Civic Intelligence

Granite Education Foundation Inc.

990 • Fiscal year 2023 • EIN 94-2951639

Jul 01, 2022 to Jun 30, 2023 • Filed on May 13, 2024

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

57th percentile

0.11x

Higher debt load relative to assets than 57% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

50th percentile

0.09x

Higher debt load relative to revenue than 50% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

48th percentile

3.4%

Higher net margin than 48% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

89th percentile

$194,940

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

38th percentile

0.5%

Faster asset growth than 38% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

81st percentile

44%

Faster revenue growth than 81% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$3,555,781

Up $16,573 (+0.5%) from 2022

Net Assets

Up

$3,173,561

Up $691,184 (+28%) from 2022

Liabilities

Down

$382,220

Down $674,611 (-64%) from 2022

Revenue

Up

$4,364,698

Up $1,335,609 (+44%) from 2022

Expenses

Up

$4,216,541

Up $984,591 (+30%) from 2022

Net Income

Up

$148,157

Up $351,018 (+173%) from 2022

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

2023

Assets$3,555,781
Liabilities$382,220
Net Assets$3,173,561

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

2023

Revenue$4,364,698
Expenses$4,216,541
Net Income$148,157
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 13, 2024
Return Version
2022v5.0
Gross Receipts
$4,365,546
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.

The granite education foundation's mission is to reduce barriers to learning and increase access to opportunities for students and educators in the granite school district.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,606,287$2,351,377▼ $254,910
Savings and Temporary Cash Investments$286,093$725,119▲ $439,026
Land, Buildings, and Equipment, Net$402,435$347,668▼ $54,767
Accounts Receivable$12,438$12,438→ $0
Total Assets$3,539,208$3,555,781▲ $16,573
Other Assets Total$231,955$119,179▼ $112,776
Liabilities
Escrow Account Liability$664,342$199,487▼ $464,855
Other Liabilities$219,535$106,597▼ $112,938
Accounts Payable and Accrued Expenses$172,954$76,136▼ $96,818
Total Liabilities$1,056,831$382,220▼ $674,611
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,455,232$1,885,955▲ $430,723
Net Assets With Donor Restrictions$1,027,145$1,287,606▲ $260,461
Total Net Assets Fund Balance$2,482,377$3,173,561▲ $691,184
Total Liabilities and Net Assets / Fund Balance$3,539,208$3,555,781▲ $16,573

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$347,668$241,471$589,139
Compensation and Service Providers

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$4,292,902
Program Service Revenue
$0
Investment Income
$71,796
Other Revenue
$0
All Other Contributions
$3,753,643
Change in Net Assets
$148,157

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
Clothing and Household Goods-$1,060,593Estimated Fair Value
Food Inventory100$841,546Estimated Fair Value
Other Non Cash Contri Table1$20,769Estimated Market Value
Total Noncash Contributions101$1,922,908-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,364,698
Revenue Not Reported on Form 990
$103,815
Total Revenue per Audited Statements
$4,468,513
Total Revenue per Form 990
$4,364,698
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,932,244
Salaries, Compensation, and Employee Benefits$805,502
Other Expenses$478,795
Total Fundraising Expense$132,938
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,901,744--$2,901,744
Other Salaries and Wages$204,586$158,431$47,780$410,797
Current Officers, Directors, Trustees, and Key Employees$97,780$27,937$13,968$139,685
Occupancy$133,209--$133,209
Pension Plan Contributions$63,725$42,082$14,428$120,235
Information Technology$82,036$1,580$34,628$118,244
Other Employee Benefits$50,144$33,115$11,354$94,613
Depreciation Depletion$60,912--$60,912
Travel$42,079$2,054-$44,133
Payroll Taxes$25,672$12,114$2,386$40,172
Grants to Domestic Individuals$30,500--$30,500
Office Expenses$12,295$3,135$3,633$19,063
Fees for Services Other$3,824$4,674-$8,498
Other Expenses$401$2,254$1,102$3,757
Insurance-$1,546-$1,546
Total Functional Expenses$3,788,061$295,542$132,938$4,216,541

