Assad Abood Foundation Inc
- Assets
- $708.1k
- Revenue
- $238.1k
- Investments
- $79.0k
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 04/1973
- Data as of
- 05/2024
- EIN
- 13-6121959
Organization Overview
Assad Abood Foundation Inc is located in Cleveland, OH. The organization was established in 1973. 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. Assad Abood 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 05/2024, Assad Abood Foundation Inc generated $238.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (8.2%) each year. All expenses for the organization totaled $190.2k during the year ending 05/2024. As we would expect to see with falling revenues, expenses have declined by (10.9%) per year over the past 9 years. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE ASSAD ABOOD FOUNDATION, INC. IS AN ORGANIZATION COMMITTED TO PROVIDING FINANCIAL SUPPORT TO THE ASSAD ABOOD PUBLIC SCHOOL IN AITANEET, LEBANON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEBANON - OPERATION OF PRIMARY & SECONDARY PUBLIC SCHOOL
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nassib Abboud President & CEO | OfficerTrustee | 5 | $0 |
Tony Daher MD Vice President | OfficerTrustee | 5 | $0 |
Keith Abood Treasurer | OfficerTrustee | 5 | $0 |
Tania Nemer Secretary | Trustee | 1 | $0 |
Maurice Abood Director | Trustee | 1 | $0 |
Roger Abood Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $60,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,045 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $71,045 |
| Total Program Service Revenue | $135,536 |
| Investment income | $19,034 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,443 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $238,058 |
| 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 | $0 |
| 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 | $0 |
| Other salaries and wages | $95,892 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,093 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $805 |
| Fees for services: Other | $1,366 |
| Advertising and promotion | $0 |
| Office expenses | $10,606 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,794 |
| Travel | $16,777 |
| 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 | $4,435 |
| Insurance | $3,322 |
| All other expenses | $0 |
| Total functional expenses | $190,221 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,281 |
| 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 | $16,361 |
| Investments—publicly traded securities | $601,372 |
| Investments—other securities | $79,040 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $708,054 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $708,054 |
| Net assets with donor restrictions | $0 |
| 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 | $708,054 |