Massachusetts Bankers Association Charitable Foundation Inc
- Assets
- $2.5m
- Revenue
- $189.7k
- Investments
- $2.3m
- Employees
- 0
- Location
- Boston, MA
- Founding
- 05/1997
- Data as of
- 12/2023
- EIN
- 04-3325424
Organization Overview
Massachusetts Bankers Association Charitable Foundation Inc is located in Boston, MA. The organization was established in 1997. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Bankers Association Charitable 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, Massachusetts Bankers Association Charitable Foundation Inc generated $189.7k 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 (9.8%) each year. All expenses for the organization totaled $335.2k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Massachusetts Bankers Association Charitable Foundation Inc has awarded 232 individual grants totaling $776,900. 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Papalardo Clerk | 1 | $0 | |
Kevin M Tierney Sr Director | 1 | $0 | |
Lisa R Murray Director | 1 | $0 | |
Dennis Sheehan Director | 1 | $0 | |
James M Dunphy Director | 1 | $0 | |
Robert Frazer Chairperson/director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $3,000 |
| Interest on Savings | $71 |
| Dividends & Interest | $48,624 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $69,960 |
| Capital Gain Net Income | $69,960 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $68,094 |
| Total Revenue | $189,749 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $44,861 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $394 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $66,176 |
| Total operating and administrative expenses | $123,855 |
| Contributions, gifts, grants paid | $211,300 |
| Total expenses and disbursements | $335,155 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$536 |
| Savings and temporary cash investments | $192,878 |
| Net Accounts receivable | $2,391 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,524,742 |
| 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 | $87,020 |
| Total liabilities | $87,020 |
Grants Awarded
Over the last fiscal year, Massachusetts Bankers Association Charitable Foundation Inc has awarded $211,300 in support to 51 organizations.
| Grant Recipient | Amount |
|---|---|
PAT ROCHE HOSPICE HOME PURPOSE: EXEMPT PURPOSE | $100 |
MICHAEL J FOX FOUNDATION FOR PARKINSON'S RESEARCH PURPOSE: EXEMPT PURPOSE | $100 |
NATIONAL COMPASSION FUND PURPOSE: EXEMPT PURPOSE | $500 |
CATHEDRAL CHURCH OF ST PAUL PURPOSE: EXEMPT PURPOSE | $100 |
HAWAII COMMUNITY FOUNDATION PURPOSE: EXEMPT PURPOSE | $5,000 |
FOOD BANK OF WESTERN MA PURPOSE: EXEMPT PURPOSE | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Bankers Association Charitable Foundation Inc Boston, MA | $2,524,742 | $189,749 |
R S Evans Foundation Inc Garden City, NY | $14,991,623 | $269,035 |
Granoff Family Foundation Providence, RI | $981,672 | $79,565 |
East Islip Student Athletes Booster Club Inc East Islip, NY | $0 | $41,507 |
Victor And Monica Markowicz Charitable Trust Larchmont, NY | $328,255 | $22,433 |
Garabed & Ahavni Kouzoujian Benevolent Foundation Inc Huntington, NY | $33,614 | $2,586 |
Mary Reed Trust Bedford, NH | $0 | $32 |