Reco Foundation
- Assets
- $8.8m
- Revenue
- $915.7k
- Investments
- $8.6m
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 04/1958
- Data as of
- 09/2022
- EIN
- 54-6039609
Organization Overview
Reco Foundation is located in Richmond, VA. The organization was established in 1958. 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. Reco 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 09/2022, Reco Foundation generated $915.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (6.4%) each year. All expenses for the organization totaled $609.5k during the year ending 09/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Reco Foundation has awarded 287 individual grants totaling $2,262,450. 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
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE RECO FOUNDATION MAKES GRANTS TO QUALIFYING PUBLIC CHARITIES AND DOES NOT CARRY ON ANY CHARITABLE ACTIVITIES DIRECTLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert C Courain III Director | 0 | $0 | |
Dr Franklin Luke Director | 0 | $0 | |
Allen C Goolsby III Director | 0 | $0 | |
William M Richardson Vice President / Secretary | 0 | $0 | |
Ruth D Courain Vice President | 0 | $0 | |
Lauren C Luke Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $210,282 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $431,940 |
| Capital Gain Net Income | $431,940 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $273,484 |
| Total Revenue | $915,706 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $7,723 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $32,534 |
| Total operating and administrative expenses | $109,459 |
| Contributions, gifts, grants paid | $500,000 |
| Total expenses and disbursements | $609,459 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,605 |
| Savings and temporary cash investments | $132,632 |
| 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 | $0 |
| Other assets | $0 |
| Total assets | $8,807,480 |
| 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, Reco Foundation has awarded $500,000 in support to 40 organizations.
| Grant Recipient | Amount |
|---|---|
UNITED WAY OF GREATER RICHMOND & PETERSBURG PURPOSE: TO MEET COMMUNITY HUMAN SERVICE NEEDS | $238,000 |
Richmond, VA PURPOSE: CENTRAL VIRGINIA HUNGER RELIEF. | $80,000 |
Richmond, VA PURPOSE: EDUCATING YOUNG PEOPLE OF LIMITED ECONOMIC MEANS | $78,750 |
CARITAS PURPOSE: BREAKS CIRCLE OF HOMELESSNESS AND ADDICTION, RECLAIM DIGNITY | $20,000 |
Richmond, VA PURPOSE: FAITH BASED SCHOOL FOR STUDENTS WITH LIMITED FINANCIAL RESOURCES | $8,750 |
RESILIENT RETREAT PURPOSE: HELP THOSE IMPACTED BY TRAUMA AND ABUSE | $7,500 |
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 |