Civic Intelligence

Ashland Legacy Trust

EIN 45-6496788 • 501(c)3 • Ashland, OH

Profile

The trust will engage in charitable and educational activities focused on supporting the mission and endowment of ashland university. Ashland university is an institution of higher education that offers undergraduate, graduate and professional degree programs. The trust will further its exempt purpose by acting primarily as a grant-making organization providing funds to ashland university.

P O Box 384Ashland, OH 44805

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Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

100th percentile

6.22x

Higher debt load relative to assets than 100% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

6.05x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

88th percentile

46%

Higher net margin than 88% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

7th percentile

-25%

Faster asset growth than 7% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

95th percentile

168%

Faster revenue growth than 95% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$3,956,768

Down $1,322,977 (-25%) from 2023

Liabilities

Down

$24,629,446

Down $3,207,016 (-12%) from 2023

Net Assets

Up

-$20,672,678

Up $1,884,039 (+8.4%) from 2023

Operations
Liabilities / Revenue97th percentileNet Margin88th percentile

Revenue

Up

$4,073,438

Up $2,554,959 (+168%) from 2023

Expenses

Down

$2,189,399

Down $593,060 (-21%) from 2023

Net Income

Up

$1,884,039

Up $3,148,019 (+249%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth7th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$20M$0-$20M-$40MAssets 2018: $4,522,304Liabilities 2018: $19,660,497Net Assets 2018: -$15,138,1932018Assets 2019: $4,125,710Liabilities 2019: $20,649,802Net Assets 2019: -$16,524,0922019Assets 2020: $4,048,686Liabilities 2020: $22,291,472Net Assets 2020: -$18,242,7862020Assets 2021: $4,120,436Liabilities 2021: $24,023,508Net Assets 2021: -$19,903,0722021Assets 2022: $3,909,984Liabilities 2022: $25,202,721Net Assets 2022: -$21,292,7372022Assets 2023: $5,279,745Liabilities 2023: $27,836,462Net Assets 2023: -$22,556,7172023Assets 2024: $3,956,768Liabilities 2024: $24,629,446Net Assets 2024: -$20,672,6782024

Highlighted filing

2024

Assets$3,956,768
Liabilities$24,629,446
Net Assets-$20,672,678
Open 2024 Filing

Operations Trend

Revenue Growth95th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2018: $520,594Expenses 2018: $1,505,335Net Income 2018: -$984,7412018Revenue 2019: $523,136Expenses 2019: $1,909,035Net Income 2019: -$1,385,8992019Revenue 2020: $0Expenses 2020: $1,718,694Net Income 2020: -$1,718,6942020Revenue 2021: $0Expenses 2021: $1,660,286Net Income 2021: -$1,660,2862021Revenue 2022: $1,147,355Expenses 2022: $2,537,020Net Income 2022: -$1,389,6652022Revenue 2023: $1,518,479Expenses 2023: $2,782,459Net Income 2023: -$1,263,9802023Revenue 2024: $4,073,438Expenses 2024: $2,189,399Net Income 2024: $1,884,0392024

Highlighted filing

2024

Revenue$4,073,438
Expenses$2,189,399
Net Income$1,884,039
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$3,956,768
Liabilities
$24,629,446
Net assets
-$20,672,678
Revenue
$4,073,438
Expenses
$2,189,399
Net income
$1,884,039
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.96$24.6$20.7$4.07$2.19$1.88
2023Detailed filing. Detailed filing data is available for this year.$5.28$27.8$22.6$1.52$2.78$1.26
2022Detailed filing. Detailed filing data is available for this year.$3.91$25.2$21.3$1.15$2.54$1.39
2021Detailed filing. Detailed filing data is available for this year.$4.12$24.0$19.9$0.00$1.66$1.66
2020Detailed filing. Detailed filing data is available for this year.$4.05$22.3$18.2$0.00$1.72$1.72
2019Detailed filing. Detailed filing data is available for this year.$4.13$20.6$16.5$0.52$1.91$1.39
2018Detailed filing. Detailed filing data is available for this year.$4.52$19.7$15.1$0.52$1.51$0.98
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Aug 26, 2025
Return Version
2024v5.0
Gross Receipts
$4,073,438
Mission and Program Overview

Mission

The trust will engage in charitable and educational activities focused on supporting the mission and endowment of ashland university. Ashland university is an institution of high education that offers undergraduate, graduate and professional degree programs. The trust will further its exempt purpose by acting primarily as a grant-making organization providing funds to ashland university.

