Civic Intelligence

Granite Education Foundation Inc.

990 • Fiscal year 2021 • EIN 94-2951639

Jul 01, 2020 to Jun 30, 2021 • Filed on Apr 14, 2022

2500 S State StreetSalt Lake City, UT 84115

(385) 646-4483

Siviq Scores

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

Liabilities / Assets

46th percentile

0.05x

Higher debt load relative to assets than 46% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

38th percentile

0.04x

Higher debt load relative to revenue than 38% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

23rd percentile

-1.7%

Higher net margin than 23% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

90th percentile

$190,552

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 4.1% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

64th percentile

18%

Faster asset growth than 64% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

68th percentile

32%

Faster revenue growth than 68% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Assets

Up

$3,685,404

Up $552,542 (+18%) from 2020

Net Assets

Up

$3,497,023

Up $498,140 (+17%) from 2020

Liabilities

Up

$188,381

Up $54,402 (+41%) from 2020

Revenue

Up

$4,697,989

Up $1,151,589 (+32%) from 2020

Expenses

Up

$4,779,411

Up $1,010,121 (+27%) from 2020

Net Income

Up

-$81,422

Up $141,468 (+63%) from 2020

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2010: $1,834,353Liabilities 2010: $939,678Net Assets 2010: $894,6752010Assets 2011: $2,249,391Liabilities 2011: $1,194,003Net Assets 2011: $1,055,3882011Assets 2012: $2,139,566Liabilities 2012: $960,454Net Assets 2012: $1,179,1122012Assets 2013: $2,367,894Liabilities 2013: $1,059,057Net Assets 2013: $1,308,8372013Assets 2014: $2,559,447Liabilities 2014: $855,257Net Assets 2014: $1,704,1902014Assets 2015: $2,653,077Liabilities 2015: $61,441Net Assets 2015: $2,591,6362015Assets 2016: $2,598,914Liabilities 2016: $34,182Net Assets 2016: $2,564,7322016Assets 2017: $2,879,599Liabilities 2017: $63,721Net Assets 2017: $2,815,8782017Assets 2018: $3,386,317Liabilities 2018: $123,483Net Assets 2018: $3,262,8342018Assets 2019: $3,358,540Liabilities 2019: $47,890Net Assets 2019: $3,310,6502019Assets 2020: $3,132,862Liabilities 2020: $133,979Net Assets 2020: $2,998,8832020Assets 2021: $3,685,404Liabilities 2021: $188,381Net Assets 2021: $3,497,0232021Assets 2022: $3,539,208Liabilities 2022: $1,056,831Net Assets 2022: $2,482,3772022Assets 2023: $3,555,781Liabilities 2023: $382,220Net Assets 2023: $3,173,5612023Assets 2024: $4,045,674Liabilities 2024: $435,787Net Assets 2024: $3,609,8872024

Highlighted filing

2021

Assets$3,685,404
Liabilities$188,381
Net Assets$3,497,023

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,304,2672010Revenue 2011: $1,406,561Expenses 2011: $1,245,848Net Income 2011: $160,7132011Expenses 2012: $1,145,1462012Expenses 2013: $1,088,4882013Revenue 2014: $1,692,044Expenses 2014: $1,296,691Net Income 2014: $395,3532014Revenue 2015: $4,101,632Expenses 2015: $3,214,186Net Income 2015: $887,4462015Revenue 2016: $3,846,718Expenses 2016: $3,783,697Net Income 2016: $63,0212016Revenue 2017: $3,776,481Expenses 2017: $3,730,863Net Income 2017: $45,6182017Revenue 2018: $5,043,588Expenses 2018: $4,546,758Net Income 2018: $496,8302018Revenue 2019: $5,201,702Expenses 2019: $5,152,448Net Income 2019: $49,2542019Revenue 2020: $3,546,400Expenses 2020: $3,769,290Net Income 2020: -$222,8902020Revenue 2021: $4,697,989Expenses 2021: $4,779,411Net Income 2021: -$81,4222021Revenue 2022: $3,029,089Expenses 2022: $3,231,950Net Income 2022: -$202,8612022Revenue 2023: $4,364,698Expenses 2023: $4,216,541Net Income 2023: $148,1572023Revenue 2024: $4,797,645Expenses 2024: $4,629,503Net Income 2024: $168,1422024

Highlighted filing

2021

Revenue$4,697,989
Expenses$4,779,411
Net Income-$81,422
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Apr 14, 2022
Return Version
2020v4.0
Gross Receipts
$4,995,226
Mission and Program Overview

