Welfare Foundation Inc
- Assets
- $84.9m
- Revenue
- $6.8m
- Investments
- $74.5m
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 04/1947
- Data as of
- 12/2021
- EIN
- 51-6015916
Organization Overview
Welfare Foundation Inc is located in Wilmington, DE. The organization was established in 1947. 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. Welfare 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 12/2021, Welfare Foundation Inc generated $6.8m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 32.6% each year . All expenses for the organization totaled $7.0m during the year ending 12/2021. While expenses have increased by 1.9% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Welfare Foundation Inc has awarded 82 individual grants totaling $6,931,226. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Grundner President/asst Secretary/t | 40 | $222,038 | |
E Bradford Dupont Jr Chairman/trustee | 1 | $0 | |
W Laird Stabler Vice President/trustee | 1 | $0 | |
R Huntington Bolling Trustee | 0 | $0 | |
William L Kitchel III Treasurer/trustee | 1 | $0 | |
Robert H Bolling III Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Monticello Associates | 12/30/21 | $125,000 |
Wellington Management Company Llp | 12/30/21 | $94,417 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $931,286 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $5,856,420 |
| Capital Gain Net Income | $5,856,420 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $43,979 |
| Total Revenue | $6,831,685 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $222,038 |
| Other employee salaries and wages | $71,000 |
| Pension plans, employee benefits | $87,830 |
| Interest | $0 |
| Taxes | $283,502 |
| Depreciation | $6,880 |
| Occupancy | $12,200 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $82,109 |
| Total operating and administrative expenses | $1,198,655 |
| Contributions, gifts, grants paid | $5,761,226 |
| Total expenses and disbursements | $6,959,881 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $55,077 |
| Savings and temporary cash investments | $7,628,151 |
| Net Accounts receivable | $154,266 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $2,250,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,267 |
| Net Investments - land, buildings, equipment | $127,983 |
| Investments—mortgage loans | $0 |
| Investments—other | $59,192,505 |
| Net Land, buildings, and equipment | $102,839 |
| Other assets | $0 |
| Total assets | $84,851,268 |
| Accounts payable and accrued expenses | $36,819 |
| Grants payable | $1,865,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $659,612 |
| Total liabilities | $2,561,431 |
Grants Awarded
Over the last fiscal year, Welfare Foundation Inc has awarded $6,931,226 in support to 82 organizations.
| Grant Recipient | Amount |
|---|---|
Wilmington, DE PURPOSE: NEW KINGSWOOD COMMUNITY CENTER | $300,000 |
FAME INC PURPOSE: ALIGNING MEANINGFUL EMPLOYMENT | $300,000 |
Wilmington, DE PURPOSE: IMPROVING OUR CENTER'S HEALTH & SAFETY | $250,000 |
Wilmington, DE PURPOSE: LACC EDUCATION EXPANSION PROJECT | $250,000 |
DELAWARE MUSEUM OF NATURAL HISTORY PURPOSE: DMNH MUSEUM METAMORPHOSIS PAVING | $200,000 |
Dover, DE PURPOSE: CONWELL HALL BUILDING REMEDIATION | $200,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lor Foundation Inc West Chester, PA | $352,392,197 | $12,888,892 |
Grable Foundation Pittsburgh, PA | $386,701,292 | $35,946,563 |
Connelly Foundation West Conshohocken, PA | $387,913,026 | $27,891,431 |
The Abell Foundation Inc Baltimore, MD | $398,354,670 | $42,510,470 |
Bay And Paul Foundations Inc Wilmington, DE | $33,659,644 | $890,121 |
Gordon & Llura Gund Foundation Princeton, NJ | $18,024,465 | $6,191,436 |
Susquehanna Foundation Bala Cynwyd, PA | $640,733,550 | $61,262,452 |
Operating Engineers Trust Fund Of Washington D C & Vicinity Sparks, MD | $40,754,444 | $17,999,357 |
F M Kirby Foundation Inc Morristown, NJ | $303,494,554 | $34,334,700 |
E Rhodes And Leona B Carpenter Foundation Radnor, PA | $250,926,779 | $43,460,229 |
Victoria Foundation Inc Newark, NJ | $335,393,283 | $24,137,337 |
Kahlert Foundation Inc Sykesville, MD | $93,179,960 | $19,162,440 |