Hao Family Foundation
- Assets
- $188.3m
- Revenue
- $62.2m
- Investments
- $180.5m
- Employees
- 0
- Location
- Saratoga Springs, NY
- Founding
- 10/2017
- Data as of
- 12/2023
- EIN
- 47-3853918
Organization Overview
Hao Family Foundation is located in Saratoga Springs, NY. The organization was established in 2017. 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. Hao 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 12/2023, Hao Family Foundation generated $62.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.4% each year . All expenses for the organization totaled $5.4m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Hao Family Foundation has awarded 14 individual grants totaling $13,748,773. 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
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION IS NOT INVOLVED IN ANY DIRECT CHARITABLE ACTIVITIES. ITS PRIMARY PURPOSE IS TO SUPPORT OTHER ORGANIZATIONS EXEMPT UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) THROUGH CONTRIBUTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Y Hao President / Chair Of Board | 1 | $0 | |
Kathy P Chiao Treasurer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Goldman Sachs | 12/30/23 | $188,902 |
Bpm Llp | 12/30/23 | $67,437 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $58,540,316 |
| Interest on Savings | $0 |
| Dividends & Interest | $3,491,131 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $126,718 |
| Capital Gain Net Income | $9,701,234 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $2,441 |
| Total Revenue | $62,160,606 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $41,706 |
| Taxes | $150,000 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $7,336 |
| Total operating and administrative expenses | $536,275 |
| Contributions, gifts, grants paid | $4,835,000 |
| Total expenses and disbursements | $5,371,275 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,727,068 |
| Net Accounts receivable | $35,666 |
| 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 | $15,435,468 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $188,281,541 |
| 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, Hao Family Foundation has awarded $4,342,701 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
GOLDMAN SACHS PHILANTHROPY FUND PURPOSE: GENERAL SUPPORT | $3,942,701 |
ASIAN ART MUSEUM PURPOSE: CAMPAIGN | $200,000 |
MENLO SCHOOL PURPOSE: FINANCIAL AID PURPOSES AND ASSOCIATED CENTENNIAL SCHOLAR EDUCATIONAL RESOURCES | $200,000 |