Prudential Foundation Inc
- Assets
- $137.7m
- Revenue
- $53.1m
- Investments
- $87.8m
- Employees
- 0
- Location
- Newark, NJ
- Founding
- 10/1977
- Data as of
- 12/2021
- 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 12/2021, Prudential Foundation Inc generated $53.1m 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 (7.6%) each year. All expenses for the organization totaled $48.0m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Prudential Foundation Inc has awarded 5,218 individual grants totaling $424,386,940. 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 |
|---|---|---|---|
Nandini Mongia Treasurer | 0.27 | $0 | |
Sandra Pianalto Trustee | 0.17 | $0 | |
Shane T Harris President | 32 | $0 | |
Gilbert F Casellas Trustee | 0.17 | $0 | |
Timothy Schmidt Trustee | 0.17 | $0 | |
Thomas Laurita Controller | 0.38 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Prudential Trust Company | 12/30/21 | $262,657 |
Mitchell & Titus | 12/30/21 | $55,650 |
American Online Giving Foundation Inc | 12/30/21 | $258,041 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $47,312,324 |
| Interest on Savings | $5,843 |
| Dividends & Interest | $1,783,131 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $3,592,138 |
| Capital Gain Net Income | $3,649,615 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $422,411 |
| Total Revenue | $53,115,847 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $12,036 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $244,848 |
| Total operating and administrative expenses | $524,507 |
| Contributions, gifts, grants paid | $47,446,164 |
| Total expenses and disbursements | $47,970,671 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $27,023,830 |
| 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 | $22,871,410 |
| Total assets | $137,651,624 |
| Accounts payable and accrued expenses | $125,313 |
| Grants payable | $33,056,296 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $19,119 |
| Total liabilities | $33,200,728 |
Grants Awarded
Over the last fiscal year, Prudential Foundation Inc has awarded $68,569,734 in support to 207 organizations.
| Grant Recipient | Amount |
|---|---|
Newark, DE PURPOSE: BENEVITY INVOICE MATCHING GIFTS PROGRAM (DECEMBER 2020- NOVEMBER 2021) | $5,590,982 |
Chicago, IL PURPOSE: A MORE INCLUSIVE AMERICA MUSEUM EXHIBIT, THE OBAMA PRESIDENTIAL CENTER | $4,417,383 |
Washington, DC PURPOSE: THE FUTURE OF WORK AND WEALTH: SCALING SOLUTIONS FOR WORKER RESILIENCE AND RACIAL EQUITY-FOUNDATION | $2,936,907 |
Newark, NJ PURPOSE: 20TH ANNIVERSARY CAPITAL CAMPAIGN | $2,694,175 |
New Brunswick, NJ PURPOSE: THE PRUDENTIAL SCHOLARS PROGRAM | $2,526,682 |
Washington, DC PURPOSE: FINANCIAL EMPOWERMENT AND NARROWING THE WEALTH GAP | $1,850,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Prudential Foundation Inc has recieved totaling -$42,078.
| Awarding Organization | Amount |
|---|---|
Prudential Foundation Inc Newark, NJ PURPOSE: GRANTS APPROVED AND PAID IN CURRENT YEAR -PRIOR YEAR ADJUSTMENT | -$1,798 |
Prudential Foundation Inc Newark, NJ PURPOSE: PAYROLL MATCHING GIFTS PAID IN CURRENT YEAR-PRIOR YEAR ADJUSTMENT | -$15,250 |
Prudential Foundation Inc Newark, NJ PURPOSE: DIRECT MATCHING GIFTS PAID IN CURRENT YEAR-PRIOR YEAR ADJUSTMENT | -$25,030 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
William Penn Foundation Philadelphia, PA | $0 | $175,834,650 |
The Heinz Endowments Pittsburgh, PA | $0 | $54,378,087 |
Druckenmiller Foundation New York, NY | $1,579,806,367 | $402,828,458 |
Rockefeller Brothers Fund Inc New York, NY | $1,654,004,790 | $94,665,303 |
Anna Maria And Stephen Kellen Foundation Inc New York, NY | $1,287,407,560 | $57,361,611 |
The Wallace Foundation New York, NY | $1,815,949,042 | $114,535,478 |
Oberkotter Foundation Philadelphia, PA | $83,021,123 | $23,009,013 |
Stephen A Schwarzman Foundation New York, NY | $124,156,635 | $61,557,254 |
Pepsico Foundation Inc Purchase, NY | $25,033,678 | $1,734,936 |
Pnc Foundation Pittsburgh, PA | $218,373,148 | $3,451,991 |
Foundation Mireille And James Levy Usa New York, NY | $36,878,233 | $277,701 |
The Bat Hanadiv Foundation No 3 New York, NY | $1,717,297,999 | $245,079,951 |