2024-11-15T13:21:57-08:00 2023-12-31 200841703 Michael P Merrion PC 8758 Wolff Court Ste 105 Westminster CO 80031 990EZ 2023-01-01 810619100 THE KIT FARAGHER FOUNDATION KITF 3033224922 PO BOX 12440 DENVER CO 80212 BETH ANN FARAGHER President 2024-11-15 true true Michael P Merrion P00098160 3033226288 2023 2024-10-15 13:58:12Z X X kitfaragherfoundation.org X X 175764 X 34213 9493 132058 129610 2448 0 0 0 46154 29000 4127 1410 4438 38975 7179 395872 403051 X 398202 452240 37500 37500 435702 489740 39830 86689 395872 403051 GRANT SCHOLARSHIPS AND EDUCATIONAL ASSISTANCE TO COLORADO AND OHIO STUDENTS IN NEED OF FINANCIAL ASSISTANCE FOR COLLEGE. IN 2023 SCHOLARSHIPS TOTALING $40,000.00 WERE AWARDED TO STUDENTS SELECTED BY THE SELECTION COMMITTEE AS THE MOST DESERVING APPLICANTS. OF THAT AMOUNT $12,500.00 WAS PAID DURING 2023, AS WELL AS AN ADDITIONAL AMOUNT OF $12,500.00 FOR SCHOLARSHIPS AWARDED IN PRIOR YEARS. IN ADDITION, ASSISTANCE STIPENDS IN THE AMOUNT OF $2,000 EACH WERE GRANTED TO TWO STUDENTS IN 2023. IN ALL, EDUCATIONAL GRANT DISTRIBTION IN 2023 TOTALED $29,000. ALL SCHOLARSHIP AMOUNTS ARE PAID DIRECTLY TO THE COLLEGES SELECTED BY THE RECIPIENTS. ASSISTANCE STIPENDS ARE PAID TO THE STUDENT AWARDED THE GRANT. SEE ATTACHED SCHEDULE FOR ADDITIONAL DETAIL. 29000 1079 1079 BETH ANN FARAGHER President & CEO 4.00 0 MICHAEL MCCASLAND Treasurer 2.00 0 WILLIAM E FARAGHER JR Director 2.00 0 MARY FARAGHER WATERMAN Vice President 2.00 0 TAYLOR HALAGAN Secretary 2.00 0 false false false false false false false 0 0 0 false 0 0 false BETH FARAGHER PO BOX 12440 DENVER CO 80212 3033224922 false false false false false false false false false false false NONE NONE true X 70072 30300 29946 35305 34212 199835 0 0 0 0 70072 30300 29946 35305 34212 199835 0 0 199835 12349 9417 13381 11735 9493 56375 0 12349 9417 13381 11735 9493 56375 0 0 82421 39717 43327 47040 43705 256210 0.78000 0.79990 0.22000 0.20010 X Other Expenses.1002 Office Expenses $332 Other Expenses.1 MEALS & ENTERTAINMENT $2109 Other Expenses.2 ADMINISTRATIVE EXPENSES $1971 Other Expenses.5 LICENSE & REGISTRATION $20 Other Expenses.6 FOREIGN TAX PAID $6 Other Assets.1 SCHOLARSHIP COMMITMENTS - Beginning $37500 SCHOLARSHIP COMMITMENTS - Ending $37500 Total Liabilities.1003 Deferred Revenue - Beginning $2330 Deferred Revenue - Ending $49189 Total Liabilities.1 SCHOLARSHIP COMMITMENTS - Beginning $37500 SCHOLARSHIP COMMITMENTS - Ending $37500 Statement Note 1 The Kit Faragher FoundationPO Box 12440Denver, CO 80212EIN 81-0619100___________________________________________________________________The Kit Faragher Foundation awarded four Memorial Scholarships for the 2023-2024 School Year to Caryl Anne Bender, Fatimata Ndiaye, Ollivia Guseman and Yaphet Reyes-Powell. In addition, assistance stipends were awarded to Hope Mitchell and Kevin Koppers. Total SCholarships awarded in 2023-2024 School Year was $10,000 which will be paid out over a two year period. Total Assistance Stipends awarded in 2023 was $4,000. Statement Note 2 Attachment to Form 990 (2023)In 2023 the Kit Faragher Foundation awarded FOUR SCHOLARSHIPS. Three scholarships were awarded to graduating Colorado high school seniors, one of which had to be awarded to a graduating senior from a Montrose County, CO high school. The Kit Faragher Foundation also awarded one scholarship to a graduating high school senior from Geauga County, Ohio. The applicants are all attending an accredited two or four-year college or university. The four scholarships for the 2023-2024 school year were an award of $10,000.00 each, to be paid over the students first two years of their programs. The requirements to qualify for the scholarship were as follows:Applicant must have a minimum high school GPA of 2.5Applicant must demonstrate a financial need for assistance.Applicant must submit an application, official high school transcript, and a written essay, which captures their sense of personality and achievements, while describing their short and long-term goals.Notice that the new scholarship application had been uploaded to the foundations website (www.kitfaragherfoundation.org) was mailed in January, 2023 to the scholarship coordinator of every Colorado school, including public and private high schools and alternative schools, which had students in the 12th grade. For the Geauga County Ohio Scholarship, that application (in English and Spanish) was uploaded to the foundation's website in January, 2023 and notice was mailed to the scholarship coordinator for every Geauga County, Ohio school that had students in the 12th grade. Once received, subcommittees (one in Colorado and one in Ohio) comprised of members of The Kit Faragher Foundation Board of Directors reviewed the completed applications to determine if they met the scholarship requirements. The applicant pool was narrowed down, based primarily upon the financial need of the applicants, although the activities of the applicants and their essays were also considered. The applications were then reviewed by all the members of Colorado and Geauga County Ohio Kit Faragher Memorial Scholarship Selection Committees, which determined which applicants to interview. Based upon the individual interviews, the four scholarship recipients for the 2023-2024 school year were chosen by The Kit Faragher Memorial Scholarship Selection Committees. The decision was then approved by the Board of Directors of The Kit Faragher Foundation.In order to maintain the scholarship, the recipients must maintain a 2.5 GPA during the time period over which the scholarship is paid out, usually four semesters. Additionally, the recipients must submit a personal written assessment of accomplishments after each semester for the same time period. Transcripts and the personal written assessment must be submitted to The Kit Faragher Foundation at the end of each semester/quarter during the time period over which the scholarship is paid out. The scholarship funds may be used for tuition, books, lab fees, or other costs directly related to the degree program. The scholarship payments are made directly to the college/university where the student is attending. In addition to the scholarships awarded by the committee, two special awards were made in the form of student assistance stipends to scholarship applicants who, while not awarded a scholarship, were recommended by the committee as exceptional applicants based on the same criteria utilized for the scholarship awards. Each of the student assistance stipends was in the amount of $2,000.