Ferree Educational & Welfare Fund
- Assets
- $2.1m
- Revenue
- $105.5k
- Investments
- $1.1m
- Employees
- 0
- Location
- Asheboro, NC
- Founding
- 07/1958
- Data as of
- 12/2022
- EIN
- 56-6062560
Organization Overview
Ferree Educational & Welfare Fund is located in Asheboro, NC. The organization was established in 1958. 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. Ferree Educational & Welfare Fund 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 12/2022, Ferree Educational & Welfare Fund generated $105.5k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $132.5k during the year ending 12/2022. While expenses have increased by 2.6% per year over the past 4 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS TO STUDENTS ATTENDING A COLLEGE OR UNIVERSITY. RECIPIENTS ARE DETERMINED BASED ON SCHOLASTIC ACHIEVEMENT AND NEED. FOR 2022 THERE WERE 35 STUDENTS WHO RECEIVED SCHOLARSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Aaron Woody-Super Of City School Trustee | 0.5 | $0 | |
David Smith-Mayor Of Asheboro Trustee | 0.5 | $0 | |
Mike King-Market Pres Wells Fargo Treasurer | 0.5 | $0 | |
Linda Cranford Executive Director | 10 | $16,396 | |
W Mcduffy Johnson-The Welsh Group Trustee | 0.5 | $0 | |
Steven Gainey - Super Of Cty School Chairman | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $25,206 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $32,751 |
| Capital Gain Net Income | $32,751 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $47,532 |
| Total Revenue | $105,489 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $16,396 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $3,732 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $10,195 |
| Total operating and administrative expenses | $63,988 |
| Contributions, gifts, grants paid | $68,500 |
| Total expenses and disbursements | $132,488 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $979,346 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $52,795 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,051,664 |
| 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 | $18,645 |
| Total liabilities | $18,645 |