Mission

The mission of granite education foundation is to improve educational outcomes by strengthening the granite school district community. This is accomplished through the engagement of business and community partners in the support of granite school district and the academic achievement of all its students. Our vision is that we will help prepare granite school district students with opportunities to succeed in higher education, career, and life.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,644,843$3,355,330▲ $710,487
Savings and Temporary Cash Investments$488,019$330,074▼ $157,945
Total Assets$3,132,862$3,685,404▲ $552,542
Liabilities
Accounts Payable and Accrued Expenses$133,979$188,381▲ $54,402
Total Liabilities$133,979$188,381▲ $54,402
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,100,542$2,615,837▲ $515,295
Net Assets With Donor Restrictions$898,341$881,186▼ $17,155
Total Net Assets Fund Balance$2,998,883$3,497,023▲ $498,140
Total Liabilities and Net Assets / Fund Balance$3,132,862$3,685,404▲ $552,542
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Brent SevereExecutive DiFT$190,552$190,552

Board Members and Trustees

NameTitle
Randy WoodburyBoard Chair
Anthony BennettBoard Member
Aubriana MartindaleBoard Member
Carrie JohnsonBoard Member
David JamesBoard Member
Garrett LawsBoard Member
Katharine NewtonBoard Member
Mark NortonBoard Member
Richard Madsen IiBoard Member
Robynn EcclesBoard Member
Ryan WellsBoard Member
Sean MarchantBoard Member
Steven RaguskusBoard Member
Terri HeydukBoard Member
Tina WestBoard Member
Travis DraperBoard Member
Jadee TalbotDirector
Brent SevereExecutive Director
Revenue and Support

Revenue Composition

Contributions and Grants
$4,560,367
Program Service Revenue
$0
Investment Income
$135,622
Other Revenue
$2,000
All Other Contributions
$3,917,077
Change in Net Assets
$-81,422

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table20$1,102,907Estimated Market Value
Clothing and Household Goods-$898,842Estimated Market Value
Books and Publications-$740,923Estimated Market Value
Food Inventory198$243,108Estimated Market Value
Total Noncash Contributions218$2,985,780-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,697,989
Revenue Not Reported on Form 990
$-2,004,077
Total Revenue per Audited Statements
$2,693,912
Total Revenue per Form 990
$4,697,989
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,926,951
Other Expenses$942,088
Salaries, Compensation, and Employee Benefits$910,372
Total Fundraising Expense$261,669
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,833,801--$2,833,801
Other Salaries and Wages$337,663$97,873$53,831$489,367
Information Technology$143,627$9,527$152,115$305,269
Pension Plan Contributions$93,481$27,096$14,902$135,479
Current Officers, Directors, Trustees, and Key Employees$90,337$26,185$14,401$130,923
Other Employee Benefits$75,013$21,743$11,959$108,715
Grants to Domestic Individuals$93,150--$93,150
Payroll Taxes$31,663$9,178$5,047$45,888
Office Expenses$14,148$4,490$4,462$23,100
Occupancy$12,110--$12,110
Travel$7,984--$7,984
Insurance$6,023$1,546-$7,569
Fees for Services Accounting-$4,950-$4,950
Fees for Services Other$2,159$2,590-$4,749
Other Expenses$1,202$188$141$1,531
All Other Expenses$1,193--$1,193
Advertising--$20$20
Total Functional Expenses$4,307,678$210,064$261,669$4,779,411

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,779,411
Total Expenses per Form 990$4,779,411
Total Expenses per Audited Statements$2,195,772
Expenses Not Reported on Form 990$-2,583,639
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Granite School DistrictSalt Lake City, UTGovEnhance Education$250,161
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$2,000
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
Yes
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

Executive director reviews form 990 prior to filing. Board doesn't receive a copy of form 990 prior to its filing.

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

Conflicts of interest are identified and discussed regularly.

Form 990, Page 6, Part VI, Line 15A

The director is compensated by granite school district for his services to granite education foundation. His salary is determined by the district salary schedule which is set by the board of education.

Form 990, Page 6, Part VI, Line 15B

There are no other officers or key employees in the organization for which a compensation review would be required.

Form 990, Page 6, Part VI, Line 19

Such documents and forms 990 are available upon request.

Filing and Contact Details

Filer

Filer Name
Granite Education Foundation
EIN
94-2951639
Phone
3856464483
Address
2500 S STATE STREET, SALT LAKE CITY, UT 84115

Signing Officer

Name
Jadee Talbot
Title
Director
Phone
8012636236
Signed
2022-04-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jadee Talbot
Formed
1988
Legal Domicile
Ut
Voting Board Members
16
Independent Board Members
14
Employees
0
Volunteers
3,040

Preparer

Firm
Squire & Company Pc
Address
1329 SOUTH 800 EAST, OREM, UT 84097-7737
Preparer
M Paul Winward CPA
Phone
8012256900
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The mission of granite education foundation is to improve educational outcomes by strengthening the granite school district community. This is accomplished through the engagement of business and community partners in the support of granite school district and the academic achievement of all its students. Our vision is that we will help prepare granite school district students with opportunities to succeed in higher education, career, and life.

Form 990, Page 2, Part III, Line 4B

Since granite education foundation's inception in 1988, educator recognition and support has been a key priority. The excel awards are a prestigious honor given to the top ten educators of granite school district and has been sponsored by granite education foundation since the beginning. Students, administrators, parents, and colleagues nominate educators that exemplify the values of granite school district. These individuals are then put through a rigorous review and observation process by experienced education specialist who ultimately identify ten teachers and administrators from all over the district. In mid april, up to 300 individuals from granite school district, supporting businesses, community members, and local leaders gather to recognize and honor ten winners in the night of honors a dinner and award ceremony.

