Towercares Foundation Inc
- Assets
- $1.1m
- Revenue
- $707.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Laurel, MD
- Founding
- 09/2015
- Data as of
- 12/2023
- EIN
- 47-4164006
Organization Overview
Towercares Foundation Inc is located in Laurel, MD. The organization was established in 2015. According to its NTEE Classification (T70) the organization is classified as: Federated Giving Programs, 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. Towercares Foundation Inc 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, Towercares Foundation Inc generated $707.2k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 23.0% each year . All expenses for the organization totaled $748.0k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Towercares Foundation Inc has awarded 120 individual grants totaling $1,396,671. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT CHILDREN IN NEED AS WELL AS HEROIC INDIVIDUALS AND THEIR FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOWERCARES GRANTS:GRANTS TO SUPPORT CHARITIES THAT MEET OUR MISSION: CHILDREN IN NEED AND BRAVE AND HEROIC INDIVIDUALS AND THEIR FAMILIES WHO HAVE SACRIFICED WHILE PROTECTING OUR FREEDOM.TOWERCARES HOLDS AN ANNUAL GOLF TOURNAMENT TO BENEFIT JOHNS HOPKINSCHILDREN'S CENTER TO SUPPORT PEDIATRIC CARE AND RESEARCH. IN 2023TOWERCARES DONATED $51,000 OF PROCEEDS TO THE ORGANIZATION.
TOWERCARES SCHOLARSHIP PROGRAM:PROVIDED THIRTY $5,000 SCHOLARSHIPS TO STUDENT PURSUING STEM STUDIES AS THEIR COLLEGE MAJOR TO SUPPORT OUR MISSION TO ASSIST CHILDREN IN NEED. ONE 10,000 SCHOLARSHIP EXPENSES: $5,000 ADMIN FEE AND $260 FOR CHECKS.
ANGEL PROGRAM:PROVIDED NINE $1,000 HOLIDAY FINANCIAL ASSISTANCE GRANTS TO ENLISTED SERVICE MEMBERS AND MILITARY FAMILIES IN NEED AT FORT MEADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Stafford President | OfficerTrustee | 1 | $0 |
R Allen Brisentine Chair | OfficerTrustee | 1 | $0 |
Tom Poe Treasurer | OfficerTrustee | 1 | $0 |
Alvin Smith Secretary | OfficerTrustee | 0.3 | $0 |
Cmsgt Kathryn Birge Director | Trustee | 0.3 | $0 |
Martin Breland Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $384,525 |
| Fundraising events | $16,970 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $294,269 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $695,764 |
| Total Program Service Revenue | $0 |
| Investment income | $8,873 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$1,392 |
| Net Income from Gaming Activities | $3,395 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $707,207 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $547,200 |
| Grants and other assistance to domestic individuals. | $160,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,002 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $24,735 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $747,955 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,731 |
| Savings and temporary cash investments | $1,057,896 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,417 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,091,044 |
| Accounts payable and accrued expenses | $6,266 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,266 |
| Net assets without donor restrictions | $1,084,778 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,091,044 |
Grants Awarded
Over the last fiscal year, Towercares Foundation Inc has awarded $404,500 in support to 36 organizations.
| Grant Recipient | Amount |
|---|---|
A WIDER CIRCLE PURPOSE: PROVIDES BASIC HOME FURNISHINGS AND GOODS TO LOW INCOME FAMILIES INCLUDING VETERANS | $10,000 |
ANNE ARUNDEL COUNTY FOOD BANK PURPOSE: PROVIDES NUTRITIOUS MEALS AND SNACKS FOR LOW-INCOME CHILDREN TO TAKE HOME ON WEEKENDS AND HOLIDAYS | $7,500 |
BOYS & GIRLS CLUBS OF ANNAPOLIS & ANNE ARUNDEL COUNTY PURPOSE: GRANT FOR TOWER'S 70TH ANNIVERSARY | $10,000 |
BOYS & GIRLS CLUBS OF ANNAPOLIS & ANNE ARUNDEL COUNTY PURPOSE: TRANSPORTATION SUBSIDY FOR AT-RISK YOUTH | $10,000 |
CAMP ATTAWAY PURPOSE: SUMMER CAMP FOR CHILDREN WITH EMOTIONAL AND BEHAVIORAL ISSUES | $7,500 |
CASEY CARES PURPOSE: GRANT FOR TOWER'S 70TH ANNIVERSARY | $10,000 |