Firstenergy Foundation
- Assets
- $133.8m
- Revenue
- $5.5m
- Investments
- $131.8m
- Employees
- 0
- Location
- Akron, OH
- Founding
- 02/1963
- Data as of
- 12/2022
- EIN
- 34-6514181
Organization Overview
Firstenergy Foundation is located in Akron, OH. The organization was established in 1963. 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. Firstenergy 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, Firstenergy Foundation generated $5.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (32.0%) each year. All expenses for the organization totaled $9.5m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2022, Firstenergy Foundation has awarded 3,543 individual grants totaling $27,808,404. 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 |
|---|---|---|---|
Name Not Listed Trustee | 6 | $0 | |
Name Not Listed Trustee | 6 | $0 | |
Name Not Listed Trustee | 6 | $0 | |
Name Not Listed Assistant Secretary | 6 | $0 | |
Name Not Listed Treasurer | 6 | $0 | |
Name Not Listed President | 24 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Benevity | 12/30/22 | $79,956 |
Benevity | 12/30/22 | $79,956 |
Pnc Institutional Asset Management | 12/30/22 | $77,275 |
Pnc Institutional Asset Management | 12/30/22 | $77,275 |
Benevity | 12/30/22 | $79,956 |
Pnc Institutional Asset Management | 12/30/22 | $77,275 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $10,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $2,908,513 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,493,734 |
| Capital Gain Net Income | $2,493,734 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $89,529 |
| Total Revenue | $5,501,776 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $8,480 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $79,955 |
| Total operating and administrative expenses | $232,645 |
| Contributions, gifts, grants paid | $9,269,468 |
| Total expenses and disbursements | $9,502,113 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,956,989 |
| 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 | $19,942,669 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $133,802,602 |
| 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, Firstenergy Foundation has awarded $27,808,404 in support to 3,543 organizations.
| Grant Recipient | Amount |
|---|---|
18 SOUTH YOUTH MINISTRIES PURPOSE: EDUCATION | $2,000 |
180 TURNING LIVES AROUND INC PURPOSE: HEALTH AND SAFETY | $5,000 |
1 LITTLE MEAL INC PURPOSE: HEALTH AND SAFETY | $10,000 |
18 SOUTH YOUTH MINISTRIES PURPOSE: EDUCATION | $450 |
2ND AND 7 FOUNDATION PURPOSE: EDUCATION | $10,000 |
ASTEP INC PURPOSE: EDUCATION | $25,000 |