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,217,389
Expenses per Audited Statements$4,216,541
Total Expenses per Form 990$4,216,541
Expenses Not Reported on Form 990$848
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Granite School DistrictSalt Lake City, UTGovEnhance Education$390,391
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
Operating Lease Liability$106,597
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
2024-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jadee Talbot
Formed
1988
Legal Domicile
Ut
Voting Board Members
13
Independent Board Members
12
Employees
0
Volunteers
3,457

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, 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

Loss on disposal of fixed assets 848 loss on disposal of fixed assets -848

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 1B

The foundation acts as an intermediary and accepts funds that are intended for another beneficiary.

Schedule D, Page 2, Part IV, Line 2B

Funds held for another beneficiary are reported as a custodial account liability.

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

Loss on disposal of fixed assets 848

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

Loss on disposal of fixed assets 848

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IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt01580
IRS990/InformationTechnologyGrp/ProgramServicesAmt082036
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IRS990/InsuranceGrp/ManagementAndGeneralAmt01546
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IRS990/MissionDesc0THE GRANITE EDUCATION FOUNDATION'S MISSION IS TO REDUCE BARRIERS TO LEARNING AND INCREASE ACCESS TO OPPORTUNITIES FOR STUDENTS AND EDUCATORS IN THE GRANITE SCHOOL DISTRICT.
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IRS990/OtherExpensesGrp/ProgramServicesAmt119368
IRS990/OtherExpensesGrp/ProgramServicesAmt2401
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IRS990/OtherExpensesGrp/TotalAmt23757
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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/ExpenseAmt013000
IRS990/ProgSrvcAccomActy2Grp/GrantAmt013000
IRS990/ProgSrvcAccomActy3Grp/Desc0ASSISTANCE TO SCHOOLS - COMPUTERS, SOFTWARE, TEXTBOOKS, SCHOOL SUPPLIES, AND PROFESSIONAL SERVICES FOR STUDENTS AND SCHOOLS WITHIN GRANITE SCHOOL DISTRICT.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt03757561
IRS990/ProgSrvcAccomActy3Grp/GrantAmt02901744
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt02944395
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt01919276
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IRS990/PYSalariesCompEmpBnftPaidAmt0801886
IRS990/PYTotalExpensesAmt03231950
IRS990/PYTotalRevenueAmt03029089
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0148157
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0286093
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0725119
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0SPECIAL EVENTS REVENUE 0
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt02944395
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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt020741629
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IRS990ScheduleD/DistributionsDuringYearAmt0464855
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0241471
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0589139
IRS990ScheduleD/ExpensesNotReportedAmt0848
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IRS990ScheduleD/ExplanationProvidedInd0X
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IRS990ScheduleD/NetUnrealizedGainsInvstAmt078982
IRS990ScheduleD/OtherExpensesIncludedAmt0848
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0106597
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OPERATING LEASE LIABILITY
IRS990ScheduleD/OtherRevenueAmt0848
IRS990ScheduleD/RevenueNotReportedAmt0103815
IRS990ScheduleD/RevenueSubtotalAmt04364698
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION ACTS AS AN INTERMEDIARY AND ACCEPTS FUNDS THAT ARE INTENDED FOR ANOTHER BENEFICIARY.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FUNDS HELD FOR ANOTHER BENEFICIARY ARE REPORTED AS A CUSTODIAL ACCOUNT LIABILITY.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2LOSS ON DISPOSAL OF FIXED ASSETS 848
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3LOSS ON DISPOSAL OF FIXED ASSETS 848
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART IV, LINE 1B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 2, PART IV, LINE 2B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 2D
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt113000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt1TEACHER AWARDS
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IRS990ScheduleI/RecipientTable/CashGrantAmt0390391
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IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0SUPPLIES
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0ENHANCE EDUCATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0GRANITE SCHOOL DISTRICT

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