Veale Foundation
- Assets
- $131.6m
- Revenue
- $19.5m
- Investments
- $128.9m
- Employees
- 0
- Location
- Pepper Pike, OH
- Founding
- 11/1965
- Data as of
- 12/2021
- 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 12/2021, Veale Foundation generated $19.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 35.9% each year . All expenses for the organization totaled $6.6m during the year ending 12/2021. While expenses have increased by 3.7% per year over the past 7 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.
Since 2014, Veale Foundation has awarded 407 individual grants totaling $43,595,525. 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 | 12/30/21 | $243,000 |
Edgewood Management Llc | 12/30/21 | $179,833 |
Select Equity Group | 12/30/21 | $99,497 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $1,745,649 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $13,355,740 |
| Capital Gain Net Income | $13,355,740 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $4,440,170 |
| Total Revenue | $19,541,559 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $355,311 |
| Pension plans, employee benefits | $56,898 |
| Interest | $62,982 |
| Taxes | $175,506 |
| Depreciation | $2,924 |
| Occupancy | $30,881 |
| Travel, conferences, and meetings | $340 |
| Printing and publications | $3,868 |
| Other expenses | $448,682 |
| Total operating and administrative expenses | $1,780,220 |
| Contributions, gifts, grants paid | $4,869,175 |
| Total expenses and disbursements | $6,649,395 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,746,501 |
| 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 | $11,532 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $67,027,216 |
| Net Land, buildings, and equipment | $5,683 |
| Other assets | $0 |
| Total assets | $131,625,648 |
| Accounts payable and accrued expenses | $722 |
| 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 | $722 |
Grants Awarded
Over the last fiscal year, Veale Foundation has awarded $4,869,175 in support to 55 organizations.
| Grant Recipient | Amount |
|---|---|
Cleveland, OH PURPOSE: VEALE INSTITUTE & ENGINEERING SCHOOL& VEALE NATATORIUM &GENERAL FUND | $3,908,125 |
Washington, DC PURPOSE: GENERAL FUND | $270,500 |
MOUNT ST JOSEPH UNIVERSITY PURPOSE: GENERAL FUND | $50,000 |
UNIVERSITY SCHOOL PURPOSE: GENERAL FUND | $45,000 |
University Heights, OH PURPOSE: GENERAL FUND | $37,000 |
Cleveland, OH PURPOSE: GENERAL FUND | $26,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Douglas & Maria Devos Foundation Grand Rapids, MI | $79,921,409 | $9,501,037 |
Lor Foundation Inc West Chester, PA | $352,392,197 | $12,888,892 |
Grable Foundation Pittsburgh, PA | $386,701,292 | $35,946,563 |
Connelly Foundation West Conshohocken, PA | $387,913,026 | $27,891,431 |
Fred F Silk Charitable Foundation Louisville, OH | $0 | $2,703,630 |
Jewish Foundation Of Cincinnati Cincinnati, OH | $344,322,004 | $65,111,190 |
Charles F Kettering Foundation Dayton, OH | $413,895,327 | $17,762,033 |
Jay And Jeanie Schottenstein Foundation Columbus, OH | $12,858,446 | $29,259,001 |
Susquehanna Foundation Bala Cynwyd, PA | $640,733,550 | $61,262,452 |
The Lozick Family Foundation Pepper Pike, OH | $264,438,182 | $44,457,050 |
Humana Foundation Inc Louisville, KY | $467,311,073 | $9,744,567 |
Dow Company Foundation Bay City, MI | $175,531,548 | $110,489,699 |