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Milford Schools Foundation

Tax-deductible

Milford, NE501(c)(3)Education EIN 47-0830054Revenue $389K in FY2024

On file with the IRS1200 1st St, 68405-8794 · Milford, NETax-exempt since Mar 1999Publicly supported charity — 170(b)(1)(A)(vi)

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Provide scholarships and educational opportunities to graduates of Milford public Schools as well as provide opportunities to enhance educational opportunities for current students.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Run by 8 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · 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
4 of 5
filings with a surplus
Average surplus $144K a year · 44% of revenue · last 5 filings
Fine: a surplus in 4 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
84 mo
of spending, in cash
Plus $2.9M in investments, Pt X · Ln 11–13
Looks good: 84.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $18K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$20K
0.5% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$389K
+35% vs prior year
Spent
$111K
To programs
100%
Net assets
$3.6M
By yearFY2020–FY2024
Revenue
$389K
FY2024▲ +35%
Tap a bar for its year
Revenue by fiscal year
FY2020$306K
FY2021$511K
FY2022$141K
FY2023$288K
FY2024$389K
Expenses
$111K
FY2024▼ -35%
Tap a bar for its year
Expenses by fiscal year
FY2020$102K
FY2021$107K
FY2022$424K
FY2023$170K
FY2024$111K
Net assets
$3.6M
FY2024▲ +8%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.1M
FY2021$3.5M
FY2022$3.2M
FY2023$3.3M
FY2024$3.6M

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1999.

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% · $111K

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

8 people listed on the 990.

Part VII, Section A · reportable compensation
Dee Erb
Secretary
$0Pt VII · Sec A
Greg Dunlap
Board Member
$0Pt VII · Sec A
Larry Heyen
President
$0Pt VII · Sec A
Robert L Wergin
Board Member
$0Pt VII · Sec A
Christine Truhe
Board Member
$0Pt VII · Sec A
Dave Welsch
Board Member
$0Pt VII · Sec A
Kevin Wingard
Board Member
$0Pt VII · Sec A
Mitch Kubicek
Board Member
$0Pt VII · Sec A
See Milford Schools 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 15aYes

Programs and updates

Offers scholarships and educational programs for Milford Public Schools graduates and current students.

Questions for Milford Schools Foundation

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Provided by the organization

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1 program · $111K · in their own filed words · FY2024
01

Provide scholarships to graduating seniors of milford public schools as well as provide enhanced educational opportunities for current students.

$111Kprogram expense

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
Lincoln Community Foundation INCFY2024$18K
Total grants receivedfrom 1 funder$18K
Grants paid · 5 grants · $419K · 2020–2024
Unitemized GrantFY2024$65,100
Unitemized GrantFY2023$111,500
Unitemized GrantFY2022$80,500
Unitemized GrantFY2021$80,400
Unitemized GrantFY2020$81,100

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$389K
Ln 12
Fees for servicesLn 2g$166K
Investment incomeLn 3$121K
Gifts and grantsLn 1h$101K
Money outPt IX
$111K
Ln 25
Programscol B$111K
Owns and owesPt X
$3.6M
net assets · Ln 32
Cash and savingsLn 1–2$779K
Total assetsLn 16$3.6M
LiabilitiesLn 26$20K
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$101K
Fees for servicesLn 2g$166K
Investment incomeLn 3$121K
Total revenueLn 12$389K
Assets in detailPt X, end of year
CashLn 1$555K
SavingsLn 2$224K
Cash and savings togetherLn 1–2$779K
InvestmentsLn 11–13$2.9M
Total assetsLn 16$3.6M
LiabilitiesLn 26$20K
Net assetsLn 32$3.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 68
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$738K$779K
InvestmentsLn 11–13$2.6M$2.9M
Total assetsLn 16$3.4M$3.6M
LiabilitiesLn 26$20K$20K
Net assetsLn 32$3.3M$3.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$65K$65K
Accounting feesLn 11c$480$480
Investment management feesLn 11f$25K$25K
Office expensesLn 13$2K$2K
Other expenses (24a–d)Ln 24$18K$18K
Total functional expensesLn 25$111K$111K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $389K$111K$278K$3.6M 990 PDF
FY2023 $288K$170K$118K$3.3M 990 PDF
FY2022 $141K$424K−$283K$3.2M 990 PDF
FY2021 $511K$107K$404K$3.5M 990 PDF
FY2020 $306K$102K$204K$3.1M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $389,066 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $94,333$101,337
I-9 Program service revenuePrior year $120,723$166,493
I-10 Investment incomePrior year $72,676$121,236
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $287,732$389,066
I-13 Grants and similar amounts paidPrior year $111,500$65,100
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $58,030$45,720
I-18 Total expensesPrior year $169,530$110,820
I-19 Revenue less expensesPrior year $118,202$278,246
Part VI · Governance 8 of 8 board members independent, 2 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $389,066 across 5 lines filed
VIII-1f All other contributions, gifts and grants$101,337
VIII-1h Total contributions, gifts and grants$101,337
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $166,493$166,493
VIII-3 Investment incomeRelated to mission $121,236$121,236
VIII-12 Total revenueRelated to mission $287,729 · Unrelated business $0 · Excluded from tax $0$389,066
Part IX · Statement of functional expenses $110,820 across 5 lines filed
IX-2 Grants to domestic individualsPrograms $65,100$65,100
IX-11c Accounting feesPrograms $480$480
IX-11f Investment management feesPrograms $25,269$25,269
IX-13 Office expensesPrograms $2,151$2,151
IX-24 Other expenses (24a–d)Programs $17,820$17,820
IX-25 Total functional expensesPrograms $110,820 · Management $0 · Fundraising $0$110,820
Part X · Balance sheet $3,638,014 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $513,908$555,184
X-2 Savings and temporary cash investmentsStart of year $224,231$224,231
X-13 Program-related investmentsStart of year $2,621,629$2,858,599
X-16 Total assetsStart of year $3,359,768$3,638,014
X-17 Accounts payable and accrued expensesStart of year $20,000$20,000
X-26 Total liabilitiesStart of year $20,000$20,000
X-32 Total net assets or fund balancesStart of year $3,339,768$3,618,014
X-33 Total liabilities and net assetsStart of year $3,359,768$3,638,014
Part XI · Reconciliation of net assets $3,618,014 net assets at year end
XI-1 Total revenue$389,066
XI-2 Total expenses$110,820
XI-3 Revenue less expenses$278,246
XI-4 Net assets at start of year$3,339,768
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,618,014

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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