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Nonprofiteer
← GEORGIAS OWN FOUNDATION INC

Form 990 for tax year 2024

Filed by GEORGIAS OWN FOUNDATION INC.

Totals

Total revenue
$431,364
Total expenses
$318,719
Contributions and grants received
$360,191
Grants paid
$290,377
Program service revenue
$0
Investment income
$5,685
Other revenue
$65,488
Total assets, end of year
$353,819
Total liabilities, end of year
$3,956
Net assets or fund balances, end of year
$349,863
Program services expenses (Part IX)
$290,863
Management and general expenses
$22,073
Fundraising expenses
$5,783
Program service expenses (Part III)
$290,863

Program services were 91.3% 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

    $49,790

  • 1c · Fundraising events

    $150,000

  • 1d · Related organizations

    $54,479

  • 1f · All other contributions, gifts and grants

    $105,922

  • 1g · Noncash contributions included above

    $17,641

  • 3 · Investment income

    total $5,685 · excluded $5,685

  • 8a · Fundraising events: gross income

    $265,460

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

    $150,000

  • 8b · Fundraising events: direct expenses

    $199,972

  • 8c · Net income from fundraising events

    total $65,488 · excluded $65,488

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $290,377 · program services $290,377

  • 11c · Fees: accounting

    total $12,000 · management and general $12,000

  • 12 · Advertising and promotion

    total $5,783 · fundraising $5,783

  • 13 · Office expenses

    total $1,995 · program services $486 · management and general $1,509

  • 14 · Information technology

    total $2,705 · management and general $2,705

  • 17 · Travel

    total $240 · management and general $240

  • 19 · Conferences, conventions and meetings

    total $1,615 · management and general $1,615

  • 23 · Insurance

    total $4,004 · management and general $4,004

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,298 · end of year $2,202

  • 2 · Savings and temporary cash investments

    beginning of year $245,694 · end of year $348,617

  • 4 · Accounts receivable

    end of year $3,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,774 · end of year $3,956

  • 27 · Net assets without donor restrictions

    beginning of year $237,218 · end of year $349,863

Mission and programs · 2024

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 $290,863 · Grants $290,377

As filed on the 2024 return.

Listed in Part VII

  • DAVID A PRETER

    PRESIDENT & CHAIRPERSON

    Total calculated
    $1,413,497
    From this org
    $0
    From related orgs
    $1,338,747
    Other
    $74,750
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $900,181 related
    Bonus
    $0 + $407,920 related
    Other
    $0 + $30,646 related
    Deferred
    $0 + $30,955 related
    Nontaxable benefits
    $0 + $43,795 related
    Filer's total
    $0 + $1,413,497 related

  • KELLEY M GARMON

    VICE PRESIDENT

    Total calculated
    $2,311,170
    From this org
    $0
    From related orgs
    $2,236,875
    Other
    $74,295
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $402,757 related
    Bonus
    $0 + $182,634 related
    Other
    $0 + $1,651,484 related
    Deferred
    $0 + $28,891 related
    Nontaxable benefits
    $0 + $45,404 related
    Filer's total
    $0 + $2,311,170 related

  • ERIC S BROOME

    SECRETARY

    Total calculated
    $1,189,737
    From this org
    $0
    From related orgs
    $862,264
    Other
    $327,473
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $474,679 related
    Bonus
    $0 + $370,077 related
    Other
    $0 + $17,508 related
    Deferred
    $0 + $302,973 related
    Nontaxable benefits
    $0 + $24,500 related
    Filer's total
    $0 + $1,189,737 related

  • TERESA L MARTIN

    TREASURER

    Total calculated
    $389,629
    From this org
    $0
    From related orgs
    $330,740
    Other
    $58,889
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $252,254 related
    Bonus
    $0 + $77,244 related
    Other
    $0 + $1,242 related
    Deferred
    $0 + $25,981 related
    Nontaxable benefits
    $0 + $32,908 related
    Filer's total
    $0 + $389,629 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
    $603,415
    From this org
    $0
    From related orgs
    $533,968
    Other
    $69,447
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $350,777 related
    Bonus
    $0 + $165,389 related
    Other
    $0 + $17,802 related
    Deferred
    $0 + $29,782 related
    Nontaxable benefits
    $0 + $39,665 related
    Filer's total
    $0 + $603,415 related

  • PATTI DICKEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHUCK DOWDLE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARIN KRAUSHAAR

    EXECUTIVE

    Total calculated
    $154,618
    From this org
    $0
    From related orgs
    $123,833
    Other
    $30,785
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $108,518 related
    Bonus
    $0 + $14,791 related
    Other
    $0 + $524 related
    Deferred
    $0 + $11,151 related
    Nontaxable benefits
    $0 + $19,634 related
    Filer's total
    $0 + $154,618 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

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 6b · Pay contingent on a related organization's net earnings

Answered no

  • 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, LINES 4A-B
KELLEY M. GARMON - $1,586,600 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. ERIC S. BROOME - PARTICIPATED IN 457F PLAN - 2024 ACCRUAL $53,218 GEORGIA'S OWN CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO DAVID A. PRETER, KELLEY M. GARMON, CINDY R. BOYLES, TERESA MARTIN, 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
2024
Filed
1 August 2025
IRS schema version
2024v5.2
Source object
202532169349301523

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