The trust will engage in charitable and educational activities focused on supporting the mission and endowment of ashland university. Ashland university is an institution of higher education that offers undergraduate, graduate and professional degree programs. The trust will further its exempt purpose by acting primarily as a grant-making organization providing funds to ashland university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$14,114$29,431▲ $15,317
Savings and Temporary Cash Investments$1,486,132$9,986▼ $1,476,146
Total Assets$5,279,745$3,956,768▼ $1,322,977
Other Assets Total$3,779,499$3,917,351▲ $137,852
Liabilities
Other Liabilities$27,836,462$24,629,446▼ $3,207,016
Total Liabilities$27,836,462$24,629,446▼ $3,207,016
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-22,556,717$-20,672,678▲ $1,884,039
Total Net Assets Fund Balance$-22,556,717$-20,672,678▲ $1,884,039
Total Liabilities and Net Assets / Fund Balance$5,279,745$3,956,768▼ $1,322,977

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$1,725,722--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
John a VanosdallTrustee
Lisa ArmstrongTrustee
Rick SprengTrustee
Thomas PickeringTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,073,438
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$1,884,039
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,189,399
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Insurance$1,417,669--$1,417,669
Interest$906,976--$906,976
Fees for Services Accounting-$1,680-$1,680
Office Expenses$726--$726
Other Expenses$-137,852--$-137,852
Total Functional Expenses$2,187,719$1,680$0$2,189,399
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Efg Bank Cayman Branch Loan$13,785,203
Ashland University Loan$10,844,243
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
No
Other officer compensation reviewed
No
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 11B

“Form 990 is provided to a representative of the governing body members for review and approval. Prior to filing, questions and comments of the representative are responded to and incorporated into the tax filing as necessary.”

Form 990, Page 6, Part VI, Line 12C

“The organization promptly evaluates any identified exceptions of its conflict of interest policy.”

Form 990, Page 6, Part VI, Line 19

“Information provided upon request.”

Filing and Contact Details

Filer

Filer Name
Ashland Legacy Trust
EIN
45-6496788
Phone
4192811040
Address
P O BOX 384, ASHLAND, OH 44805

Signing Officer

Name
Lisa Armstrong
Title
Trustee
Phone
4192811040
Signed
2025-08-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lisa Armstrong
Formed
2017
Legal Domicile
Oh
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
Irwin Financial Associates Inc
Address
2025 CLAREMONT AVE, ASHLAND, OH 44805
Preparer
Steven W Irwin CPA
Phone
4192812811
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The trust will engage in charitable and educational activities focused on supporting the mission and endowment of ashland university. Ashland university is an institution of higher education that offers undergraduate, graduate and professional degree programs. The trust will further its exempt purpose by acting primarily as a grant-making organization providing funds to ashland university.”

Form 990, Part V, Line 4B

“CAYMAN ISLANDS”

