Magyar Bank Charitable Foundation
- Assets
- $892.6k
- Revenue
- $4.8k
- Investments
- $870.4k
- Employees
- 0
- Location
- New Brunswick, NJ
- Founding
- 07/2007
- Data as of
- 09/2021
- EIN
- 20-4154914
Organization Overview
Magyar Bank Charitable Foundation is located in New Brunswick, NJ. The organization was established in 2007. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Magyar Bank Charitable Foundation 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 09/2021, Magyar Bank Charitable Foundation generated $4.8k in total revenue. All expenses for the organization totaled $90.8k during the year ending 09/2021. While expenses have increased by 8.8% 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.
Since 2015, Magyar Bank Charitable Foundation has awarded 172 individual grants totaling $407,147. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION
HEALTH AND HUMAN SERVICES HHS
YOUTH SERVICES
AFFORDABLE HOUSING
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Reissner President - As Of 3/2021 | 0.15 | $0 | |
Jay E Castillo President - Thru 10/2020 | 0.15 | $0 | |
Jon R Ansari V.P. & Treasurer | 0.15 | $0 | |
Robin E Suydam Corporate Secretary & Director | 0.15 | $0 | |
John S Fitzgerald Class I Board Member | 0.15 | $0 | |
Deborah S Alexander Class Ii Board Member | 0.15 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $20 |
| Interest on Savings | $37 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $4,792 |
| Capital Gain Net Income | $104,692 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $4,849 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $66 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $4,017 |
| Total operating and administrative expenses | $13,083 |
| Contributions, gifts, grants paid | $77,697 |
| Total expenses and disbursements | $90,780 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $22,113 |
| 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 | $97 |
| Total assets | $892,594 |
| Accounts payable and accrued expenses | $18,000 |
| 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 | $3,842 |
| Total liabilities | $21,842 |
Grants Awarded
Over the last fiscal year, Magyar Bank Charitable Foundation has awarded $77,697 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
New Brunswick, NJ PURPOSE: EDUCATION | $22,000 |
Somerville, NJ PURPOSE: AFFORDABLE HOUSING | $5,000 |
NEW BRUNSWICK HEALTH SCIENCES TECH HS PURPOSE: EDUCATION | $5,000 |
North Brunswick, NJ PURPOSE: AFFORDABLE HOUSING | $5,000 |
Edison, NJ PURPOSE: HUMAN AND HEALTH SERVICES | $5,000 |
Union City, NJ PURPOSE: YOUTH PROGRAMS | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Selz Foundation New York, NY | $142,395,054 | $24,456,334 |
Rita Allen Foundation Princeton, NJ | $219,012,203 | $23,878,841 |
The Derfner Foundation New York, NY | $158,472,968 | $13,106,656 |
Jill Roberts Charitable Foundation Inc Garden City, NY | $11,485 | $9,710,793 |
James And Merryl Tisch Foundation Inc New York, NY | $1,291,425 | $11,020,609 |
Tortuga Foundation New York, NY | $110,168,381 | $33,186,414 |
The Joseph H Flom Foundation New York, NY | $6,836,169 | $3,314,736 |
Head & Heart Foundation Tr Wilmington, DE | $258,907,072 | $16,871,801 |
The Applebaum Foundation Inc New York, NY | $229,643,281 | $16,929,047 |
Deutsche Bank Americas Foundation New York, NY | $38,867,163 | $11,020,529 |
Charles A Dana Fdn Inc New York, NY | $248,257,333 | $20,769,847 |
The Powder Mill Foundation York, PA | $147,181,195 | $3,651,780 |