Renewal Foundation Inc
- Assets
- $1.6m
- Revenue
- $1.1m
- Investments
- $1.4m
- Employees
- 0
- Location
- Flushing, NY
- Founding
- 01/2003
- Data as of
- 06/2021
- EIN
- 06-1626123
Organization Overview
Renewal Foundation Inc is located in Flushing, NY. The organization was established in 2003. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Renewal 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 06/2021, Renewal Foundation Inc generated $1.1m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.8%) each year. All expenses for the organization totaled $1.2m during the year ending 06/2021. 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WAS FORMED FOR THE PURPOSE OF (1) PROVIDING EDUCATIONAL ASSISTANCE TO NEEDY OR UNDERPRIVILEGED STUDENT; (2) PROVIDING ENGLISH LITERACY EDUCATING TO NEW IMMIGRANT STUDENTS; (3) PROMOTING AND FOSTERING MUTUAL UNDERSTANDING, RESPECT AND GOOD WILL AMONG PERSONS OF ALL ANCESTRIES: (4) ORGANIZING UNDER PROFESSIONAL DIRECTON, A BODY OF WATURE AND RESPONSIBLE ADULTS TO INTEREST THEMSELVES IN THE WELFARE OF YOUTH FOR THEIR PROPER AND MORAL DEVELOPMENT; (5) PROMOTING FELLOWSHIP AND EXTEND ACQUAINTANCES BY MEANS OF SOCIAL GATHERING AND OTHER FORMS OF CULTURAL EVENTS; (6) TO PROMOT VARIOUS HELPFUL AND HEALTHY SOCIAL ACTIVITIES; AND (7) INTERACTING AND COOPERATING WITH SIMILAR ORGANIZATIONS SO THAT THEY MAY ADVANCE THE PURPOSE OF THE ORGANIZATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heidi Chen Director | Trustee | 0 | $0 |
Eunice Liu Director | Trustee | 0 | $0 |
Larry Liu Director | Trustee | 0 | $0 |
Jackson MA President & CEO | Trustee | 0 | $0 |
Gina Wu Treasurer | Trustee | 0 | $0 |
Angela Fung 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 | $1,088,576 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,088,576 |
| Total Program Service Revenue | $0 |
| Investment income | $324 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,088,901 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $1,170,377 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $5,500 |
| 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 | $0 |
| 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 | $1,997 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,800 |
| 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 | $0 |
| Total functional expenses | $1,182,674 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $216,734 |
| Savings and temporary cash investments | $0 |
| 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 | $1,394,399 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $800 |
| Total assets | $1,611,933 |
| Accounts payable and accrued expenses | $1,200 |
| 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 | $1,200 |
| Net assets without donor restrictions | $729,963 |
| Net assets with donor restrictions | $880,770 |
| 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 | $1,611,933 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Renewal Foundation Inc has recieved totaling $28,180.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $20,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $8,180 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |
Echoing Green Inc New York, NY | $60,744,468 | $19,754,073 |
Partnership For Ed Advancement Inc New York, NY | $36,194,552 | $41,198,488 |
Alavi Foundation New York, NY | $64,468,510 | $30,201,673 |
Children Scholarship Fund Philadelphia Philadelphia, PA | $24,817,690 | $13,351,193 |
Foundation For Jewish Day Schools Of Greater Philadelphia Philadelphia, PA | $5,671,351 | $11,978,701 |
Uncommon Lender Inc New York, NY | $174,239,408 | $12,168,791 |
Family Enrichment Network Inc Johnson City, NY | $8,020,609 | $12,621,621 |
Laspau Inc Cambridge, MA | $9,172,350 | $9,862,515 |