Greater Worcester Community Foundation Inc
- Assets
- $175.5m
- Revenue
- $20.3m
- Investments
- $89.7m
- Employees
- 15
- Location
- Worcester, MA
- Founding
- 02/1976
- Data as of
- 12/2022
- EIN
- 04-2572276
Organization Overview
Greater Worcester Community Foundation Inc is located in Worcester, MA. The organization was established in 1976. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2022, Greater Worcester Community Foundation Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Worcester Community Foundation Inc 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, Greater Worcester Community Foundation Inc generated $20.3m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 17.0% each year . All expenses for the organization totaled $11.8m during the year ending 12/2022. While expenses have increased by 2.7% per year over the past 4 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 2019, Greater Worcester Community Foundation Inc has awarded 1,648 individual grants totaling $37,200,941. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
GREATER WORCESTER COMMUNITY FOUNDATION'S MISSION IS TO BUILD HEALTHY AND VIBRANT COMMUNITIES IN CENTRAL MASSACHUSETTS. THE FOUNDATION WORKS WITH DONORS, BUILDS CHARITABLE ENDOWMENTS, AND PROVIDES SUPPORT TO NONPROFITS IN THE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DONOR ADVISED AND DESIGNATED GRANTMAKING: FORMALLY STRUCTURED TO ENABLE THE DONOR TO SUGGEST SPECIFIC GRANTS FROM FUNDS. INCLUDES FUNDS ESTABLISHED AS ENDOWMENTS FOR SPECIFIC AGENCIES. ALSO INCLUDES GRANTING FROM FUNDS ESTABLISHED BY NON-PROFIT ORGANIZATIONS FOR THEIR OWN BENEFIT (AGENCY FUNDS).
DISCRETIONARY AND FIELD OF INTEREST GRANTMAKING: DISCRETIONARY FUNDS HAVE NO EXTERNAL RESTRICTIONS ON THEIR GRANT PURPOSE. FIELD OF INTEREST FUNDS SUPPORT A CLASS OF CHARITABLE BENEFICIARIES. SUCH GRANTS ARE AWARDED THROUGH COMPETITIVE PROCESSES, REQUIRING APPLICATIONS AND PROGRESS REPORTS TO BE SUBMITTED.
OTHER PROGRAM SERVICES INCLUDE: COMMUNITY LEADERSHIP SERVICES, NON-PROFIT MANAGEMENT TRAININGS, DONOR EDUCATION, AND OTHER.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonathan Cohen Vice President For Program | Officer | 40 | $117,423 |
Kelly Stimson VP Of Donor Services | Officer | 40 | $123,984 |
Diane Allain VP Of Finance & Admin | Officer | 40 | $110,609 |
Tim Johnstone Interim Executive Director | Officer | 2 | $0 |
Kola Akindele Director | Trustee | 1 | $0 |
Thomas J Bartholomew Treasurer | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Prime Buchholz Investment Advisor | 12/30/22 | $166,090 |
Adage Capital Partners Investment Manager Fees | 12/30/22 | $126,438 |
Varde Investment Partners Investment Manager Fees | 12/30/22 | $106,671 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,553,722 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,624,440 |
| Noncash contributions included in lines 1a–1f | $176,729 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,178,162 |
| Total Program Service Revenue | $290,074 |
| Investment income | $2,233,669 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,406,225 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,277,510 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,671,459 |
| Grants and other assistance to domestic individuals. | $742,920 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $428,050 |
| Compensation of current officers, directors, key employees. | $104,780 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $584,064 |
| Pension plan accruals and contributions | $28,808 |
| Other employee benefits | $117,968 |
| Payroll taxes | $90,996 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $122,882 |
| Fees for services: Accounting | $53,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,090,759 |
| Fees for services: Other | $271,978 |
| Advertising and promotion | $117,888 |
| Office expenses | $74,947 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $96,391 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,660 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,444 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $11,792,882 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $371,163 |
| Savings and temporary cash investments | $5,269,743 |
| Pledges and grants receivable | $87,831 |
| 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 | $120,698 |
| Net Land, buildings, and equipment | $47,785 |
| Investments—publicly traded securities | $79,870,290 |
| Investments—other securities | $89,728,068 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $175,495,578 |
| Accounts payable and accrued expenses | $161,893 |
| Grants payable | $394,580 |
| 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 | $39,075,943 |
| Total liabilities | $39,632,416 |
| Net assets without donor restrictions | $6,684,901 |
| Net assets with donor restrictions | $129,178,261 |
| 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 | $175,495,578 |
Grants Awarded
Over the last fiscal year, Greater Worcester Community Foundation Inc has awarded $7,253,652 in support to 200 organizations.
| Grant Recipient | Amount |
|---|---|
2GETHER WE EAT PURPOSE: HHS HUNGER PROGRAMS/FOOD PANTRIES | $205,820 |
ABBY'S HOUSE PURPOSE: HEALTH & HUMAN SERVICES | $182,565 |
AFRICAN COMMUNITY EDUCATION PROGRAM (ACE) PURPOSE: UNRESTRICTED | $56,430 |
AIDS PROJECT WORCESTER PURPOSE: HHS HUNGER PROGRAMS/FOOD PANTRIES | $65,270 |
ALL SAINTS EPISCOPAL CHURCH PURPOSE: ARTS, CULTURE | $23,885 |
AMERICAN ACADEMY OF CHILD AND ADOLESCENT PSYCHIATRY PURPOSE: EDUCATION | $10,000 |