Youth Financial Literacy Foundation
- Assets
- $2.8m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 90
- Location
- Farmington Hills, MI
- Founding
- 12/2003
- Data as of
- 12/2022
- EIN
- 80-0056165
Organization Overview
Youth Financial Literacy Foundation is located in Farmington Hills, MI. The organization was established in 2003. According to its NTEE Classification (A33) the organization is classified as: Printing & Publishing, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Youth Financial Literacy Foundation employed 90 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Youth Financial Literacy 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 12/2022, Youth Financial Literacy Foundation generated $2.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $7.2m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Youth Financial Literacy Foundation has awarded 97 individual grants totaling $1,479,055. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE YOUTH FINANCIAL LITERACY FOUNDATION IS TO PROMOTE FINANCIAL UNDERSTANDING & KNOWLEDGE & INSTILL HABITS FOR SOUND MONEY MANAGEMENT & LIFELONG LEARNING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPANDED THE REACH & SCOPE OF EDUCATIONAL OFFERINGS TO LEARNERS OF ALL AGES AND WORKED WITH OUR ALUMNI TO GROW A CULTURE OF GIVING BACK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Curry President Tr | Officer | 10 | $36,539 |
Steve Cojei Secretary | Officer | 1 | $0 |
Michael Scullen Director | Trustee | 1 | $0 |
Rohil Ratanpara Vice Pres Te | Officer | 40 | $55,797 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Express Employment Staffing Agency | 12/30/21 | $1,053,215 |
Aerotek Staffing Agency | 12/30/21 | $798,024 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,261,001 |
| 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 | $2,261,001 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $611,693 |
| 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. | $92,336 |
| Compensation of current officers, directors, key employees. | $9,234 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,781,060 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $169,604 |
| Payroll taxes | $166,031 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,425,417 |
| Fees for services: Accounting | $795 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,329,073 |
| Advertising and promotion | $4,024 |
| Office expenses | $25,335 |
| Information technology | $25,767 |
| Royalties | $0 |
| Occupancy | $119,600 |
| Travel | $7,112 |
| 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 | $24,492 |
| All other expenses | $14,851 |
| Total functional expenses | $7,224,475 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,768,362 |
| Savings and temporary cash investments | $0 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,768,362 |
| Accounts payable and accrued expenses | $306 |
| 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 | $306 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $2,768,056 |
| Total liabilities and net assets/fund balances | $2,768,362 |
Grants Awarded
Over the last fiscal year, Youth Financial Literacy Foundation has awarded $611,693 in support to 28 organizations.
| Grant Recipient | Amount |
|---|---|
CALIFORNIA STATE UNIVERSITY | | | $7,500 |
BENNINGTON COLLEGE | | | $15,000 |
FORT VALLEY STATE UNIVERSITY | | | $10,000 |
GEORGIA INSTITUTE OF TECHNOLOGY | | | $25,000 |
DUKE UNIVERSITY | | | $27,500 |
GEORGIA STATE UNIVERSITY | | | $7,500 |