Colorado Restaurant Association Education Fund
- Assets
- $2.2m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Denver, CO
- Founding
- 05/1988
- Data as of
- 12/2021
- EIN
- 74-2488379
Organization Overview
Colorado Restaurant Association Education Fund, operating under the name Colorado Restaurant Association Education Foundation, is located in Denver, CO. 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. Colorado Restaurant Association Education 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 12/2021, Colorado Restaurant Association Education Foundation generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 30.6% each year . All expenses for the organization totaled $4.3m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Colorado Restaurant Association Education Foundation has awarded 196 individual grants totaling $1,518,923. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE COLORADO RESTAURANT FOUNDATION IS DEDICATED TO ENHANCING THE INDUSTRY'S TRAINING AND EDUCATION, CAREER DEVELOPMENT AND THE OVERALL WELL-BEING OF THE INDUSTRY AND ITS WORKFORCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSISTANCE: THE ASSISTANCE PROGRAM PROVIDES DISASTER RELIEF GRANTS TO INDIVIDUALS IN THE FOODSEVICE INDUSTRY. IN 2020, AS A RESULT OF THE CORONAVIRUS PANDEMIC, THE ORGANIZATION RECEIVED AN UNUSUAL AND OVERWHELMING LEVEL OF MONETARY CONTRIBUTIONS FROM BUSINESSES AND INDIVIDUALS WHICH FUNDED THE ASSISTANCE PROGRAM. THIS FUNDING RESULTED IN AN UNPRECEDENTED LEVEL OF MONETARY ASSISTANCE BEING AVAILABLE FOR THE ORGANIZATION AND THUS EXPANDED THE PROGRAM TO ASSIST BUSINESSES AS WELL AS INDIVIDUALS IN THE INDUSTRY IN NEED OF SUPPORT TO RECOVER FROM THE DEVASTATING ECONOMIC EFFECTS OF THE PANDEMIC. THE ORGANIZATION HAD SEVERAL ASSISTANCE PROGRAMS WHERE FUNDS WERE RECEIVED IN 2020 AND THE GRANTING PROCESS CARRIED INTO 2021. IN ADDITION TO CONTINUING THOSE PROGRAMS, IN 2021 NEW PROGRAMS WERE FUNDED BY LOCAL GOVERNMENTS TO ASSIST WORKERS AND BUSINESSES TO REBUILD AND OPERATE WITH CONTINUED RESTRICTIONS IN THE EARLY MONTHS OF 2021 AND RECOVER ECONOMICALLY AND OPERATIONALLY AS THE EFFECTS OF THE PANDEMIC SLOWED BUT VARIANTS AROSE.
PROSTART: PROSTART IS A HIGH SCHOOL PRE-APPRENTICESHIP PROGRAM THAT PROVIDES COLLEGE CONCURRENT CREDIT, INDUSTRY WORK EXPERIENCE OPPORTUNITIES, AND SCHOLARSHIPS TO PURSUE POST-SECONDARY EDUCATION.
SEMINARS PROVIDE TRAINING AND CERTIFICATION IN FOOD AND ALCOHOL SAFETY. THE EVENTS PROGRAM HELPS RAISE FUND TO ADMINISTER THE FOUNDATION PROGRAMS.
