Garatoni-Smith Family Foundation
- Assets
- $48.5m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Mishawaka, IN
- Founding
- 11/2008
- Data as of
- 12/2022
- EIN
- 26-2866592
Organization Overview
Garatoni-Smith Family Foundation is located in Mishawaka, IN. The organization was established in 2008. 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. Garatoni-Smith Family 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, Garatoni-Smith Family Foundation generated $1.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (11.6%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (17.5%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Garatoni-Smith Family Foundation has awarded 321 individual grants totaling $23,146,643. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION MAKES COTRIBUTIONS TO OTHER TAX EXEMPT 501(C)(3) PUBLIC CHARITIES ONLY. PLEASE SEE PART XV.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawrence H Garatoni Trustee | 2 | $0 | |
Michael Garatoni Trustee | 2 | $0 | |
Shane Fimbel Trustee | 2 | $0 | |
Susan Ford Trustee | 2 | $0 | |
Pam Veldman Trustee | 2 | $0 | |
Mary Hunt Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $682,370 |
| Dividends & Interest | $472,779 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $125,791 |
| Capital Gain Net Income | $125,791 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,280,940 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $37,501 |
| Taxes | $7,000 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $6,937 |
| Total operating and administrative expenses | $170,516 |
| Contributions, gifts, grants paid | $1,355,070 |
| Total expenses and disbursements | $1,525,586 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $48,452,253 |
| Total assets | $48,452,253 |
| 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 | $991,172 |
| Total liabilities | $991,172 |
Grants Awarded
Over the last fiscal year, Garatoni-Smith Family Foundation has awarded $1,355,070 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
ANNUAL BISHOP APPEAL PURPOSE: GENERAL CHARITABLE GIFT | $100,000 |
BOYS AND GIRLS CLUB PURPOSE: GENERAL CHARITABLE GIFT | $6,000 |
CAREER ACADEMY PURPOSE: GENERAL CHARITABLE GIFT | $12,016 |
CULTIVATE CULINARY PURPOSE: GENERAL CHARITABLE GIFT | $50,000 |
E3 ROBOTICS PURPOSE: GENERAL CHARITABLE GIFT | $2,000 |
FOOD BANK OF NORTHERN INDIANA PURPOSE: GENERAL CHARITABLE GIFT | $1,000 |