Civic Intelligence

Granite Education Foundation Inc.

990 • Fiscal year 2022 • EIN 94-2951639

Jul 01, 2021 to Jun 30, 2022 • Filed on Apr 05, 2023

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

75th percentile

0.30x

Higher debt load relative to assets than 75% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

75th percentile

0.35x

Higher debt load relative to revenue than 75% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

24th percentile

-6.7%

Higher net margin than 24% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

91st percentile

$205,171

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 6.8% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

33rd percentile

-4.0%

Faster asset growth than 33% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

11th percentile

-36%

Faster revenue growth than 11% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Down

$3,539,208

Down $146,196 (-4.0%) from 2021

Net Assets

Down

$2,482,377

Down $1,014,646 (-29%) from 2021

Liabilities

Up

$1,056,831

Up $868,450 (+461%) from 2021

Revenue

Down

$3,029,089

Down $1,668,900 (-36%) from 2021

Expenses

Down

$3,231,950

Down $1,547,461 (-32%) from 2021

Net Income

Down

-$202,861

Down $121,439 (-149%) from 2021

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

2022

Assets$3,539,208
Liabilities$1,056,831
Net Assets$2,482,377

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

2022

Revenue$3,029,089
Expenses$3,231,950
Net Income-$202,861
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Apr 5, 2023
Return Version
2021v4.0
Gross Receipts
$3,029,089
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$3,355,330$2,606,287▼ $749,043
Land, Buildings, and Equipment, Net-$402,435-
Savings and Temporary Cash Investments$330,074$286,093▼ $43,981
Accounts Receivable-$12,438-
Total Assets$3,685,404$3,539,208▼ $146,196
Other Assets Total-$231,955-
Liabilities
Other Liabilities-$883,877-
Accounts Payable and Accrued Expenses$188,381$172,954▼ $15,427
Total Liabilities$188,381$1,056,831▲ $868,450
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,615,837$1,455,232▼ $1,160,605
Net Assets With Donor Restrictions$881,186$1,027,145▲ $145,959
Total Net Assets Fund Balance$3,497,023$2,482,377▼ $1,014,646
Total Liabilities and Net Assets / Fund Balance$3,685,404$3,539,208▼ $146,196

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$402,435$187,963$590,398
Other Assets Org$15,800--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Carrie JohnsonBoard Chair
Albert Ferrerons FontBoard Member
Anthony BennettBoard Member
David JamesBoard Member
Garrett LawsBoard Member
Katharine NewtonBoard Member
Mark NortonBoard Member
Randy WoodburyBoard Member
Richard Madsen IiBoard Member
Robynn EcclesBoard Member
Sean MarchantBoard Member
Steven RaguskusBoard Member
Terri HeydukBoard Member
Tina WestBoard Member
Jadee TalbotCEO
Revenue and Support

Revenue Composition

Contributions and Grants
$2,944,395
Program Service Revenue
$0
Investment Income
$84,694
Other Revenue
$0
All Other Contributions
$1,990,287
Change in Net Assets
$-202,861

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
Food Inventory202$549,693Estimated Market Value
Clothing and Household Goods-$492,472Estimated Market Value
Other Non Cash Contri Table5$87,060Estimated Market Value
Books and Publications-$5,600Estimated Market Value
Total Noncash Contributions207$1,134,825-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,919,276
Salaries, Compensation, and Employee Benefits$801,886
Other Expenses$510,788
Total Fundraising Expense$165,520
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,879,083--$1,879,083
Other Salaries and Wages$206,803$132,445$60,001$399,249
Information Technology$127,826$7,123$42,120$177,069
Current Officers, Directors, Trustees, and Key Employees$97,689$27,911$13,955$139,555
Occupancy$126,842--$126,842
Pension Plan Contributions$59,439$36,173$16,311$111,923
Other Employee Benefits$55,285$39,189$17,294$111,768
Depreciation Depletion$63,303--$63,303
Grants to Domestic Individuals$40,193--$40,193
Payroll Taxes$33,892$3,350$2,149$39,391
Office Expenses$14,295$5,742$8,118$28,155
Travel$22,271--$22,271
Fees for Services Legal-$8,660-$8,660
Insurance$6,878$1,546-$8,424
Fees for Services Other$2,670$3,263-$5,933
Other Expenses$2,907$2,607$1,252$2,907
Interest$791--$791
Total Functional Expenses$2,783,605$282,825$165,520$3,231,950
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Granite School DistrictSalt Lake City, UTGovEnhance Education$134,848
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
Agency Funds Payable$664,342
Operating Lease Liability$219,535
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
CEO
Phone
8012636236
Signed
2023-04-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jadee Talbot
Formed
1988
Legal Domicile
Ut
Voting Board Members
14
Independent Board Members
12
Employees
0
Volunteers
9,923

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.

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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/Organization501c3Ind0X
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt039189
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IRS990/OtherExpensesGrp/TotalAmt14346
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt060001
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IRS990/PensionPlanContributionsGrp/FundraisingAmt016311
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt036173
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt059439
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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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt012500
IRS990/ProgSrvcAccomActy2Grp/GrantAmt012500
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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IRS990/ProgSrvcAccomActy3Grp/GrantAmt01879083
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IRS990/PYInvestmentIncomeAmt0135622
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IRS990/PYTotalExpensesAmt04779411
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-202861
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0330074
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0286093
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0SPECIAL EVENTS REVENUE 0
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt05324384
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IRS990ScheduleA/PublicSupportPY170Pct00.79850
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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt021773111
IRS990ScheduleA/TotalSupportAmt022051838
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0187963
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0216155
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt115800
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RIGHT-OF-USE ASSETS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1ASSETS CLASSIFIED AS HELD FOR SALE
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1219535
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0AGENCY FUNDS PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OPERATING LEASE LIABILITY
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt0231955
IRS990ScheduleD/TotalLiabilityAmt0883877
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt112500
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt1TEACHER AWARDS
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt113
IRS990ScheduleI/RecipientTable/CashGrantAmt0134848
IRS990ScheduleI/RecipientTable/IRCSectionDesc0GOV
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt01744235
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0SUPPLIES
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0ENHANCE EDUCATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0GRANITE SCHOOL DISTRICT
IRS990ScheduleI/RecipientTable/RecipientEIN0876000494
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt02500 S STATE STREET
IRS990ScheduleI/RecipientTable/USAddress/CityNm0SALT LAKE CITY
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0UT
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd084115
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc0FMV
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt045298
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt020318

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