Massachusetts Bankers Association Charitable Foundation Inc
- Assets
- $2.7m
- Revenue
- $326.4k
- Investments
- $1.8m
- Employees
- 0
- Location
- Boston, MA
- Founding
- 05/1997
- Data as of
- 12/2021
- 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 12/2021, Massachusetts Bankers Association Charitable Foundation Inc generated $326.4k in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $254.9k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Massachusetts Bankers Association Charitable Foundation Inc has awarded 121 individual grants totaling $371,200. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol R Mcclintock Treasurer | 1 | $0 | |
Francesca G Bertolino Sr. Vp/director (retired) | 1 | $0 | |
Mark R O'connell Director | 1 | $0 | |
Robert J Fraser Director | 1 | $0 | |
John Wiseman Director | 1 | $0 | |
Jon K Skarin Clerk | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $171,050 |
| Interest on Savings | $70 |
| Dividends & Interest | $42,968 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $32,336 |
| Capital Gain Net Income | $32,336 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $79,967 |
| Total Revenue | $326,391 |
| 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 | $68,878 |
| Total operating and administrative expenses | $78,877 |
| Contributions, gifts, grants paid | $176,000 |
| Total expenses and disbursements | $254,877 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $135,314 |
| Savings and temporary cash investments | $691,389 |
| Net Accounts receivable | $2,243 |
| 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 | $2,669,259 |
| 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, Massachusetts Bankers Association Charitable Foundation Inc has awarded $176,000 in support to 51 organizations.
| Grant Recipient | Amount |
|---|---|
Boston, MA PURPOSE: EXEMPT PURPOSE | $16,000 |
BOYS & GIRLS CLUB OF LEOMINSTER & FITCHB PURPOSE: EXEMPT PURPOSE | $5,000 |
COR UNUM MEAL CENTER PURPOSE: EXEMPT PURPOSE | $5,000 |
Pittsfield, MA PURPOSE: EXEMPT PURPOSE | $5,000 |
Plymouth, MA PURPOSE: EXEMPT PURPOSE | $5,000 |
18 DEGREES PURPOSE: EXEMPT PURPOSE | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Massachusetts Bankers Association Charitable Foundation Inc has recieved totaling $6,000.
| Awarding Organization | Amount |
|---|---|
Newburyport Five Cents Savings Charitable Foundation Inc Newburyport, MA PURPOSE: EXEMPT PURPOSE | $3,000 |
Lowell Five Charitable Foundation Inc Tewksbury, MA PURPOSE: DONATION | $3,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
R S Evans Foundation Inc Garden City, NY | $16,184,922 | $863,303 |
Massachusetts Bankers Association Charitable Foundation Inc Boston, MA | $2,669,259 | $326,391 |
Granoff Family Foundation Providence, RI | $1,114,138 | $112,837 |
Victor And Monica Markowicz Charitable Trust Larchmont, NY | $350,957 | $23,102 |
East Islip Student Athletes Booster Club Inc East Islip, NY | $40,932 | $41,507 |
Garabed & Ahavni Kouzoujian Benevolent Foundation Inc Huntington, NY | $33,054 | $2,953 |
Mary Reed Trust Bedford, NH | $1,790 | $192 |
Sherit Isroel Inc Monsey, NY | $98 | $0 |