Raw XML Appendix292 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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IRS990/ActivityOrMissionDesc0THE TRUST WILL ENGAGE IN CHARITABLE AND EDUCATIONAL ACTIVITIES FOCUSED ON SUPPORTING THE MISSION AND ENDOWMENT OF ASHLAND UNIVERSITY. ASHLAND UNIVERSITY IS AN INSTITUTION OF HIGHER EDUCATION THAT OFFERS UNDERGRADUATE, GRADUATE AND PROFESSIONAL DEGREE PROGRAMS. THE TRUST WILL FURTHER ITS EXEMPT PURPOSE BY ACTING PRIMARILY AS A GRANT-MAKING ORGANIZATION PROVIDING FUNDS TO ASHLAND UNIVERSITY.
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IRS990/Form990ProvidedToGvrnBodyInd0true
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IRS990/FormerOfcrEmployeesListedInd0false
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IRS990/GrantsToIndividualsInd0false
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IRS990/GroupReturnForAffiliatesInd0false
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IRS990/IndoorTanningServicesInd0false
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IRS990/InvestmentInJointVentureInd0false
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IRS990/LoanOutstandingInd0false
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IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingOtherInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0THE TRUST WILL ENGAGE IN CHARITABLE AND EDUCATIONAL ACTIVITIES FOCUSED ON SUPPORTING THE MISSION AND ENDOWMENT OF ASHLAND UNIVERSITY. ASHLAND UNIVERSITY IS AN INSTITUTION OF HIGHER EDUCATION THAT OFFERS UNDERGRADUATE, GRADUATE AND PROFESSIONAL DEGREE PROGRAMS. THE TRUST WILL FURTHER ITS EXEMPT PURPOSE BY ACTING PRIMARILY AS A GRANT-MAKING ORGANIZATION PROVIDING FUNDS TO ASHLAND UNIVERSITY.
IRS990/MoreThan5000KToIndividualsInd0false
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IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OfficeExpensesGrp/ProgramServicesAmt0726
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IRS990/ReportLandBuildingEquipmentInd0false
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1SURRENDER VALUE NATIONWIDE LIFE INS
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE TRUST WILL ENGAGE IN CHARITABLE AND EDUCATIONAL ACTIVITIES FOCUSED ON SUPPORTING THE MISSION AND ENDOWMENT OF ASHLAND UNIVERSITY. ASHLAND UNIVERSITY IS AN INSTITUTION OF HIGHER EDUCATION THAT OFFERS UNDERGRADUATE, GRADUATE AND PROFESSIONAL DEGREE PROGRAMS. THE TRUST WILL FURTHER ITS EXEMPT PURPOSE BY ACTING PRIMARILY AS A GRANT-MAKING ORGANIZATION PROVIDING FUNDS TO ASHLAND UNIVERSITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CAYMAN ISLANDS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS PROVIDED TO A REPRESENTATIVE OF THE GOVERNING BODY MEMBERS FOR REVIEW AND APPROVAL. PRIOR TO FILING, QUESTIONS AND COMMENTS OF THE REPRESENTATIVE ARE RESPONDED TO AND INCORPORATED INTO THE TAX FILING AS NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION PROMPTLY EVALUATES ANY IDENTIFIED EXCEPTIONS OF ITS CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4INFORMATION PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART V, LINE 4B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04073438
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04073438
IRS990/TotalVolunteersCnt04
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03956768
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IRS990/USAddress/ZIPCd044805
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0NA
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0LISA ARMSTRONG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TRUSTEE
ReturnHeader/BusinessOfficerGrp/PhoneNum04192811040
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-08-26
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ASHLAND LEGACY TRUST
ReturnHeader/Filer/BusinessNameControlTxt0ASHL
ReturnHeader/Filer/EIN0456496788
ReturnHeader/Filer/PhoneNum04192811040
ReturnHeader/Filer/USAddress/AddressLine1Txt0P O BOX 384
ReturnHeader/Filer/USAddress/CityNm0ASHLAND
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ReturnHeader/Filer/USAddress/ZIPCd044805
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0202126956
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0IRWIN FINANCIAL ASSOCIATES INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02025 CLAREMONT AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ASHLAND
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0OH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd044805
ReturnHeader/PreparerPersonGrp/PhoneNum04192812811
ReturnHeader/PreparerPersonGrp/PreparationDt02025-08-27
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN W IRWIN CPA
ReturnHeader/ReturnTs02025-08-27T09:38:43-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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