Florence B & Cornelia A Palmer Foundation
- Assets
- $1.3m
- Revenue
- $96.4k
- Investments
- $1.2m
- Employees
- 0
- Location
- Elgin, IL
- Founding
- 01/1998
- Data as of
- 12/2022
- 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 12/2022, Florence B & Cornelia A Palmer Foundation generated $96.4k 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 (8.2%) each year. All expenses for the organization totaled $287.2k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Florence B & Cornelia A Palmer Foundation has awarded 76 individual grants totaling $857,265. 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 | 25 | $100,000 | |
Robert Steffen Co-Trustee | 10 | $25,000 | |
Donald Hopp Co-Trustee | 12 | $15,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1 |
| Dividends & Interest | $29,700 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $66,734 |
| Capital Gain Net Income | $13,834 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $96,435 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $140,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $496 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $55 |
| Printing and publications | $0 |
| Other expenses | $4,545 |
| Total operating and administrative expenses | $153,009 |
| Contributions, gifts, grants paid | $134,218 |
| Total expenses and disbursements | $287,227 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $466 |
| 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 | $89,413 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,303,656 |
| Accounts payable and accrued expenses | $25,000 |
| 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 | $25,000 |
Grants Awarded
Over the last fiscal year, Florence B & Cornelia A Palmer Foundation has awarded $134,218 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
ELGIN COMMUNITY COLLEGE PURPOSE: COLLEGE ARTS POETRY CONTEST | $6,000 |
ELGIN SYMPHONY ORCHESTRA PURPOSE: DEVELOPMENT GRANT | $16,000 |
ELGIN MASTER CHORAL PURPOSE: DEV GRANT | $13,500 |
SIDE STREET STUDIO PURPOSE: DEV GRANT | $16,000 |
INDEPENDENT PLAYERS PURPOSE: EMERGENCY GRANT | $4,750 |
ELGIN YOUTH SYMPHONY PURPOSE: CHALLANGE GRANT | $10,000 |