Guardianship and Trusts Corporation
Fiscal Year
Fiscal Year Start
07/01/2024
Fiscal Year End
06/30/2025
Projected Revenue
$325,000.00
Projected Expenses
$370,100.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| Guardianship and Trusts Corporation IRS Ltr. |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $481,205.00 | $322,808.00 | $790,218.00 |
| Total Expenses | $349,881.00 | $343,159.00 | $361,034.00 |
| Revenue Less Expenses | $131,324.00 | ($20,351.00) | $429,184.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $48,600.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| Government - State | $0.00 | $0.00 | $0.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $0.00 | $45,000.00 | $38,600.00 |
| Contributions, Gifts, and Grants | $224,912.00 | $36,496.00 | $407,246.00 |
| Indirect Public Support | $820.00 | $780.00 | $10,000.00 |
| Earned Revenue | $243,756.00 | $237,038.00 | $283,998.00 |
| Investment Income, Net of Losses | $11,717.00 | $3,454.00 | $1,774.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $0.00 | $0.00 | $0.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $0.00 | $40.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $296,756.00 | $291,767.00 | $306,324.00 |
| Administration Expense | $53,125.00 | $51,392.00 | $54,710.00 |
| Fundraising Expense | $0.00 | $0.00 | $0.00 |
| Total Revenue/Total Expenses | 138% | 94% | 219% |
| Program Expense/Total Expenses | 85% | 85% | 85% |
| Fundraising Expense/Contributed Revenue | 0% | 0% | 0% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Program Revenue $243,756.00 | Program Revenue $237,038.00 | Contributions, Gifts, Grants $407,246.00 |
| Second Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $224,912.00 | Government Grants $45,000.00 | Program Revenue $283,998.00 |
| Third Highest Funding Source & Dollar Amount | Investment Income $11,717.00 | Contributions, Gifts, and Grants $36,496.00 | Foundation and Corporations $48,600.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $836,598.00 | $493,515.00 | $615,980.00 |
| Current Assets | $285,318.00 | $199,802.00 | $550,406.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $45,000.00 |
| Current Liabilities | $209,117.00 | $10,667.00 | $17,051.00 |
| Total Net Assets | $627,481.00 | $482,848.00 | $553,929.00 |
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?
No
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
December
Permit Expiration Year
2024
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| GTC receives income from diverse sources including individual donations, foundation and corporate grants, and the United Way campaign. Fees for conservatorship services, most of which are subject to court approval, account for the majority of revenues; trust fees are the other source of service-generated revenue. Due to extensive reporting and oversight requirements, as well as the necessity of frequent court appearances, the services we provide unavoidably involve administrative costs. Nevertheless, fees charged to those who can afford them remain modest by community standards. The flexibility afforded by a small staff and active volunteer board have thus far allowed GTC to maintain a small reserve. Yearly financial results shown on the audit and 990 are calculated according to the accrual, rather than the cash accounting method. Work performed for fee-paying clients but not collected--or in many cases, not even billed--at the close of the fiscal year are calculated in accrual income for the year as receivables. In some cases, payment on a receivable is not expected for some months or even years. Profit or loss in any given year is in large part a function of the increase or decrease in receivables; consequently, results shown on the audit and 990 do not give an accurate picture of actual cash profits and losses for that year. The GTC Board relies almost entirely on the cash accounting method in making and tracking its budget because it accurately reflects actual results. Operating budget figures shown are calculated according to the cash method and do not necessarily reflect activity in reserve and grant accounts. |
Foundation Staff Comments
| Financial figures taken from 990. Foundation and corporate grants may be included in Contributions, Gifts and Grants sum, as these amounts are not separated in Form 990. Financials completed by Blankenship CPA Group, PLLC. Comments provided by Hayley Sulfridge 11/4/24. |
