Torch Of Wisdom Foundation in Southfield, Michigan (MI)
Table of contents:
Torch Of Wisdom Foundation | |
Employer Identification Number (EIN) | 383118653 |
Name of Organization | Torch Of Wisdom Foundation |
Address | PO BOX 2787, Southfield, MI 48037-2787 |
Activities | Scholarships (other) |
Subsection | Charitable Organization |
Ruling Date | 02/1994 |
Deductibility | Contributions are deductible |
Foundation | Organization which receives a substantial part of its support from a governmental unit or the general public |
Organization | Corporation |
Exempt Organization Status | Unconditional Exemption |
Tax Period | 12/2013 |
Assets | $100,000 to $499,999 |
Income | $100,000 to $499,999 |
Filing Requirement | 990 (all other) or 990EZ return |
Asset Amount | $398,235 |
Amount of Income | $107,646 |
Form 990 Revenue Amount | $88,069 |
National Taxonomy of Exempt Entities (NTEE) | Educational Institutions and Related Activities: Scholarships, Student Financial Aid Services, Awards |
Non-representatives - add comments:
Amount of income in 2013: $107,646 (it was $101,345 in 2012)
Torch Of Wisdom Foundation: | $107,646 |
Other organizations performing similar types of work: | $72,336 |
Assets in 2013: $398,235 (it was $412,997 in 2012)
This organization: | $398,235 |
Other organizations performing similar types of work: | $239,394 |
Expenses in 2013: $117,965
Torch Of Wisdom Foundation: | $117,965 |
Other organizations performing similar types of work: | $40,888 |
Income to expenses ratio in 2013: 0.9
This organization: | 0.9 |
Other organizations performing similar types of work: | 1.4 |
Grants share in income in 2013: 23.1%
Torch Of Wisdom Foundation: | 23.1% |
Other organizations performing similar types of work: | 0.1% |
Revenue for 2013
Support schedule
Revenue, Expenses, and Changes in Net Assets or Fund Balances | |||
2011 | 2012 | 2013 | |
---|---|---|---|
Total revenue | $68,526 | $77,883 | $88,069 |
Contributions, gifts, grants, and similar amounts received | $23,286 | $21,196 | $20,340 |
Program service revenue including government fees and contracts | $0 | $0 | $0 |
Membership dues and assessments | $2,073 | $0 | $0 |
Investment income | $311 | $46 | $38 |
Gain/Loss from sale of assets other than inventory | $0 | $0 | $0 |
Net income/loss from gaming and fundraising events | $28,872 | $15,380 | $18,115 |
Gross income from gaming | $0 | $0 | $0 |
Gross income from fundraising events | $28,872 | $38,842 | $37,692 |
Less: direct expenses from gaming and fundraising events | $0 | $23,462 | $19,577 |
Gross profit/loss from sales of inventory | $0 | $0 | $0 |
Other revenue | $13,984 | $41,261 | $49,576 |
Total expenses | $97,139 | $99,154 | $117,965 |
Total net assets | $66,891 | $45,620 | $15,724 |
Excess/Deficit for the year | $-28,613 | $-21,271 | $-29,896 |
Net assets or fund balances at beginning of year | $190,966 | $66,891 | $45,620 |
Other changes in net assets or fund balances | $-95,462 | $0 | $0 |
Net assets or fund balances at end of year | $45,620 | $15,724 |
Balance Sheets | |||
2011 | 2012 | 2013 | |
---|---|---|---|
Total assets | $434,268 | $412,997 | $398,235 |
Total liabilities | $367,377 | $367,377 | $382,511 |
Net assets or fund balances | $66,891 | $45,620 | $15,724 |
Other Information | |||
2011 | 2012 | 2013 | |
---|---|---|---|
Did the organization engage in any significant activity not previously reported to the IRS? | No | No | |
Were any significant changes made to the organizing or governing documents? | No | No | |
Did the organization have unrelated business gross income of $1,000 or more during the year from business activities | No | No | No |
Has the organization filed a Form 990-T for the year? | No | No | |
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year? | No | No | |
Amount of political expenditures, direct or indirect | $0 | $0 | |
Did the organization file Form 1120-POL for this year? | No | No | |
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return? | No | No | |
Total amount involved | $0 | $0 | |
