Civic Intelligence

Ashland Legacy Trust

990 • Fiscal year 2019 • EIN 45-6496788

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 19, 2020

Organization ProfileNA
P O Box 384Ashland, OH 44805

(330) 801-0923

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

99th percentile

5.01x

Higher debt load relative to assets than 99% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

100th percentile

39.47x

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

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

1st percentile

-265%

Higher net margin than 1% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

36th percentile

$0

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

13th percentile

-8.8%

Faster asset growth than 13% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

40th percentile

0.5%

Faster revenue growth than 40% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$4,125,710

Down $396,594 (-8.8%) from 2018

Net Assets

Down

-$16,524,092

Down $1,385,899 (-9.2%) from 2018

Liabilities

Up

$20,649,802

Up $989,305 (+5.0%) from 2018

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Up

$523,136

Up $2,542 (+0.5%) from 2018

Expenses

Up

$1,909,035

Up $403,700 (+27%) from 2018

Net Income

Down

-$1,385,899

Down $401,158 (-41%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2019

Assets$4,125,710
Liabilities$20,649,802
Net Assets-$16,524,092
Open 2019 Filing

Operations Trend

Revenue Growth40th percentile

Revenue, expenses, and net income across loaded years, with this 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

2019

Revenue$523,136
Expenses$1,909,035
Net Income-$1,385,899
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 19, 2020
Return Version
2019v5.0
Gross Receipts
$523,136
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$16,582$37,073▲ $20,491
Total Assets$4,522,304$4,125,710▼ $396,594
Other Assets Total$4,505,722$4,088,637▼ $417,085
Liabilities
Other Liabilities$19,660,497$20,649,802▲ $989,305
Total Liabilities$19,660,497$20,649,802▲ $989,305
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-15,138,193$-16,524,092▼ $1,385,899
Total Net Assets Fund Balance$-15,138,193$-16,524,092▼ $1,385,899
Total Liabilities and Net Assets / Fund Balance$4,522,304$4,125,710▼ $396,594

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$228,421--
Compensation and Service Providers
Top Officer Pay36th percentile

Board Members and Trustees

NameTitle
John a VanosdallTrustee
Rick SprengTrustee
Thomas PickeringTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$500,014
Investment Income
$23,122
Other Revenue
$0
Change in Net Assets
$-1,385,899
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,909,035
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$1,290,501--$1,290,501
Interest$618,346--$618,346
Office Expenses$188--$188
Total Functional Expenses$1,909,035$0$0$1,909,035
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$16,271,720
Ashland University Loan$4,378,082
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 the governing body members for review and approval. Prior to filing, questions and comments of the members 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
3308010923
Address
P O BOX 384, ASHLAND, OH 44805

Signing Officer

Name
Thomas Pickering
Title
Trustee
Phone
3308010923
Signed
2020-10-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Pickering
Formed
2017
Legal Domicile
Oh
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

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”

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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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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 THE GOVERNING BODY MEMBERS FOR REVIEW AND APPROVAL. PRIOR TO FILING, QUESTIONS AND COMMENTS OF THE MEMBERS 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
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt024.144.176.92
ReturnHeader/FilingSecurityInformation/IPDt02020-10-22
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm008:18:53
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/PreparationDt02020-10-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN W IRWIN CPA
ReturnHeader/ReturnTs02020-10-22T08:18:53-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,125,710
Liabilities
$20,649,802
Net assets
-$16,524,092
Revenue
$523,136
Expenses
$1,909,035
Net income
-$1,385,899
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