MCKINNEY EDUCATION FOUNDATION

To inspire and assist McKinney ISD students and teachers toward excellence and make a difference in a child's life through education. Although the Form 990 may reflect an operating deficit for the year ended June 30, 2024, this variance is offset by donor-restricted endowment earnings that were approved for release and used to support operations within the same fiscal year. As such, the reported deficit does not reflect a cash shortfall or structural financial imbalance.During FYE 2024, the Foundation transferred monies from endowment earnings to support its mission as follows: $175,000 to cover costs of College Advisors under the Dream Builders Program $143,622 to cover endowment management fees (assessed at 1.6% of the endowment fund balance) $669,700 for scholarships $99,504 for classroom and program grantsThese distributions were approved in accordance with the Foundations endowment spending policy and represent the purposeful use of donor-restricted funds.As a result, what may app