Drexel Funds
- Assets
- $18.4m
- Revenue
- $3.6m
- Investments
- $1.4m
- Employees
- 5
- Location
- Seattle, WA
- Founding
- 11/2014
- Data as of
- 06/2022
- EIN
- 46-5768451
Organization Overview
Drexel Funds is located in Seattle, WA. The organization was established in 2014. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 06/2022, Drexel Funds employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Drexel Funds 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 06/2022, Drexel Funds generated $3.6m 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 (6.5%) each year. All expenses for the organization totaled $3.5m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (1.2%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Drexel Funds has awarded 204 individual grants totaling $25,154,974. 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE DREXEL FUND IS A VENTURE PHILANTHROPY FUND THAT INVESTS AND PARTNERS IN THE GROWTH OF HIGH QUALITY, FINANCIALLY SUSTAINABLE NETWORKS OF FAITH BASED ON OTHER PRIVATE SCHOOLS
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS TO FAITH BASED OR PRIVATE SCHOOLS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bj Cassin Chairman | 2 | $0 | |
Thomas J Healey Treasurer | 2 | $0 | |
Nick Howley Trustee | 2 | $0 | |
Darren Jackson Secretary | 2 | $0 | |
Darla Romfo Trustee | 2 | $0 | |
Dr Daniel Scoggin Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $3,550,955 |
| Interest on Savings | $631 |
| Dividends & Interest | $516 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$526 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $31,285 |
| Total Revenue | $3,582,861 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $422,489 |
| Other employee salaries and wages | $285,841 |
| Pension plans, employee benefits | $165,433 |
| Interest | $0 |
| Taxes | $16 |
| Depreciation | $0 |
| Occupancy | $12,416 |
| Travel, conferences, and meetings | $76,359 |
| Printing and publications | $0 |
| Other expenses | $94,588 |
| Total operating and administrative expenses | $1,220,277 |
| Contributions, gifts, grants paid | $2,254,064 |
| Total expenses and disbursements | $3,474,341 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $179,817 |
| Savings and temporary cash investments | $2,876,857 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $13,935,539 |
| 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 | $3,500 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $199,993 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $18,444,694 |
| Accounts payable and accrued expenses | $41,620 |
| Grants payable | $733,192 |
| 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 | $774,812 |
Grants Awarded
Over the last fiscal year, Drexel Funds has awarded $4,508,128 in support to 90 organizations.
| Grant Recipient | Amount |
|---|---|
ADIA WELLS PURPOSE: FY22 FOUNDER STIPEND | $80,000 |
ACCESS UNLIMITED PURPOSE: PLANNING GRANTS | $15,000 |
AUTISM INSPIRED ACADEMY PURPOSE: OTHER SCHOOL SUPPORT | $50,000 |
AZALEA MONTESSORI SCHOOL PURPOSE: NETWORK GRANTS | $10,000 |
CRISTO REY NETWORK - ORLANDO PURPOSE: PLANNING GRANTS | $25,000 |
CRISTO REY NETWORK ATLANTA JESUIT HIGH SCHOOL PURPOSE: NETWORK GRANTS | $150,000 |