Drake Family Foundation
- Assets
- $0.0
- Revenue
- $191.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Williamsburg, VA
- Founding
- 11/2005
- Data as of
- 06/2021
- EIN
- 20-3501275
Organization Overview
Drake Family Foundation is located in Williamsburg, VA. The organization was established in 2005. 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. Drake Family Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
DONATION OF ALL REMAINING FOUNDATION ASSETS TO THE WILLIAMSBURG COMMUNITY FOUNDATION IN ORDER TO ENHANCE THE QUALITY OF LIFE IN GREATER WILLIAMSBURG BY CONNECTING PEOPLE WITH CAUSES THAT MATTER, MANAGING CHARITABLE FUNDS, AND PROVIDING GRANTS AND SCHOLARSHIPS FOR OUR COMMUNITY'S MOST PRESSING NEEDS AND PROMISING OPPORTUNITIES.
DONATION TOWARD COLONIAL WILLIAMSBURG'S MISSION TO HELP "THE FUTURE LEARN FROM THE PAST" BY PRESERVING, RESTORING, AND PRESENTING 18TH-CENTURY WILLIAMSBURG, AND BY ENGAGING, INFORMING, AND INSPIRING PEOPLE AS THEY LEARN ABOUT THIS HISTORIC CAPITAL, THE EVENTS THAT OCCURRED HERE, AND THE DIVERSE PEOPLE WHO HELPED SHAPE AMERICA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James E Drake Trustee | 2 | $0 | |
Nikki A Drake Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $140,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $21,806 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $29,559 |
| Capital Gain Net Income | $29,559 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $191,365 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $0 |
| Contributions, gifts, grants paid | $607,984 |
| Total expenses and disbursements | $607,984 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $0 |
| 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, Drake Family Foundation has awarded $607,984 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COLONIAL WILLIAMSBURG FOUNDATION PURPOSE: CONTRIBUTE TO THE MISSION OF HELPING THE "FUTURE LEARN FROM THE PAST" | $25,000 |
WILLIAMSBURG COMMUNITY FOUNDATION PURPOSE: CONTRIBUTE TO THE MISSION OF ENHANCING THE QUALITY OF LIFE IN THE GREATER WILLIAMSBURG AREA | $582,984 |