Wege Foundation
- Assets
- $290.9m
- Revenue
- $8.5m
- Investments
- $139.8m
- Employees
- 0
- Location
- Grand Rapids, MI
- Founding
- 07/1967
- Data as of
- 12/2022
- EIN
- 38-6124363
Organization Overview
Wege Foundation is located in Grand Rapids, MI. The organization was established in 1967. 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. Wege 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, Wege Foundation generated $8.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (17.6%) each year. All expenses for the organization totaled $25.8m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonathan M Wege Chair, Trustee | 1 | $0 | |
Mark Van Putten Former President, CEO | 40 | $393,387 | |
Dale Rietberg Secretary | 1 | $0 | |
Kathleen Furtado Treasurer | 40 | $156,976 | |
Johanna Osman Trustee | 1 | $0 | |
Christopher Carter Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Varnum Llp | 12/30/22 | $87,152 |
Prime Buchholz & Associates | 12/30/22 | $242,881 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $628,874 |
| Interest on Savings | $0 |
| Dividends & Interest | $5,398,406 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,451,814 |
| Capital Gain Net Income | $2,451,814 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $50,005 |
| Total Revenue | $8,529,099 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $631,517 |
| Other employee salaries and wages | $329,395 |
| Pension plans, employee benefits | $329,268 |
| Interest | $23,639 |
| Taxes | $1,210,215 |
| Depreciation | $52,243 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $64,688 |
| Printing and publications | $0 |
| Other expenses | $1,891,981 |
| Total operating and administrative expenses | $7,053,763 |
| Contributions, gifts, grants paid | $18,752,454 |
| Total expenses and disbursements | $25,806,217 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,142,860 |
| Savings and temporary cash investments | $5,112,855 |
| 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 | $68,051 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $29,218,960 |
| Net Land, buildings, and equipment | $405,247 |
| Other assets | $143,352,153 |
| Total assets | $290,886,621 |
| Accounts payable and accrued expenses | $2,494 |
| Grants payable | $22,683,923 |
| 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 | $22,686,417 |