Grace Institute
- Assets
- $53.8m
- Revenue
- $2.4m
- Investments
- $23.2m
- Employees
- 1
- Location
- New York, NY
- Founding
- 03/1946
- Data as of
- 12/2021
- EIN
- 13-1641069
Organization Overview
Grace Institute is located in New York, NY. The organization was established in 1946. According to its NTEE Classification (X99) the organization is classified as: Religion-Related N.E.C., under the broad grouping of Religion-Related and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Grace Institute 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, Grace Institute generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.6% each year . All expenses for the organization totaled $3.2m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Grace Institute has awarded 12 individual grants totaling $6,465,000. 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
GRACE INSTITUTE PROVIDES FINANCIAL SUPPORT TO JOB TRAINING PROGRAMS IN NEW YORK CITY THAT ENABLE WOMEN TO ACHIEVE SUSTAINED, GAINFUL EMPLOYMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED GRANTS TO DESERVING WORKFORCE DEVELOPMENT ORGANIZATIONS IN LINE WITH OUR MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Grace Pres.,ceo,secr. | OfficerTrustee | 10 | $190,000 |
Pedro Mata Chairman | OfficerTrustee | 2 | $0 |
Patricia Montgomerie Asst. Secr/tres | OfficerTrustee | 5 | $0 |
Margaret Grace Director | Trustee | 2 | $0 |
Rev Patrick Devine Director | Trustee | 2 | $0 |
Mary Tidlund Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jt Magen & Co Contractor | 6/29/16 | $5,878,263 |
Johnsen Securities Security | 6/29/16 | $108,664 |
Levien & Company Inc Real Estate Conslt. | 6/29/16 | $228,285 |
40 Rector Condominium Common Charges | 6/29/16 | $310,525 |
Gensler Architect | 6/29/16 | $465,744 |
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 | $12,304 |
| Noncash contributions included in lines 1a–1f | $12,304 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,304 |
| Total Program Service Revenue | $0 |
| Investment income | $1,000,531 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,420,276 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,433,111 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,625,000 |
| 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. | $199,281 |
| Compensation of current officers, directors, key employees. | $39,856 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,797 |
| Payroll taxes | $12,319 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $35,463 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $577,652 |
| Fees for services: Other | $33,000 |
| Advertising and promotion | $0 |
| Office expenses | $4,139 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $61,007 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $75,324 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $536,865 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,179,847 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,291 |
| Savings and temporary cash investments | $893,094 |
| 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 | $16,500 |
| Net Land, buildings, and equipment | $17,204,799 |
| Investments—publicly traded securities | $12,428,706 |
| Investments—other securities | $23,194,510 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $31,691 |
| Total assets | $53,804,591 |
| Accounts payable and accrued expenses | $90,868 |
| 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 | $4,772,052 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,862,920 |
| Net assets without donor restrictions | $48,879,706 |
| Net assets with donor restrictions | $61,965 |
| 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 | $53,804,591 |
Grants Awarded
Over the last fiscal year, Grace Institute has awarded $1,625,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: Operational Support | $1,370,000 |
Bronx, NY PURPOSE: Operational Support | $100,000 |
Mount Desert, ME PURPOSE: Operational Support | $75,000 |
New York, NY PURPOSE: Operational Support | $50,000 |
New York, NY PURPOSE: Operational Support | $15,000 |
New York, NY PURPOSE: Operational Support | $15,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Grace Institute has recieved totaling $51,350.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $51,350 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lutheran Center At Poughkeepsie Inc Scarsdale, NY | $12,784,565 | $22,238,039 |
Redeemer City To City New York, NY | $39,118,134 | $27,107,452 |
Catholic Cemeteries Of The Roman Westbury, NY | $88,272,871 | $14,740,911 |
Liberation Programs Inc Norwalk, CT | $5,758,645 | $12,035,919 |
Public Relations Society Of America Inc New York, NY | $7,935,177 | $9,278,462 |
Tompkins Cortland Community College Foundation Dryden, NY | $60,556,305 | $8,680,534 |
The Lutheran Home At Kane Kane, PA | $8,299,845 | $10,193,303 |
Little Servant Sisters Woodbridge, NJ | $7,631,243 | $7,029,222 |
Little Sisters Of The Poor Of The City And County Of Philadelphia Philadelphia, PA | $10,759,268 | $7,956,134 |
International Service Fellowship Usa Upper Darby, PA | $20,365,794 | $7,523,822 |
Heritage Aflame Inc Bolivar, NY | $1,304,768 | $4,768,942 |
Society Of St Vincent De Paul Central Council Of Pittsburgh Pittsburgh, PA | $5,352,791 | $6,782,578 |