Hermitage Foundation
- Assets
- $14.1m
- Revenue
- $713.3k
- Investments
- $6.1m
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 08/1953
- Data as of
- 12/2021
- EIN
- 54-0505909
Organization Overview
Hermitage Foundation is located in Norfolk, VA. The organization was established in 1953. 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. Hermitage 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, Hermitage Foundation generated $713.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (38.7%) each year. All expenses for the organization totaled $609.4k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION AND MAINTENANCE OF AN ART MUSEUM, HISTORIC HOUSE, AND GARDENS FOR THE EDUCATION AND ENJOYMENT OF THE PUBLIC, INCLUDING ART PROGRAMS AND INSTRUCTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jen Duncan Executive Director | 40 | $0 | |
Ian Holder Trustee | 5 | $0 | |
Robert Mcfarland Trustee | 5 | $0 | |
Jane Wright Trustee | 5 | $0 | |
Sandy Harris Board Chair | 5 | $0 | |
Pamela Combs Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $31 |
| Interest on Savings | $0 |
| Dividends & Interest | $134,933 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $578,308 |
| Capital Gain Net Income | $578,308 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $713,272 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $69,795 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $25 |
| Total operating and administrative expenses | $84,875 |
| Contributions, gifts, grants paid | $524,556 |
| Total expenses and disbursements | $609,431 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,877 |
| Savings and temporary cash investments | $521,195 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,397,363 |
| Other assets | $6,076,665 |
| Total assets | $14,116,432 |
| 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 Recieved
Over the last fiscal year, we have identified 2 grants that Hermitage Foundation has recieved totaling $12,500.
| Awarding Organization | Amount |
|---|---|
Business Consortium For Arts Supp Norfolk, VA PURPOSE: ART SUPPORT | $7,500 |
Preston And Catharine White Foundation Virginia Beach, VA PURPOSE: CHARITABLE CONTRIBUTION | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Trousdale Foundation Inc Cleveland, TN | $157,578,588 | $76,137,385 |
The United Methodist Retirement Homes Inc Durham, NC | $351,992,425 | $85,120,969 |
Msi-Us Washington, DC | $1,301,607 | $71,292,993 |
Peter Alfond Foundation Bethesda, MD | $78,752,550 | $129,307,233 |
Bhp Foundation Washington, DC | $309,092,778 | $68,102,954 |
Wyss Medical Foundation Inc Washington, DC | $41,278,790 | $827,503 |
Service Coordination Inc Frederick, MD | $19,156,790 | $52,158,150 |
Claws Foundation Reston, VA | $37,055,234 | $1,734,426 |
Dogwood Health Trust Asheville, NC | $1,386,374,836 | $630,200,598 |
J Willard And Alice S Marriott Foundation Bethesda, MD | $441,340,618 | $31,840,539 |
Jack Kent Cooke Foundation Lansdowne, VA | $883,502,508 | $42,942,790 |
Bainum Family Foundation Bethesda, MD | $0 | $60,288,788 |