North Carolina Restaurant And Lodging Association Foundation Inc
- Assets
- $933.3k
- Revenue
- $767.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 08/2003
- Data as of
- 12/2023
- EIN
- 81-0618683
Organization Overview
North Carolina Restaurant And Lodging Association Foundation Inc is located in Raleigh, NC. The organization was established in 2003. 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. North Carolina Restaurant And Lodging Association Foundation Inc 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 12/2023, North Carolina Restaurant And Lodging Association Foundation Inc generated $767.3k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 15.1% each year . All expenses for the organization totaled $654.7k during the year ending 12/2023. While expenses have increased by 11.7% per year over the past 5 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE NORTH CAROLINA RESTAURANT & LODGING ASSOCIATION IS A PHILANTHROPIC ORGANIZATION THAT SUPPORTS THE NORTH CAROLINA HOSPITALITY INDUSTRY'S SERVICE TO THE PUBLIC THROUGH EDUCATION, COMMUNITY SERVICE, COMMUNITY ENGAGEMENT, AND PROMOTION OF CAREER OPPORTUNITIES. NCRLA FOUNDATION WORKS TO ATTRACT, DEVELOP, SUPPORT, AND RETAIN A CAREER-ORIENTED PROFESSIONAL WORKFORCE FOR THE HOSPITALITY INDUSTRY. WE PROVIDE GRANTS TO WORKERS IN THE HOSPITALITY INDUSTRY WHO FACE FINANCIAL HARDSHIPS. WE SUPPORT CAREER AND TECHNICAL EDUCATION PROGRAMMING IN NC CLASSROOMS WITH THE GOAL OF INTRODUCING STUDENTS TO CAREER OPPORTUNITIES AND FACILITATING ON-THE-JOB WORK EXPERIENCE IN NC RESTAURANTS AND HOTELS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NORTH CAROLINA RESTAURANT AND LODGING ASSOCIATION FOUNDATION SUPPORTS PROSTART PROGRAMMING IN HIGH SCHOOLS ACROSS THE STATE BY PROVIDING RESOURCES TO SUPPLEMENT CLASSROOM INSTRUCTION AND BY CONNECTING HOSPITALITY INDUSTRY PROFESSIONALS WITH THE CLASSROOM. NORTH CAROLINA RESTAURANT AND LODGING ASSOCIATION FOUNDATION PROVIDES GRANTS TO CLASSROOM TEACHERS AND AWARDS SCHOLARSHIPS TO STUDENTS WHO ASPIRE TO CAREERS IN THE HOSPITALITY INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lynn Minges Ncrla Presid | Trustee | 1 | $0 |
Andrew Baker Board Member | Trustee | 0.5 | $0 |
Benjamin Chapman Board Member | Trustee | 0.5 | $0 |
Francis Clements Board Member | Trustee | 0.5 | $0 |
Leon Cox Board Member | Trustee | 0.5 | $0 |
Andy Dinkin Board Member | Trustee | 0.5 | $0 |
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 | $51,116 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $51,116 |
| Total Program Service Revenue | $0 |
| Investment income | $23,363 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,022 |
| Net Income from Fundraising Events | $132,574 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $767,271 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $35,050 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $10,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $700 |
| Advertising and promotion | $0 |
| Office expenses | $21,770 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,636 |
| 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 | $1,376 |
| All other expenses | $2,896 |
| Total functional expenses | $654,686 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $429,611 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $108,467 |
| 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 | $1,335 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $393,913 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $933,326 |
| Accounts payable and accrued expenses | $66,819 |
| Grants payable | $0 |
| Deferred revenue | $37,000 |
| 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 | $4,416 |
| Total liabilities | $108,235 |
| Net assets without donor restrictions | $825,091 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $933,326 |