Omega Life Membership Foundation Inc
- Assets
- $7.4m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 08/1989
- Data as of
- 03/2021
- EIN
- 22-2608127
Organization Overview
Omega Life Membership Foundation Inc is located in Washington, DC. The organization was established in 1989. 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. Omega Life Membership 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 03/2021, Omega Life Membership Foundation Inc generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $448.8k during the year ending 03/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Omega Life Membership Foundation Inc has awarded 18 individual grants totaling $536,270. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION PROVIDES GRANTS TO NONPROFIT ORGANIZATIONS TO BUILD STRENGTHS OF STUDENTS AND FOCUS ON THE AREAS IN WHICH ACADEMIC DEFICIENCIES MAY BE IMPROVED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES GRANTS TO NONPROFIT ORGANIZATIONS TO BUILD STRENGTHS OF STUDENTS AND FOCUS ON THE AREAS IN WHICH ACADEMIC DEFICIENCIES MAY BE IMPROVED.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Clark Asst. Treasu | OfficerTrustee | 2 | $0 |
Reginald A Henry Treasurer | OfficerTrustee | 2 | $0 |
Sedric D Myers Secretary | OfficerTrustee | 2 | $0 |
Stanford T Williams Vice Chairma | OfficerTrustee | 2 | $0 |
Kenneth Patterson Chairman | OfficerTrustee | 2 | $0 |
David Beckley Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,120,861 |
| Investment income | $164,442 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $34,149 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,330,874 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $141,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $51,219 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6,116 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $166 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,047 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $366 |
| Insurance | $4,451 |
| All other expenses | $0 |
| Total functional expenses | $448,814 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $706,176 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $6,644,004 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,350,180 |
| Accounts payable and accrued expenses | $9,999 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $9,999 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $7,340,181 |
Grants Awarded
Over the last fiscal year, Omega Life Membership Foundation Inc has awarded $31,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Decatur, GA PURPOSE: LEADERSHIP DEVELOPME | $21,000 |
Washington, DC PURPOSE: COMMUNITY DEVELOPMEN | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Omega Life Membership Foundation Inc has recieved totaling $1,251.
| Awarding Organization | Amount |
|---|---|
The Duke Energy Foundation Charlotte, NC PURPOSE: MATCHING GIFTS | $1,100 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $151 |
Endowment Analysis
| Beg. Balance | $4,148,723 |
| Earnings | $2,495,281 |
| Ending Balance | $6,644,004 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Diana Davis Spencer Foundation Bethesda, MD | $1,510,145,435 | $31,448,274 |
Davis Family Foundation Hanover, MD | $1,302,672,743 | $64,475,559 |
Bedford Falls Foundation C/O Joanne Barkett Conway Washington, DC | $61,666,880 | $84,617,094 |
The Rosser Foundation A Pure Charitable Trust And Public Charit Hampton, VA | $12,195,900 | $36,359,396 |
Wallace Global Fund Ii Washington, DC | $136,169,792 | $23,961,855 |
De Beaumont Foundation Inc Bethesda, MD | $183,698,152 | $47,357,470 |
Foundation For The Greatest Good Fulton, MD | $11,551,864 | $19,462,876 |
Young Mens Christian Association Of The Chesapeake Inc Easton, MD | $84,208,847 | $28,289,184 |
Laszlo N Tauber Family Foundation Inc North Bethesda, MD | $0 | $1,758,712 |
Breakthrough Prize In Life Sciences Foundation Washington, DC | $615,230 | $10,652,847 |
Manning Family Foundation Charlottesville, VA | $313,144,000 | $17,216,650 |
Nora Roberts Foundation Inc Glenn Dale, MD | $90,657,767 | $17,263,079 |