The Open Gate Inc
- Assets
- $2.7m
- Revenue
- $70.8k
- Investments
- $2.6m
- Employees
- 0
- Location
- Cambridge, MA
- Founding
- 02/1987
- Data as of
- 12/2023
- 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 12/2023, Open Gate Inc generated $70.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $123.3k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Open Gate Inc has awarded 89 individual grants totaling $765,588. 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 |
|---|---|---|---|
Warren D Goldfarb President/director | 1 | $0 | |
Hugh A Russell Treasurer/director | 1 | $0 | |
Robert W Mack Clerk/director | 1 | $0 | |
John H Finley IV Director | 1 | $0 | |
Michael Flier Director | 1 | $0 | |
Rhonda Wittels Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $6,250 |
| Interest on Savings | $9 |
| Dividends & Interest | $38,127 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $26,374 |
| Capital Gain Net Income | $26,374 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $70,760 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $178 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $300 |
| Total operating and administrative expenses | $3,008 |
| Contributions, gifts, grants paid | $120,282 |
| Total expenses and disbursements | $123,290 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,474 |
| Savings and temporary cash investments | $179 |
| 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 | $2,628,684 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,650,337 |
| 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 $120,282 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
PRESIDENT & FELLOWS OF HARVARD COLLEGE PURPOSE: PROGRAM SUPPORT | $93,897 |
BRENT PEABODY PURPOSE: FELLOWSHIP | $1,500 |
AUGUST SKLAR PURPOSE: FELLOWSHIP | $2,300 |
JULIA HARRIS PURPOSE: FELLOWSHIP | $2,850 |
CASEY OROZCO-POORE PURPOSE: FELLOWSHIP | $2,500 |
ALLYSA WARLING PURPOSE: FELLOWSHIP | $1,468 |