Fortune Education Foundation Inc
- Assets
- $1.7m
- Revenue
- $30.9k
- Investments
- $686.2k
- Employees
- 0
- Location
- Rahway, NJ
- Founding
- 10/2008
- Data as of
- 12/2023
- EIN
- 26-1564290
Organization Overview
Fortune Education Foundation Inc is located in Rahway, NJ. The organization was established in 2008. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fortune Education 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, Fortune Education Foundation Inc generated $30.9k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $90.7k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Fortune Education Foundation Inc has awarded 89 individual grants totaling $778,825. 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 |
|---|---|---|---|
Norman Ng Director | 0 | $0 | |
John Ng Director | 0 | $0 | |
Chuck Man Ng Director | 0 | $0 | |
Frances Wong Director | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $29 |
| Dividends & Interest | $16,352 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $14,487 |
| Capital Gain Net Income | $14,487 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $30,868 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $779 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $11,493 |
| Total operating and administrative expenses | $16,451 |
| Contributions, gifts, grants paid | $74,200 |
| Total expenses and disbursements | $90,651 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $996,676 |
| 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 | $686,169 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,682,845 |
| 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 | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Fortune Education Foundation Inc has awarded $74,200 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
ALICIA BAEZ PURPOSE: COLLEGE EDUCATION | $10,000 |
CHEYENNE BANISTER PURPOSE: COLLEGE EDUCATION | $5,000 |
DAVID KWIATKOWSKI PURPOSE: COLLEGE EDUCATION | $5,000 |
ERIC CHAN PURPOSE: COLLEGE EDUCATION | $5,000 |
KENNETH KUANG PURPOSE: COLLEGE EDUCATION | $10,000 |
KELVIN ZHENG PURPOSE: COLLEGE EDUCATION | $10,000 |