Peninsula Education Foundation is a critical source of funding for the Palos Verdes Peninsula Unified School District and its continued success. Recognizing the importance of this source of funds, PEF is committed to responsible fundraising, prudent stewardship and financial transparency.
PEF is proud to have earned the GuideStar Exchange Gold logo from GuideStar USA, and a 4-Star rating from Charity Navigator, the nation’s leading charity evaluators. These ratings demonstrate the Peninsula Education Foundation’s deep commitment to nonprofit transparency and accountability.
Annual revenue and expense data, the PEF forms 990, impact summaries, and more can be viewed by clicking on the logos below.
The following financial statements summarize PEF’s balance sheet as well as the sources of revenue and expenses ending June 30, 2019.
REVENUE: PEF strives to develop a diverse funding base that relies upon multiple sources for contributions. In 2018-19 contributions totaled $2,321,320 of which 80% came primarily from school families through annual and major donor campaigns. In addition, corporations, foundations, alumni, and other community groups contributed to PEF.
FUNDRAISING EVENTS: PEF hosts several fundraising events anchored by one of the largest fundraisers in the South Bay, The Main Event. With over 500 attendees, this event generated $177,222. A Lexus generously donated by Toyota Motor Sales, USA, Inc., raised $43,505 through a raffle opportunity. The Wine Event featuring wines from Darioush and Phiffer Pavitt contributed $75,547. Once again, the Palos Verdes Peninsula outnumbered other communities in the Skechers Pier to Pier Friendship Walk with a record number of participants – over 3,600 which resulted in a gift of $245,872. Major fundraising events require expenses, but PEF’s goal is to keep costs as low as possible by gathering sponsors and gift-in-kind donors.
SUMMER SCHOOL: As summer school funding from the state became obsolete, education foundations began to offer these programs. PEF was one of the first to implement a full K-12 summer school program and is one of the few WASC (Western Association of Schools and Colleges) accredited in the state. The summer school program provides a convenient and affordable alternative to other more expensive programs. Tuition contributed revenue of $1,214,440 and expenses were $805,916. The summer school program pays for all teacher and administrative salaries, as well as rent for facilities, and textbooks from the school district. The net proceeds garnered from this program go directly back to PEF and ultimately, the PVPUSD.
EXPENSES: Due to the community’s outstanding support of our fundraising efforts, PEF was able to donate $2,986,568 to the school district. This resulted in 88% of expenditures going towards program services, inclusive of Summer School expenses.
SALARIES & OVERHEAD: Support services consist of salaries, benefits and general overhead costs. PEF employs one full time Executive Director, one full time Development Director and four part-time staff members who work in conjunction with the Board of Trustees.The Board members are not compensated. The primary focus is to work with parents, the school district, community members, and local businesses to develop and support new and existing sources of funding for our schools. Day to day activities include: donor outreach and stewardship; planning events; communicating through print, website and social media; managing and processing data; maintaining accounting records. General overhead costs consist of advertising and marketing, audit fees, bank fees, insurance, office supplies, postage, printing, computer services and other expenses necessary to run the organization. In addition, per IRS requirements, in-kind donations are recorded both as income and expense; thus, donated facilities and services of $139,395 show up as an expense in the supporting services. PEF is very diligent in handling expenses and has a low overhead rate of 12%, which compares favorably to other education foundations. For more information on non-profit expenses and overhead, visit GuideStar’s helpful FAQ.
ENDOWMENT: Peninsula Education Foundation’s Endowment was initiated in 1979 with a $50,000 gift from the Kenneth T. and Eileen L. Norris Foundation. The intent of the Endowment is both to achieve long-term support for the PVPUSD by growing the endowment through contributions and investment growth, and to provide an annual distribution of funds to the District in accordance with the PEF’s Endowment Spending Policy. The PEF Endowment balance is valued at about $4.4 million. To learn more about the PEF’s endowment, click www.pvpef.org/pef-endowment/
FINANCIAL GOVERNANCE: PEF’s financial statements are audited by the accounting firm, Windes, and have received an unmodified opinion for the fiscal year ending June 30, 2019. In addition, PEF maintains an Audit Committee headed by a non-board member finance professional, who engages the audit firm and assures any corrective actions are taken if necessary. The Finance Committee, chaired by the Executive Board member Vice President of Finance, ensures the processes and policies are in place to maintain the financial integrity of the Foundation. The Finance Committee also has oversight of the endowment and invests the assets in accordance with the Investment Policy, with the goal of a reasonable rate of return with minimal risk. There are several policies in place to safeguard the integrity of our fundraising efforts listed below.
Thank you for your interest in PEF’s financial information. We appreciate your trust in us and your faith in the work PEF does for our students and schools. If you have any questions, please contact our office at 310-378-2278 or email@example.com.
Financial Statements and Policies: