Hess Foundation Inc
- Assets
- $211.0m
- Revenue
- $21.6m
- Investments
- $203.5m
- Employees
- 0
- Location
- Parsippany, NJ
- Founding
- 10/1957
- Data as of
- 11/2023
- EIN
- 22-1713046
Organization Overview
Hess Foundation Inc is located in Parsippany, NJ. The organization was established in 1957. 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. Hess 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 11/2023, Hess Foundation Inc generated $21.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (14.0%) each year. All expenses for the organization totaled $49.0m during the year ending 11/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Hess Foundation Inc has awarded 1,475 individual grants totaling $414,603,178. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Constance Williamsco Hess Foundatn Director, Vice President | 1 | $0 | |
Eugene Wgoodwillie Jr Co Hess Fnd Director, Treasurer | 2 | $0 | |
John B Hess Co Hess Foundation Director, President | 5 | $0 | |
Thomas H Kean Co Hess Foundation Director, Secretary | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hess Group Llc | 11/29/23 | $722,347 |
Monticello Associates Inc | 11/29/23 | $150,000 |
Cohnreznick Llp | 11/29/23 | $140,896 |
Andersen Tax Llc | 11/29/23 | $89,900 |
Goldman Sachs | 11/29/23 | $62,586 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $21,547,444 |
| Interest on Savings | $0 |
| Dividends & Interest | $12,303,388 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$12,482,697 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $199,597 |
| Total Revenue | $21,567,732 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $4,048,312 |
| Taxes | $402,745 |
| Depreciation | $0 |
| Occupancy | $7,200 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $2,244,037 |
| Total operating and administrative expenses | $8,002,692 |
| Contributions, gifts, grants paid | $40,981,500 |
| Total expenses and disbursements | $48,984,192 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,211,414 |
| Savings and temporary cash investments | $283,979 |
| 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 | $153,357,135 |
| Net Land, buildings, and equipment | $1,000,000 |
| Other assets | $0 |
| Total assets | $211,018,720 |
| 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 | $93,000,000 |
| Total liabilities | $93,000,000 |
Grants Awarded
Over the last fiscal year, Hess Foundation Inc has awarded $40,981,500 in support to 135 organizations.
| Grant Recipient | Amount |
|---|---|
50 WAYS FOUNDATION INC PURPOSE: AN UNRESTRICTED GRANT TO FURTHER THE DONEE'S EXEMPT PURPOSE. | $10,000 |
ACADEMY OF MUSIC RESTORATION FUND PURPOSE: AN UNRESTRICTED GRANT TO FURTHER THE DONEE'S EXEMPT PURPOSE. | $5,000 |
ACADEMY OF NATURAL SCIENCES PURPOSE: AN UNRESTRICTED GRANT TO FURTHER THE DONEE'S EXEMPT PURPOSE. | $25,000 |
AFRICAN AMERICAN MUSEUM IN PHILDELPHIA PURPOSE: AN UNRESTRICTED GRANT TO FURTHER THE DONEE'S EXEMPT PURPOSE. | $25,000 |
ALS ASSOCIATION PURPOSE: AN UNRESTRICTED GRANT TO FURTHER THE DONEE'S EXEMPT PURPOSE. | $50,000 |
AMERICAN MUSEUM OF NATURAL HISTORY PURPOSE: AN UNRESTRICTED GRANT TO FURTHER THE DONEE'S EXEMPT PURPOSE. | $10,000 |