The Open Gate Inc
- Assets
- $2.2m
- Revenue
- $56.7k
- Investments
- $2.2m
- Employees
- 0
- Location
- Cambridge, MA
- Founding
- 02/1987
- Data as of
- 12/2022
- EIN
- 04-2925939
Organization Overview
The Open Gate Inc is located in Cambridge, MA. The organization was established in 1987. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Open Gate Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Open Gate Inc generated $56.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.4%) each year. All expenses for the organization totaled $132.4k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Open Gate Inc has awarded 81 individual grants totaling $736,547. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John H Finley IV Director | 1 | $0 | |
Warren D Goldfarb President | 1 | $0 | |
Hugh A Russell Treasurer | 1 | $0 | |
Willis Emmons Director | 1 | $0 | |
Linda Callahan Director | 1 | $0 | |
Rhonda Wittels Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,560 |
| Interest on Savings | $3 |
| Dividends & Interest | $37,193 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $17,960 |
| Capital Gain Net Income | $17,960 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $56,716 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $521 |
| Total operating and administrative expenses | $2,821 |
| Contributions, gifts, grants paid | $129,536 |
| Total expenses and disbursements | $132,357 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,112 |
| Savings and temporary cash investments | $171 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $2,192,254 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,209,537 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, The Open Gate Inc has awarded $129,536 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
Cambridge, MA PURPOSE: PROGRAM SUPPORT | $114,940 |
ASMA GHANI PURPOSE: FELLOWSHIP | $4,050 |
OLIVIA OLDHAM PURPOSE: FELLOWSHIP | $2,000 |
CLAYTON COVINGTON PURPOSE: FELLOWSHIP | $1,500 |
CLAIRE ORANGE PURPOSE: FELLOWSHIP | $1,500 |
BRENDA CEJA PURPOSE: FELLOWSHIP | $1,240 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Open Gate Inc has recieved totaling $120.
| Awarding Organization | Amount |
|---|---|
Bill & Melinda Gates Foundation Seattle, WA PURPOSE: EMPLOYEE MATCHING GIFT - FOR GENERAL OPERATING SUPPORT | $120 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfred P Sloan Foundation New York, NY | $2,105,880,634 | $192,527,982 |
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
Mastercard Impact Fund Purchase, NY | $207,268,769 | $96,050,288 |
N H Higher Education Loan Corporation Concord, NH | $928,313,847 | $60,034,018 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
The Childrens Scholarship Fund New York, NY | $36,136,002 | $24,710,520 |
Math For America Inc New York, NY | $15,709,494 | $20,036,646 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
The Posse Foundation Inc New York, NY | $120,660,725 | $44,739,225 |
Inner-City Scholarship Fund Inc New York, NY | $115,829,957 | $24,751,034 |
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |