Liabilities / Assets
19th percentile
Tied with the lowest-debt nonprofits in its peer group.
Verna Townsend Trust Dated 7871 1020000374
EIN 37-6107738 • 501(c)3 • Champaign, IL
Profile
The verna k townsend trust provides for $2,500 annual scholarships to be given to students at the university of illinois who are currently enrolled in the college of law and school of music.
Siviq Scores
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
0.00x
Liabilities / Revenue
20th percentile
Tied with the lowest-debt nonprofits in its peer group.
Net Margin
79th percentile
Higher net margin than 79% of similar nonprofits.
Top Officer Pay
42nd percentile
Higher top officer pay than 42% of similar nonprofits.
Top officer pay equals 5.9% of source-year revenue.
Asset Growth
47th percentile
Faster asset growth than 47% of similar nonprofits.
Revenue Growth
72nd percentile
Faster revenue growth than 72% of similar nonprofits.
Balance Sheet
Assets
Up$1,798,448
Up $42,571 (+2.4%) from 2023
Liabilities
Flat$0
Flat from 2023
Net Assets
Up$1,798,448
Up $42,571 (+2.4%) from 2023
Revenue
Up$149,025
Up $31,561 (+27%) from 2023
Expenses
Up$106,444
Up $3,179 (+3.1%) from 2023
Net Income
Up$42,581
Up $28,382 (+200%) from 2023
Trend Graphs
Filings
Most recent year
2024 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $1,798,448
- Liabilities
- $0
- Net assets
- $1,798,448
- Revenue
- $149,025
- Expenses
- $106,444
- Net income
- $42,581
Latest Filing Detail
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2024 to Dec 31, 2024
- Signed
- Jun 25, 2025
- Return Version
- 2024v5.2
- Gross Receipts
- $321,871
Mission and Program Overview
Mission
The verna k townsend trust provides for $2,500 annual scholarships to be given to students at the university of illinois who are currently enrolled in the college of law and school of music.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Rtn Earn Endowment Incm Other Fnds | $1,755,877 | $1,798,448 | ▲ $42,571 |
| Land, Buildings, and Equipment, Net | $1,177,031 | $1,177,601 | ▲ $570 |
| Investments in Publicly Traded Securities | $451,848 | $459,974 | ▲ $8,126 |
| Savings and Temporary Cash Investments | $126,998 | $160,873 | ▲ $33,875 |
| Total Assets | $1,755,877 | $1,798,448 | ▲ $42,571 |
| Liabilities | |||
| Total Liabilities | $0 | $0 | → $0 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $1,755,877 | $1,798,448 | ▲ $42,571 |
| Total Liabilities and Net Assets / Fund Balance | $1,755,877 | $1,798,448 | ▲ $42,571 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Land | $1,158,670 | - | $1,158,670 |
| Buildings | $2,352 | $111,290 | $113,642 |
| Leasehold Improvements | $16,579 | $1,144 | $17,723 |
Compensation and Service Providers
Employees
| Name | Title | Base | Total |
|---|---|---|---|
| - | Trustee | $8,786 | $8,786 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $0
- Investment Income
- $37,053
- Other Revenue
- $111,972
- Change in Net Assets
- $42,581
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Grants and Similar Amounts Paid | $96,000 |
| Salaries, Compensation, and Employee Benefits | $8,786 |
| Other Expenses | $1,658 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Grants to Domestic Orgs | $96,000 | - | - | $96,000 |
| Current Officers, Directors, Trustees, and Key Employees | - | $8,786 | - | $8,786 |
| Depreciation Depletion | - | - | - | $1,306 |
| All Other Expenses | $352 | - | - | $352 |
| Total Functional Expenses | $96,352 | $8,786 | $0 | $106,444 |
International Activity
Grant and Assistance Recipients
| Recipient | Location | Category | Purpose | Amount |
|---|---|---|---|---|
| University of Illinois College of Law | Champaign, IL | - | SCHOLARSHIPS OF $2500/YEAR FOR LAW STUDENTS | $48,000 |
| University of Illinois School of Music | Urbana, IL | - | SCHOLARSHIPS OF $2,500/YEAR FOR STUDENTS STUDYING MUSIC | $48,000 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- Backup withholding compliance
- Yes
- Business relationship with 35% controlled entity
- No
- Business relationship with family members
- No
- Business relationship with organization members
- No
- Material changes to governing documents
- No
- Compensation from other sources disclosed
- No
- CEO compensation reviewed
- Yes
- Other officer compensation reviewed
- Yes
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- No
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Governance Explanations
Form 990, Page 6, Part VI, Line 11-description of Process for Review
“The governing body, busey trust company as trustee, is responsible for the preparation of the form 990. This form is prepared by an employee of busey trust company and is reviewed by another member of the trust company prior to filing the return.”
EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12C
“Part vi, section b, line 12c: the organization is a charitable trust under section. Its trustee, busey trust company, as a separate organization does have a written conflict of interest policy. Busey trust company regularly and consistently monitors and enforces compliance with these policies through employee education and representation. Associates are required to provide information in connection with regulatroy exams regarding any potential conflicts of interest, including other business activities or provision of services to the trustcompany individually or in its fiduciary capacity.”
FORM 990, PAGE 6, PART VI, LINE 15A
“Form 990, part vi, section b, line 15: the verna k townsend trust does not have compensated officers. The compensation to the trustee is set based upon a standard fee schedule used in assessing fees to all exempt organization clients, reported to the chariable beneficiary, approved by its board of directors and comparable to industry fee schedules in the area.”
FORM 990, PAGE 6, PART VI, LINE 15B
“The verna k townsend trust does not have compensated officers. The compensation to the trustee is set based upon a standard fee schedule used in assessing fees to all exempt organization clients, reported to the chariable beneficiary, approved by its board of directors and comparable to industry fee schedules in the area..”
Form 990, Page 6, Part VI, Line 19
“All documents are maintained at the office of the trustee, busey trust company. The governing trust document is maintained electronically, as are other policies. They may be printed upon request.”
Form 990, Page 7, Part VII, Section A
“Busey bank 1 hour per week”
Filing and Contact Details
Filer
- Filer Name
- Verna Townsend Trust Dated 7871 1020000374
- EIN
- 37-6107738
- Address
- PO BOX 260, CHAMPAIGN, IL 61824-0260
Signing Officer
- Name
- Busey Bank
- Title
- Trustee
- Signed
- 2025-06-25
Organization Details
- Formed
- 1979
- Legal Domicile
- Il
- Voting Board Members
- 0
- Independent Board Members
- 0
- Employees
- 0
Supplemental Narrative
Additional Explanations
Schedule A, Part IV, Section 3, Line 1
“The verna townsend trust supports the university of illinois college of law and school of music. The trust provides scholarships to students chosen by the univerisity. This allows the university to continue to attract high caliber students and reduce the amount it offers in scholarships. These funds can then be used to maintain other areas within the two colleges.”
Explanation for Form 990, Part XI, Line 9
“Transactions posted after period end ($141,01); transactions posted for prior157.88; deminimis adjustment $(-7)”
Raw XML Appendix333 raw XML fields
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990ScheduleD/OtherAssetsOrgGrp/Desc | 2 | HEARTLAND GRAIN COOP STOCK |
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| IRS990ScheduleI/RecipientTable/CashGrantAmt | 1 | 48000 |
| IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt | 0 | SCHOLARSHIPS OF $2500/YEAR FOR LAW STUDENTS |
| IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt | 1 | SCHOLARSHIPS OF $2,500/YEAR FOR STUDENTS STUDYING MUSIC |
| IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt | 0 | UNIVERSITY OF ILLINOIS COLLEGE OF LAW |
| IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt | 1 | UNIVERSITY OF ILLINOIS SCHOOL OF MUSIC |
| IRS990ScheduleI/RecipientTable/RecipientEIN | 0 | 376124411 |
| IRS990ScheduleI/RecipientTable/RecipientEIN | 1 | 376124411 |
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| IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt | 1 | 2225 W NEVADA ST |
| IRS990ScheduleI/RecipientTable/USAddress/CityNm | 0 | CHAMPAIGN |
| IRS990ScheduleI/RecipientTable/USAddress/CityNm | 1 | URBANA |
| IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd | 0 | IL |
| IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd | 1 | IL |
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| IRS990ScheduleI/RecipientTable/USAddress/ZIPCd | 1 | 61801 |
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| IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc | 1 | FMV |
| IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt | 0 | FORM 990 SCHEDULE I: BUSEY TRUST COMPANY AS TRUSTEE INTERACTS WITH REPRESENTATIVES OF BOTH THE COLLEGE OF LAW AND SCHOOL OF MUSIC AT THE UNIVERSITY OF ILLINOIS TO ENSURE THAT RECIPIENTS MEET THE ELIGIBILITY REQUIREMENTS. |
| IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | EXPLANATION FOR FORM 990, SCHEDULE I, PART 1, LINE 2 |
| IRS990/ScheduleJRequiredInd | 0 | false |
| IRS990/ScheduleORequiredInd | 0 | true |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | THE VERNA TOWNSEND TRUST SUPPORTS THE UNIVERSITY OF ILLINOIS COLLEGE OF LAW AND SCHOOL OF MUSIC. THE TRUST PROVIDES SCHOLARSHIPS TO STUDENTS CHOSEN BY THE UNIVERISITY. THIS ALLOWS THE UNIVERSITY TO CONTINUE TO ATTRACT HIGH CALIBER STUDENTS AND REDUCE THE AMOUNT IT OFFERS IN SCHOLARSHIPS. THESE FUNDS CAN THEN BE USED TO MAINTAIN OTHER AREAS WITHIN THE TWO COLLEGES. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THE GOVERNING BODY, BUSEY TRUST COMPANY AS TRUSTEE, IS RESPONSIBLE FOR THE PREPARATION OF THE FORM 990. THIS FORM IS PREPARED BY AN EMPLOYEE OF BUSEY TRUST COMPANY AND IS REVIEWED BY ANOTHER MEMBER OF THE TRUST COMPANY PRIOR TO FILING THE RETURN. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | PART VI, SECTION B, LINE 12C: THE ORGANIZATION IS A CHARITABLE TRUST UNDER SECTION. ITS TRUSTEE, BUSEY TRUST COMPANY, AS A SEPARATE ORGANIZATION DOES HAVE A WRITTEN CONFLICT OF INTEREST POLICY. BUSEY TRUST COMPANY REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THESE POLICIES THROUGH EMPLOYEE EDUCATION AND REPRESENTATION. ASSOCIATES ARE REQUIRED TO PROVIDE INFORMATION IN CONNECTION WITH REGULATROY EXAMS REGARDING ANY POTENTIAL CONFLICTS OF INTEREST, INCLUDING OTHER BUSINESS ACTIVITIES OR PROVISION OF SERVICES TO THE TRUSTCOMPANY INDIVIDUALLY OR IN ITS FIDUCIARY CAPACITY. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | FORM 990, PART VI, SECTION B, LINE 15: THE VERNA K TOWNSEND TRUST DOES NOT HAVE COMPENSATED OFFICERS. THE COMPENSATION TO THE TRUSTEE IS SET BASED UPON A STANDARD FEE SCHEDULE USED IN ASSESSING FEES TO ALL EXEMPT ORGANIZATION CLIENTS, REPORTED TO THE CHARIABLE BENEFICIARY, APPROVED BY ITS BOARD OF DIRECTORS AND COMPARABLE TO INDUSTRY FEE SCHEDULES IN THE AREA. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THE VERNA K TOWNSEND TRUST DOES NOT HAVE COMPENSATED OFFICERS. THE COMPENSATION TO THE TRUSTEE IS SET BASED UPON A STANDARD FEE SCHEDULE USED IN ASSESSING FEES TO ALL EXEMPT ORGANIZATION CLIENTS, REPORTED TO THE CHARIABLE BENEFICIARY, APPROVED BY ITS BOARD OF DIRECTORS AND COMPARABLE TO INDUSTRY FEE SCHEDULES IN THE AREA.. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | ALL DOCUMENTS ARE MAINTAINED AT THE OFFICE OF THE TRUSTEE, BUSEY TRUST COMPANY. THE GOVERNING TRUST DOCUMENT IS MAINTAINED ELECTRONICALLY, AS ARE OTHER POLICIES. THEY MAY BE PRINTED UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | BUSEY BANK 1 HOUR PER WEEK |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | TRANSACTIONS POSTED AFTER PERIOD END ($141,01); TRANSACTIONS POSTED FOR PRIOR157.88; DEMINIMIS ADJUSTMENT $(-7) |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE A, PART IV, SECTION 3, LINE 1 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12c |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PAGE 6, PART VI, LINE 15a |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PAGE 6, PART VI, LINE 15b |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PAGE 6, PART VI, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PAGE 7, PART VII, SECTION A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | EXPLANATION FOR FORM 990, PART XI, LINE 9 |
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| ReturnHeader/BuildTS | 0 | 2025-03-06 01:10:19Z |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | BUSEY BANK |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | Trustee |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2025-06-25 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt | 0 | VERNA TOWNSEND TRUST DATED 7871 1020000374 |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | TOWN |
| ReturnHeader/Filer/EIN | 0 | 376107738 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | PO BOX 260 |
| ReturnHeader/Filer/USAddress/CityNm | 0 | CHAMPAIGN |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | IL |
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| ReturnHeader/ReturnTs | 0 | 2025-06-26T15:01:21-05:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2024-01-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2024-12-31 |
| ReturnHeader/TaxYr | 0 | 2024 |
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