Hanover Insurance Group Foundation Inc
- Assets
- $3.6m
- Revenue
- $640.6k
- Investments
- $3.0m
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 04/1991
- Data as of
- 12/2023
- 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 12/2023, Hanover Insurance Group Foundation Inc generated $640.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (9.6%) each year. All expenses for the organization totaled $1.6m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Hanover Insurance Group Foundation Inc has awarded 187 individual grants totaling $6,129,727. 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 |
|---|---|---|---|
Kimberly Salmon President | 1 | $0 | |
Richard W Lavey Vice President | 1 | $0 | |
Jennifer F Luisa Senior Vice President | 1 | $0 | |
Celeste J Nelson Treasurer | 0.5 | $0 | |
Charles F Cronin Clerk | 0.5 | $0 | |
Sandra H Aramony Assistant Treasurer | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $548,728 |
| Interest on Savings | $37 |
| Dividends & Interest | $91,875 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $8,878 |
| Net ST Capital Gain | $8,878 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $640,640 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,000 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $299 |
| Total operating and administrative expenses | $1,299 |
| Contributions, gifts, grants paid | $1,582,709 |
| Total expenses and disbursements | $1,584,008 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,424 |
| 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 | $3,559,422 |
| 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 $1,582,709 in support to 43 organizations.
| Grant Recipient | Amount |
|---|---|
UNITED WAY OF CENTRAL MASSACHUSETTS PURPOSE: CHARITABLE CONTRIBUTION | $244,300 |
SCHOLARSHIP AMERICA PURPOSE: CHARITABLE CONTRIBUTION | $79,410 |
BOYS & GIRLS CLUB OF CENTRAL MA PURPOSE: CHARITABLE CONTRIBUTION | $55,000 |
SHOES THAT FIT PURPOSE: CHARITABLE CONTRIBUTION | $55,000 |
WORCESTER EDUCATION COLLABORATIVE PURPOSE: CHARITABLE CONTRIBUTION | $50,000 |
UNITED WAY OF LIVINGSTON COUNTY PURPOSE: CHARITABLE CONTRIBUTION | $55,000 |