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Nonprofiteer
← HERRING COLLEGE MEMORIAL EDUCATIONAL TRUST

Form 990 for tax year 2023

Filed by HERRING COLLEGE MEMORIAL EDUCATIONAL TRUST.

Totals

Total revenue
$159,339
Total expenses
$129,617
Contributions and grants received
$0
Grants paid
$100,000
Program service revenue
$0
Investment income
$159,339
Other revenue
$0
Total assets, end of year
$3,199,847
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$3,199,847
Program services expenses (Part IX)
$101,155
Management and general expenses
$28,462
Fundraising expenses
$0
Program service expenses (Part III)
$101,155

Program services were 78.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $72,221 · related or exempt $23,681 · excluded $48,540

  • 7a · Gross sales of assets other than inventory

    securities $1,289,380

  • 7b · Less cost or other basis and sales expenses

    securities $1,202,262

  • 7c · Gain or loss

    securities $87,118

  • 7d · Net gain or loss

    total $87,118 · related or exempt $87,118

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $100,000 · program services $100,000

  • 11c · Fees: accounting

    total $4,000 · management and general $4,000

  • 11f · Fees: investment management

    total $22,831 · management and general $22,831

  • 11g · Fees: other

    total $1,155 · program services $1,155

  • 23 · Insurance

    total $1,381 · management and general $1,381

  • 24a · Other expenses: NYS FILING FEE

    total $250 · management and general $250

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $513,406 · end of year $405,468

  • 4 · Accounts receivable

    beginning of year $2,387 · end of year $5,828

  • 11 · Investments: publicly traded securities

    beginning of year $2,515,810 · end of year $2,788,551

  • 27 · Net assets without donor restrictions

    beginning of year $1,874,650 · end of year $2,042,894

  • 28 · Net assets with donor restrictions

    beginning of year $1,156,953 · end of year $1,156,953

Mission and programs · 2023

Mission

TO PROVIDE SCHOLARSHIPS FOR INDIVIDUALS THAT ARE ACADEMICALLY QUALIFIED AND LIVE IN THE CITY OF WATERTOWN AND SURROUNDING AREAS.

  • DONATION TO THE NORTHERN NEW YORK COMMUNITY FOUNDATION, INC. FOR THE HERRING COLLEGE MEMORIAL EDUCATIONAL TRUST.

    Expenses $100,000 · Grants $100,000

  • FOREIGN TAX PAID ON INVESTMENTS.

    Expenses $1,155

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Pj Banazek

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    0.25

  • Jerilyn Fairman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Jeffrey Ginger

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.25

  • Roger Howard

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Megan Kendall

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Marc Ladouceur

    TREASURER

    Total calculated
    $0
    Hours/week
    0.25

  • Matthew Morgia

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Christine Powers

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Jacquelyn Schell

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Arthur Stever

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1

  • Marilyn Trainor

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.25

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
7 May 2024
IRS schema version
2023v5.0
Source object
202431459349301303

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