Madhuri & Jagdish Sheth Foundation
- Assets
- $4.4m
- Revenue
- $221.2k
- Investments
- $0.0
- Employees
- 0
- Location
- East Lansing, MI
- Founding
- 02/1902
- Data as of
- 12/2019
- EIN
- 37-1286576
Organization Overview
Madhuri & Jagdish Sheth Foundation is located in East Lansing, MI. The organization was established in 1902. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Madhuri & Jagdish Sheth 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 12/2019, Madhuri & Jagdish Sheth Foundation generated $221.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (26.3%) each year. All expenses for the organization totaled $147.4k during the year ending 12/2019. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION IS ORGANIZED AS A "SUPPORTING ORGANIZATION", AS DEFINED IN SECTION 509(A)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. (A) THE FOUNDATION IS ORGANIZED AND SHALL AT ALL TIMES BE OPERATED FOR CHARITABLE, EDUCATIONAL, AND SCIENTIFIC PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE CODE. THE FOUNDATION SHALL OPERATE EXCLUSIVELY TO SUPPORT THE CHARITABLE, EDUCATIONAL, AND SCIENTIFIC ACTIVITIES OF ORGANIZATIONS WITHIN THE UNITED STATES WHICH ARE DESCRIBED IN SECTION 509(A)(1) OR (2) OF THE CODE AND WHICH INCLUDE AMONG THEIR PURPOSES SUPPORT OF THE DISCIPLINE AND PRACTICE OF MARKETING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Naresh K Malhotra Comptroller | OfficerTrustee | $0 | |
Kent Monroe Treasurer | OfficerTrustee | $0 | |
Tomas Hult President | OfficerTrustee | $0 | |
Reshma Shah Secretary | OfficerTrustee | $0 | |
Ruth Bolton Vice President | OfficerTrustee | $0 | |
Linda Price Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $102,090 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $119,070 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $221,160 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $21,700 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $5,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $22,706 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $3,650 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,820 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,053 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,802 |
| All other expenses | $2,131 |
| Total functional expenses | $147,427 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $319,156 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,408 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $3,945,590 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $160,050 |
| Other assets | $0 |
| Total assets | $4,426,204 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $59,710 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $59,710 |
| Net assets without donor restrictions | $4,366,494 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $4,366,494 |
Grants Awarded
Over the last fiscal year, Madhuri & Jagdish Sheth Foundation has awarded $75,915 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Duluth, MN | | $23,415 |
East Lansing, MI | | $21,000 |
Chicago, IL | | $15,500 |
| | | $9,000 |
Ruston, LA | | $7,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northern School District Tr Nsdt Ashland, WI | $7,100,055 | $19,700,380 |
Battelle For Kids Hilliard, OH | $8,986,527 | $5,810,919 |
Van Wert County Foundation Van Wert, OH | $84,063,134 | $5,243,606 |
Middlebury Community Schools Employee Benefit Trust Middlebury, IN | $1,426,617 | $4,992,187 |
Carrol W Hirsch Ta Brooklyn, OH | $78 | $994,416 |
Ohio Foundation Of Independent Colleges Inc Columbus, OH | $10,019,771 | $4,357,939 |
Drexel Funds Milwaukee, WI | $18,531,220 | $8,522,964 |
Indianapolis Public Schools Education Foundation Inc Indianapolis, IN | $8,991,095 | $5,839,882 |
North Central States Regional Council Of Carpenters Trng Fund Eau Claire, WI | $10,404,488 | $4,232,713 |
Sme Education Foundation Southfield, MI | $34,257,056 | $11,054,523 |
Sand County Foundation Inc Madison, WI | $15,482,706 | $6,154,396 |
Activities Beyond The Classroom Cincinnati, OH | $2,008,297 | $4,001,675 |