Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $37,170

• 1c · Fundraising events

  $130,000

• 1d · Related organizations

  $72,520

• 1f · All other contributions, gifts and grants

  $62,951

• 1g · Noncash contributions included above

  $24,609

• 3 · Investment income

  total $25 · excluded $25

• 8a · Fundraising events: gross income

  $246,853

• 8a · Fundraising events: contributions included on line 1c

  $130,000

• 8b · Fundraising events: direct expenses

  $183,556

• 8c · Net income from fundraising events

  total $63,297 · excluded $63,297

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $309,629 · program services $309,629

• 11b · Fees: legal

  total $90 · management and general $90

• 11c · Fees: accounting

  total $10,500 · management and general $10,500

• 12 · Advertising and promotion

  total $5,954 · fundraising $5,954

• 13 · Office expenses

  total $4,427 · program services $406 · management and general $4,021

• 14 · Information technology

  total $3,843 · management and general $3,843

• 17 · Travel

  total $1,297 · management and general $1,297

• 19 · Conferences, conventions and meetings

  total $441 · management and general $441

• 23 · Insurance

  total $3,988 · management and general $3,988

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,639 · end of year $58

• 2 · Savings and temporary cash investments

  beginning of year $207,974 · end of year $246,769

• 4 · Accounts receivable

  beginning of year $8,000 · end of year $7,450

• 9 · Prepaid expenses and deferred charges

  beginning of year $570 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $300 · end of year $2,600

• 27 · Net assets without donor restrictions

  beginning of year $225,883 · end of year $251,677

The filer's explanations (Part III)

PART I, LINE 4B

NO OFFICERS/BOARD MEMBERS ARE PAID BY THE FOUNDATION, HOWEVER THE FOLLOWING INDIVIDUALS PARTICIPATE IN THE RELATED ORGANIZATION'S, GEORGIA'S OWN CREDIT UNION, NON-QUALIFIED RETIREMENT PLAN. DAVID A. PRETER - PARTICIPATED IN 457F PLAN - 2022 PAY OUT $1,000,000 KELLY M. GARMON - PARTICIPATED IN 457F PLAN - 2022 ACCRUAL $72,792 ERIC S. BROOME - PARTICIPATED IN 457F PLAN - 2022 ACCRUAL $45,010 CINDY R. BOYLES - PARTICIPATED IN 457F PLAN - 2022 ACCRUAL $54,934 GEORGIA'S OWN CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO DAVID A. PRETER, KELLY M. GARMON TERESA L. MARTIN, CINDY R. BOYLES, AND ERIC S. BROOME THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS AND ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON.

PART I, LINE 6

CERTAIN BOARD MEMBERS WHICH ARE EMPLOYED BY RELATED ENTITY, GEORGIA'S OWN CREDIT UNION PARTICIPATE, PARTICIPATE IN THE RELATED ENTITY'S ANNUAL INCENTIVE PLAN. ONE COMPONENT OF THE INCENTIVE PAYOUTS FROM THIS PLAN IS THE NET INCOME OF THE CREDIT UNION. NO PAYOUTS FROM THIS PLAN WERE EARNED IN 2022.