Michael & Ina Korek Foundation Tr 010897
- Assets
- $8.6m
- Revenue
- $367.4k
- Investments
- $8.4m
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 03/1997
- Data as of
- 12/2022
- EIN
- 77-6140213
Organization Overview
Michael & Ina Korek Foundation Tr 010897 is located in Wilmington, DE. The organization was established in 1997. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., 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. Michael & Ina Korek Foundation Tr 010897 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 12/2022, Michael & Ina Korek Foundation Tr 010897 generated $367.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $577.6k during the year ending 12/2022. While expenses have increased by 1.5% per year over the past 8 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 2014, Michael & Ina Korek Foundation Tr 010897 has awarded 833 individual grants totaling $2,369,593. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
DANGERS OF BOATING UNDER THE INFLUENCE -FUNDING FREE ONGOING PUBLIC SERVICE ANNOUNCEMENTS TO EDUCATE THE PUBLIC TO ASSIST IN PREVENTING AND REDUCING HARM FROM BOATING ACCIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teresa Babb Managing Trustee | 25 | $60,000 | |
Brian Korek Executive Dir | 20 | $50,000 | |
Alek Dylan Peterlin Trustee | 1 | $0 | |
Brock Peterlin Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Uncommon | 12/30/22 | $135,000 |
Beacon Pointe Advisors Llc | 12/30/22 | $51,502 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $10,256 |
| Interest on Savings | $355 |
| Dividends & Interest | $218,326 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $264,919 |
| Capital Gain Net Income | $265,510 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$126,494 |
| Total Revenue | $367,362 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $110,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $14,613 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $58,720 |
| Total operating and administrative expenses | $369,835 |
| Contributions, gifts, grants paid | $207,800 |
| Total expenses and disbursements | $577,635 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $269,467 |
| 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 | $1,125,501 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $8,623,695 |
| 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, Michael & Ina Korek Foundation Tr 010897 has awarded $207,800 in support to 70 organizations.
| Grant Recipient | Amount |
|---|---|
A SAFE PLACE PURPOSE: GENERAL & UNRESTRICTED | $3,000 |
AMERICAN BIRD CONSERVANCY PURPOSE: GENERAL & UNRESTRICTED | $2,000 |
ANIMAL LEGAL DEFENSE FUND PURPOSE: GENERAL & UNRESTRICTED | $5,000 |
ASSOCIATION OF SMALL FOUNDATIONS DBA EXPONENT PHIL PURPOSE: GENERAL & UNRESTRICTED | $1,000 |
BAT WORLD SANCTUARY PURPOSE: GENERAL & UNRESTRICTED | $4,000 |
BERKELEY BAYIT INC PURPOSE: CAPITAL CAMPAIGN | $10,000 |