Robert B Cranston & Theophilus T Pitman Fund
- Assets
- $1.1m
- Revenue
- $111.9k
- Investments
- $1.1m
- Employees
- 0
- Location
- Newport, RI
- Founding
- 05/1974
- Data as of
- 12/2023
- EIN
- 05-6008897
Organization Overview
Robert B Cranston & Theophilus T Pitman Fund is located in Newport, RI. The organization was established in 1974. 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.
For the year ending 12/2023, Robert B Cranston & Theophilus T Pitman Fund generated $111.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $104.9k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (2.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION'S ONLY FUNCTION IS TO ASSIST AGED AND INDIGENT PEOPLE IN THE COMMUNITY. INDIVIDUALS/FAMILIES ASSISTED DURING 2023 TOTALED 585.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory Fater Trustee | 2 | $3,000 | |
John H Ellis Trustee | 2 | $2,000 | |
Jack Grant Director | 10 | $0 | |
Vernon Harvey Part Year Trustee | 2 | $2,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $116,160 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$4,215 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $111,945 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $7,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,336 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $117 |
| Total operating and administrative expenses | $16,953 |
| Contributions, gifts, grants paid | $87,914 |
| Total expenses and disbursements | $104,867 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,791 |
| Savings and temporary cash investments | $16,956 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $55,910 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,115,304 |
| 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, Robert B Cranston & Theophilus T Pitman Fund has awarded $287,500 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
INDIGENT PEOPLE - PAID FOR MEDICAL SVS FOOD CLOTHING HOUSING & TRAVEL PURPOSE: MEDICAL SVCE, FOOD, UTIL, CLOTHING, HOUSING & TRAVEL | $87,500 |
DR MARTIN LUTHER KING JR CENTER PURPOSE: TO SUPPORT THE ORGANIZATION'S EXEMPT PURPOSE. | $40,000 |
BOYS AND GIRLS CLUB OF NEWPORT PURPOSE: TO SUPPORT THE ORGANIZATION'S EXEMPT PURPOSE. | $40,000 |
VISITING NURSE HOME & HOSPICE PURPOSE: TO SUPPORT THE ORGANIZATION'S EXEMPT PURPOSE. | $40,000 |
TURN AROUND MINISTRIES PURPOSE: TO SUPPORT THE ORGANIZATION'S EXEMPT PURPOSE. | $5,000 |
NEWPORT MENTAL HEALTH PURPOSE: TO SUPPORT THE ORGANIZATION'S EXEMPT PURPOSE. | $20,000 |