American Savings Foundation Inc
- Assets
- $106.1m
- Revenue
- $6.1m
- Investments
- $102.7m
- Employees
- 0
- Location
- New Britain, CT
- Founding
- 05/2005
- Data as of
- 12/2021
- EIN
- 30-0308972
Organization Overview
American Savings Foundation Inc is located in New Britain, CT. The organization was established in 2005. 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. American Savings 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, American Savings Foundation Inc generated $6.1m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 15.3% each year . All expenses for the organization totaled $4.4m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, American Savings Foundation Inc has awarded 3,278 individual grants totaling $19,585,573. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROBERT T. KENNEY SCHOLARSHIP PROGRAM - THE FOUNDATION OPERATES THE ROBERT T. KENNEY SCHOLARSHIP PROGRAM, WHICH IN 2021 DISTRIBUTED $726,042 IN SCHOLARSHIPS FOR 447 INDIVIDUAL STUDENTS. THE FOUNDATION HAS SIGNIFICANT INVOLVEMENT IN THE PROGRAM AND PROVIDES ADDITIONAL SUPPORT AND GUIDANCE TO SCHOLARSHIP APPLICANTS AND RECIPIENTS, SUCH AS ADVICE ON APPLYING FOR FINANCIAL AID AND OTHER AVAILABLE SCHOLARSHIPS. IN 2021, THE FOUNDATION ALSO ADDED A SCHOLAR ASSISTANCE PROGRAM, IN PARTNERSHIP WITH WHEELER, TO PROVIDE ACCESS MENTAL HEALTH RESOURCES FOR OUR SCHOLARS. THE FOUNDATION ALSO SUPPORTS A PAID SUMMER INTERNSHIP PROGRAM, PROVIDING GRANT FUNDING TO LOCAL NONPROFITS FOR CAREER-ORIENTED INTERNSHIPS, WHICH ARE OPEN TO RECIPIENTS OF THE FOUNDATION'S SCHOLARSHIP. TOTAL INTERNSHIP GRANTS IN 2021 WERE $72,020.
DIRECT SUPPORT FOR YOUTH PROGRAMS - AS PART OF THE FOUNDATION'S SUPPORT FOR LOCAL AFTER SCHOOL PROGRAMS IN THE CITY OF NEW BRITAIN, CT, THE FOUNDATION COVERS THE COST OF A COMMON PLATFORM FOR TRACKING PROGRAM ATTENDANCE. THIS SYSTEM, CAYEN AFTERSCHOOL, IS USED BY ALL THE AFTER SCHOOL PROGRAMS FUNDED BY THE FOUNDATION. THE PLATFORM HAS ALSO BEEN ADOPTED BY AFTER-SCHOOL ACTIVITIES HOSTED BY THE CONSOLIDATED SCHOOL DISTRICT OF NEW BRITAIN. FOUNDATION STAFF PROVIDES TRAINING TO ALL USERS OF THE A+ ATTENDANCE SYSTEM, AND HELPS TO SUPPORT ACCURATE REPORTING AND ANALYSIS OF THE DATA. OVER THE YEARS, THE SYSTEM HAS ALLOWED EACH INDIVIDUAL AGENCY TO SIGNIFICANTLY IMPROVE PROGRAM ATTENDANCE REPORTS, AND ALLOWS THE FOUNDATION TO TRACK AND MEASURE THE IMPACT OF AFTER SCHOOL PROGRAMMING. IT ALSO SAVES EACH AGENCY THE INDIVIDUAL COST OF ACQUIRING AND SUPPORTING AN ATTENDANCE TRACKING SYSTEM. THE FOUNDATION ALSO PROVIDES SUPPORT FOR SHARED TRAINING FOR AFTER SCHOOL PROVIDERS ON A VARIETY OF TOPICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Maria A Falvo President And CEO | 40 | $222,967 | |
Maria Sanchez Senior Program Offic | 40 | $146,657 | |
David Davison Director, Treasurer, Former President | 3 | $128,413 | |
Heather Hokunson Associate Program Of | 40 | $69,387 | |
Caitlyn Prescott Director, Assistant Secretary | 2 | $0 | |
James Jones Director | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Commonfund | 12/30/19 | $98,125 |
Tiff | 12/30/19 | $194,942 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $5,349 |
| Dividends & Interest | $212,300 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $5,910,863 |
| Capital Gain Net Income | $7,929,556 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $5,927 |
| Total Revenue | $6,134,439 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $222,967 |
| Other employee salaries and wages | $300,032 |
| Pension plans, employee benefits | $108,534 |
| Interest | $0 |
| Taxes | $90,000 |
| Depreciation | $9,209 |
| Occupancy | $33,947 |
| Travel, conferences, and meetings | $2,938 |
| Printing and publications | $3,242 |
| Other expenses | $116,414 |
| Total operating and administrative expenses | $1,097,183 |
| Contributions, gifts, grants paid | $3,326,359 |
| Total expenses and disbursements | $4,423,542 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,371 |
| Savings and temporary cash investments | $3,305,139 |
| 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 | $102,695,450 |
| Net Land, buildings, and equipment | $11,691 |
| Other assets | $0 |
| Total assets | $106,060,651 |
| 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, American Savings Foundation Inc has awarded $3,364,359 in support to 593 organizations.
| Grant Recipient | Amount |
|---|---|
New Britain, CT PURPOSE: CAPITAL GRANTS - FACILITY UPGRADES | $134,000 |
CORAM DEO RECOVERY PURPOSE: CAPITAL GRANTS - RECOVERY HOMES REPAIRS | $130,000 |
New Britain, CT PURPOSE: CAPITAL GRANTS - GAME ROOM UPDATE | $90,378 |
NEW BRITAIN YOUTH MUSEUMS PURPOSE: CAPITAL GRANTS - HUNGERFORD PARK AND CHILDREN'S MUSEUM REPAIRS | $90,000 |
New Britain, CT PURPOSE: PROGRAM GRANTS - MOVING MOUNTAINS PROGRAM 2021-22 | $80,000 |
PATHWAYSSENDEROS CENTER PURPOSE: PROGRAM GRANTS - 2021 SUMMER YOUTH EMPLOYMENT PROGRAM | $75,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that American Savings Foundation Inc has recieved totaling $126.
| Awarding Organization | Amount |
|---|---|
The Duke Energy Foundation Charlotte, NC PURPOSE: EMPLOYEE MATCHING GIFTS | $126 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John R Oishei Foundation Buffalo, NY | $294,151,477 | $18,357,929 |
American Express Foundation New York, NY | $66,234,265 | $62,922,703 |
Essel Foundation Inc Purchase, NY | $100,106,056 | $12,292,478 |
Beth And Ravenel Curry Foundation New York, NY | $0 | $44,744,046 |
Kz Family Foundation New York, NY | $10,936,301 | $30,139,672 |
The Freeman Foundation P-01644-00-7 New York, NY | $343,405,683 | $35,941,951 |
Hearst Foundation Inc New York, NY | $439,249,947 | $42,040,987 |
Tansy Charitable Foundation New York, NY | $325,076,608 | $77,631,295 |
Eastern Bank Charitable Foundation Lynn, MA | $286,575,476 | $18,352,628 |
G Harold And Leila Mathers Charitable Foundation Rye Brook, NY | $96,045,942 | $16,941,265 |
Elms Foundation Providence, RI | $0 | -$22,907 |
Thomas L Kempner Jr Foundation Inc Southampton, NY | $328,355,645 | $44,754,721 |