Arete Foundation
- Assets
- $45.1m
- Revenue
- $1.7m
- Investments
- $41.0m
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 07/1986
- Data as of
- 11/2023
- EIN
- 23-6779271
Organization Overview
Arete Foundation is located in Philadelphia, PA. The organization was established in 1986. 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. Arete 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 11/2023, Arete Foundation generated $1.7m 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 (27.2%) each year. All expenses for the organization totaled $10.2m during the year ending 11/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Arete Foundation has awarded 115 individual grants totaling $30,948,134. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
CONTRIBUTIONS TO TAX EXEMPT EDUCATIONAL ORGANIZATIONS (21)
CONTRIBUTIONS TO TAX EXEMPT CHARITABLE ORGANIZATIONS (24)
CONTRIBUTIONS TO TAX EXEMPT RELIGIOUS ORGANIZATIONS (2)
CONTRIBUTIONS TO TAX EXEMPT LITERARY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward E Cohen Trustee, As Required | 0 | $0 | |
Betsy Z Cohen Trustee, As Required | 0 | $0 | |
Jonathan Z Cohen Trustee, As Required | 0 | $0 | |
Daniel G Cohen Trustee, As Required | 0 | $0 | |
Thomas Elliott Chief Financial Offi | 30 | $175,000 | |
Jeffrey Brotman Vice-President, As R | 10 | $116,667 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $127,750 |
| Dividends & Interest | $1,223,163 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$1,981,990 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $2,299,518 |
| Total Revenue | $1,668,441 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $393,667 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $44,219 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $9,290 |
| Total operating and administrative expenses | $720,557 |
| Contributions, gifts, grants paid | $9,450,007 |
| Total expenses and disbursements | $10,170,564 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $281,595 |
| Savings and temporary cash investments | $2,669,067 |
| Net Accounts receivable | $27,867 |
| 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 | $59,252 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $22,425,579 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $1,048,773 |
| Total assets | $45,050,715 |
| Accounts payable and accrued expenses | $135,759 |
| Grants payable | $7,526,062 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $1,048,773 |
| Total liabilities | $8,710,594 |
Grants Awarded
Over the last fiscal year, Arete Foundation has awarded $6,274,260 in support to 22 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN NUMISMATIC SOCIETY PURPOSE: CHARITABLEFY 2019-FY 2021 GENERAL OPERATING BUDGET | $155,000 |
ARTSMART PURPOSE: EDUCATIONALSUPPORT FOR ARTS EDUCATION AND YOUTH MENTORSHIP PROGRAM | $1,813 |
ASIA SOCIETY PURPOSE: CHARITABLESUPPORT FOR ASIA GAME CHANGERS FY 2020; SUPPORT FOR DANNIEL RUSSELL WORK; SUPPORT FOR ABIGAIL COHEN FELLOWSHIP IN DOCUMENTARY PHOTOGRAPHY; SUPPORT FOR HONG KONG 30TH ANNIVERSARY VIRTUAL GALA | $614,335 |
CITY SQUASH PURPOSE: CHARITABLEGENERAL OPERATING SUPPORT | $100,000 |
COLUMBIA UNIVERSITY PURPOSE: EDUCATIONALSUPPORT FOR HADRIAN'S VILLA PROGRAM | $25,000 |
COLUMBIA UNIVERSITY OFFICE OF GLOBAL INITATIVES PURPOSE: EDUCATIONALENDOW ARETE FOUDNATION FELLOWSHIP FUND AND UNRESTRICTED GIFT | $756,000 |