Achievement Foundation Inc
- Assets
- $6.1m
- Revenue
- $340.2k
- Investments
- $428.6k
- Employees
- 0
- Location
- Watertown, CT
- Founding
- 01/1947
- Data as of
- 06/2021
- EIN
- 13-6130107
Organization Overview
Achievement Foundation Inc is located in Watertown, CT. The organization was established in 1947. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Achievement 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 06/2021, Achievement Foundation Inc generated $340.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $84.8k during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Achievement Foundation Inc has awarded 68 individual grants totaling $1,173,000. 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
THE ACHIEVEMENT FOUNDATION, BY USING ITS FINANCIAL RESOURCES, DEDICATES ITSELF TO DEVELOPING A BETTER UNDERSTANDING OF THE FREE ENTERPRISE SYSTEM BY YOUNG PEOPLE. THE ACHIEVEMENT FOUNDATION MAKES GRANTS TO OTHER NONPROFIT ORGANIZATIONS IN SUPPORT OF THE FOUNDATION'S MISSION, MAKES LOANS TO JUNIOR ACHIEVEMENT AREAS IN FINANCIAL NEED, AND MAKES SCHOLARSHIPS TO STUDENTS WHO HAVE COMPLETED JUNIOR ACHIEVEMENT PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION MAKES GRANTS TO NONPROFIT ORGANIZATIONS WHICH DEVELOP A BETTER UNDERSTANDING OF THE FREE ENTERPRISE SYSTEM IN YOUNG PEOPLE. DUE TO THE EFFECTS OF COVID-19 NO GRANTS WERE MADE DURING THE FISCAL YEAR ENDED JUNE 30, 2021.
THE FOUNDATION MAKES LOANS TO SPECIFIC JUNIOR ACHIEVEMENT PROGRAMS IN FINANCIAL NEED. THESE LOANS ARE REPAID AT NO INTEREST IF THE LOANS ARE REPAID ACCORDING TO THE AGREED UPON SCHEDULE. DURING 2020 THE COVID-19 PANDEMIC CAUSED MANY JUNIOR ACHIEVEMENTAREAS TO EXPERIENCE FINANCIAL STRESS. AS A RESULT OF THIS, THE ACHIEVEMENT FOUNDATION MADE 32 LOANS TO THOSE AREAS TOTALING $1,680,315. $1,335,315 OF THE LOANS WERE FUNDED IN 2020 WITH THE REMAINING $345,000 FUNDED IN 2021.
THE FOUNDATION MAKES TWO SCHOLARSHIP PROGRAMS AVAILABLE TO GRADUATES OF JUNIOR ACHIEVEMENT HIGH SCHOOL PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Hannigan Jr Chairman | OfficerTrustee | 1 | $0 |
Jim Hemak Treasurer | OfficerTrustee | 1 | $0 |
R Chadwick Paul Jr Secretary | OfficerTrustee | 1 | $0 |
Paul Brady Executive Director | Officer | 1 | $0 |
Dennis Houlihan Board Member | Trustee | 1 | $0 |
Tom Kushner Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $36,984 |
| Investment income | $35,888 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $267,281 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $340,153 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $24,462 |
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $9,050 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,698 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $29,690 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $205 |
| Information technology | $19 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $3,895 |
| All other expenses | $0 |
| Total functional expenses | $84,750 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $185,296 |
| Savings and temporary cash investments | $252,349 |
| 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 | $1,465,289 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $3,803,498 |
| Investments—other securities | $428,550 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,134,982 |
| 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 | $32,903 |
| Total liabilities | $32,903 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $6,102,079 |
Grants Awarded
Over the last fiscal year, Achievement Foundation Inc has awarded $257,500 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
Colorado Springs, CO PURPOSE: SUPPORT OF EDUCATIONAL PROGRAMS | $20,000 |
Colorado Springs, CO PURPOSE: SUPPORT OF EDUCATIONAL PROGRAMS | $20,000 |
Colorado Springs, CO PURPOSE: SUPPORT OF EDUCATIONAL PROGRAMS | $20,000 |
Colorado Springs, CO PURPOSE: SUPPORT OF EDUCATIONAL PROGRAMS | $20,000 |
Colorado Springs, CO PURPOSE: SUPPORT OF EDUCATIONAL PROGRAMS | $20,000 |
Colorado Springs, CO PURPOSE: SUPPORT OF EDUCATIONAL PROGRAMS | $20,000 |
Endowment Analysis
| Beg. Balance | $378,400 |
| Earnings | $50,150 |
| Ending Balance | $428,550 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mid-Hudson Valley Early Education Center Valhalla, NY | $6,537,521 | $8,697,326 |
Potsdam Auxiliary & College Educational Services Inc Potsdam, NY | $4,868,988 | $9,108,311 |
Young Judaea Global Inc New York, NY | $6,685,322 | $8,298,645 |
Whitinsville Christian School Whitinsville, MA | $27,818,325 | $8,582,823 |
Northside Charter High School Brooklyn, NY | $6,329,922 | $7,435,284 |
Solutions Journalism Network Inc New York, NY | $14,817,664 | $5,853,972 |
Teaching Matters Inc New York, NY | $19,609,038 | $14,154,579 |
The Leadership Academy Inc Long Island City, NY | $7,448,053 | $8,271,640 |
King Center Charter School Buffalo, NY | $8,970,236 | $7,640,622 |
Prizmah Center For Jewish Day Schools Inc New York, NY | $4,272,126 | $6,514,448 |
Up Education Network Inc Dorchester, MA | $3,246,935 | $4,839,856 |
World Zionist Organization American Section Inc New York, NY | $1,145,392 | $6,707,953 |