Albert M Covelli Foundation
- Assets
- $6.5m
- Revenue
- $245.7k
- Investments
- $6.3m
- Employees
- 0
- Location
- Warren, OH
- Founding
- 06/1984
- Data as of
- 12/2022
- EIN
- 34-1383117
Organization Overview
Albert M Covelli Foundation is located in Warren, OH. The organization was established in 1984. 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. Albert M Covelli 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, Albert M Covelli Foundation generated $245.7k 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 (20.9%) each year. All expenses for the organization totaled $511.4k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Albert M Covelli Foundation has awarded 248 individual grants totaling $3,001,175. 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 |
|---|---|---|---|
Josephine Covelli Trustee | 0 | $0 | |
Annette Ford Trustee | 0 | $0 | |
Sam Covelli Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $16,853 |
| Dividends & Interest | $131,420 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $97,454 |
| Capital Gain Net Income | $97,454 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $245,727 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $15,216 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $387 |
| Total operating and administrative expenses | $88,925 |
| Contributions, gifts, grants paid | $422,500 |
| Total expenses and disbursements | $511,425 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,321 |
| Savings and temporary cash investments | $219,564 |
| 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 | $0 |
| Total assets | $6,494,516 |
| 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, Albert M Covelli Foundation has awarded $422,500 in support to 27 organizations.
| Grant Recipient | Amount |
|---|---|
AKRON CHILDREN'S HOSPITAL PURPOSE: CHARITABLE | $10,000 |
COUNCIL ON AGING OF MARTIN COUNTY INC PURPOSE: CHARITABLE | $7,500 |
BLESSED SACRAMENT PURPOSE: CHARITABLE | $5,000 |
MERCY HEALTH FOUNDATION MAHONING VALLEY PURPOSE: CHARITABLE | $2,500 |
BOYS AND GIRLS CLUB OF MARTIN COUNTY PURPOSE: CHARITABLE | $3,000 |
HIBISCUS CHILDREN'S CENTER PURPOSE: CHARITABLE | $50,000 |