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Nonprofiteer
← GEORGIA EDUCATION FOUNDATION INC

Form 990 for tax year 2024

Filed by GEORGIA EDUCATION FOUNDATION INC.

Totals

Total revenue
$73,033
Total expenses
$264,741
Contributions and grants received
$56,013
Grants paid
$0
Program service revenue
$17,020
Investment income
$0
Other revenue
$0
Total assets, end of year
$59,552
Total liabilities, end of year
$215,660
Net assets or fund balances, end of year
-$156,108
Program services expenses (Part IX)
$165,920
Management and general expenses
$98,821
Fundraising expenses
$0
Program service expenses (Part III)
$165,920

Program services were 62.7% 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

    $56,013

  • 2a · Program service revenue: PROGRAM

    total $12,020 · related or exempt $12,020

  • 2b · Program service revenue: OTHER PROGRAM

    total $5,000 · related or exempt $5,000

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $110,015 · program services $73,976 · management and general $36,039

  • 7 · Other salaries and wages

    total $92,496 · program services $61,972 · management and general $30,524

  • 8 · Pension plan contributions

    total $3,496 · program services $2,517 · management and general $979

  • 9 · Other employee benefits

    total $13,921 · program services $10,023 · management and general $3,898

  • 10 · Payroll taxes

    total $9,582 · program services $5,845 · management and general $3,737

  • 11c · Fees: accounting

    total $13,327 · management and general $13,327

  • 11g · Fees: other

    total $9,416 · program services $5,838 · management and general $3,578

  • 12 · Advertising and promotion

    total $168 · management and general $168

  • 13 · Office expenses

    total $300 · management and general $300

  • 14 · Information technology

    total $95 · management and general $95

  • 20 · Interest

    total $3,235 · management and general $3,235

  • 22 · Depreciation, depletion and amortization

    total $164 · management and general $164

  • 23 · Insurance

    total $727 · program services $523 · management and general $204

  • 24a · Other expenses: CATERING

    total $2,422 · program services $2,422

  • 24b · Other expenses: INTERNSHIP EXPENSES

    total $1,380 · program services $1,380

  • 24c · Other expenses: PARKING

    total $1,349 · management and general $1,349

  • 24d · Other expenses: BUSINESS REGISTRATION FEE

    total $1,080 · management and general $1,080

  • 24e · All other expenses

    total $1,568 · program services $1,424 · management and general $144

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $67,983 · end of year $30,011

  • 4 · Accounts receivable

    end of year $29,500

  • 10a · Land, buildings and equipment: cost or other basis

    $822

  • 10b · Land, buildings and equipment: accumulated depreciation

    $781

  • 10c · Land, buildings and equipment, net

    end of year $41

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,077 · end of year $12,466

  • 25 · Other liabilities

    beginning of year $24,306 · end of year $203,194

  • 27 · Net assets without donor restrictions

    beginning of year $35,600 · end of year -$156,108

Mission and programs · 2024

Mission

TO PROVIDE EDUCATIONAL AND TRAINING OPPORTUNITIES FOR SMALL BUSINESS ENTERPRISES AND EMERGING ENTREPRENEURIAL IN ORDER TO DEVELOP CAPACITY THAT WILL DRIVE BUSINESS GROWTH AND CREATE JOBS.

Activities or mission (Part I)

SEE PART III, PAGE 2

  • THE MENTOR PROTEGE PROGRAM IS A BUSINESS DEVELOPMENT PROGRAM ADMINISTERED BY THE GEORGIA EDUCATION FOUNDATION, INC, THE EDUCATIONAL ARM OF GEORGIA MINORITY SUPPLIER DEVELOPMENT COUNCIL, INC (GMSDC). IT PROVIDES OPPORTUNITIES FOR GEORGIA SMALL BUSINESSES TO BENEFIT FROM A PARTNERSHIP WITH A CORPORATE MENTOR FOR A PERIOD OF ONE YEAR. EMERGING FIRMS CAN BUILD RELATIONSHIPS, EXPLORE NEW TECHNOLOGIES, LEARN ABOUT BEST PRACTICES AND BENEFIT FROM THE WISDOM OF CORPORATE EXECUTIVES WHO ARE COMMITTED TO THE LONG-TERM HEALTH AND OVERALL GROWTH OF SMALL BUSINESSES IN GEORGIA. THE GOAL OF THE PROGRAM IS TO HELP SMALL BUSINESSES TO BE SUCCESSFUL OVER THE LONG HAUL, BY HELPING THEM TO DEVELOP CAPACITY, ENHANCE THEIR SKILL SETS AND BECOME MORE COMPETITIVE. RESEARCH HAS SHOWN THAT ACCESS TO THE RIGHT KIND OF COACHING AND MENTORING SIGNIFICANTLY INCREASES THE SUCCESS RATE IN SMALL BUSINESS, WHILE BOTH THE MENTOR AND THE PROTEGE BENEFIT TREMENDOUSLY FROM THEIR INTERACTION.

    Expenses $165,920 · Revenue $17,020

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Stacey Key

    PRESIDENT/CE

    Total calculated
    $339,956
    From this org
    $0
    From related orgs
    $300,661
    Other
    $39,295
    Hours/week
    5

    Schedule J breakdown matched by us

    Base
    not reported + $300,661 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $39,295 related
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $339,956 related

  • Vanessa Lane

    EXECUTIVE DI

    Total calculated
    $110,014
    From this org
    $104,702
    From related orgs
    $0
    Other
    $5,312
    Hours/week
    40

  • Michael Robinson

    BOARD CHAIRM

    Total calculated
    $0
    Hours/week
    2

  • Ken Huff

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Glenda Stinson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sidd Ahmed

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Wassel Lewis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

No itemized grants to organizations on this return.

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
2024
Filed
5 May 2025
IRS schema version
2024v5.0
Source object
202503189349310220

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