Fortune Education Foundation Inc
- Assets
- $1.4m
- Revenue
- $540.3k
- Investments
- $645.0k
- Employees
- 0
- Location
- Rahway, NJ
- Founding
- 10/2008
- Data as of
- 12/2021
- 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 12/2021, Fortune Education Foundation Inc generated $540.3k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 56.3% each year . All expenses for the organization totaled $85.5k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Fortune Education Foundation Inc has awarded 79 individual grants totaling $712,625. 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 | $500,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $12,219 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $28,094 |
| Capital Gain Net Income | $28,094 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $540,313 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $116 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $7,404 |
| Total operating and administrative expenses | $12,520 |
| Contributions, gifts, grants paid | $73,000 |
| Total expenses and disbursements | $85,520 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,679 |
| Savings and temporary cash investments | $223,100 |
| Net Accounts receivable | $500,000 |
| 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 | $644,960 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,386,739 |
| 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 $73,000 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
VICTORIA KUANG PURPOSE: COLLEGE EDUCATION | $10,000 |
KELVIN ZHENG PURPOSE: COLLEGE EDUCATION | $10,000 |
ALICIA BAEZ PURPOSE: COLLEGE EDUCATION | $10,000 |
LUZ SANCHEZ-SALAS PURPOSE: COLLEGE EDUCATION | $8,000 |
ERIC CHAN PURPOSE: COLLEGE EDUCATION | $5,000 |
GAVIN CHENG PURPOSE: COLLEGE EDUCATION | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Institute For Citizens And Scholars Princeton, NJ | $17,317,706 | $10,248,308 |
The Teagle Foundation Incorporated New York, NY | $172,379,349 | $12,655,674 |
Jackie Robinson Foundation Inc New York, NY | $30,161,175 | $8,662,334 |
Gilder Lehrman Institute Of American History New York, NY | $67,600,972 | $8,993,543 |
Siemens Foundation Iselin, NJ | $75,710,306 | $10,400,455 |
East Side Charter School Of Wilmington Inc Wilmington, DE | $9,042,787 | $7,810,738 |
Target Als Foundation Inc New York, NY | $26,527,264 | $6,977,665 |
Pursuit Transformation Company Inc Long Island City, NY | $13,294,970 | $6,856,404 |
Firemens Association Of The State New York Foundation Inc Albany, NY | $161,398,482 | $10,617,589 |
Morgan Stanley Foundation Inc New York, NY | $117,614,938 | $39,846,453 |
Brooklyn College Foundation Inc Brooklyn, NY | $101,301,645 | $6,939,639 |
The One Love Foundation In Honor Of Yeardley Love Inc Bronxville, NY | $10,162,225 | $8,418,764 |