Molinello Family Foundation
- Assets
- $18.6m
- Revenue
- $1.7m
- Investments
- $18.4m
- Employees
- 0
- Location
- Berkley, MI
- Founding
- 12/1999
- Data as of
- 12/2022
- EIN
- 38-3494266
Organization Overview
Molinello Family Foundation is located in Berkley, MI. The organization was established in 1999. 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. Molinello Family 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, Molinello Family Foundation generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (9.8%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Molinello Family Foundation has awarded 161 individual grants totaling $5,605,000. 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 |
|---|---|---|---|
Rita M Morelli President/director | 7.5 | $60,000 | |
Michele Morelli Vice Pres/treas/sec/director | 12.5 | $60,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $761,882 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $896,918 |
| Capital Gain Net Income | $896,918 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,658,800 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $120,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $13,700 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $169 |
| Other expenses | $4,669 |
| Total operating and administrative expenses | $222,172 |
| Contributions, gifts, grants paid | $1,310,000 |
| Total expenses and disbursements | $1,532,172 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $172,919 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $5,841,212 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $18,607,661 |
| 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, Molinello Family Foundation has awarded $1,310,000 in support to 30 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN RED CROSS PURPOSE: DISASTER/EMERGENCY SUPPORT SERVICES | $60,000 |
ANGELS' PLACE PURPOSE: PROVIDE HOMES AND SERVICES FOR INDIVIDUALS WITH DEVELOPMENTAL DISABILITIES | $80,000 |
BEDS 4 KIDS PURPOSE: PROVIDES CHILDREN'S BEDS TO THOSE IN NEED AND IN FOSTER CARE | $20,000 |
BARBARA ANN KARMANOS CANCER INSTITUTE PURPOSE: RESEARCH AND HEALTHCARE SUPPORT FOR THOSE WITH CANCER | $60,000 |
CAPUCHIN SOUP KITCHEN PURPOSE: FOOD AND SPIRITUAL SERVICES FOR THOSE IN NEED | $80,000 |
CASS COMMUNITY SOCIAL SERVICES PURPOSE: FOOD, HEALTH, HOUSING AND JOB SERVICES FOR THOSE IN NEED | $30,000 |