Horace Smith Fund
- Assets
- $6.8m
- Revenue
- $390.7k
- Investments
- $6.1m
- Employees
- 0
- Location
- Westfield, MA
- Founding
- 03/1952
- Data as of
- 03/2024
- EIN
- 04-2235130
Organization Overview
Horace Smith Fund is located in Westfield, MA. The organization was established in 1952. 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. Horace Smith Fund 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 03/2024, Horace Smith Fund generated $390.7k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $535.3k during the year ending 03/2024. While expenses have increased by 1.3% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Horace Smith Fund has awarded 18 individual grants totaling $2,658,432. 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
2024
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS WERE AWARDED TO ELIGIBLE STUDENTS FOR THE SCHOOL YEAR BEGINNING SEPTEMBER 2023: 76 SCHOLARSHIPS OF 3,000 EACH AND 6 SCHOLARSHIPS OF 1,500: SCHOLARSHIPS AWARDED - 240,000 OTHER DISBURSEMENTS FOR CHARITABLE PURPOSES - 120,479
FELLOWSHIPS AWARDED TO ELIGIBLE STUDENTS. FOR THE SCHOOL YEAR BEGINNING SEPTEMBER 2023, 9 FELLOWSHIPS OF 5,000, 2 AT 2,500 AND 3 AT VARIOUS AMOUNTS EACH WERE AWARDED. FOURTEEN RECIPIENTS ATTENDED COLLEGE FOR THE WHOLE YEAR. FELLOWSHIPS AWARDED - 63,048 OTHER DISBURSEMENTS FOR CHARITABLE PURPOSES - 23,268
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wayne L Webster President | 1 | $0 | |
Anthony Giacomoni Treasurer | 1 | $0 | |
Josephine Sarnelli Clerk/ Exec | 10 | $36,925 | |
James W Broderick Jr Trustee | 1 | $0 | |
Teresa Regina Trustee | 1 | $0 | |
Kathleen Bourque Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $212,759 |
| Interest on Savings | $18,087 |
| Dividends & Interest | $108,403 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $51,300 |
| Capital Gain Net Income | $51,300 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $102 |
| Total Revenue | $390,651 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $36,925 |
| Other employee salaries and wages | $58,865 |
| Pension plans, employee benefits | $40,352 |
| Interest | $0 |
| Taxes | $2,911 |
| Depreciation | $7,269 |
| Occupancy | $9,600 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $23,302 |
| Total operating and administrative expenses | $232,221 |
| Contributions, gifts, grants paid | $303,048 |
| Total expenses and disbursements | $535,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $170,658 |
| Savings and temporary cash investments | $414,603 |
| Net Accounts receivable | $65,059 |
| 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 | $7,921 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $11,649 |
| Other assets | $11,566 |
| Total assets | $6,815,464 |
| 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 | $1,500 |
| Total liabilities | $1,500 |
Grants Awarded
Over the last fiscal year, Horace Smith Fund has awarded $303,048 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FELLOWSHIP RECIPIENTS PURPOSE: FELLOWSHIPS | $63,048 |
SCHOLARSHIP RECIPIENTS PURPOSE: SCHOLARSHIPS | $240,000 |