Ironwood Area Scholarship Foundation in Ironwood, Michigan (MI)

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Ironwood Area Scholarship Foundation
Employer Identification Number (EIN)382822183
Name of OrganizationIronwood Area Scholarship Foundation
Address650 E Ayer St, Ironwood, MI 49938-2206
ActivitiesScholarships (other)
SubsectionCharitable Organization
Ruling Date02/1989
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2012
Assets$1,000,000 to $4,999,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$1,108,558
Amount of Income$472,912
Form 990 Revenue Amount$272,769


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Financial snapshot ($)

Revenue for 2011

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$39,305
Contributions, Gifts, Grants and Other Similar Amounts$15,668
Program Service Revenue$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$24,126
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net loss from sales of assets other than inventory$-489
Gross amount from sales of assets other than inventory (Securities / Other)$288,528 / $346
Less: cost or other basis and sales expenses (Securities / Other)$289,363 / $0
Gain or (loss) (Securities / Other)$-835 / $346
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2011)
Total functional expenses$33,317
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$0
Payroll taxes$0
Professional fundraising services$0
Other$33,317
Balance Sheet (for 2011)
Total assets$858,033
Total liabilities$0
Total net assets or fund balances$858,033
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
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)
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2011)
2007 - 2011 Total
Total Support$156,793
Gifts, grants, contributions, and membership fees received$24,419
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
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$132,374
Gross receipts from related activities, etc.$24,126
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