Endowment Project Education Foundation FY2023 filing

Tax-deductible

Richmond, VA501(c)(3)EducationEIN 92-4023942Revenue $362K in FY2023

On file with the IRStepf.org1717 E Cary St, 23223-6935 · Richmond, VATax-exempt since Jun 2023Publicly supported charity — 170(b)(1)(A)(vi)

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The Endowment Project educaton Foundation is closing the funding gap between public and private Education in america by building a culture of direct, focused, and impactful philanthropy designed to support school-level and systemic public Education needs.

501(c)(3) charity; gifts are tax-deductible.
35¢ of each $1 spent went to programs.
$26K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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
2 of 2
filings with a surplus
Average surplus $337K a year · 48% of revenue · last 2 filings
Looks good: a surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
35%
of spending
Concern: 35% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$26K
to officers and key staff · 15% of spending
Looks good: pay to officers and key staff is 15% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
16 mo
of spending, in cash
Looks good: 15.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $106K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$40K
18% of total assets
Looks good: liabilities are 18% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$362K
Spent
$174K
To programs
35%
Net assets
$187K
By yearFY2023–FY2024
Revenue
$362K
FY2023
Tap a bar for its year
Revenue by fiscal year
FY2023$362K
FY2024$1.0M
Expenses
$174K
FY2023
Tap a bar for its year
Expenses by fiscal year
FY2023$174K
FY2024$543K
Net assets
$187K
FY2023
Tap a bar for its year
Net assets by fiscal year
FY2023$187K
FY2024$674K

From the FY2023 Form 990 · figures checked against the IRS filing · 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 Jun 2023.

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

Where the money goes

35 cents of each dollar spent went to programs.

Program services 35% · $61K Management & general 45% · $78K Fundraising 20% · $35K

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

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Who runs it and what they're paid

7 people listed on the 990; $26K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Director
$26,219Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A

Leigh Ann Boland’s $72K as Former Executive Director is at the 15th percentile of top reported officer pay among 3395 $1–10M 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 · 3 named individuals · Part VII

NameFY2024FY2023
Leigh Ann Boland$72,483—
Rachel Biundo$48,803$26,219
Danny Sterling$2,540—

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.

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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

Builds a culture of philanthropy to close funding gaps in public education.

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Provided by the organization

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1 program · $61K · in their own filed words · FY2023
01

The foundation secures funding for public high school support and deploy those funds in accordance with donor instructions, when appropriate, and through grantmaking to schools. In may of 2023, the foundation launched 12 pilot schools in the richmond-metro area.

$61Kprogram 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
See all 5 funders →
Grants paid · 10 grants · $233K · 2023–2024
Douglas S Freeman High SchoolVA · FY2024$75,626
Armstrong High SchoolFY2024$39,332
Fairfield Court Elementary SchoolFY2024$26,981
Fluvanna High SchoolFY2024$12,500
Open High SchoolFY2024$10,420
Richmond High School for the ArtsFY2024$10,000
John Marshall High SchoolFY2024$6,369
Glen Allen Hiugh SchoolFY2024$5,159
Douglas S Freeman High SchoolVA · FY2023$40,000
Armstrong High SchoolFY2023$6,600

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$362K
Ln 12
Gifts and grantsLn 1h$361K
Investment incomeLn 3$185
Money outPt IX
$174K
Ln 25
Programscol B$61K
Managementcol C$78K
Fundraisingcol D$35K
Owns and owesPt X
$187K
net assets · Ln 32
Cash and savingsLn 1–2$226K
Total assetsLn 16$227K
LiabilitiesLn 26$40K
PeoplePt VI, VII
7
listed · VII A
PaidVII A1
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$361K
Noncash giftsLn 1g$9K
Investment incomeLn 3$185
Total revenueLn 12$362K
Assets in detailPt X, end of year
CashLn 1$226K
Cash and savings togetherLn 1–2$226K
Land, buildings, equipmentLn 10c$1K
Total assetsLn 16$227K
LiabilitiesLn 26$40K
Net assetsLn 32$187K
OperationsPt I, VI
EmployeesI 51
VolunteersI 66
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$226K
Land, buildings, equipmentLn 10c$0$1K
Total assetsLn 16$0$227K
LiabilitiesLn 26$0$40K
Net assetsLn 32$0$187K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$51K$51K
Pay of current officers, directors and key staffLn 5$26K$8K$16K$3K
Other employee benefitsLn 9$3K$915$2K$306
Payroll taxesLn 10$2K$662$1K$221
Legal feesLn 11b$43K$43K
Accounting feesLn 11c$5K$5K
Professional fundraising feesLn 11e$32K$32K
Other fees for servicesLn 11g$3K$147$2K$49
Office expensesLn 13$3K$3K
OccupancyLn 16$3K$3K
TravelLn 17$2K$2K
Depreciation, depletion and amortizationLn 22$93$93
InsuranceLn 23$1K$1K
Total functional expensesLn 25$174K$61K$78K$35K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.0M$543K$487K$674K 990 PDF
FY2023 Viewing $362K$174K$187K$187K 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 (6 parts)
Part I · Summary $361,567 revenue, 12 lines filed
I-8 Contributions and grants$361,382
I-9 Program service revenue$0
I-10 Investment income$185
I-11 Other revenue$0
I-12 Total revenue$361,567
I-13 Grants and similar amounts paid$51,273
I-14 Benefits paid to members$0
I-15 Salaries and benefits$31,738
I-16a Professional fundraising fees$31,913
I-17 Other expenses$59,574
I-18 Total expenses$174,498
I-19 Revenue less expenses$187,069
Part VI · Governance 6 of 6 board members independent, 1 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $361,567 across 5 lines filed
VIII-1f All other contributions, gifts and grants$361,382
VIII-1g Noncash contributions (included above)$9,298
VIII-1h Total contributions, gifts and grants$361,382
VIII-3 Investment incomeExcluded from tax $185$185
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $185$361,567
Part IX · Statement of functional expenses $174,498 across 13 lines filed
IX-1 Grants to domestic organizationsPrograms $51,273$51,273
IX-5 Pay of current officers, directors and key staffPrograms $7,944 · Management $15,889 · Fundraising $2,647$26,480
IX-9 Other employee benefitsPrograms $915 · Management $1,829 · Fundraising $306$3,050
IX-10 Payroll taxesPrograms $662 · Management $1,325 · Fundraising $221$2,208
IX-11b Legal feesManagement $43,045$43,045
IX-11c Accounting feesManagement $5,200$5,200
IX-11e Professional fundraising feesFundraising $31,913$31,913
IX-11g Other fees for servicesPrograms $147 · Management $2,464 · Fundraising $49$2,660
IX-13 Office expensesManagement $2,764$2,764
IX-16 OccupancyManagement $2,700$2,700
IX-17 TravelManagement $1,786$1,786
IX-22 Depreciation, depletion and amortizationManagement $93$93
IX-23 InsuranceManagement $1,326$1,326
IX-25 Total functional expensesPrograms $60,941 · Management $78,421 · Fundraising $35,136$174,498
Part X · Balance sheet $227,300 assets, 10 lines filed
X-1 Cash, non-interest-bearing$225,928
X-4 Accounts receivable$352
X-10c Land, buildings and equipment, netStart of year $0$1,020
X-16 Total assetsStart of year $0$227,300
X-17 Accounts payable and accrued expenses$40,231
X-26 Total liabilitiesStart of year $0$40,231
X-27 Net assets without donor restrictions$14,617
X-28 Net assets with donor restrictions$172,452
X-32 Total net assets or fund balancesStart of year $0$187,069
X-33 Total liabilities and net assetsStart of year $0$227,300
Part XI · Reconciliation of net assets $187,069 net assets at year end
XI-1 Total revenue$361,567
XI-2 Total expenses$174,498
XI-3 Revenue less expenses$187,069
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$187,069

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

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