Hage Foundation
- Assets
- $1.2m
- Revenue
- $1.1m
- Investments
- $830.2k
- Employees
- 0
- Location
- San Jose, CA
- Founding
- 06/2010
- Data as of
- 11/2023
- EIN
- 27-1493671
Organization Overview
Hage Foundation is located in San Jose, CA. The organization was established in 2010. According to its NTEE Classification (T23) the organization is classified as: Private Operating 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. Hage 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, Hage Foundation generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 36.8% each year . All expenses for the organization totaled $803.1k during the year ending 11/2023. While expenses have increased by 30.3% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORK WITH NU FEINBERG SCHOOL OF MEDICINE RESEARCH FUND, DECIDE TWO OPTIONS FOR HAGE PROGRAM OF RESEARCH CONFERENCE TRAVEL FUND. HAGE WILL WORK WITH THE HARRY W. LINDE HONORS PROGRAM RESEARCH FELLOWSHIP FUND. HAGE FOUNDATION WILL COMMIT $200K IN 3 YEARS WITH $100K ON THE 1ST YEAR, AND 50K ON THE 2ND AND 3RD YEAR. HAGE FOUNDATION WOULD LIKE TO SEE THESE FUNDS ARE DESIGNATED FOR CONFERENCE TRAVEL USE AND LOOKS FORWARD TO SEEING FEINBERG'S ANNUAL REPORT THAT SHOWS HOW THE FUND WOULD BE USED. TOTAL WORK FOR THIS YEAR IS:25 HRS, MILES TRAVEL 245, MEALS $44.8, FEINBERG TRAVEL FUND $50,000
STARTED NEW PROGRAM WITH VALLEY CHRISTIAN SCHOOL(VCS) TEACHERS' ASSISTANCE FUND.MAINLY AIM AT HELPING WITH FULL-TIME TEACHER WITH FINANCIAL DIFFICULTIES WITH PERFORMANCE BASED SELECTION PROCESS. TOTAL FUNDS WILL BE $200K WITH FIVE YEAR PERIOD. FIRST FUND DUE FEBRUARY 2022: $30K FOR FIRST AND SECOND YEAR, 50K FOR THIRD AND FORTH YEAR, AND 40K FOR FIFTH YEAR. THIS YEAR MAINLY START VISITING THE SCHOOL AND TALKED WITH TEACHERS AND ADMINISTRATORS.TOTAL WORK FOR THIS YEAR IS:22 HOURS, 65 MILES TRAVEL, MEALS $159, CHECK $30,000
THE HAGE FOUNDATION WILL ESTABLISH A FUND, IN THE AMOUNT OF $1,250,000 NAMED THE CHEN-LUAN FAMILY FACULTY DEVELOPMENT PROFESSORSHIP OF ELECTRICAL AND COMPUTER ENGINEERING FUND IN HONOR OF DR. CHEN'S MENTOR, PROFESSOR STEPHANE LAFORTUNE, TO THE REGENTS OF THE UNIVERSITY OF MICHIGAN FOR THE BENEFIT OF ITS COLLEGE OF ENGINEERING. THE FUND WILL BE USED TO SUPPORT THE CHEN-LUAN FAMILY FACULTY DEVELOPMENT PROFESSOR OF ELECTRICAL AND COMPUTER ENGINEERING ("PROFESSORSHIP") IN THE UNIVERSITY'S COLLEGE OF ENGINEERING, AFTER THE BOARD OF REGENTS OF THE UNIVERSITY ESTABLISHES IT. IT IS THE DONOR'S INTENT THAT THE PROFESSORSHIP BE USED TO RECRUIT OR RETAIN ASSISTANT OR ASSOCIATE FACULTY MEMBERS IN THE DIVISION OF ELECTRICAL AND COMPUTER ENGINEERING. TOTAL WORK FOR THIS YEAR IS:98 HOURS, 202 MILES TRAVEL, TRIP COST 5750.26, WIRE FEE $40, CHECK $625,000
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Enke Chen CEO | 3 | $0 | |
Huiyi Luan CFO | 10 | $35,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $20,465 |
| Dividends & Interest | $0 |
| Net Rental Income | $12,749 |
| Net Gain on Sale of Assets | $1,026,444 |
| Capital Gain Net Income | $1,026,444 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $404 |
| Total Revenue | $1,102,508 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $35,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $4,000 |
| Depreciation | $21,117 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $370 |
| Printing and publications | $0 |
| Other expenses | $736,666 |
| Total operating and administrative expenses | $800,221 |
| Contributions, gifts, grants paid | $2,900 |
| Total expenses and disbursements | $803,121 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $912 |
| Savings and temporary cash investments | $15,942 |
| 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 | $347,208 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $1,179 |
| Other assets | $0 |
| Total assets | $1,195,411 |
| 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 | $22,671 |
| Total liabilities | $22,671 |
Grants Awarded
Over the last fiscal year, Hage Foundation has awarded $2,900 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF MICHIGAN PURPOSE: DONATIONS | $2,000 |
RIVER OF LIFE CHRISTIAN CHURCH PURPOSE: DONATIONS | $900 |