SCHOLARSHIPS:THE SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO COLORADO PROSTART GRADUATES AND POST-SECONDARY UNDERGRADUATES THAT ARE PURSUING A COLLEGE EDUCATION IN THE FOODSERVICE AND HOSPITALITY INDUSTRIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Shunk President | Officer | 40 | $96,932 |
Sonia Riggs Executive Director | Officer | 1 | $36,135 |
Devany Mcneil Vp-Strategic Partnerships | Officer | 1 | $10,443 |
Scott Engelman Chairman Thru 10/21 | OfficerTrustee | 2 | $0 |
Lauren Roberts Treasurer | OfficerTrustee | 2 | $0 |
Chris Weil Vp-Fundraising Committee | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,394 |
| Related organizations | $0 |
| Government grants | $1,781,535 |
| All other contributions, gifts, grants, and similar amounts not included above | $494,920 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,277,849 |
| Total Program Service Revenue | $44,256 |
| Investment income | $25,650 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $82,527 |
| Net Income from Fundraising Events | $22,193 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,452,590 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,648,037 |
| Grants and other assistance to domestic individuals. | $744,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $153,497 |
| Compensation of current officers, directors, key employees. | $32,953 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $267,437 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,040 |
| Payroll taxes | $17,540 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $813 |
| Fees for services: Accounting | $10,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $30,000 |
| Fees for services: Investment Management | $6,815 |
| Fees for services: Other | $10,032 |
| Advertising and promotion | $0 |
| Office expenses | $29,666 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,223 |
| Travel | $5,567 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,213 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,012 |
| All other expenses | $0 |
| Total functional expenses | $4,270,566 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $194,194 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $968,674 |
| Accounts receivable, net | $27,924 |
| 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 | $5,758 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,013,904 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,210,454 |
| Accounts payable and accrued expenses | $22,183 |
| Grants payable | $33,033 |
| Deferred revenue | $35,000 |
| 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 | $174,936 |
| Total liabilities | $265,152 |
| Net assets without donor restrictions | $1,393,156 |
| Net assets with donor restrictions | $552,146 |
| 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 | $2,210,454 |
Grants Awarded
Over the last fiscal year, Colorado Restaurant Association Education Fund has awarded $1,240,391 in support to 149 organizations.
| Grant Recipient | Amount |
|---|---|
BISTRO VENDOME PURPOSE: DISASTER ASSISTANCE/SUPPORT | $17,021 |
WEST OF SURRENDER PURPOSE: DISASTER ASSISTANCE/SUPPORT | $14,507 |
ASPEN HIGH SCHOOL PURPOSE: LEARNING EQUPMENT | $12,786 |
MILE HIGH HAMBURGER MARY'S PURPOSE: DISASTER ASSISTANCE/SUPPORT | $12,583 |
DUNBAR KITCHEN & TAP HOUSE LLC PURPOSE: DISASTER ASSISTANCE/SUPPORT | $10,500 |
CRGCORNER BAKERY CAFE PURPOSE: DISASTER ASSISTANCE/SUPPORT | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Colorado Restaurant Association Education Fund has recieved totaling $338,396.
| Awarding Organization | Amount |
|---|---|
Xcel Energy Foundation Minneapolis, MN PURPOSE: DISCRETIONARY GRANTS | $150,000 |
The National Restaurant Association Educational Foundation Washington, DC PURPOSE: Apprenticeship Program | $121,930 |
The National Restaurant Association Educational Foundation Washington, DC PURPOSE: ProStart Program | $43,155 |
Westfield Insurance Foundation Westfield Center, OH PURPOSE: DISASTER RECOVERY | $8,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $7,500 |
Amg Charitable Gift Foundation Greenwood Village, CO PURPOSE: EDUCATION | $7,500 |
Endowment Analysis
| Beg. Balance | $945,486 |
| Earnings | $111,883 |
| Ending Balance | $1,057,369 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nebraska Student Loan Program Inc Lincoln, NE | $230,624,169 | $45,453,979 |
New Mexico Educational Assistance Foundation Albuquerque, NM | $392,805,656 | $19,955,288 |
Flinn Foundation Phoenix, AZ | $285,130,665 | $13,331,134 |
American Indian Graduate Center Inc Albuquerque, NM | $28,393,677 | $10,605,933 |
Brophy Community Foundation Phoenix, AZ | $21,931,888 | $12,402,402 |
J F Maddox Foundation Hobbs, NM | $240,372,497 | $15,567,055 |
Indigenous Education Inc Albuquerque, NM | $3,738,546 | $7,442,761 |
Arizona Private Education Scholarship Fund Inc Scottsdale, AZ | $4,340,429 | $7,500,005 |
Western Union Foundation Inc Denver, CO | $4,087,172 | $7,099,166 |
Davis Education Foundation Farmington, UT | $5,085,973 | $8,327,640 |
School Choice Arizona Inc Chandler, AZ | $10,615,298 | $8,926,972 |
New Mexico Student Loan Guarantee Corporation Albuquerque, NM | $15,866,075 | $3,044,592 |