Florence B & Cornelia A Palmer Foundation
- Assets
- $1.5m
- Revenue
- $190.3k
- Investments
- $1.3m
- Employees
- 0
- Location
- Elgin, IL
- Founding
- 01/1998
- Data as of
- 12/2021
- EIN
- 36-4171713
Organization Overview
Florence B & Cornelia A Palmer Foundation is located in Elgin, IL. The organization was established in 1998. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., 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. Florence B & Cornelia A Palmer 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, Florence B & Cornelia A Palmer Foundation generated $190.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $203.8k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Florence B & Cornelia A Palmer Foundation has awarded 63 individual grants totaling $723,047. 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 |
|---|---|---|---|
Frederick J Steffen Co-Trustee A | 20 | $100,000 | |
Robert Steffen Co-Trustee | 5 | $25,000 | |
Donald Hopp Co-Trustee | 10 | $25,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $30,755 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $159,541 |
| Capital Gain Net Income | $47,357 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $190,296 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $150,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $346 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $225 |
| Other expenses | $2,124 |
| Total operating and administrative expenses | $162,792 |
| Contributions, gifts, grants paid | $41,000 |
| Total expenses and disbursements | $203,792 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$28,606 |
| Savings and temporary cash investments | $587 |
| 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 | $152,000 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,469,631 |
| 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, Florence B & Cornelia A Palmer Foundation has awarded $41,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
SIDE STREET STUDIO PURPOSE: DEV GRANT | $10,000 |
ELGIN SYMPHONY ORCHESTRA PURPOSE: DEVELOPMENT GRANT | $7,500 |
ELGIN YOUTH SYMPHONY PURPOSE: CHALLANGE GRANT | $7,500 |
Elgin, IL PURPOSE: DEV GRANT | $7,500 |
Elgin, IL PURPOSE: COLLEGE ARTS POETRY CONTEST | $6,000 |
Elgin, IL PURPOSE: EMERG GRANT | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Robert R Mccormick Foundation Chicago, IL | $1,522,880,168 | $43,489,096 |
David F And Margaret T Grohne Family Foundation Western Springs, IL | $161,662,019 | $15,904,271 |
The Burke Foundation Inc Milwaukee, WI | $121,362,007 | $6,169,378 |
Illinois Assistive Technology Program Springfield, IL | $10,127,419 | $6,900,669 |
Crossroads Fund Chicago, IL | $13,233,891 | $8,800,082 |
Vine And Branches Foundation Inc Brookfield, WI | $8,641,827 | $2,521,561 |
Association Of State Floodplain Managers Inc Madison, WI | $3,465,086 | $3,791,524 |
Alan Stone Family Charitable Foundation % Reed Smith LLP - Harry Rosenberg Chicago, IL | $0 | $100,169 |
Peter And Paula Fasseas Foundation Chicago, IL | $50,357,726 | $8,283,085 |
Jefferson City Parks And Recreation Foundation Jefferson City, MO | $842,423 | $291,038 |
Stephenson Family Foundation Schaumburg, IL | $89,371 | $3,480,000 |
Hope Haven Support Foundation Rock Valley, IA | $16,499,629 | $3,667,660 |