Initiation fees and capital contributions | $0 | $0 | $0 |
Gross receipts for public use of club facilities | $0 | $0 | $0 |
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ? | No | No | |
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? | No | No |
Reason for Public Charity Status (for 2013) | |
The organization is not a private foundation because it is: | An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975 |
Number of organizations supported | 0 |
Sum of amounts of support | $0 |
Support Schedule for Organizations Described in Section 509(a)(2) (for 2009 - 2013) | |
2009 - 2013 Total | |
---|---|
Public support | $81,469 |
Subtotal | $81,469 |
Gifts, grants, contributions, and membership fees received | $81,469 |
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose | $0 |
Gross receipts from activities that are not an unrelated trade or business under section 513 | $0 |
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf | $0 |
The value of services or facilities furnished by a governmental unit to the organization without charge | $0 |
Less | $0 |
Amounts received from disqualified persons | $0 |
Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support | $0 |
Total support | $82,458 |
Public support | $81,469 |
Subtotal | $989 |
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources | $989 |
Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975 | $0 |
Net income from unrelated business activities, whether or not the business is regularly carried on | $0 |
Other income | $0 |
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Organizations performing similar types of work | |||||
Id | Name | Address | State | Established | Total Income |
---|---|---|---|---|---|
1 | Sylvester H Reed Memorial Trust | PO BOX 1111, Pflugerville, TX 78691-1111 | TX | 1998-01 | $1,242,927 |
2 | The Memorial Health Care Foundation | 826 W King St, Owosso, MI 48867-2120 | MI | 1992-12 | $3,352,965 |
3 | Samuel N Bemis Scholarship Fund | PO BOX 3636, Grand Rapids, MI 49501-3636 | MI | 1995-10 | $817,768 |
4 | University Of Michigan Club Of Detroit Scholarship Fund | 23811 Oxford St, Dearborn, MI 48124-2508 | MI | 1959-06 | $141,034 |
5 | Trenton Rotary Foundation Inc | 3630 West Rd, Trenton, MI 48183-2224 | MI | 1995-04 | $126,376 |
6 | Torch Of Wisdom Foundation | PO BOX 2787, Southfield, MI 48037-2787 | MI | 1994-02 | $107,646 |
7 | Scholarship America Inc, Allegan | PO BOX 8, Allegan, MI 49010-0008 | MI | 1962-04 | $91,554 |
8 | Western Insurance Scholarship Foundation | 159 N Scott St, Adrian, MI 49221-1945 | MI | 1992-03 | $84,208 |
9 | Theuerkorn Foundation | 38148 Lakeshore Dr, Harrison Twp, MI 48045-2857 | MI | 1997-02 | $79,567 |
10 | Stewart Management Group Charitable Foundation | 31850 Ford Rd, Garden City, MI 48135-1506 | MI | 1995-07 | $67,899 |
11 | Thornapple Kellogg Education Foundation | PO BOX 164, Middleville, MI 49333-0164 | MI | 1994-05 | $64,015 |
12 | Troy Rotary Foundation | PO BOX 4544, Troy, MI 48099-4544 | MI | 1997-07 | $58,610 |
13 | Tahquamenon Education Foundation | Po Box 483, Newberry, MI 49868 | MI | 1987-07 | $56,161 |
14 | Cass Tech High School Alumni Asso | 2501 Second Ave, Detroit, MI 48201 | MI | 1998-02 | $28,779 |
15 | Scottish Rite Valley Of Detroit Cha Ritable And Educational Foundation | 907 Monroe St, Dearborn, MI 48124-2309 | MI | 1993-06 | $14,988 |
16 | Steve Paul Friedman Foundation | 6745 Heron Pt, W Bloomfield, MI 48323-2061 | MI | 1998-08 | $6,760 |
17 | Verne O Kling And Dorothy M Kling Scholarship Fund | PO BOX 75000, Detroit, MI 48275-7874 | MI | 1998-10 | $4,345 |
18 | Simran Nanda Foundation | PO BOX 700809, Plymouth, MI 48170-0954 | MI | 1997-04 | $3,307 |
19 | Sherrie L Jones Foundation | 254 Charlevoix Ave, Grosse Pointe, MI 48236-3359 | MI | 1998-07 | $37 |
20 | Uaw Local 594 Member Contributions Foundation | 27800 George Merrelli Drive, Warren, MI 48092 | MI | 1992-09 | $32 |
Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total | 3,412 |
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