Broad Reach Foundation
- Assets
- $148.0m
- Revenue
- $14.6m
- Investments
- $143.1m
- Employees
- 0
- Location
- Boston, MA
- Founding
- 06/2001
- Data as of
- 12/2022
- EIN
- 95-4861421
Organization Overview
Broad Reach Foundation is located in Boston, MA. The organization was established in 2001. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Broad Reach 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 12/2022, Broad Reach Foundation generated $14.6m 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 (9.3%) each year. All expenses for the organization totaled $21.0m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
NOT APPLICABLE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Richards President/director | 20 | $0 | |
Adam Richards Secretary/director | 2 | $0 | |
Peter Richards Treasurer/director | 6 | $0 | |
Andrea J Perry Staff | 40 | $147,510 | |
Elizabeth V Hands Staff | 40 | $110,577 | |
Benjamin B Pesner Staff | 24 | $66,346 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Meghan Jeans | 12/30/22 | $106,125 |
Jaime Pullen | 12/30/22 | $144,188 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $12,000,020 |
| Interest on Savings | $0 |
| Dividends & Interest | $3,371,918 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$781,507 |
| Capital Gain Net Income | $3,875,088 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $14,590,431 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $390,779 |
| Pension plans, employee benefits | $142,794 |
| Interest | $0 |
| Taxes | $680,287 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,076,872 |
| Total operating and administrative expenses | $2,707,700 |
| Contributions, gifts, grants paid | $18,300,000 |
| Total expenses and disbursements | $21,007,700 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,865,968 |
| Net Accounts receivable | $18,519 |
| 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 | $48,694,842 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $148,032,604 |
| 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, Broad Reach Foundation has awarded $18,300,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MAINE COMMUNITY FOUNDATION PURPOSE: QUALIFIED CHARITABLE PURPOSES | $12,000,000 |
TIDES FOUNDATION PURPOSE: QUALIFIED CHARITABLE PURPOSES | $6,300,000 |