Prea Foundation Inc
- Assets
- $15.3m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 1
- Location
- Hartford, CT
- Founding
- 02/2018
- Data as of
- 12/2021
- EIN
- 82-1060870
Organization Overview
Prea Foundation Inc is located in Hartford, CT. The organization was established in 2018. According to its NTEE Classification (J21) the organization is classified as: Vocational Counseling, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prea 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, Prea Foundation Inc generated $2.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (21.4%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE DIVERSITY AND INCLUSION IN THE INSTITUTIONAL REAL ESTATE INDUSTRY
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDES FINANCIAL SUPPORT TO QUALIFIED GRANTEE(S) WHICH PROVIDE PROFESSIONAL DEVELOPMENT PROGRAMS AND TRAINING TO ENCOURAGE MINORITIES TO PURSUE CAREERS IN THE REAL ESTATE INDUSTRY. DURING THE SUMMER OF 2021, THE PROGRAM PLACED 150 INTERNS WITH 74 REAL ESTATE FIRMS ACROSS 21 CITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ivan Barron Executive Director | Officer | 40 | $215,000 |
Debbie Harmon Chair | OfficerTrustee | 1 | $0 |
Dhvani Shah Treasurer | OfficerTrustee | 1 | $0 |
Yvonne Nelson Secretary | OfficerTrustee | 1 | $0 |
Kevin Faxon President | OfficerTrustee | 1 | $0 |
Kathleen Mccarthy Vice President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,683,677 |
| Noncash contributions included in lines 1a–1f | $13,355 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,683,677 |
| Total Program Service Revenue | $0 |
| Investment income | $935 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,684,612 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,067,650 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $271,855 |
| Compensation of current officers, directors, key employees. | $81,557 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,887 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,474 |
| Fees for services: Accounting | $25,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,316 |
| Office expenses | $7,513 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,221 |
| 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 | $2,631 |
| All other expenses | $2,089 |
| Total functional expenses | $1,531,944 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,065,008 |
| Savings and temporary cash investments | $10,529,219 |
| Pledges and grants receivable | $3,744,343 |
| 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 | $6,419 |
| 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 | $15,344,989 |
| Accounts payable and accrued expenses | $41,838 |
| 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 | $1,200 |
| Total liabilities | $43,038 |
| Net assets without donor restrictions | $11,557,608 |
| Net assets with donor restrictions | $3,744,343 |
| 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 | $15,344,989 |
Grants Awarded
Over the last fiscal year, Prea Foundation Inc has awarded $1,064,650 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: PREA/SEO REAL ESTATE TRACK SUMMER 2021 INTERNSHIP PROGRAM | $574,650 |
URBAN ALLIANCE INC PURPOSE: REAL ESTATE SKILLS TRAINING FOR UNDERSERVED HIGH SCHOOL SENIORS | $290,000 |
New York, NY PURPOSE: FOR THE BENEFIT OF THE REAL ESTATE EXECUTIVE COUNCIL SUMMER INTENSIVE PROGRAM | $200,000 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Prea Foundation Inc has recieved totaling $50,600.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $50,000 |
John D & Catherine T Macarthur Foundation Chicago, IL PURPOSE: IN SUPPORT OF GENERAL OPERATIONS. | $200 |
John D & Catherine T Macarthur Foundation Chicago, IL PURPOSE: IN SUPPORT OF GENERAL OPERATIONS. | $200 |
John D & Catherine T Macarthur Foundation Chicago, IL PURPOSE: IN SUPPORT OF GENERAL OPERATIONS. | $200 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jewish Vocational Service Inc Boston, MA | $20,674,331 | $21,644,492 |
Operation Able Of Greater Boston Inc Boston, MA | $1,665,428 | $6,750,238 |
Upwardly Global New York, NY | $12,593,796 | $11,973,523 |
Johnson Oconnor Research Foundation Inc Boston, MA | $5,410,045 | $5,445,179 |
Americas Youth Teenage Unemployment Reduction Network Inc Brockton, MA | $425,863 | $1,785,740 |
Prea Foundation Inc Hartford, CT | $15,344,989 | $2,684,612 |
Womens Enterprise Development Center Inc North White Plains, NY | $1,478,875 | $1,781,451 |
Mentor Rhode Island - The Ri Mentoring Partnership Inc Warwick, RI | $1,152,643 | $1,206,336 |
Aisling Irish Community Center Inc Yonkers, NY | $1,576,769 | $659,648 |
Midnight Run Inc Dobbs Ferry, NY | $410,453 | $348,959 |
Talk Tech Foundation New York, NY | $224,378 | $267,810 |
The Womens Therapy Centre Institute Inc New York, NY | $171,398 | $0 |