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Agc Educational Endowment Fund FY2023 filing

Tax-deductible

Lansing, MI501(c)(3)EIN 34-6480126

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Scholarships given to qualified students to help with college tuition.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $22K a year · 43% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
21 mo
of spending, in cash
Looks good: 20.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$191K
14% of total assets
Looks good: liabilities are 14% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 3 voting members
Concern: none of 3 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$48K
+18% vs prior year
Spent
$77K
To programs
100%
Net assets
$1.2M
By yearFY2020–FY2024
Revenue
$48K
FY2023▲ +18%
Revenue by fiscal year
FY2020$37K
FY2021$63K
FY2022$41K
FY2023$48K
FY2024$64K
Expenses
$77K
FY2023▲ +40%
Expenses by fiscal year
FY2020$47K
FY2021$56K
FY2022$55K
FY2023$77K
FY2024$126K
Net assets
$1.2M
FY2023▲ +10%
Net assets by fiscal year
FY2020$1.1M
FY2021$1.2M
FY2022$1.1M
FY2023$1.2M
FY2024$1.3M

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 1986.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $77K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation
Nino Chirco
Director
$0Pt VII · Sec A
Jack Abate
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Damian Hill
President
$0Pt VII · Sec A
See Agc Educational Endowment Fund 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 college scholarships to qualified students for tuition assistance.

Provided by the organization

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2 programs · $77K · in their own filed words · FY2023
01

Scholarships given to qualified students to help with college tuition.

$77Kprogram expense
02

Student chapter funding was provided to ferris, northern, and mtu for education and training related to architectual, engineering, or construction trades.

Pt IX · col B

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking
Grants paid · 5 grants · $333K · 2020–2024
Unitemized GrantFY2024$120,500
Unitemized GrantFY2023$72,500
Unitemized GrantFY2022$50,500
Unitemized GrantFY2021$47,000
Unitemized GrantFY2020$42,200

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$48K
Ln 12
Gifts and grantsLn 1h$30K
Investment incomeLn 3$25K
Money outPt IX
$77K
Ln 25
Programscol B$77K
Owns and owesPt X
$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$133K
Total assetsLn 16$1.4M
LiabilitiesLn 26$191K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$30K
Fundraising eventsLn 1c$27K
Investment incomeLn 3$25K
Total revenueLn 12$48K
Assets in detailPt X, end of year
SavingsLn 2$133K
Cash and savings togetherLn 1–2$133K
InvestmentsLn 11–13$1.2M
Total assetsLn 16$1.4M
LiabilitiesLn 26$191K
Net assetsLn 32$1.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$23K$133K
InvestmentsLn 11–13$1.1M$1.2M
Total assetsLn 16$1.2M$1.4M
LiabilitiesLn 26$142K$191K
Net assetsLn 32$1.1M$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$72K$72K
Investment management feesLn 11f$5K$5K
Total functional expensesLn 25$77K$77K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $64K$126K−$62K$1.3M 990 PDF
FY2023 Viewing $48K$77K−$29K$1.2M 990 PDF
FY2022 $41K$55K−$14K$1.1M 990 PDF
FY2021 $63K$56K$8K$1.2M 990 PDF
FY2020 $37K$47K−$10K$1.1M 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $47,692 across 6 lines filed
VIII-1c Fundraising events$26,650
VIII-1f All other contributions, gifts and grants$3,840
VIII-1h Total contributions, gifts and grants$30,490
VIII-3 Investment incomeExcluded from tax $24,845$24,845
VIII-8 Net income from fundraising eventsExcluded from tax −$7,643−$7,643
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $17,202$47,692
Part IX · Statement of functional expenses $77,085 across 2 lines filed
IX-2 Grants to domestic individualsPrograms $72,500$72,500
IX-11f Investment management feesPrograms $4,585$4,585
IX-25 Total functional expensesPrograms $77,085 · Management $0 · Fundraising $0$77,085
Part X · Balance sheet $1,363,736 assets, 10 lines filed
X-2 Savings and temporary cash investmentsStart of year $22,679$132,593
X-4 Accounts receivableStart of year $998$967
X-12 Other securitiesStart of year $1,056,187$1,230,176
X-16 Total assetsStart of year $1,209,447$1,363,736
X-25 Other liabilitiesStart of year $141,713$191,365
X-26 Total liabilitiesStart of year $141,713$191,365
X-27 Net assets without donor restrictionsStart of year −$98,167−$98,167
X-28 Net assets with donor restrictionsStart of year $1,165,901$1,270,538
X-32 Total net assets or fund balancesStart of year $1,067,734$1,172,371
X-33 Total liabilities and net assetsStart of year $1,209,447$1,363,736
Part XI · Reconciliation of net assets $1,172,371 net assets at year end
XI-1 Total revenue$47,692
XI-2 Total expenses$77,085
XI-3 Revenue less expenses−$29,393
XI-4 Net assets at start of year$1,067,734
XI-5 Net unrealized gains (losses) on investments$134,030
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,172,371

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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