Local First Educational Foundation EIN 20-4696543

Local First Educational Foundation FY2020 filing

EIN  20-4696543 Public charity (501(c)(3)) Grand Rapids, MI Founded 2006
Form 990 (PDF)
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Size
$100K–1M
What they do
Offers business education to local businesses.
Leadership
Doris Drain · Board Chair
Money in and out
$422K revenue, $351K expenses
Bottom line
62% program efficiency

Offers business education to local businesses. For fiscal year 2020 it reported $422K in revenue, $351K in expenses, and $293K in net assets.Pt I

Where the money goes · FY2020
Total revenue
$422K
Pt VIII · Ln 12
Total expenses
$351K
Pt IX · Ln 25
Net assets
$293K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $70K
Where spending went · Part IX cols B–D
Program services $0.62 Management & general $0.24 Fundraising $0.14
Program efficiency
62%
of spending reaches programs
Operating runway
2.2mo
months of highly liquid reserves at operating expense rate
Surplus margin
+17%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2020 · Form 990
Revenue
$422K
FY2020
Expenses
$351K
FY2020
Total assets
$295K
FY2020
Total liabilities
$1K
FY2020
Total revenue
$422K
Pt VIII · Ln 12
Total expenses
$351K
Pt IX · Ln 25
Net assets
$293K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$70K
Total assetsPt X · Ln 16$295K
Program-expense ratioPt IX · col B62%
Voting members of governing bodyPt I · Ln 36
Independent voting membersPt I · Ln 46
Mission & Programs · Part III

Where the work happens

2 program services account for $217K of program spending, described in the organization's own filed words · FY2020.
01

Local first education foundation conducts community education events, including our good for michigan program, to educate business on how to improve their, social, environmental and employee impact, and we facilitate conversations about local ownership and local investment builds a more resilient economy

$207Kprogram expense
02

Local first education foundation works with local business to help educate and implement sustainable business practices and how these practice build the components of a more sustainable economy.

$10Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CLocal First Educational Foundation
EINHdr · item D20-4696543
Principal addressHdr · item CGrand Rapids, MI
WebsiteHdr · item Jwww.localfirst.com
Year of formationHdr · item L2006
State of legal domicileHdr · item MMI
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFCommunity Development (S99)
Ruling yearIRS BMFJun 2006

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a6
Independent voting membersPt VI · Ln 1b6
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Board Chair
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
See Local First Educational Foundation executive salaries →

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Statement of Revenue

Part VIII
Contributions & grants$375K · 89%
Program service revenue$47K · 11%
Contributions & grants89%$375K
Program service revenue11%$47K
Total revenueLn 12$422K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.62 Management & general $0.24 Fundraising $0.14
Program services62%$217K
Management & general24%$86K
Fundraising14%$48K
Total functional expensesLn 25$351K

Balance Sheet

Part X · end of year
CashLn 1$65K
Total assetsLn 16$295K
Total liabilitiesLn 26$1K
Total net assetsLn 32$293K
Months of cash on handcomputed2.2

Financial Metrics

Form 990 · FY2020 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $65K · Operating expenses/yr $351K
2.2 months
Where the money goes
Program services
Program services $217K · Total expenses $351K
62%
Management & General
Management & general $86K · Total expenses $351K
24%
Fundraising
Fundraising $48K · Total expenses $351K
14%
Cost to raise $1
Fundraising expense $48K · Solicited contributions $375K
$0.13 to raise $1
Where the money comes from
Contribution dependence
Contributions & grants $375K · Total revenue $422K
89%
Government reliance
Government grants — · Total revenue $422K
Earned-income share
Program service revenue $47K · Total revenue $422K
11%
Investment reliance
Investment income $0 · Total revenue $422K
0%
Program self-sufficiency
Program service revenue $47K · Total expenses $351K
13%
Growth & trend
Revenue growth (YoY)
This year $422K · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $293K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $422K · Expenses $351K
+17%
Liabilities-to-Assets
Total liabilities — · Total assets $295K
Net-asset ratio
Net assets $293K · Total assets $295K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $295K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Doris Drain · Reported title BOARD CHAIR · Highest reported compensation $0 · Total expenses $351K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $351K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 62%
Overhead ratio 24%
Fundraising cost ratio 13%
Accounting fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 2 funders$251K
Grants paid · 4 grants · $342K · 2020–2025

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$586K revenue · ⤓ 990 PDF
FY2024$973K revenue · ⤓ 990 PDF
FY2023$506K revenue · ⤓ 990 PDF
FY2022$389K revenue · ⤓ 990 PDF
FY2021$225K revenue · ⤓ 990 PDF
FY2020$422K revenue · viewing · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2020IRS
Classification, formation year, addressIRS Business Master File
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