Gong Family Foundation
- Assets
- $5.1m
- Revenue
- $65.9k
- Investments
- $4.2m
- Employees
- 0
- Location
- North Salem, NY
- Founding
- Data as of
- 12/2023
- EIN
- 85-0778984
Organization Overview
Gong Family Foundation is located in North Salem, NY. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. Gong Family 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 12/2023, Gong Family Foundation generated $65.9k 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 (64.3%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2022, Gong Family Foundation has awarded 11 individual grants totaling $3,299,586. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hanson Gong Vice President/sec | 0 | $0 | |
Tim Gong President/tresurer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $35,718 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $27,727 |
| Capital Gain Net Income | $27,727 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $2,428 |
| Total Revenue | $65,873 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $50,024 |
| Taxes | $1,350 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $10,894 |
| Total operating and administrative expenses | $66,472 |
| Contributions, gifts, grants paid | $1,149,586 |
| Total expenses and disbursements | $1,216,058 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $353,166 |
| 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 | $930,642 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $545,933 |
| Total assets | $5,068,980 |
| 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 | $1,168,476 |
| Total liabilities | $1,168,476 |
Grants Awarded
Over the last fiscal year, Gong Family Foundation has awarded $1,149,586 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
KESEB CO THE FUND FOR CONSTITUTIONAL GOVERNMENT PURPOSE: TO SUPPORT AN ECOSYSTEM FOR LEARNING, COLLABORATION, AND INNOVATION TO ADVANCE DEMOCRACY. | $50,000 |
PRINCETON UNIVERSITY PURPOSE: TO SUPPORT THE GONG *91 BIOENGINEERING POSTDOCTORAL FELLOWS AND GRADUATE FELLOWS FUND | $1,000,000 |
CSP NORTH AMERICA GRANT PURPOSE: TO SUPPORT THE NATIONAL ALLIANCE FOR PUBLIC CHARTER SCHOOLS | $20,000 |
KATAPULT FOUNDATION PURPOSE: TO SUPPORT THE KATAPULT FOUNDATION GRANT | $54,586 |
CHINESE CULTURAL FOUNDATION PURPOSE: TO SUPPORT THE CHINESE CULTURAL FOUNDATION. | $25,000 |