Ideal Scholarship Foundation in Pequot Lakes, Minnesota (MN)

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Ideal Scholarship Foundation
Employer Identification Number (EIN)411607798
Name of OrganizationIdeal Scholarship Foundation
In Care of NameVickey Leonard
Address34310 Peoria Road, Pequot Lakes, MN 56472
ActivitiesDescribed in section 170(b)1)(a)(vi) of the Code, Scholarships (other)
SubsectionCharitable Organization
Ruling Date11/1995
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
Exempt Organization StatusUnconditional Exemption
Tax Period2008
Assets$100,000 to $499,999
Income$10,000 to $24,999
Filing Requirement990 - Required to file Form 990-N - Income less than $25,000 per year
Asset Amount$281,990
Amount of Income$14,616
Form 990 Revenue Amount$14,616
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Scholarships, Student Financial Aid Services, Awards

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Amount of income in 2008: $14,616 (it was $34,082 in 2013)
Ideal Scholarship Foundation: 

Other organizations performing similar types of work: 


Assets in 2008: $281,990 (it was $284,108 in 2013)
This organization: 

Other organizations performing similar types of work: 


Expenses in 2013: $12,897
This organization: 

Other organizations performing similar types of work: 


Income to expenses ratio in 2013: 1.1
This organization: 

Other organizations performing similar types of work: 


Grants share in income in 2013: 8.9%
Ideal Scholarship Foundation: 

Other organizations performing similar types of work: 


Financial snapshot ($)

Revenue for 2013

Support schedule

Revenue, Expenses, and Changes in Net Assets or Fund Balances
Total revenue$10,905$51,672$34,082
Contributions, gifts, grants, and similar amounts received$10,500$38,000$3,034
Program service revenue including government fees and contracts$0$0$0
Membership dues and assessments$0$0$0
Investment income$405$13,672$31,048
Gain/Loss from sale of assets other than inventory$0$0$0
Net income/loss from gaming and fundraising events$0$0$0
Gross profit/loss from sales of inventory$0$0$0
Other revenue$0$0$0
Total expenses$7,175$6,680$12,897
Total net assets$217,931$262,923$284,108
Excess/Deficit for the year$3,730$44,992$21,185
Net assets or fund balances at beginning of year$214,201$217,931$262,923
Other changes in net assets or fund balances$0$0$0
Net assets or fund balances at end of year$262,923$284,108
Balance Sheets
Total assets$217,931$262,923$284,108
Total liabilities$0$0$0
Net assets or fund balances$217,931$262,923$284,108
Other Information
Did the organization engage in any significant activity not previously reported to the IRS?NoNo
Were any significant changes made to the organizing or governing documents?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNoNo
Has the organization filed a Form 990-T for the year?NoNo
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?NoNo
Amount of political expenditures, direct or indirect$0$0
Did the organization file Form 1120-POL for this year?NoNo
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?NoNo
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?NoNo
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?NoNo
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013)
2009 - 2013 Total
Public Support$65,034
Subtotal Support$65,034
Gifts, grants, contributions, and membership fees received$65,034
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
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$0
Total Support$136,709
Public Support$65,034
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$71,675
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income. Do not include gain or loss from the sale of capital assets$0
Gross receipts from related activities, etc.$0
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19Minnesota Educational Scholarship Fund Inc8642 Ivan Ave S, Cottage Grove, MN 55016MN2014-06$127,164
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Number of organizations performing similar types of work
District of Columbia210
North Carolina631
North Dakota29
New Hampshire145
New Jersey1,137
New Mexico122
New York1,581
Rhode Island132
South Carolina243
South Dakota54
West Virginia110
Total23,481 is not associated with, endorsed by, or sponsored by Ideal Scholarship Foundation and has no official or unofficial affiliation with Ideal Scholarship Foundation