Totals
- Total revenue
- $2,304,716
- Total expenses
- $726,009
- Contributions and grants received
- $356,356
- Grants paid
- $500,067
- Program service revenue
- $0
- Investment income
- $1,935,053
- Other revenue
- $13,307
- Total assets, end of year
- $30,927,613
- Total liabilities, end of year
- $140,553
- Net assets or fund balances, end of year
- $30,787,060
- Program services expenses (Part IX)
- $501,984
- Management and general expenses
- $219,677
- Fundraising expenses
- $4,348
- Program service expenses (Part III)
- $501,984
Program services were 69.1% 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.
-
1a · Federated campaigns
$1,936
-
1c · Fundraising events
$18,709
-
1f · All other contributions, gifts and grants
$335,711
-
1g · Noncash contributions included above
$6,128
-
3 · Investment income
total $834,129 · unrelated business -$1,804 · excluded $835,933
-
7a · Gross sales of assets other than inventory
securities $1,824,982
-
7b · Less cost or other basis and sales expenses
securities $724,058
-
7c · Gain or loss
securities $1,100,924
-
7d · Net gain or loss
total $1,100,924 · excluded $1,100,924
-
8a · Fundraising events: gross income
$13,607
-
8a · Fundraising events: contributions included on line 1c
$18,709
-
8b · Fundraising events: direct expenses
$300
-
8c · Net income from fundraising events
total $13,307 · excluded $13,307
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $500,067 · program services $500,067
-
11c · Fees: accounting
total $57,393 · management and general $57,393
-
11f · Fees: investment management
total $154,331 · management and general $154,331
-
13 · Office expenses
total $4,173 · management and general $4,173
-
16 · Occupancy
total $5,828 · program services $1,917 · management and general $2,539 · fundraising $1,372
-
23 · Insurance
total $1,241 · management and general $1,241
-
24a · Other expenses: Event expenses
total $2,976 · fundraising $2,976
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $42,363 · end of year $52,195
-
3 · Pledges and grants receivable
beginning of year $598,018 · end of year $471,628
-
11 · Investments: publicly traded securities
beginning of year $27,773,119 · end of year $30,403,790
-
17 · Accounts payable and accrued expenses
beginning of year $47,134 · end of year $140,553
-
27 · Net assets without donor restrictions
beginning of year $180,412 · end of year $182,574
-
28 · Net assets with donor restrictions
beginning of year $28,185,954 · end of year $30,604,486
Mission and programs · 2024
Mission
The Foundation supports Galveston College through fund-raising. The mission is to support Galveston high school graduates through an earned scholarship program to obtain their first two years of college debt-free regardless of ability to pay.
Activities or mission (Part I)
To support Galveston College's mission of advancing people's lives through lifelong learning.
-
The Foundation generates philanthropic support for the Galveston Community College District (the College), primarily emphasizing Universal Access. The Universal Access program provides scholarships to high school graduates in Galveston, Texas, regardless of their ability to pay, encouraging universal access to higher education. In addition to Universal Access, the Foundation solicits, invests, and manages funds to support the College's educational activities.
Expenses $501,984 · Grants $500,067
As filed on the 2024 return.
Listed in Part VII
-
S Benjamin Shabot
Chair
- Total calculated
- $0
- Hours/week
- 1
-
James Clark
Vice Chair
- Total calculated
- $0
- Hours/week
- 1
-
Kyle McFatridge
Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Jeri Kinnear
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
Karen Alberstadt
Member
- Total calculated
- $0
- Hours/week
- 1
-
Michael Cordray
Member
- Total calculated
- $0
- Hours/week
- 1
-
Elizabeth Lawhorn Cryder
Member
- Total calculated
- $0
- Hours/week
- 1
-
Philesha Evans
Member
- Total calculated
- $0
- Hours/week
- 1
-
Katy Farmer
Member
- Total calculated
- $0
- Hours/week
- 1
-
John Paul Gaido
Member
- Total calculated
- $0
- Hours/week
- 1
-
Jason Hardcastle
Member
- Total calculated
- $0
- Hours/week
- 1
-
Anna Hyatt
Member
- Total calculated
- $0
- Hours/week
- 1
-
Harris Kempner Jr
Member
- Total calculated
- $0
- Hours/week
- 1
-
Cynda Mullikin
Member
- Total calculated
- $0
- Hours/week
- 1
-
Reid Nelson
Member
- Total calculated
- $0
- Hours/week
- 1
-
Tom Schwenk
Member
- Total calculated
- $0
- Hours/week
- 1
-
Cynthia Smith
Member
- Total calculated
- $0
- Hours/week
- 1
-
Leonard Woolsey
Member
- 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.
Grants on this return
-
Galveston College
$500,067
Scholarships
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 13 July 2026
- IRS schema version
- 2024v5.5
- Source object
- 202611949349300431
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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