Lynn Colbert Charitable Foundation
- Assets
- $37.2m
- Revenue
- $6.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Duncan, OK
- Founding
- 01/2008
- Data as of
- 06/2021
- EIN
- 73-6131373
Organization Overview
Lynn Colbert Charitable Foundation is located in Duncan, OK. The organization was established in 2008. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Lynn Colbert Charitable 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 06/2021, Lynn Colbert Charitable Foundation generated $6.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $3.4m during the year ending 06/2021. 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
PLEASE SEE BELOW. GRANT SCHOLARSHIPS TO STUDENTS ATTENDING MURRAY STATE COLLEGE ANDSUPPLEMENTAL OPERATIONAL FUNDS FOR MURRAY STATE COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LYNN COLBERT CHARITABLE FOUNDATION CONTINUES TO AWARD SCHOLARSHIPS TO STUDENTS ATTENDING MURRAY STATE COLLEGE. THE STUDENTS RECEIVING SCHOLARSHIPS INCLUDED RECIPIENTS FROM WITHIN STEPHENS COUNTY AS WELL AS OUTSIDE THE STEPHENS COUNTY AREA. SOME OF THE STUDENTS RECEIVED TUITION, FEE, & BOOK WAIVERS, WHILE OTHERS RECEIVED ON-CAMPUS HOUSING WAIVERS, AND A GROUP OF STUDENTS RECEIVED WAIVERS FOR BOTH. FUNDS ARE ALSO USED TO SUPPLEMENT OPERATIONAL FUNDS FOR MURRAY STATE COLLEGE AS CHOSEN BY LEADERSHIP OF MURRAY STATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Co-Trustee | 2 | $340,189 | |
Joy Mcdaniel Co-Trustee | Trustee | 1 | $0 |
Justin Cellum Co-Trustee | Trustee | 1 | $0 |
Mary Sue Suzie Brewster Co-Trustee | Trustee | 1 | $0 |
Alana Ledford Co-Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $715,171 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $4,231,614 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,949,542 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,896,327 |
| 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. | $340,189 |
| 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 | $5,350 |
| 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 | $0 |
| 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 | $633,467 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,446,811 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $427,418 |
| 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 |
| Investments—publicly traded securities | $36,739,216 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $39,113 |
| Total assets | $37,205,747 |
| 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 | $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 | $37,205,747 |
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