Genesis Learning Centers
Fiscal Year
No current fiscal year information is available at this time.
Organizational Budgets and Other Documents
IRS Letter of Exemption
| genesis learning centers irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $4,902,822.00 | $4,939,596.00 | |
| Total Expenses | $5,226,228.00 | $5,383,192.00 | |
| Revenue Less Expenses | ($-0.00) | ($323,406.00) | ($443,596.00) |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | |
| Government - Federal | $0.00 | $0.00 | |
| Government - State | $0.00 | $0.00 | |
| Government - Local | $0.00 | $0.00 | |
| Government - Unspecified | $0.00 | $160,429.00 | |
| Contributions, Gifts, and Grants | $10,157.00 | $9,640.00 | |
| Indirect Public Support | $0.00 | $0.00 | |
| Earned Revenue | $4,922,923.00 | $4,730,599.00 | |
| Investment Income, Net of Losses | $-30,258.00 | $38,928.00 | |
| Membership Dues | $0.00 | $0.00 | |
| Special Events | $0.00 | $0.00 | |
| Revenue In-Kind | $0.00 | $0.00 | |
| Other | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $4,606,174.00 | $4,815,406.00 | |
| Administration Expense | $620,054.00 | $567,786.00 | |
| Fundraising Expense | $0.00 | $0.00 | |
| Total Revenue/Total Expenses | 94% | 92% | |
| Program Expense/Total Expenses | 88% | 89% | |
| Fundraising Expense/Contributed Revenue | 0% | 0% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | $0.00 | Earned Revenue $4,922,923.00 | Program Revenue $4,730,599.00 |
| Second Highest Funding Source & Dollar Amount | $0.00 | Contributions, Gifts, Grants $10,157.00 | Government Grants $160,429.00 |
| Third Highest Funding Source & Dollar Amount | $0.00 | $0.00 | Investment Income $38,928.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $1,689,499.00 | $1,736,855.00 | |
| Current Assets | $1,242,198.00 | $1,168,347.00 | |
| Long-Term Liabilities | $420,607.00 | $749,430.00 | |
| Current Liabilities | $120,658.00 | $148,785.00 | |
| Total Net Assets | $1,148,234.00 | $838,640.00 |
Endowment Info
Do you have an endowment?
No
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
Yes
Solicitation Permit Info
State Charitable Solicitations Permit
Exempt
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| Genesis Learning Centers has operated for 37 years on the funds we are entrusted through service contracts. Our challenge is always to continue quality services that warrant the continued renewal of service contracts with the allotted funds. We continue to closely monitor our expenses and seek new means to save dollars (i.e. this past year we re-worked our contract with Staples providing a significant savings in office and janitorial supplies). And look for ways to increase revenue (i.e. we have expanded services to Cannon County, increased students from Robertson County, and re-negotiated our MNPS contract for a rate increase). Genesis maintains an investment account with a 2020 ending balance of $247,979. These funds provide collateral for our $350,000 Line of Credit with our local commercial Bank, INSBANK. Revenue from the investment account also provides funds for the Genesis employer match on our 401k Plan. Our longevity demonstrates our abilities to both manage expenses and increase revenue successfully. |
Foundation Staff Comments
| *As a state-approved school, this organization is exempt from the state requirement to file with the Department of Charitable Solicitations. Financials taken from the 990. Financial documents prepared by Thomason Financial Resources, Inc. Comments provided by Hayley Sulfridge 11/22/22. |
