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Nonprofiteer
← GEORGIAS OWN FOUNDATION INC

Form 990 for tax year 2023

Filed by GEORGIAS OWN FOUNDATION INC.

Totals

Total revenue
$338,389
Total expenses
$352,848
Contributions and grants received
$340,520
Grants paid
$316,357
Program service revenue
$0
Investment income
$577
Other revenue
-$2,708
Total assets, end of year
$250,992
Total liabilities, end of year
$13,774
Net assets or fund balances, end of year
$237,218
Program services expenses (Part IX)
$316,617
Management and general expenses
$28,348
Fundraising expenses
$7,883
Program service expenses (Part III)
$316,617

Program services were 89.7% 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.

  • 1b · Membership dues

    $26,260

  • 1c · Fundraising events

    $145,000

  • 1d · Related organizations

    $100,003

  • 1f · All other contributions, gifts and grants

    $69,257

  • 1g · Noncash contributions included above

    $21,113

  • 3 · Investment income

    total $577 · excluded $577

  • 8a · Fundraising events: gross income

    $219,624

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

    $145,000

  • 8b · Fundraising events: direct expenses

    $222,332

  • 8c · Net income from fundraising events

    total -$2,708 · excluded -$2,708

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $316,357 · program services $316,357

  • 11b · Fees: legal

    total $20 · management and general $20

  • 11c · Fees: accounting

    total $11,250 · management and general $11,250

  • 12 · Advertising and promotion

    total $7,883 · fundraising $7,883

  • 13 · Office expenses

    total $1,469 · program services $260 · management and general $1,209

  • 14 · Information technology

    total $7,308 · management and general $7,308

  • 17 · Travel

    total $437 · management and general $437

  • 19 · Conferences, conventions and meetings

    total $4,135 · management and general $4,135

  • 23 · Insurance

    total $3,989 · management and general $3,989

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $58 · end of year $5,298

  • 2 · Savings and temporary cash investments

    beginning of year $246,769 · end of year $245,694

  • 4 · Accounts receivable

    beginning of year $7,450

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,600 · end of year $13,774

  • 27 · Net assets without donor restrictions

    beginning of year $251,677 · end of year $237,218

Mission and programs · 2023

Mission

THE MISSION OF GEORGIA'S OWN FOUNDATION IS TO IMPLEMENT GEORGIA'S OWN CREDIT UNION'S "PEOPLE HELPING PEOPLE" PHILOSOPHY BY RAISING FUNDS AND SUPPORTING PROGRAMS THAT HELP PEOPLE GET AHEAD, GET INVOLVED, AND OWN THEIR FUTURE.

Activities or mission (Part I)

RAISING FUNDS FOR NON-PROFIT PROGRAMS THAT HELP PEOPLE GET AHEAD, GET INVOLVED, AND OWN THEIR FUTURE.

  • CHARITABLE GIVING - TO RAISE FUNDING FOR LOCAL NON-PROFITS PROVIDING CHILDREN, YOUTH, & YOUNG ADULTS EDUCATIONAL AND HEALTH BENEFITS THAT MAKE A DIFFERENCE TO THE COMMUNITIES WE SERVE.

    Expenses $316,617 · Grants $316,357

As filed on the 2023 return.

Listed in Part VII

  • DAVID A PRETER

    PRESIDENT & CHAIRPERSON

    Total calculated
    $1,464,486
    From this org
    $0
    From related orgs
    $1,262,741
    Other
    $201,745
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $791,112 related
    Bonus
    $0 + $357,422 related
    Other
    $0 + $114,207 related
    Deferred
    $0 + $160,495 related
    Nontaxable benefits
    $0 + $41,250 related
    Filer's total
    $0 + $1,464,486 related

  • KELLY M GARMON

    VICE PRESIDENT

    Total calculated
    $1,243,493
    From this org
    $0
    From related orgs
    $1,113,784
    Other
    $129,709
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $425,448 related
    Bonus
    $0 + $163,846 related
    Other
    $0 + $524,490 related
    Deferred
    $0 + $82,937 related
    Nontaxable benefits
    $0 + $46,772 related
    Filer's total
    $0 + $1,243,493 related

  • ERIC S BROOME

    SECRETARY

    Total calculated
    $740,617
    From this org
    $0
    From related orgs
    $581,095
    Other
    $159,522
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $412,613 related
    Bonus
    $0 + $144,116 related
    Other
    $0 + $24,366 related
    Deferred
    $0 + $130,117 related
    Nontaxable benefits
    $0 + $29,405 related
    Filer's total
    $0 + $740,617 related

  • TERESA L MARTIN

    TREASURER

    Total calculated
    $404,854
    From this org
    $0
    From related orgs
    $317,649
    Other
    $87,205
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,019 related
    Bonus
    $0 + $73,388 related
    Other
    $0 + $1,242 related
    Deferred
    $0 + $55,165 related
    Nontaxable benefits
    $0 + $32,040 related
    Filer's total
    $0 + $404,854 related

  • ED BAKER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARTHA BAUMGARTNER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CINDY R BOYLES

    DIRECTOR

    Total calculated
    $984,335
    From this org
    $0
    From related orgs
    $860,733
    Other
    $123,602
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $339,671 related
    Bonus
    $0 + $135,060 related
    Other
    $0 + $386,002 related
    Deferred
    $0 + $78,974 related
    Nontaxable benefits
    $0 + $44,628 related
    Filer's total
    $0 + $984,335 related

  • PATTI DICKEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHUCK DOWDLE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARIN KRAUSHAAR

    EXECUTIVE

    Total calculated
    $170,623
    From this org
    $0
    From related orgs
    $134,876
    Other
    $35,747
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $104,875 related
    Bonus
    $0 + $29,664 related
    Other
    $0 + $337 related
    Deferred
    $0 + $15,683 related
    Nontaxable benefits
    $0 + $20,064 related
    Filer's total
    $0 + $170,623 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

  • 4b · Supplemental nonqualified retirement plan
  • 6b · Pay contingent on a related organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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. KELLY M. GARMON - PARTICIPATED IN 457F PLAN - 2023 PAYOUT $497,193 ERIC S. BROOME - PARTICIPATED IN 457F PLAN - 2023 ACCRUAL $48,970 CINDY R. BOYLES - PARTICIPATED IN 457F PLAN - 2023 PAYOUT $375,216 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 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.

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

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
14 June 2024
IRS schema version
2023v5.0
Source object
202431669349300143

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