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← DAVIS EDUCATIONAL FOUNDATION

Form 990 for tax year 2023

Filed by DAVIS EDUCATIONAL FOUNDATION.

Totals

Total revenue
$3,596,754
Total expenses
$3,273,990
Contributions and grants received
$0
Grants paid
$2,161,831
Program service revenue
$0
Investment income
$3,335,909
Other revenue
$260,845
Total assets, end of year
$118,326,807
Total liabilities, end of year
$1,686,125
Net assets or fund balances, end of year
$116,640,682
Program services expenses (Part IX)
$2,568,084
Management and general expenses
$705,906
Fundraising expenses
$0
Program service expenses (Part III)
$2,568,084

Program services were 78.4% 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.

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,027,820 · related or exempt $0 · unrelated business $0 · excluded $1,027,820

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $10,614,568 · other assets $0

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

    securities $8,306,479 · other assets $0

  • 7c · Gain or loss

    securities $2,308,089 · other assets $0

  • 7d · Net gain or loss

    total $2,308,089 · related or exempt $0 · unrelated business $0 · excluded $2,308,089

  • 11a · Other revenue: Management Fees

    total $207,564 · related or exempt $0 · unrelated business $0 · excluded $207,564

  • 11b · Other revenue: Prior year grant recovery

    total $50,526 · related or exempt $50,526 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Other Revenue

    total $2,755 · related or exempt $0 · unrelated business $0 · excluded $2,755

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $260,845

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,161,831 · program services $2,161,831

  • 5 · Compensation of officers, directors and key employees

    total $287,240 · program services $115,487 · management and general $171,753

  • 7 · Other salaries and wages

    total $318,755 · program services $207,620 · management and general $111,135

  • 8 · Pension plan contributions

    total $15,094 · program services $13,817 · management and general $1,277

  • 9 · Other employee benefits

    total $40,390 · program services $13,255 · management and general $27,135

  • 10 · Payroll taxes

    total $32,835 · program services $15,067 · management and general $17,768

  • 11c · Fees: accounting

    total $23,090 · management and general $23,090

  • 11f · Fees: investment management

    total $339,407 · management and general $339,407

  • 13 · Office expenses

    total $5,863 · program services $3,514 · management and general $2,349

  • 14 · Information technology

    total $13,226 · program services $11,800 · management and general $1,426

  • 16 · Occupancy

    total $20,636 · program services $14,858 · management and general $5,778

  • 17 · Travel

    total $3,121 · program services $2,871 · management and general $250

  • 19 · Conferences, conventions and meetings

    total $2,099 · program services $2,099

  • 20 · Interest

    total $0

  • 23 · Insurance

    total $2,553 · program services $1,510 · management and general $1,043

  • 24a · Other expenses: Dues

    total $5,408 · program services $3,970 · management and general $1,438 · fundraising $0

  • 24b · Other expenses: Miscellaneous

    total $2,442 · program services $385 · management and general $2,057 · fundraising $0

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $431,035 · end of year $622,639

  • 11 · Investments: publicly traded securities

    beginning of year $68,489,271 · end of year $73,199,978

  • 12 · Investments: other securities

    beginning of year $34,827,793 · end of year $44,445,289

  • 15 · Other assets

    beginning of year $47,492 · end of year $58,901

  • 17 · Accounts payable and accrued expenses

    beginning of year $66,079 · end of year $62,029

  • 18 · Grants payable

    beginning of year $2,014,693 · end of year $1,579,916

  • 25 · Other liabilities

    beginning of year $45,854 · end of year $44,180

  • 27 · Net assets without donor restrictions

    beginning of year $101,668,965 · end of year $116,640,682

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

To strengthen the undergraduate programs of public and private, regionally accredited baccalaureate degree granting colleges and universities located in New England through grants.

Activities or mission (Part I)

Award grants.

  • Grants made to colleges and universities in New England from organization assets, including direct investment related costs. See Schedule I for grants approved.

    Expenses $2,568,084 · Grants $2,161,831 · Revenue $50,526

As filed on the 2023 return.

Listed in Part VII

  • Leanne Greeley Bond

    Director of Grants & Programs

    Total calculated
    $163,833
    From this org
    $138,610
    From related orgs
    $0
    Other
    $25,223
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,922
    Bonus
    $500
    Other
    $1,188
    Deferred
    $9,866
    Nontaxable benefits
    $15,357
    Filer's total
    $163,833

  • Yvonne B Mumme

    Chief Finance & Admin. Officer

    Total calculated
    $148,645
    From this org
    $129,810
    From related orgs
    $0
    Other
    $18,835
    Hours/week
    36

  • Edward MacKay

    Chair

    Total calculated
    $40,000
    From this org
    $40,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Sister M Therese Antone

    Trustee

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Dennis Berkey

    Trustee

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Richard Freeland

    Trustee

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • A Clayton Spencer

    Trustee

    Total calculated
    $16,667
    From this org
    $16,667
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Judith B Wittenberg

    Past Trustee

    Total calculated
    $4,200
    From this org
    $4,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • William Wheeler

    Trustee

    Total calculated
    $0
    Hours/week
    8

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
22 October 2024
IRS schema version
2023v5.0
Source object
202422979349300012

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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