Solimine Charitable Corporation
- Assets
- $3.5m
- Revenue
- $339.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Lynn, MA
- Founding
- 02/2004
- Data as of
- 12/2021
- EIN
- 20-0478181
Organization Overview
Solimine Charitable Corporation is located in Lynn, MA. The organization was established in 2004. According to its NTEE Classification (T30) the organization is classified as: Public 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. Solimine Charitable Corporation 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, Solimine Charitable Corporation generated $339.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 41.8% each year . All expenses for the organization totaled $66.0k during the year ending 12/2021. While expenses have increased by 13.5% per year over the past 7 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST VETERANS, YOUTHS, SCHOOLS AND HANDICAPPED INDIVIDUALS AND PROGRAMS IN THE GREATER LYNN AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE GRANTS TO LOCAL AREA 501(C)(3) CHARITIES
TO ASSIST VETERANS, YOUTHS, SCHOOLS AND HANDICAPPED INDIVIDUALS AND PROGRAMS IN THE GREATER LYNN AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David J Solimine Jr President | OfficerTrustee | 2 | $0 |
Diane J Edgett Director | Trustee | 1 | $0 |
Magnolia A Contreras Director | Trustee | 1 | $0 |
Joel C Solimine Director | Trustee | 1 | $0 |
Michael D Solimine Director | Trustee | 1 | $0 |
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 | $22,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,500 |
| Total Program Service Revenue | $36,000 |
| Investment income | $3,428 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $35,698 |
| Net Gain/Loss on Asset Sales | $242,213 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $339,839 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $48,513 |
| Grants and other assistance to domestic individuals. | $5,224 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $6,224 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $65,961 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $79,182 |
| Savings and temporary cash investments | $643,444 |
| 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 | $2,780,621 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,503,247 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $50,000 |
| 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 | $50,000 |
| Net assets without donor restrictions | $3,453,247 |
| 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 | $3,503,247 |
Grants Awarded
Over the last fiscal year, Solimine Charitable Corporation has awarded $21,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Lynn, MA PURPOSE: CHARITABLE | $11,000 |
Peabody, MA PURPOSE: CHARITABLE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Good Nation Foundation Inc New York, NY | $2,105,948 | $9,558,970 |
New York Times Neediest Cases Fund New York, NY | $66,331,518 | $11,554,497 |
Enveritas Inc New York, NY | $2,653,436 | $10,002,673 |
Rodef Chesed Brooklyn, NY | $766,824 | $8,077,248 |
Tomchai Torah Beretz Yisrael Inc Monsey, NY | $767,829 | $7,981,285 |
American Friends Of The Royal Foundation Of The Duke And Duchess Newtown, MA | $2,911,496 | $8,616,320 |
Mccourt Foundation Inc Braintree, MA | $29,762,470 | $6,917,849 |
Virgin Unite Usa Inc New York, NY | $4,075,760 | $3,415,307 |
Mosdos Hatorah Vhachesed Of Pnei Menachem Inc Brooklyn, NY | $56,343 | $6,197,826 |
The Red Sox Foundation Inc Boston, MA | $19,048,615 | $7,450,414 |
Iranian American Jewish Federation Great Neck, NY | $8,464,426 | $7,729,135 |
Bend The Arc-A Jewish Partnership For Justice New York, NY | $14,031,753 | $6,022,262 |