN GALAX, VA

Describe the Organization's Program Activity:

Part 3 - Line 4a

COLLEGE SCHOLARSHIPS AWARDED


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Board, Officers & Key Employees

Name (title)Compensation
Kathy Halsey
Secretary/treasurer
$12,000
David Vaughan
Vice Chair
$0
Tony L Truitt
Chairman
$0
Jessica Whitaker
Director
$0
Susan Tilley
Director
$0
Jamires Poindexter
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$2,522
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$107,694
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$110,216
Total Program Service Revenue$0
Investment income $133,667
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $163,359
Net Income from Fundraising Events -$250
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $406,992

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Galax Foundation For Excellence In Education has recieved totaling $2,000.

Awarding OrganizationAmount
Darrell And Patricia Steagall Family Foundation

Gastonia, NC

PURPOSE: POST-SECONDARY EDUCATION

$2,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$3,938,687
Earnings-$357,183
Admin Expense$33,364
Net Contributions$110,216
Grants$102,730
Ending Balance$3,555,626

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