Rags For Riches Foundation
- Assets
- $338.0k
- Revenue
- $233.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Culver City, CA
- Founding
- 12/1993
- Data as of
- 08/2021
- EIN
- 95-4402623
Organization Overview
Rags For Riches Foundation is located in Culver City, CA. The organization was established in 1993. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rags For Riches 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 08/2021, Rags For Riches Foundation generated $233.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (24.2%) each year. All expenses for the organization totaled $39.5k during the year ending 08/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Rags For Riches Foundation has awarded 49 individual grants totaling $713,000. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO RAISE MONIES FOR CHARITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BOARD OF DIRECTORS SELECTS VARIOUS CHARITABLE ORGANIZATIONS QUALIFIED UNDER SECTION 501(C)(3) TO WHICH GRANTS ARE MADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Sacks Treasurer | Officer | 0 | $0 |
Mark Steinman Secretary | Officer | 0 | $0 |
Michael Geller President | Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $327,002 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $327,002 |
| Total Program Service Revenue | $0 |
| Investment income | $1 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$93,995 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $233,008 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $665 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $1,939 |
| All other expenses | $0 |
| Total functional expenses | $39,537 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $324,089 |
| Savings and temporary cash investments | $13,953 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| 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 | $338,042 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $338,042 |
| Net assets with donor restrictions | $0 |
| 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 | $338,042 |
Grants Awarded
Over the last fiscal year, Rags For Riches Foundation has awarded $26,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Malibu, CA PURPOSE: GENERAL SUPPORT | $10,000 |
Culver City, CA PURPOSE: GENERAL SUPPORT | $10,000 |
Santa Monica, CA PURPOSE: GENERAL SUPPORT | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Rags For Riches Foundation has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nami San Diego San Diego, CA | $2,950,876 | $10,039,282 |
Sunrise Childrens Foundation Las Vegas, NV | $7,660,611 | $10,104,124 |
Tikvah-Etta & Lazear Israel Center For The Developmentally Disabled North Hollywood, CA | $7,410,963 | $10,386,812 |
Antfarm Inc Sandy, OR | $2,638,005 | $9,881,000 |
Clark County Public Education Foundation Inc Las Vegas, NV | $20,645,889 | $7,373,983 |
Western Eagle Foundation Inc Temecula, CA | $3,740,738 | $8,870,366 |
Pro-Youth Visalia, CA | $5,841,467 | $9,422,917 |
Commonwealth Club Of California San Francisco, CA | $34,005,907 | $9,226,534 |
A Place Called Home Los Angeles, CA | $19,612,188 | $8,269,414 |
Larry And Jeanette Epping Family Foundation Salem, OR | $179,042,811 | $13,717,983 |
Portland Community Reinvestment Initiatives Inc Portland, OR | $37,093,919 | $7,550,357 |
Knotts Family Agency Redlands, CA | $3,274,323 | $9,472,544 |