Form 990, Part XI, Line 9

In-kind not recognized for the financial statements -2,583,639 in-kind expense not recognized on the financial statements 2,583,639

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

In-kind not recognized for the financial statements -2,583,639

Schedule D, Page 4, Part XII, Line 2D

In-kind expense not recognized on the financial statements -2,583,639

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IRS990/MissionDesc0THE MISSION OF GRANITE EDUCATION FOUNDATION IS TO IMPROVE EDUCATIONAL OUTCOMES BY STRENGTHENING THE GRANITE SCHOOL DISTRICT COMMUNITY. THIS IS ACCOMPLISHED THROUGH THE ENGAGEMENT OF BUSINESS AND COMMUNITY PARTNERS IN THE SUPPORT OF GRANITE SCHOOL DISTRICT AND THE ACADEMIC ACHIEVEMENT OF ALL ITS STUDENTS. OUR VISION IS THAT WE WILL HELP PREPARE GRANITE SCHOOL DISTRICT STUDENTS WITH OPPORTUNITIES TO SUCCEED IN HIGHER EDUCATION, CAREER, AND LIFE.
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IRS990/ProgSrvcAccomActy2Grp/Desc0SINCE GRANITE EDUCATION FOUNDATION'S INCEPTION IN 1988, EDUCATOR RECOGNITION AND SUPPORT HAS BEEN A KEY PRIORITY. THE EXCEL AWARDS ARE A PRESTIGIOUS HONOR GIVEN TO THE TOP TEN EDUCATORS OF GRANITE SCHOOL DISTRICT AND HAS BEEN SPONSORED BY GRANITE EDUCATION FOUNDATION SINCE THE BEGINNING. STUDENTS, ADMINISTRATORS, PARENTS, AND COLLEAGUES NOMINATE EDUCATORS THAT EXEMPLIFY THE VALUES OF GRANITE SCHOOL DISTRICT. THESE INDIVIDUALS ARE THEN PUT THROUGH A RIGOROUS REVIEW AND OBSERVATION PROCESS BY EXPERIENCED EDUCATION SPECIALIST WHO ULTIMATELY IDENTIFY TEN TEACHERS AND ADMINISTRATORS FROM ALL OVER THE DISTRICT. IN MID APRIL, UP TO 300 INDIVIDUALS FROM GRANITE SCHOOL DISTRICT, SUPPORTING BUSINESSES, COMMUNITY MEMBERS, AND LOCAL LEADERS GATHER TO RECOGNIZE AND HONOR TEN WINNERS IN THE NIGHT OF HONORS A DINNER AND AWARD CEREMONY.
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IRS990/ProgSrvcAccomActy3Grp/Desc0ASSISTANCE TO SCHOOLS - COMPUTERS, SOFTWARE, TEXTBOOKS, SCHOOL SUPPLIES, AND PROFESSIONAL SERVICES FOR STUDENTS AND SCHOOLS WITHIN GRANITE SCHOOL DISTRICT.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0SPECIAL EVENTS REVENUE 0
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0IN-KIND NOT RECOGNIZED FOR THE FINANCIAL STATEMENTS -2,583,639
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1IN-KIND EXPENSE NOT RECOGNIZED ON THE FINANCIAL STATEMENTS -2,583,639
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 2D
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.05$0.44$3.61$4.80$4.63$0.17
2023Detailed filing. Detailed filing data is available for this year.$3.56$0.38$3.17$4.36$4.22$0.15
2022Detailed filing. Detailed filing data is available for this year.$3.54$1.06$2.48$3.03$3.23$0.20
2021Detailed filing. Detailed filing data is available for this year.$3.69$0.19$3.50$4.70$4.78$0.08
2020Detailed filing. Detailed filing data is available for this year.$3.13$0.13$3.00$3.55$3.77$0.22
2019Detailed filing. Detailed filing data is available for this year.$3.36$0.05$3.31$5.20$5.15$0.05
2018Detailed filing. Detailed filing data is available for this year.$3.39$0.12$3.26$5.04$4.55$0.50
2017Detailed filing. Detailed filing data is available for this year.$2.88$0.06$2.82$3.78$3.73$0.05
2016Detailed filing. Detailed filing data is available for this year.$2.60$0.03$2.56$3.85$3.78$0.06
2015Detailed filing. Detailed filing data is available for this year.$2.65$0.06$2.59$4.10$3.21$0.89
2014Detailed filing. Detailed filing data is available for this year.$2.56$0.86$1.70$1.69$1.30$0.40
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.37$1.06$1.31$1.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.14$0.96$1.18$1.15
2011Summary only. Only limited summary data is available for this year.$2.25$1.19$1.06$1.41$1.25$0.16
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.83$0.94$0.89$1.30