Hanover Insurance Group Foundation Inc
- Assets
- $4.2m
- Revenue
- $596.1k
- Investments
- $3.7m
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 04/1991
- Data as of
- 12/2022
- EIN
- 04-3105650
Organization Overview
Hanover Insurance Group Foundation Inc is located in Worcester, MA. The organization was established in 1991. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hanover Insurance Group Foundation 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, Hanover Insurance Group Foundation Inc generated $596.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (13.4%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Hanover Insurance Group Foundation Inc has awarded 144 individual grants totaling $4,547,018. 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 |
|---|---|---|---|
Celeste J Nelson Treasurer | 0.5 | $0 | |
Kimberly Salmon President | 1 | $0 | |
Richard W Lavey Vice President | 1 | $0 | |
Sandra H Aramony Assistant Treasurer | 0.5 | $0 | |
Jennifer F Luisa Senior Vice President | 1 | $0 | |
Charles F Cronin Clerk | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $500,000 |
| Interest on Savings | $67 |
| Dividends & Interest | $95,996 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $596,063 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,869 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $36 |
| Total operating and administrative expenses | $1,905 |
| Contributions, gifts, grants paid | $1,496,188 |
| Total expenses and disbursements | $1,498,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,667 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $500,000 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $4,192,355 |
| 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, Hanover Insurance Group Foundation Inc has awarded $1,496,188 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
CONTRIBUTIONS LESS THAN 10000 PURPOSE: CHARITABLE CONTRIBUTION | $451,219 |
UNITED WAY OF CENTRAL MA PURPOSE: CHARITABLE CONTRIBUTION | $238,600 |
SCHOLARSHIP AMERICA PURPOSE: CHARITABLE CONTRIBUTION | $81,450 |
Brighton, MI PURPOSE: CHARITABLE CONTRIBUTION | $55,000 |
WORCESTER EDUCATION COLLABORATIVE PURPOSE: CHARITABLE CONTRIBUTION | $52,500 |
Bedford, MA PURPOSE: CHARITABLE CONTRIBUTION | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Centers For Care Health Plan Bronx, NY | $49,972,187 | $33,212,808 |
Lufthansa German Airlines Long Term Disability Benefits Pl Tr Uniondale, NY | $2,508,054 | $15,798,770 |
Welfare Fund Heat And Frost Insulators Local 12 Long Island City, NY | $34,847,538 | $18,361,265 |
First Medical Insurance Compant A Risk Retention Group Colchester, VT | $102,134,145 | $15,354,853 |
Centers For Care Health Plan co Bronx Funding LLC Bronx, NY | $25,788,041 | $17,894,242 |
Rvc Insurance Company Inc Rockville Centre, NY | $295,933,062 | $29,353,576 |
Workers Compensation Rating & Inspection Bureau Of Massachusetts Boston, MA | $5,354,102 | $14,107,394 |
Granite Group Insurance Trust Barre, VT | $1,580,238 | $11,150,658 |
Bakers Union Local 453 Welfare Fund Mount Kisco, NY | $6,346,834 | $11,690,505 |
Insurance Fraud Bureau Of Massachusetts Boston, MA | $5,432,137 | $11,153,060 |
New Hampshire Bankers Association Insurance Trust Concord, NH | $1,655,893 | $8,712,913 |
Massachusetts Insurers Insolvency Fund Boston, MA | $220,667,916 | $27,762,839 |