Les Paul Foundation
- Assets
- $45.2m
- Revenue
- $2.5m
- Investments
- $41.5m
- Employees
- 0
- Location
- Syosset, NY
- Founding
- 03/1997
- Data as of
- 12/2021
- EIN
- 13-3911396
Organization Overview
Les Paul Foundation is located in Syosset, NY. The organization was established in 1997. According to its NTEE Classification (T70) the organization is classified as: Federated Giving Programs, 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. Les Paul Foundation 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, Les Paul Foundation generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $2.3m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Les Paul Foundation has awarded 194 individual grants totaling $2,746,488. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael K Braunstein Executive Dir. | 40 | $354,000 | |
Jeff Salmon Trustee | 0 | $0 | |
Arlene Palmer Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Susan K Baker | 12/30/17 | $55,860 |
Mouth To Mouth Pr Llc | 12/30/17 | $63,250 |
Susan K Baker | 12/30/17 | $0 |
Mouth To Mouth Pr Llc | 12/30/17 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,500 |
| Interest on Savings | $37 |
| Dividends & Interest | $946,253 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,578,146 |
| Capital Gain Net Income | $1,578,146 |
| Net ST Capital Gain | $1,578,146 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $2,525,936 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $354,000 |
| Other employee salaries and wages | $72,000 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $37,080 |
| Depreciation | $1,234 |
| Occupancy | $65,804 |
| Travel, conferences, and meetings | $1,961 |
| Printing and publications | $0 |
| Other expenses | $701,549 |
| Total operating and administrative expenses | $1,632,730 |
| Contributions, gifts, grants paid | $664,607 |
| Total expenses and disbursements | $2,297,337 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,520,523 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $2,131,543 |
| 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 | $3,593,307 |
| Net Land, buildings, and equipment | $4,799 |
| Other assets | $12,954 |
| Total assets | $45,150,137 |
| Accounts payable and accrued expenses | $21,580 |
| 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 | $21,580 |
Grants Awarded
Over the last fiscal year, Les Paul Foundation has awarded $664,607 in support to 48 organizations.
| Grant Recipient | Amount |
|---|---|
HEARING HEALTH FOUNDATION PURPOSE: FUNDING FOR MEDICAL RESEARCH FOR TINNITUS | $100,000 |
Milwaukee, WI PURPOSE: STEM PROGRAMS AND EXHIBITS | $100,000 |
LITTLE KIDS ROCK PURPOSE: MUSIC EDUCATION IN SCHOOLS | $100,000 |
Waukesha, WI PURPOSE: LES PAUL EXHIBIT | $35,000 |
NOTES FOR NOTES INC PURPOSE: FUND RECORDING STUDIOS IN BOYS AND GIRLS CLUBS | $35,000 |
SOULSVILLE FOUNDATION PURPOSE: MUSIC PROGRAMS | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Les Paul Foundation has recieved totaling $16,102.
| Awarding Organization | Amount |
|---|---|
Gibson Gives Nashville, TN PURPOSE: SUPPORTING MUSIC EDUCATION AND THE ARTS, HEALTH AND WELFARE AND ENVIRONMENTAL ISSUES | $16,102 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lighthouse Guild International Inc New York, NY | $511,507,297 | $10,629,551 |
North Star Fund Inc New York, NY | $26,831,975 | $32,265,698 |
United Way Of Bergen County Paramus, NJ | $30,271,619 | $16,270,987 |
United Way Of Buffalo And Erie County Buffalo, NY | $31,555,637 | $14,020,396 |
United Way Of Long Island Deer Park, NY | $13,444,061 | $14,770,315 |
United Way Of Berks County Reading, PA | $37,493,734 | $14,271,656 |
Wellington Management Foundation Boston, MA | $61,260,814 | $15,149,104 |
Keren Hayeshivot Trust Brooklyn, NY | $1,238,192 | $11,653,329 |
Jewish Federation Of Northern New Jersey Inc Paramus, NJ | $65,504,215 | $14,848,347 |
Ovarian Cancer Research Fund Inc New York, NY | $32,985,153 | $13,088,201 |
United Way Of Tri County Inc Framingham, MA | $6,314,872 | $10,584,211 |
United Way Of Greater New Haven Inc New Haven, CT | $7,094,504 | $11,335,998 |