Skip to content
Nonprofiteer
← MARY R GALLASPY CHARITABLE TRUST NO TWO

Form 990 for tax year 2024

Filed by MARY R GALLASPY CHARITABLE TRUST NO TWO.

Totals

Total revenue
$4,131,142
Total expenses
$3,208,274
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$1,632,427
Other revenue
$2,498,715
Total assets, end of year
$46,240,837
Total liabilities, end of year
$23,132,096
Net assets or fund balances, end of year
$23,108,741
Program services expenses (Part IX)
$3,130,573
Management and general expenses
$77,701
Fundraising expenses
$0
Program service expenses (Part III)
$3,130,573

Program services were 97.6% 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.

  • 3 · Investment income

    total $1,632,427 · excluded $1,632,427

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

    total $0

  • 5 · Royalties

    total $2,331,987 · excluded $2,331,987

  • 6a · Gross rents

    real property $18,924

  • 6c · Rental income or loss

    real property $18,924

  • 6d · Net rental income or loss

    total $18,924 · excluded $18,924

  • 7d · Net gain or loss

    total $0

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: TIMBER SALES

    total $147,804 · excluded $147,804

  • 11e · Other revenue, total

    $147,804

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $32,400 · management and general $32,400

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $24,020 · management and general $24,020

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $8,226 · management and general $8,226

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $2,225 · management and general $2,225

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $6,086 · management and general $6,086

  • 24a · Other expenses: INCOME RECEIVED FBO NSU FUND

    total $3,130,573 · program services $3,130,573

  • 24b · Other expenses: PROPERTY TAX

    total $3,972 · management and general $3,972

  • 24c · Other expenses: Postage and Shipping

    total $420 · management and general $420

  • 24d · Other expenses: MEMBERSHIP DUES

    total $352 · management and general $352

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $3,333,374 · end of year $4,039,954

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    end of year $0

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $0

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

    $12,016,822

  • 10c · Land, buildings and equipment, net

    beginning of year $12,016,822 · end of year $12,016,822

  • 11 · Investments: publicly traded securities

    beginning of year $26,264,149 · end of year $28,650,841

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $1,671,013 · end of year $1,533,220

  • 25 · Other liabilities

    beginning of year $22,281,523 · end of year $23,132,096

  • 28 · Net assets with donor restrictions

    beginning of year $21,003,835 · end of year $23,108,741

Mission and programs · 2024

Mission

The trust instrument of the Charitable Trust directs that its income, and income only, shall be used by the Northwestern State University Foundation to establish two equal scholarship funds for undergraduate students at Northwestern State University.

  • Monies representing trust income were both distributed to and are currenty held for the benefit of the Northwestern State University Foundation for the establishment of the following two scholarship funds:HETTIE M. FINCHER SCHOLARSHIP, to be for an undergraduate student or students, whose major is mathematics or a closely related field.MARY R. GALLASPY SCHOLARSHIP, to be for an undergraduate student or students, whose major is business or education.

    Expenses $3,130,573

As filed on the 2024 return.

Listed in Part VII

  • DRAKE OWENS

    Trustee

    Total calculated
    $32,400
    From this org
    $32,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • TERRELL TJ WOODARD

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • BRIAN BAILEY

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • PETE ABINGTON

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • B SCOTT ANDREWS

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • JOHN BONNETTE

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • CLOYD BENJAMIN

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • HENRY BURNS

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • REATHA COX

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • JOHN A MANNO JR

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • TERELL TJ W GORHAM JR

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • MOLLY BEACH

    Trustee

    Total calculated
    $0
    Hours/week
    0

  • REGINA PIERCE

    Trustee

    Total calculated
    $0
    Hours/week
    0

  • STEVE HORTON

    Executive Dir.

    Total calculated
    $0
    Hours/week
    1

  • NICK COURVILLE

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • MICHELLE HOLLENSHEAD

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • WESLEY BREEDEN

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • ALEX WASHINGTON

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL J MURPHY

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • LENN PRINCE

    Trustee

    Total calculated
    $0
    Hours/week
    0

  • TERRY MOORE

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • TRE NELSON

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • MIKE KNOTTS

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • JOHN ROBINSON

    Trustee

    Total calculated
    $0
    Hours/week
    0

  • VIRGINIA BURKETT

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • NICOLE GRAY

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • LELA WILKES

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • SHERRY MORGAN

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • BARBARA JO PEASE

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • THOMAS WRIGHT

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • MIKE WILBURN

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • JILL MORRISON

    Trustee

    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

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
21 November 2025
IRS schema version
2024v5.2
Source object
202600139349301960

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

The source document this was parsed from is served over the API, which is where bulk and document access live.