Banknewport Charitable Foundation
- Assets
- $12.3m
- Revenue
- $330.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Newport, RI
- Founding
- Data as of
- 12/2023
- EIN
- 88-2461260
Organization Overview
Banknewport Charitable Foundation is located in Newport, RI. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Banknewport Charitable 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, Banknewport Charitable Foundation generated $330.9k in total revenue.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John F Murphy President/director | 1 | $0 | |
Gregory Derderian Treasurer | 1 | $0 | |
Hollie Lussier Secretary | 1 | $0 | |
Wendy Kagan Executive Vice President | 1 | $0 | |
Kathy Charbonneau Vice President | 1 | $0 | |
Roger Nolan Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $330,898 |
| 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 | $0 |
| Total Revenue | $330,898 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $500 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $37 |
| Total operating and administrative expenses | $2,137 |
| Contributions, gifts, grants paid | $50,000 |
| Total expenses and disbursements | $52,137 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,278,893 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $12,278,893 |
| 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, Banknewport Charitable Foundation has awarded $50,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS TOWN NEW ENGLAND PURPOSE: EXEMPT PURPOSE | $5,000 |
CHILD & FAMILY SERVICES PURPOSE: EXEMPT PURPOSE | $4,000 |
CROSSROADS RHODE ISLAND PURPOSE: EXEMPT PURPOSE | $4,000 |
DAVINCI CENTER FOR COMMUNITY PROGRESS PURPOSE: EXEMPT PURPOSE | $4,000 |
FAMILY SERVICE OF RHODE ISLAND PURPOSE: EXEMPT PURPOSE | $4,000 |
RHODE ISLAND COMMUNITY FOOD BANK PURPOSE: EXEMPT PURPOSE | $25,000 |