South Shore Bank Charitable Foundation Inc
- Assets
- $3.2m
- Revenue
- $305.9k
- Investments
- $3.1m
- Employees
- 0
- Location
- South Weymouth, MA
- Founding
- 04/1997
- Data as of
- 03/2022
- EIN
- 04-3356807
Organization Overview
South Shore Bank Charitable Foundation Inc is located in South Weymouth, MA. The organization was established in 1997. According to its NTEE Classification (J32) the organization is classified as: Goodwill Industries, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Shore Bank Charitable 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 03/2022, South Shore Bank Charitable Foundation Inc generated $305.9k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 43.0% each year . All expenses for the organization totaled $414.8k during the year ending 03/2022. While expenses have increased by 15.2% per year over the past 3 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 2020, South Shore Bank Charitable Foundation Inc has awarded 338 individual grants totaling $1,063,681. 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
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Arthur H Sharp Director | 1 | $0 | |
Pamela O'leary Vp/director | 1 | $0 | |
James M Dunphy President/director | 1 | $0 | |
Margaret K Spagone Director | 1 | $0 | |
Joseph C Sullivan Director | 1 | $0 | |
Daniel W Brennan Treasurer & Clerk | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $192,840 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $111,096 |
| Capital Gain Net Income | $111,096 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $305,936 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $6,671 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $30,705 |
| Total operating and administrative expenses | $38,876 |
| Contributions, gifts, grants paid | $375,900 |
| Total expenses and disbursements | $414,776 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $119,593 |
| 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 | $3,180,952 |
| 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, South Shore Bank Charitable Foundation Inc has awarded $375,900 in support to 115 organizations.
| Grant Recipient | Amount |
|---|---|
WEYMOUTH 400 PURPOSE: EXEMPT PURPOSE | $30,000 |
SOUTH SHORE HEALTH SYSTEM FOUNDATION PURPOSE: EXEMPT PURPOSE | $25,000 |
SOUTH SHORE HEALTH SYSTEM FOUNDATION PURPOSE: EXEMPT PURPOSE | $25,000 |
Norwell, MA PURPOSE: EXEMPT PURPOSE | $20,000 |
Scituate, MA PURPOSE: EXEMPT PURPOSE | $20,000 |
SOUTH SHORE YMCA PURPOSE: EXEMPT PURPOSE | $17,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that South Shore Bank Charitable Foundation Inc has recieved totaling $7,500.
| Awarding Organization | Amount |
|---|---|
Rsm Boston Foundation Inc Boston, MA PURPOSE: GENERAL OPERATIONS | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Goodwill Industries Of Greater New York And Northern New Jersey Inc Brooklyn, NY | $83,028,309 | $96,117,748 |
Goodwill Of Western And Northern Connecticut Inc Bridgeport, CT | $56,222,071 | $52,522,634 |
Morgan Memorial Goodwill Industries Inc Boston, MA | $44,929,635 | $36,409,751 |
Goodwill Industries Of Southern New England Inc North Haven, CT | $22,710,651 | $23,560,582 |
Bronx Community Health Network Inc Bronx, NY | $3,991,099 | $14,090,159 |
Goodwill Industries Of The Pioneer Valley Inc Springfield, MA | $1,569,230 | $6,508,731 |
Goodwill Industries Of The Berkshires And Southern Vermont In Pittsfield, MA | $1,961,231 | $5,923,372 |
C D L Foundation Inc Lawrence, NY | $9,728,036 | $6,948,040 |
Fund For Life Foundation Inc Brooklyn, NY | $41,149,257 | $1,026,606 |
Perry & Donna Golkin Family Foundation New York, NY | $20,120,951 | $2,418,133 |
Liberty Bank Foundation Middletown, CT | $32,713,234 | $3,808,061 |
Beagary Charitable Tr Brooklyn, CT | $18,615,982 | $789,641 |