Paestum Foundation Inc
- Assets
- $46.1m
- Revenue
- $6.3m
- Investments
- $33.1m
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/1999
- Data as of
- 09/2023
- EIN
- 13-4082016
Organization Overview
Paestum Foundation Inc is located in New York, NY. The organization was established in 1999. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, 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. Paestum 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 09/2023, Paestum Foundation Inc generated $6.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $469.0k during the year ending 09/2023. While expenses have increased by 1.0% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
THE FOUNDATION ACQUIRES AND MAINTAINS A COLLECTION OF WORKS OF ART AND PHOTOGRAPHS FOR EXHIBITION AND LOAN TO MUSEUMS AT NO CHARGE TO ENCOURAGE KNOWLEDGE AND APPRECIATION OF ART, IRRESPECTIVE OF ITS MEDIUM. DURING THE YEAR, AS PART OF THIS DIRECT CHARITABLE ACTIVITY, THE FOUNDATION PURCHASED THE WORK OF ART "SUMMER SEA WINDOW" BY MARSDEN HARTLEY ON APRIL 27, 2023 AND APPROXIMATELY 80% OF THE FOUNDATION'S ART COLLECTION WAS ON LOAN TO YALE UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Hecht Director/secretary/treasurer | 1.5 | $0 | |
John Silberman Director/president | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Greenhaven Associates Inc | 9/29/16 | $161,644 |
Neuberger Berman Llc | 9/29/16 | $51,274 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $975,608 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $5,573,987 |
| Capital Gain Net Income | $4,422,467 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$217,722 |
| Total Revenue | $6,331,873 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $111,880 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $13,760 |
| Total operating and administrative expenses | $469,022 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $469,022 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $354,621 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| 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 | $157,863 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $12,682,013 |
| Total assets | $46,090,111 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Paestum Foundation Inc has awarded $1,730,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FIDELITY CHARITABLE PURPOSE: GENERAL SUPPORT | $854,000 |
YALE UNIVERSITY ART GALLERY PURPOSE: 2 PIECES OF ARTWORK LOANED YALE UNIVERSITY ART GALLERY | $876,000 |