Veale Foundation
- Assets
- $126.4m
- Revenue
- $2.1m
- Investments
- $124.2m
- Employees
- 0
- Location
- Pepper Pike, OH
- Founding
- 11/1965
- Data as of
- 12/2022
- EIN
- 34-6565830
Organization Overview
Veale Foundation is located in Pepper Pike, OH. The organization was established in 1965. 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. Veale 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, Veale Foundation generated $2.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (16.9%) each year. All expenses for the organization totaled $8.4m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Veale Foundation has awarded 458 individual grants totaling $50,020,110. 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 |
|---|---|---|---|
Daniel Harrington Chairman | 4 | $0 | |
William James Culbertson Trustee | 0.5 | $0 | |
William Brancovsky Trustee | 0.5 | $0 | |
Thomas Harrington Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Monticello Associates | 12/30/22 | $182,250 |
Edgewood Management Llc | 12/30/22 | $120,977 |
Select Equity Group | 12/30/22 | $150,031 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $1,706,528 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$127,085 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $472,711 |
| Total Revenue | $2,052,154 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $235,312 |
| Pension plans, employee benefits | $32,908 |
| Interest | $99,882 |
| Taxes | $453,627 |
| Depreciation | $2,272 |
| Occupancy | $38,315 |
| Travel, conferences, and meetings | $2,861 |
| Printing and publications | $4,182 |
| Other expenses | $550,311 |
| Total operating and administrative expenses | $1,989,168 |
| Contributions, gifts, grants paid | $6,424,585 |
| Total expenses and disbursements | $8,413,753 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,189,605 |
| 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 | $3,915 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $67,632,342 |
| Net Land, buildings, and equipment | $3,411 |
| Other assets | $0 |
| Total assets | $126,388,108 |
| Accounts payable and accrued expenses | $1,072 |
| 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 | $1,072 |
Grants Awarded
Over the last fiscal year, Veale Foundation has awarded $6,424,585 in support to 51 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN FOREIGN POLICY COUNCIL PURPOSE: GENERAL FUND | $300,000 |
BENEDICTINE HIGH SCHOOL PURPOSE: GENERAL FUND | $10,000 |
AMERICAN RED CROSS PURPOSE: GENERAL FUND | $25,000 |
BEAUMONT SCHOOL PURPOSE: GENERAL FUND | $10,000 |
CHAGRIN FALLS EDUCATIONAL FDN PURPOSE: GENERAL FUND | $10,000 |
CASE WESTERN RESERVE UNIVERSITY PURPOSE: VEALE INSTITUTE & ENGINEERING SCHOOL& VEALE NATATORIUM & SNYDER ENTREPRENEURIAL FELLOWSHIP & GENERAL FUND | $571,500 |