Provident Bank Foundation Inc
- Assets
- $16.6m
- Revenue
- $1.1m
- Investments
- $16.3m
- Employees
- 0
- Location
- Iselin, NJ
- Founding
- 05/2004
- Data as of
- 12/2023
- EIN
- 04-3739441
Organization Overview
Provident Bank Foundation Inc is located in Iselin, NJ. The organization was established in 2004. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, 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. Provident Bank 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, Provident Bank Foundation Inc generated $1.1m 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 (8.9%) each year. All expenses for the organization totaled $1.8m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.3%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Provident Bank Foundation Inc has awarded 693 individual grants totaling $6,607,987. 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 |
|---|---|---|---|
Dr Carlos Hernandez PHD Chairman | 1 | $0 | |
Christopher Martin President And Director | 2 | $0 | |
John Kuntz Secretary | 2 | $0 | |
Carmine Torrecuso See Stmt 8 Treasurer | 5 | $17,792 | |
Samantha Plotino See Stmt 8 Executive Director | 37.5 | $122,324 | |
Karen Mcmullen Director | 1 | $4,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $3,000 |
| Interest on Savings | $87 |
| Dividends & Interest | $788,939 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $316,603 |
| Capital Gain Net Income | $316,603 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,108,629 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $148,116 |
| Other employee salaries and wages | $124,411 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $17,846 |
| Depreciation | $618 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $78,694 |
| Total operating and administrative expenses | $506,432 |
| Contributions, gifts, grants paid | $1,282,533 |
| Total expenses and disbursements | $1,788,965 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $189,136 |
| Net Accounts receivable | $0 |
| 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 | $74,087 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $989 |
| Other assets | $0 |
| Total assets | $16,569,534 |
| 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, Provident Bank Foundation Inc has awarded $1,282,533 in support to 104 organizations.
| Grant Recipient | Amount |
|---|---|
180 TURNING LIVES AROUND INC PURPOSE: TRANSITIONAL/RAPID RE-HOUSING (TH-RRH) | $15,000 |
200 CLUB OF MIDDLESEX COUNTY PURPOSE: 2023 GOLD SPONSORSHIP (SHARED WITH PROVIDENT BANK) | $5,000 |
ADLER APHASIA CENTER PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |
AMERICA'S GROW-A-ROW INC PURPOSE: FRESH PRODUCE INITIATIVE | $20,000 |
ANCHOR HOUSE INC PURPOSE: PROGRAMS FOR HOMELESS YOUTH | $10,000 |
BERGEN COUNTY'S UNITED WAY PURPOSE: AFFORDABLE HOUSING | $10,000 |