Grace Institute
- Assets
- $47.4m
- Revenue
- $566.4k
- Investments
- $20.1m
- Employees
- 1
- Location
- New York, NY
- Founding
- 03/1946
- Data as of
- 12/2022
- 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 12/2022, Grace Institute generated $566.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.4%) each year. All expenses for the organization totaled $3.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (5.4%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Grace Institute has awarded 16 individual grants totaling $7,975,000. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SUPPORT TO JOB TRAINING PROGRAMS THAT ENABLE WOMEN TO ACHIEVE 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 President/secretary | OfficerTrustee | 40 | $215,713 |
Patricia Montgomerie Asst. Secr/tres | OfficerTrustee | 5 | $0 |
Pedro Mata Chairman | OfficerTrustee | 2 | $0 |
Rev Patrick Devine Director | Trustee | 2 | $0 |
Margaret Grace Director | Trustee | 2 | $0 |
Mary Tidlund Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gensler Architect | 6/29/16 | $465,744 |
40 Rector Condominium Common Charges | 6/29/16 | $310,525 |
Jt Magen & Co Contractor | 6/29/16 | $5,878,263 |
Levien & Company Inc Real Estate Conslt. | 6/29/16 | $228,285 |
Johnsen Securities Security | 6/29/16 | $108,664 |
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 | $768 |
| Noncash contributions included in lines 1a–1f | $768 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $768 |
| Total Program Service Revenue | $0 |
| Investment income | $759,168 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$193,501 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $566,435 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,510,000 |
| 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. | $207,500 |
| Compensation of current officers, directors, key employees. | $41,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,159 |
| Payroll taxes | $11,613 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,963 |
| Fees for services: Accounting | $36,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $606,471 |
| Fees for services: Other | $51,623 |
| Advertising and promotion | $0 |
| Office expenses | $49,700 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $41,372 |
| Travel | $35,446 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $144,868 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $529,996 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,274,911 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,730 |
| Savings and temporary cash investments | $619,332 |
| 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 | $117,530 |
| Net Land, buildings, and equipment | $16,674,803 |
| Investments—publicly traded securities | $9,829,080 |
| Investments—other securities | $20,123,878 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $43,977 |
| Total assets | $47,444,330 |
| Accounts payable and accrued expenses | $182,374 |
| 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 | $4,542,835 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,725,209 |
| Net assets without donor restrictions | $42,657,156 |
| 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 | $47,444,330 |
Grants Awarded
Over the last fiscal year, Grace Institute has awarded $1,510,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
GRACE INSTITUTE OF NEW YORK PURPOSE: OPERATIONAL SUPPORT | $1,350,000 |
GRACE OUTREACH PURPOSE: OPERATIONAL SUPPORT | $115,000 |
THE FLAX TRUST AMERICA PURPOSE: OPERATIONAL SUPPORT | $30,000 |
CATHOLIC CHARITIES ARCH OF NY PURPOSE: OPERATIONAL SUPPORT | $15,000 |