GALESBURG COMMUNITY FOUNDATION

EIN: 371159944 501(c)(3) Philanthropy & Grantmaking

GALESBURG, IL

Total Revenue
$5,772,670
Total Expenses
$5,197,599
Total Assets
$50,345,572
Net Assets
$44,923,562
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1984
Legal Domicile
IL
Phone
3093448898
Tax Period
2024-01-01 to 2024-12-31

GALESBURG COMMUNITY FOUNDATION, founded in 1984, is a community nonprofit in the Philanthropy & Grantmaking sector that reported $5.8M in total revenue in fiscal year 2024. Revenue fell 58% from the prior year — a significant decline worth monitoring. Expenses of $5.2M left a modest 10% surplus.

Mission

THE GALESBURG COMMUNITY FOUNDATION WORKS TO IMPROVE THE QUALITY AND HEALTH OF OUR COMMUNITIES. WE BELIEVE THAT CONNECTING PEOPLE TO THE CAUSES THEY CARE ABOUT IS A KEY INGREDIENT TO EFFECTIVE PHILANTHROPY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $3,605,425
Program Service Revenue $174,518
Investment Income $1,688,870
Other Revenue $303,857
TOTAL REVENUE $5,772,670

Expense Breakdown

Grants Paid $3,621,765
Salaries & Benefits $759,891
Fundraising Expenses $220,735
Program Expenses $4,180,543
Other Expenses $815,943
TOTAL EXPENSES $5,197,599

Year-over-Year Comparison

2024 2023 Change
Revenue $5,772,670 $13,597,781 -0.6%
Expenses $5,197,599 $4,056,603 +0.3%
Net Income $575,071 $9,541,178 -0.9%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✓ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
11
Independent Members
11
Employees
10
Volunteers
24

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✓ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
7
$324,003
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOSHUA GIBB CHIEF EXECUTIVE OFFICER 40.00
Officer
$177,970 $26,345 $204,315
SHAWN HEDDEN DIRECTOR OF FINANCE & OPERATIONS 40.00
Officer
$105,008 $14,680 $119,688
DR SUBBIA JAGANNATHAN BOARD MEMBER 1.00
Director
$0 $0 $0
CYNTHIA STOERZBACH BOARD MEMEBER 1.00
Director
$0 $0 $0
DUSTIN COURSON BOARD MEMBER 1.00
Director
$0 $0 $0
JAMIE YEMM BOARD MEMBER 1.00
Director
$0 $0 $0
CHAD LONG BOARD MEMBER 1.00
Director
$0 $0 $0
DR ADAM WELTY BOARD MEMBER 1.00
Director
$0 $0 $0
CAROL SHAW SECRETARY 1.00
Officer Director
$0 $0 $0
DR JOHN MCCLEAN PAST CHAIRMAN 1.00
Officer Director
$0 $0 $0
DAVID ERICKSON CHAIRMAN 1.00
Officer Director
$0 $0 $0
LISA GAVIN TREASURER 1.00
Officer Director
$0 $0 $0
DR BRIAN PLATTNER VICE CHAIRMAN 1.00
Officer Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $5,772,670 $5,197,599 $50,345,572 $575,071
2023 $13,597,781 $4,056,603 $48,105,009 $9,541,178
2022 $4,442,595 $4,118,553 $38,367,792 $324,042
2021 $5,623,656 $2,991,717 $41,357,933 $2,631,939
2020 $5,287,709 $2,447,501 $36,384,445 $2,840,208
2019 $2,820,838 $1,944,042 $30,989,137 $876,796
2018 $7,678,157 $2,037,224 $26,641,459 $5,640,933
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