Gloucester Fund Inc
- Assets
- $205.0k
- Revenue
- $260.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Gloucester, MA
- Founding
- 11/2001
- Data as of
- 12/2021
- EIN
- 04-3521016
Organization Overview
Gloucester Fund Inc is located in Gloucester, MA. The organization was established in 2001. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gloucester Fund 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, Gloucester Fund Inc generated $260.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $193.9k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE CIVIC, CULTURAL, EDUCATIONAL, ATHLETIC & BENEVOLENT PURPOSES IN GLOUCESTER, MA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2021, THE ORGANIZATION'S LARGEST PROGRAM SERVICE ACCOMPLISHMENT WAS ITS CONTINUED SUPPORT FOR AND ON-GOING PRESENTATION OF CITY-WIDE CIVIC EVENTS, INCLUDING SUMMERTIME CONCERTS AND U.S. FLAGS DISPLAY, JULY 4TH AND LABOR DAY FIREWORKS, A KIDS HALLOWEEN FESTIVAL, THE CITY'S CHRISTMAS TREE DISPLAY, A HOLIDAY HISTORIC AREA WALK, AND A MEMORIAL SERVICE FOR FISHERMEN LOST AT SEA.
DURING 2021, THE ORGANIZATION'S SECOND LARGEST PROGRAM SERVICE ACCOMPLISHMENT WAS ITS ON-GOING SUPPORT OF THE GLOUCESTER POLICE DEPARTMENT'S KOPS-N-KIDS COMMUNITY OUTREACH PROGRAM AIMED AT BUILDING POSITIVE RELATIONSHIPS BETWEEN GLOUCESTER CHILDREN AND POLICE OFFICERS.
DURING 2021, THE ORGANIZATION'S THIRD LARGEST PROGRAM SERVICE ACCOMPLISHMENT WAS THE GRANTING OF SCHOLARSHIPS TO GLOUCESTER HIGH SCHOOL GRADUATING SENIORS.
OTHER PROGRAM SERVICES DURING 2021 INCLUDED SUPPORT FOR THE LOCAL FARMERS' MARKET, FOR TROOPS AND VETERANS, GOLD STAR AND VIETNAM MEMORIALS, A MEMORIAL WALL ART PROJECT FOR THE CITY'S UPCOMING 400TH ANNIVERSARY, AND SUPPORT FOR A LOCAL CANCER PATIENT AND A PUBLIC HEALTH PROGRAM FOR ACCESS TO REDUCED-COST PRESCRIPTION MEDICATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barrett S Pett President & Director | OfficerTrustee | 20 | $500 |
Frances Mondello Clerk & Director | OfficerTrustee | 0 | $0 |
Brent A Tarr Treasurer & Director | OfficerTrustee | 5 | $0 |
Tj Healy Director | Trustee | 0 | $0 |
Eugene P Mondello Jr Director | Trustee | 0 | $0 |
Frank Baker Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $260,043 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $260,043 |
| Total Program Service Revenue | $0 |
| Investment income | $364 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $260,407 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $17,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $500 |
| Compensation of current officers, directors, key employees. | $500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $824 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $13,690 |
| Total functional expenses | $193,917 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $205,037 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $205,037 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $205,037 |
| Total liabilities and net assets/fund balances | $205,037 |
Grants Awarded
Over the last fiscal year, Gloucester Fund Inc has awarded $36,526 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
CAPE ANN COMMUNITY CINEMA PURPOSE: SUPPORT OF LOCAL CINEMA AND STAGE | $17,885 |
CAPE ANN FARMERS MARKET PURPOSE: SUPPORT LOCAL FARMS, FISHERMEN & FOOD PRODUCERS. PROVIDE ACCESS TO HEALTHY FOODS. | $10,400 |
CITY OF GLOUCESTER PURPOSE: IMPROVE & MAINTAIN CITY PLAYGROUND & HISTORIC BURIAL GROUNDS. | $5,741 |
MARITIME GLOUCESTER PURPOSE: SUPPORT OF CIVIC EVENT, THE GLOUCESTER SCHOONER FESTIVAL. | $2,500 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Gloucester Fund Inc has recieved totaling $8,000.
| Awarding Organization | Amount |
|---|---|
Institution For Savings In Newbrypt & Its Vcnty Chrtble Foundation Inc Newburyport, MA PURPOSE: EXEMPT PURPOSE | $4,000 |
Institution For Savings In Newbrypt & Its Vcnty Chrtble Foundation Inc Newburyport, MA PURPOSE: EXEMPT PURPOSE | $4,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Comic Relief Inc New York, NY | $28,941,799 | $35,831,552 |
Givinga Foundation Inc Wellesley, MA | $2,876,364 | $15,849,424 |
Justgive Inc Weston, CT | $5,012,575 | $11,301,311 |
Clara Lionel Foundation New York, NY | $44,086,810 | $23,596,509 |
Visionspring New York, NY | $15,269,850 | $12,679,680 |
America Gives Inc New York, NY | $1,069,288 | $7,827,978 |
Foundations In Education Inc Bridgeport, CT | $36,181,181 | $11,526,982 |
Grant Recommendation Fund Spring Valley, NY | $460,055 | $4,767,095 |
The Catherine Jefferson Foundation Darien, CT | $18,987,801 | $13,741,460 |
Bikoff Foundation Whitestone, NY | $65,723,002 | $14,790,071 |
Giving Tuesday Inc Brooklyn, NY | $1,987,227 | $3,527,479 |
The Meringoff Family Foundation Inc New York, NY | $455,360 | $3,000,005 |