Leo Foundation FY2021 filing

Tax-deductible

Phoenix, AZ501(c)(3)Since 2006EducationEIN 20-4879525

The organizations primary exempt purpose is to provide scholarships to traditional full-time undergraduate students enrolled at universities and colleges in arizona.

501(c)(3) charity; gifts are tax-deductible.
52¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average deficit $50K a year · 19% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
52%
of spending
Worth a look: 52% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Looks good: 5.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $65K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$28K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2
of 2 voting members
Looks good: 2 of 2 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$273K
+115% vs prior year
Spent
$219K
To programs
52%
Net assets
$480K
By yearFY2020–FY2025
Revenue
$273K
FY2021▲ +115%
Revenue by fiscal year
FY2020$127K
FY2021$273K
FY2022$282K
FY2023$287K
FY2024$362K
FY2025$241K
Expenses
$219K
FY2021▼ -19%
Expenses by fiscal year
FY2020$270K
FY2021$219K
FY2022$346K
FY2023$438K
FY2024$359K
FY2025$239K
Net assets
$480K
FY2021▲ +13%
Net assets by fiscal year
FY2020$425K
FY2021$480K
FY2022$394K
FY2023$241K
FY2024$255K
FY2025$247K

From the FY2021 Form 990 · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 2007.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

52 cents of each dollar spent went to programs.

Program services 52% · $113K Management & general 30% · $66K Fundraising 18% · $39K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

2 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
President
$0Pt VII · Sec A

Madeline Winney’s $91K as CEO is at the 79th percentile of top reported officer pay among 1612 $100K–1M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2023FY2022
Madeline Winney$91,000$84,000$76,000$50,000

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Leo Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides scholarships to full-time undergraduate students at Arizona universities and colleges.

Provided by the organization

This section is blank until Leo Foundation claims this page.

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1 program service account for $113K of program spending, described in the organization's own filed words · FY2021.
01

Provide scholarships to students enrolled at university

$113Kprogram expense

Run this program? Claim this org to tell your story

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Pbhmc INCFY2024$50K
Total grants receivedfrom 3 funders$65K
See all 3 funders →
Grants paid · 15 grants · $896K · 2020–2025
Grand Canyon UniversityAZ · FY2025$73,428
Minot State UniversityFY2025$6,112
Grand Canyon UniversityAZ · FY2024$147,983
Minot State UniversityFY2024$13,007
The Cedarville UniversityOH · FY2024$5,066
Grand Canyon UniversityAZ · FY2023$152,000
Minot State UniversityND · FY2023$14,748
The Cedarville UniversityOH · FY2023$5,045
Grand Canyon UniversityAZ · FY2022$142,549
Grand Canyon UniversityAZ · FY2021$78,709
Grand Canyon UniversityAZ · FY2020$119,163

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$273K
Ln 12
Gifts and grantsLn 1h$247K
Investment incomeLn 3$22K
Other incomeLn 4–11$4K
Money outPt IX
$219K
Ln 25
Programscol B$113K
Managementcol C$66K
Fundraisingcol D$39K
Owns and owesPt X
$480K
net assets · Ln 32
Cash and savingsLn 1–2$101K
Total assetsLn 16$508K
LiabilitiesLn 26$28K
PeoplePt VI, VII
2
listed · VII A
PaidVII A0
Voting boardVI 1a2
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$247K
Investment incomeLn 3$22K
Other incomeLn 4–11$4K
Gains on assetsLn 7$19K
Total revenueLn 12$273K
Assets in detailPt X, end of year
CashLn 1$101K
Cash and savings togetherLn 1–2$101K
InvestmentsLn 11–13$408K
Total assetsLn 16$508K
LiabilitiesLn 26$28K
Net assetsLn 32$480K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$28K$101K
InvestmentsLn 11–13$436K$408K
Total assetsLn 16$470K$508K
LiabilitiesLn 26$44K$28K
Net assetsLn 32$425K$480K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$113K$113K
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$44K$16K$27K
Legal feesLn 11b$224$224
Accounting feesLn 11c$21K$21K
Lobbying feesLn 11d$0
Investment management feesLn 11f$1K$1K
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$12K$12K
Office expensesLn 13$691$691
Information technologyLn 14$10K$10K
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$2K$2K
InsuranceLn 23$198$198
Other expenses (24a–d)Ln 24$14K$14K
All other expensesLn 24e$0
Total functional expensesLn 25$219K$113K$66K$39K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $241K$239K$2K$247K 990 PDF
FY2024 $362K$359K$3K$255K 990 PDF
FY2023 $287K$438K−$151K$241K 990 PDF
FY2022 $282K$346K−$63K$394K 990 PDF
FY2021 Viewing $273K$219K$55K$480K 990 PDF
FY2020 $127K$270K−$143K$425K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $273,154 across 6 lines filed
VIII-1f All other contributions, gifts and grants$246,886
VIII-1h Total contributions, gifts and grants$246,886
VIII-3 Investment incomeRelated to mission $3,511$3,511
VIII-5 RoyaltiesRelated to mission $3,940$3,940
VIII-7 Net gain or loss on sales of assetsRelated to mission $18,817$18,817
VIII-12 Total revenueRelated to mission $26,268$273,154
Part IX · Statement of functional expenses $218,529 across 30 lines filed
IX-1 Grants to domestic organizationsPrograms $113,209$113,209
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management feesManagement $16,340 · Fundraising $27,331$43,671
IX-11b Legal feesManagement $224$224
IX-11c Accounting feesManagement $21,300$21,300
IX-11d Lobbying fees$0
IX-11f Investment management feesManagement $1,418$1,418
IX-11g Other fees for services$0
IX-12 Advertising and promotionFundraising $11,551$11,551
IX-13 Office expensesManagement $691$691
IX-14 Information technologyManagement $10,347$10,347
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationManagement $1,597$1,597
IX-23 InsuranceManagement $198$198
IX-24 Other expenses (24a–d)Management $14,323$14,323
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $113,209 · Management $66,438 · Fundraising $38,882$218,529
Part X · Balance sheet $508,131 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $27,790$100,597
X-11 Publicly traded securitiesStart of year $363,737$327,519
X-13 Program-related investmentsStart of year $72,024$80,015
X-16 Total assetsStart of year $469,551$508,131
X-17 Accounts payable and accrued expensesStart of year $605$2,693
X-25 Other liabilitiesStart of year $43,519$24,995
X-26 Total liabilitiesStart of year $44,124$27,688
X-27 Net assets without donor restrictionsStart of year $302,420$304,140
X-28 Net assets with donor restrictionsStart of year $123,007$176,303
X-32 Total net assets or fund balancesStart of year $425,427$480,443
X-33 Total liabilities and net assetsStart of year $469,551$508,131
Part XI · Reconciliation of net assets $480,443 net assets at year end
XI-1 Total revenue$273,154
XI-2 Total expenses$218,529
XI-3 Revenue less expenses$54,625
XI-4 Net assets at start of year$425,427
XI-5 Net unrealized gains (losses) on investments$391
XI-10 Net assets at end of year$480,443

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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