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Nonprofiteer
← WREC EDUCATIONAL FOUNDATION INC

Form 990 for tax year 2022

Filed by WREC EDUCATIONAL FOUNDATION INC.

Totals

Total revenue
$1,606,508
Total expenses
$1,141,855
Contributions and grants received
$1,505,518
Grants paid
$1,133,744
Program service revenue
$0
Investment income
$100,990
Other revenue
$0
Total assets, end of year
$7,919,758
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$7,919,758
Program services expenses (Part IX)
$1,133,744
Management and general expenses
$8,111
Fundraising expenses
$0
Program service expenses (Part III)
$1,133,744

Program services were 99.3% 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.

  • 1f · All other contributions, gifts and grants

    $1,505,518

  • 3 · Investment income

    total $100,990 · excluded $100,990

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $403,163 · program services $403,163

  • 2 · Grants to domestic individuals

    total $730,581 · program services $730,581

  • 11c · Fees: accounting

    total $8,050 · management and general $8,050

  • 24a · Other expenses: ANNUAL FILING FEE

    total $61 · management and general $61

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $151,045 · end of year $184,260

  • 2 · Savings and temporary cash investments

    beginning of year $7,302,456 · end of year $7,715,820

  • 15 · Other assets

    beginning of year $1,604 · end of year $19,678

  • 27 · Net assets without donor restrictions

    beginning of year $7,455,105 · end of year $7,919,758

Mission and programs · 2022

Mission

ACCUMULATE AND DISBURSE FUNDS FOR EDUCATIONAL PURPOSES IN THE SERVICE AREA OF WITHLACOOCHEE RIVER ELECTRIC COOPERATIVE, INC.

  • THE FOUNDATION'S MAJOR PROGRAM IS TO PROVIDE COLLEGE SCHOLARSHIPS TO STUDENTS RESIDING IN PASCO, HERNANDO AND CITRUS COUNTIES, ALL WHICH ARE IN THE STATE OF FLORIDA.

    Expenses $1,133,744 · Grants $1,133,744

As filed on the 2022 return.

Listed in Part VII

  • Billy E Brown

    EXEC. VICE P

    Total calculated
    $1,119,897
    From this org
    $0
    From related orgs
    $1,101,784
    Other
    $18,113
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    not reported + $485,367 related
    Bonus
    not reported + $614,439 related
    Other
    not reported + $1,978 related
    Deferred
    not reported
    Nontaxable benefits
    not reported + $18,113 related
    Filer's total
    not reported + $1,119,897 related

  • Alan F Hengesbach

    TREASURER

    Total calculated
    $43,862
    From this org
    $0
    From related orgs
    $43,862
    Other
    $0
    Hours/week
    1 + 7 related

  • Terrence E Schrader

    PRESIDENT

    Total calculated
    $41,762
    From this org
    $0
    From related orgs
    $41,762
    Other
    $0
    Hours/week
    1 + 7 related

  • Kimberly L Kinney

    DIRECTOR

    Total calculated
    $33,812
    From this org
    $0
    From related orgs
    $33,812
    Other
    $0
    Hours/week
    1 + 5 related

  • Desmond G Little

    DIRECTOR

    Total calculated
    $33,791
    From this org
    $0
    From related orgs
    $33,791
    Other
    $0
    Hours/week
    1 + 5 related

  • Robert Barthle

    TRUSTEE/DIRE

    Total calculated
    $32,912
    From this org
    $0
    From related orgs
    $32,912
    Other
    $0
    Hours/week
    1 + 4 related

  • Patricia P Bechtelheimer

    VICE PRESIDE

    Total calculated
    $28,424
    From this org
    $0
    From related orgs
    $28,424
    Other
    $0
    Hours/week
    1 + 5 related

  • Paul R Little

    DIRECTOR

    Total calculated
    $28,027
    From this org
    $0
    From related orgs
    $28,027
    Other
    $0
    Hours/week
    1 + 5 related

  • Robert W Strickland

    SECRETARY

    Total calculated
    $20,966
    From this org
    $0
    From related orgs
    $20,966
    Other
    $0
    Hours/week
    1 + 6 related

  • David S Hunnicutt

    DIRECTOR

    Total calculated
    $17,100
    From this org
    $0
    From related orgs
    $17,100
    Other
    $0
    Hours/week
    1 + 5 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • PASCO COUNTY SCHOOL BOARD

    $400,000

    EDUCATION

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • URADCO INC URADCO INC

    C CORP · SCH R, VII · FL

    Directly controlled by SCH R VII SCH R VII

  • LAKE JOVITA ASSOCIATES INC LAKE JOVITA ASSOCIATES INC

    C CORP · SCH R, VII · FL

    Directly controlled by SCH R VII SCH R VII

  • ONE LACOOCHEE CENTER ONE LACOOCHEE CENTER

    C CORP · SCH R VII · FL

    Directly controlled by SCH R VII SCH R VII

Provenance

Return type
form_990
Tax year
2022
Filed
1 April 2023
IRS schema version
2022v5.0
Source object
202331219349301008

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