Forman S Acton Educational Foundation
- Assets
- $42.9m
- Revenue
- $5.2m
- Investments
- $42.5m
- Employees
- 0
- Location
- Salem, NJ
- Founding
- 01/2015
- Data as of
- 12/2021
- EIN
- 47-1997891
Organization Overview
Forman S Acton Educational Foundation is located in Salem, NJ. The organization was established in 2015. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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. Forman S Acton Educational 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 12/2021, Forman S Acton Educational Foundation generated $5.2m 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 (27.2%) each year. All expenses for the organization totaled $2.1m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Forman S Acton Educational Foundation has awarded 140 individual grants totaling $4,142,296. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
A. GRANTS TO FUND SUPPORT STUDENTS LIVING IN OR ATTENDING PUBLIC SCHOOL IN SALEM CITY, NJ AND RELATED PROGRAMMATIC EXPENSES, PROVIDING EDUCATIONAL ENHANCING ACTIVITIES TO PRESCHOOL, ELEMENTARY, MIDDLE AND HIGH SCHOOL STUDENTS.
B. SCHOLARSHIPS AWARDED TO HIGH SCHOOL SENIORS AND FUNDING FOR COLLEGE SAVINGS ACCOUNTS FOR ALL SALEM CITY STUDENTS.
DURING THE CURRENT TAX YEAR, THE FOUNDATION PAID COLLEGE DEPOSITS FOR STUDENTS ENTERING THEIR FRESHMAN YEAR OF COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kortney Swanson Davis COO | 40 | $153,962 | |
Laurence Van Meter President & CEO | 28 | $116,971 | |
Kim Smith Administrative/finan | 40 | $116,279 | |
William Wilson Scholarship Director | 30 | $82,785 | |
Joyce Elwell Acorn Fund Coordinat | 40 | $80,755 | |
Ken Aldridge Chairperson | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $56 |
| Dividends & Interest | $47,212 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $5,193,263 |
| Capital Gain Net Income | $11,549,270 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $5,240,531 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $440,522 |
| Other employee salaries and wages | $204,079 |
| Pension plans, employee benefits | $36,002 |
| Interest | $0 |
| Taxes | $235,572 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $22,824 |
| Printing and publications | $0 |
| Other expenses | $141,868 |
| Total operating and administrative expenses | $1,361,985 |
| Contributions, gifts, grants paid | $774,254 |
| Total expenses and disbursements | $2,136,239 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $371,514 |
| 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 | $42,522,755 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $42,894,269 |
| Accounts payable and accrued expenses | $5,860 |
| 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 | $5,860 |
Grants Awarded
Over the last fiscal year, Forman S Acton Educational Foundation has awarded $774,254 in support to 34 organizations.
| Grant Recipient | Amount |
|---|---|
COMMUNITY FOUNDATION OF SOUTH JERSEY PURPOSE: THIS GRANT IS AWARDED TO A PUBLIC CHARITY TO FUND COLLEGE COSTS VIA A SECTION 529 COLLEGE SAVINGS ACCOUNT/EARLY SCHOLARSHIP AVAILABLE TO ALL CHILDREN LIVING IN OR ATTENDING PUBLIC SCHOOL IN SALEM CITY, NJ. | $300,000 |
ONE VILLAGE ALLIANCE PURPOSE: GRANT TO PROVIDE FUNDING FOR ONE VILLAGE ALLIANCE WHO FOSTERS A COMMUNITY-BASED, PEOPLE-FUELED APPROACH WITH A MISSION TO UPLIFT CHILDREN AND THEIR FAMILIES ON A HOLISTIC JOURNEY TOWARD EXCELLENCE THROUGH EDUCATION, ENTREPRENEURSHIP AND THE ARTS. | $78,856 |
COMMUNITY FOUNDATION OF SOUTH JERSEY PURPOSE: THIS GRANT IS AWARDED TO CREATE A SCHOLARSHIP FUND TO BE USED FOR COLLEGE TUITION AND OTHER RELATED EXPENSES FOR GRADUATES OF SALEM CITY HIGH SCHOOL | $58,849 |
Carneys Point, NJ PURPOSE: THE SCHOLARSHIP IS AWARDED TO A STUDENT VIA THE UNIVERSITY TO PURSUE HIGHER EDUCATION. | $54,528 |
Madison, NJ PURPOSE: THE SCHOLARSHIP IS AWARDED TO A STUDENT VIA THE UNIVERSITY TO PURSUE HIGHER EDUCATION. | $37,076 |
ROWAN UNIVERSITY PURPOSE: THE SCHOLARSHIP IS AWARDED TO A STUDENT VIA THE UNIVERSITY TO PURSUE HIGHER EDUCATION. | $22,609 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
Echoing Green Inc New York, NY | $60,744,468 | $19,754,073 |
Partnership For Ed Advancement Inc New York, NY | $36,194,552 | $41,198,488 |
Alavi Foundation New York, NY | $64,468,510 | $30,201,673 |
Children Scholarship Fund Philadelphia Philadelphia, PA | $24,817,690 | $13,351,193 |
Foundation For Jewish Day Schools Of Greater Philadelphia Philadelphia, PA | $5,671,351 | $11,978,701 |
Uncommon Lender Inc New York, NY | $174,239,408 | $12,168,791 |
Family Enrichment Network Inc Johnson City, NY | $8,020,609 | $12,621,621 |
James Annenberg La Vea Charitable Foundation Philadelphia, PA | $176,224,277 | $5,500,392 |
Institute For Citizens And Scholars Princeton, NJ | $17,317,706 | $10,248,308 |