The Michael Bolton Charities Inc
- Assets
- $827.0k
- Revenue
- $163.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Branford, CT
- Founding
- 07/1993
- Data as of
- 12/2021
- EIN
- 06-1367576
Organization Overview
The Michael Bolton Charities Inc is located in Branford, CT. The organization was established in 1993. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, Michael Bolton Charities Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michael Bolton Charities 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, Michael Bolton Charities Inc generated $163.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.9%) each year. All expenses for the organization totaled $302.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Michael Bolton Charities Inc has awarded 12 individual grants totaling $300,733. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ADDRESS THE PROBLEMS OF CHILDREN AND WOMEN "AT RISK" DUE TO POVERTY AND EMOTIONAL, PHYSICAL, AND SEXUAL ABUSE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOR CLOSE TO THIRTY YEARS, MICHAEL BOLTON'S ACTIVE INVOLVEMENT AND PASSIONATE LEADERSHIP HAS CHARACTERIZED THE MICHAEL BOLTON CHARITIES INSISTENT COMMITMENT TO RESPOND TO ISSUES WHICH ADVERSELY AFFECT CHILDREN AND WOMEN AT RISK. THE MICHAEL BOLTON CHARITIES HAS SUPPORTED ORGANIZATIONS ACROSS THE COUNTRY TO TAKE THE LEAD IN PURSUING INNOVATIVE SOLUTIONS TO IMMENSE CHALLENGES AND COMPELLING NEEDS.TODAY, THAT COMMITMENT CONTINUES WITH BOLD RESEARCH-BASED INITIATIVES THAT ARE HAVING A SUBSTANTIAL AND ENDURING DIFFERENCE IN INDIVIDUAL LIVES. IN 2015, THE MICHAEL BOLTON CHARITIES LAUNCHED A PIONEERING, ONE-OF-A-KIND PROGRAM: BEYOND TRAUMA: YOUTH MUSIC THERAPY PROGRAM WHICH SERVES STUDENTS EXPOSED TO DOMESTIC VIOLENCE AND SIGNIFICANT TRAUMA. THE BEYOND TRAUMA: YOUTH MUSIC THERAPY PROGRAM WAS CREATED BY THE ORGANIZATION FOLLOWING EXTENSIVE RESEARCH WHICH SHOWED THAT HIGHLY PERSONALIZED MUSIC THERAPY PROGRAMS HAVE THE ABILITY TO CREATE LIFE-CHANGING IMPACTS AND ARE A POWERFUL AND CRITICAL TOOL IN THE HEALING PROCESS. THE PROGRAM IS HOUSED IN AN ALTERNATIVE HIGH SCHOOL IN NEW HAVEN, CT AND A MIDDLE SCHOOL IN NEW LONDON, CT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jacqueline Smaga Executive Director/acting Secretary | Officer | 60 | $104,813 |
Michael Bolton Chairman | OfficerTrustee | 15 | $0 |
Eva Bunnell President | OfficerTrustee | 20 | $0 |
James Sandler Vice President | OfficerTrustee | 3 | $0 |
Thomas Febbraio Treasurer | OfficerTrustee | 2 | $0 |
Yolanda Jimenez Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $43,002 |
| Related organizations | $0 |
| Government grants | $56,649 |
| All other contributions, gifts, grants, and similar amounts not included above | $51,410 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $151,061 |
| Total Program Service Revenue | $0 |
| Investment income | $10,811 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,615 |
| Net Income from Fundraising Events | $169 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $163,656 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $72,155 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $108,716 |
| Compensation of current officers, directors, key employees. | $5,787 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $35,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $508 |
| Payroll taxes | $11,980 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,806 |
| Fees for services: Other | $4,317 |
| Advertising and promotion | $7,013 |
| Office expenses | $20,315 |
| Information technology | $640 |
| 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 | $742 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,387 |
| All other expenses | $2,500 |
| Total functional expenses | $302,279 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $114,113 |
| Savings and temporary cash investments | $13,424 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,018 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $647 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $697,794 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $826,996 |
| Accounts payable and accrued expenses | $13,331 |
| 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 | $13,331 |
| Net assets without donor restrictions | $813,665 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $826,996 |
Grants Awarded
Over the last fiscal year, The Michael Bolton Charities Inc has awarded $72,155 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
New Haven, CT PURPOSE: TO FUND THE MUSIC THERAPY PROGRAM AT RIVERSIDE ACADEMY | $37,437 |
New London, CT PURPOSE: TO FUND THE MUSIC THERAPY PROGRAM AT THE NEW LONDON PUBLIC SCHOOLS | $34,718 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Michael Bolton Charities Inc has recieved totaling $87.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $87 |
Endowment Analysis
| Beg. Balance | $640,307 |
| Earnings | $75,099 |
| Admin Expense | $675,278 |
| Net Contributions | $671,090 |
| Ending Balance | $711,218 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfred P Sloan Foundation New York, NY | $2,105,880,634 | $192,527,982 |
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
Mastercard Impact Fund Purchase, NY | $207,268,769 | $96,050,288 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
The Childrens Scholarship Fund New York, NY | $36,136,002 | $24,710,520 |
Math For America Inc New York, NY | $15,709,494 | $20,036,646 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
The Posse Foundation Inc New York, NY | $120,660,725 | $44,739,225 |
Inner-City Scholarship Fund Inc New York, NY | $115,829,957 | $24,751,034 |
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |