The Erct Foundation Inc
- Assets
- $19.8m
- Revenue
- $5.3m
- Investments
- $19.5m
- Employees
- 0
- Location
- Montclair, NJ
- Founding
- 03/2019
- Data as of
- 12/2022
- EIN
- 82-3775017
Organization Overview
The Erct Foundation Inc is located in Montclair, NJ. The organization was established in 2019. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Erct 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 12/2022, Erct Foundation Inc generated $5.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 31.8% each year .
Since 2018, Erct Foundation Inc has awarded 45 individual grants totaling $1,996,844. 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
EDUCATION
PUBLIC SUPPORT PROGRAMS
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ercument Tokat President | 5 | $0 | |
Ikbal Tokat Vice President | 5 | $0 | |
Mehmet Tokat Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $5,000,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $252,971 |
| Total Revenue | $5,252,971 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $59 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $5,000 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $20,878 |
| Contributions, gifts, grants paid | $654,157 |
| Total expenses and disbursements | $675,035 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $323,227 |
| Savings and temporary cash investments | $0 |
| 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 | $19,519,959 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $19,843,186 |
| 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 | $102,646 |
| Total liabilities | $102,646 |
Grants Awarded
Over the last fiscal year, The Erct Foundation Inc has awarded $654,157 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
BROOKINGS INSITUTION PURPOSE: EDUCATION | $200,000 |
COUNCIL OF FOREIGN RELATIONS PURPOSE: EDUCATION | $4,840 |
DIRECT DONATION PURPOSE: EDUCATION | $5,471 |
FONS VITAE OF KENTUCKY INC PURPOSE: EDUCATION | $56,639 |
INTERNATIONAL RESCUE COMMITTE PURPOSE: EDUCATION | $125,000 |
NEW YORK UNIVERSITY PURPOSE: EDUCATION | $93,082 |