Torrance Education Foundation EIN 33-0506936

Torrance Education Foundation

EIN  33-0506936 Public charity (501(c)(3)) Torrance, CA Founded 1992
Form 990 (PDF) Compare with another nonprofit →
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Size
$100K–1M
What they do
Funds public schools in Torrance Unified School District for high-quality education.
Leadership
Patrick Furey · President
Money in and out
$822K revenue, $744K expenses
Bottom line
69% program efficiency

Funds public schools in Torrance Unified School District for high-quality education. For fiscal year 2024 it reported $822K in revenue, $744K in expenses, and $1.7M in net assets.Pt I

Where the money goes · FY2024
Total revenue
$822K
Pt VIII · Ln 12
Total expenses
$744K
Pt IX · Ln 25
Net assets
$1.7M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $78K
Where spending went · Part IX cols B–D
Program services $0.69 Management & general $0.17 Fundraising $0.14
Program efficiency
69%
of spending reaches programs▼ -25% vs prior filing year
Operating runway
32.3mo
months of highly liquid reserves at operating expense rate▼ -10% vs prior filing year
Surplus margin
+10%
revenue over expenses, this year▼ -76% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$822K
FY2024▼ -20%
Expenses
$744K
FY2024▲ +20%
Total assets
$2.0M
FY2024▲ +8%
Total liabilities
$272K
FY2024▲ +34%
Total revenue
$822K
Pt VIII · Ln 12
Total expenses
$744K
Pt IX · Ln 25
Net assets
$1.7M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$78K
Total assetsPt X · Ln 16$2.0M
Program-expense ratioPt IX · col B69%
Voting members of governing bodyPt I · Ln 318
Independent voting membersPt I · Ln 418
Mission & Programs · Part III

Where the work happens

3 program services account for $516K of program spending, described in the organization's own filed words · FY2024.
01

Grants given to enhance various educational programs at schools in the torrance unified school district.

$299Kprogram expense
02

Summer school education to greater than 300 students at elementary, middle school and high school level.

$212Kprogram expense
03

Scholarships to graduating seniors in the torrance unified school district.

$4Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CTorrance Education Foundation
EINHdr · item D33-0506936
Principal addressHdr · item CTorrance, CA
Year of formationHdr · item L1992
State of legal domicileHdr · item MCA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B90Z)
Ruling yearIRS BMFNov 1996

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a18
Independent voting membersPt VI · Ln 1b18
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Other revenue$395K · 48%
Program service revenue$286K · 35%
Contributions & grants$133K · 16%
Investment income$7K · 1%
Other revenue48%$395K
Program service revenue35%$286K
Contributions & grants16%$133K
Investment income1%$7K
Total revenueLn 12$822K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.69 Management & general $0.17 Fundraising $0.14
Program services69%$516K
Management & general17%$125K
Fundraising14%$103K
Total functional expensesLn 25$744K

Balance Sheet

Part X · end of year
CashLn 1$1.8M
Total assetsLn 16$2.0M
Total liabilitiesLn 26$272K
Total net assetsLn 32$1.7M
Months of cash on handcomputed29.3

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $2.0M · Operating expenses/yr $744K
32.3 months
Where the money goes
Program services
Program services $516K · Total expenses $744K
69%
Management & General
Management & general $125K · Total expenses $744K
17%
Fundraising
Fundraising $103K · Total expenses $744K
14%
Cost to raise $1
Fundraising expense (3-yr avg) $39K · Solicited contributions (3-yr avg) $241K
$0.16 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $133K · Total revenue $822K
16%
Government reliance
Government grants — · Total revenue $822K
Earned-income share
Program service revenue $286K · Total revenue $822K
35%
Investment reliance
Investment income $7K · Total revenue $822K
+1%
Program self-sufficiency
Program service revenue $286K · Total expenses $744K
39%
Growth & trend
Revenue growth (YoY)
This year $822K · Prior year $1.0M
-20%
Revenue CAGR
FY2019 $1.1M · FY2024 $822K
-6%
Net-asset trend (YoY)
End of year $1.7M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $822K · Expenses $744K
+10%
Liabilities-to-Assets
Total liabilities — · Total assets $2.0M
Net-asset ratio
Net assets $1.7M · Total assets $2.0M
87%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $187K · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $2.0M
9%
People & payroll
Highest Reported Total Compensation
Individual Patrick Furey · Reported title President · Highest reported compensation $0 · Total expenses $744K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $326K · Total expenses $744K
44%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 69%
Overhead ratio 17%
Fundraising cost ratio 78%
Revenue growth -20%

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$242K
Grants paid · 11 grants · $1.8M · 2019–2024
TusdFY2024$299,419
TusdFY2023$268,400
Unitemized GrantFY2023$30,500
TusdFY2022$238,966
Unitemized GrantFY2022$31,500
TusdFY2021$362,752
Unitemized GrantFY2021$34,000
TusdFY2020$248,121
Unitemized GrantFY2020$30,000
TusdFY2019$275,462
Unitemized GrantFY2019$29,000

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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
FY2024$1.0M revenue · ⤓ 990 PDF
FY2023$849K revenue · ⤓ 990 PDF
FY2022$847K revenue · ⤓ 990 PDF
FY2021$933K revenue · ⤓ 990 PDF
FY2020$1.1M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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