Oceanfirst Foundation
- Assets
- $10.9m
- Revenue
- $2.0m
- Investments
- $10.7m
- Employees
- 0
- Location
- Toms River, NJ
- Founding
- 04/1997
- Data as of
- 12/2022
- EIN
- 22-3465454
Organization Overview
Oceanfirst Foundation is located in Toms River, NJ. The organization was established in 1997. 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. Oceanfirst 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 12/2022, Oceanfirst Foundation generated $2.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (5.0%) each year. All expenses for the organization totaled $2.5m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (4.2%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Oceanfirst Foundation has awarded 1,411 individual grants totaling $6,504,781. 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 |
|---|---|---|---|
Christopher D Maher President / Chairman | 1.75 | $0 | |
Michael J Fitzpatrick Treasurer | 1.75 | $0 | |
Katherine B Durante Secretary / Exec. Dir. | 40 | $259,269 | |
James M Bollerman Director | 1.75 | $0 | |
Angelo J Catania Director | 1.75 | $0 | |
Anthony R Coscia ESQ Director | 1.75 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $135 |
| Dividends & Interest | $693,864 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,279,252 |
| Capital Gain Net Income | $1,279,252 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,068 |
| Total Revenue | $1,974,319 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $259,269 |
| Other employee salaries and wages | $176,987 |
| Pension plans, employee benefits | $77,087 |
| Interest | $25,900 |
| Taxes | $17,768 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $998 |
| Other expenses | $57,141 |
| Total operating and administrative expenses | $634,350 |
| Contributions, gifts, grants paid | $1,873,187 |
| Total expenses and disbursements | $2,507,537 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,769 |
| Savings and temporary cash investments | $204,411 |
| 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 | $0 |
| Total assets | $10,875,786 |
| 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 | $228,400 |
| Total liabilities | $228,400 |
Grants Awarded
Over the last fiscal year, Oceanfirst Foundation has awarded $1,873,187 in support to 542 organizations.
| Grant Recipient | Amount |
|---|---|
180 TURNING LIVES AROUND INC PURPOSE: BOARD MATCHING GIFT | $500 |
180 TURNING LIVES AROUND INC PURPOSE: BOARD MATCHING GIFT | $1,250 |
180 TURNING LIVES AROUND INC PURPOSE: BOARD MATCHING GIFT | $1,210 |
180 TURNING LIVES AROUND INC PURPOSE: WAVEMAKER PROJECT SUPPORT | $250 |
21 PLUS INC PURPOSE: GENERAL OPERATING/FLEXIBLE SUPPORT GRANT | $10,000 |
180 TURNING LIVES AROUND INC PURPOSE: GENERAL OPERATING/FLEXIBLE SUPPORT GRANT | $12,500 |