Prudential Foundation Inc
- Assets
- $76.2m
- Revenue
- $32.4m
- Investments
- $38.8m
- Employees
- 0
- Location
- Newark, NJ
- Founding
- 10/1977
- Data as of
- 12/2023
- EIN
- 22-2175290
Organization Overview
Prudential Foundation Inc is located in Newark, NJ. The organization was established in 1977. 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. Prudential 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 12/2023, Prudential Foundation Inc generated $32.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (11.0%) each year. All expenses for the organization totaled $52.1m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Prudential Foundation Inc has awarded 5,562 individual grants totaling $535,834,417. 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 |
|---|---|---|---|
Shane T Harris President | 32 | $0 | |
Nandini Mongia Treasurer | 0.27 | $0 | |
Sarah S Keh Secretary | 32 | $0 | |
Charles Lowrey Trustee | 0.17 | $0 | |
Lucien Alziari Trustee | 0.17 | $0 | |
Gilbert F Casellas Trustee | 0.17 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
American Online Giving Foundation Inc | 12/30/23 | $230,567 |
Prudential Trust Company | 12/30/23 | $173,595 |
Mitchell & Titus | 12/30/23 | $59,750 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $35,000,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $3,250,841 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$6,158,443 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $309,130 |
| Total Revenue | $32,401,528 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $47,798 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $84,015 |
| Total operating and administrative expenses | $441,583 |
| Contributions, gifts, grants paid | $51,648,627 |
| Total expenses and disbursements | $52,090,210 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,659 |
| Savings and temporary cash investments | $16,325,658 |
| 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 | $21,043,347 |
| Total assets | $76,187,343 |
| Accounts payable and accrued expenses | $103,607 |
| Grants payable | $24,387,440 |
| 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 | $24,491,047 |
Grants Awarded
Over the last fiscal year, Prudential Foundation Inc has awarded $60,595,012 in support to 179 organizations.
| Grant Recipient | Amount |
|---|---|
ADVOCATES FOR CHILDREN OF NEW JERSEY PURPOSE: NEWARK KIDS COUNT 2024 AND COMMUNITY ENGAGEMENT | $75,000 |
ALVIN AILEY DANCE FOUNDATION INC PURPOSE: ALVIN AILEY DANCE FOUNDATION, INC. | $200,000 |
AMERICAN FRIENDS OF MAGEN DAVID ADOM PURPOSE: EMERGENCY RELIEF FUND: OPERATION SWORDS OF IRON | $100,000 |
AMERICAN FRIENDS OF MAGEN DAVID ADOM PURPOSE: MATCHING GIFT IN SUPPORT OF RELIEF EFFORTS SUPPORT THE VICTIMS OF THE ISRAEL-PALESTINE | $50,000 |
AMERICAN NATIONAL RED CROSS PURPOSE: DISASTER RESPONDER PARTNERSHIP | $250,000 |
AMERICAN NATIONAL RED CROSS PURPOSE: MIDDLE EAST CRISIS | $100,000 |