Greater Lowell Community Foundation Inc
- Assets
- $59.2m
- Revenue
- $8.5m
- Investments
- $0.0
- Employees
- 8
- Location
- Lowell, MA
- Founding
- 07/1998
- Data as of
- 12/2021
- EIN
- 04-3401997
Organization Overview
Greater Lowell Community Foundation Inc is located in Lowell, MA. The organization was established in 1998. 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 12/2021, Greater Lowell Community Foundation Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Lowell 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 12/2021, Greater Lowell Community Foundation Inc generated $8.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $6.2m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Greater Lowell Community Foundation Inc has awarded 582 individual grants totaling $16,453,884. 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
THE MISSION OF THE GREATER LOWELL COMMUNITY FOUNDATION IS TO IMPROVE THE QUALITY OF LIFE IN THE AREA. THE FOUNDATION IS A COMMUNITY RESOURCE, WHICH ATTRACTS FUNDS, DISTRIBUTES GRANTS, AND SERVES AS A CATALYST AND LEADER AMONG FUNDERS, AGENCIES AND INDIVIDUALS TO ADDRESS IDENTIFIED AND EMERGENT NEEDS. THE COMMUNITY FOUNDATION IS A PROFESSIONAL, COMPASSIONATE STEWARD OF DONOR FUNDS AND BUILDS UPON THE CREATIVE VISION OF ITS FOUNDERS AND THE COMMUNITY. IT PROMOTES AND ENCOURAGES THE ROLE OF PHILANTHROPY IN IMPROVING THE QUALITY OF LIFE IN THE COMMUNITIES IT SERVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTING GRANTS TO LOCAL NON-PROFIT AGENCIES AND SCHOLARSHIPS TO AREA STUDENTS IN ACCORDANCE WITH OUR MISSION TO IMPROVE THE QUALITY OF LIFE IN THE GREATER LOWELL COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James F Linnehan Jr ESQ President & | Officer | 40 | $155,033 |
Jennifer Aradhya VP Of Market | 40 | $119,365 | |
Howard H Amidon VP For Phila | 40 | $107,271 | |
Charles H Comtois CPA Assistant Tr | OfficerTrustee | 5 | $0 |
Karen Frederick Vice Chair | OfficerTrustee | 5 | $0 |
Michael R King Treasurer | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Enterprise Bank Investment Mgmt | 12/30/21 | $106,878 |
Lowell Central Electric Co Project Consult | 12/30/21 | $566,283 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $14,775 |
| Related organizations | $0 |
| Government grants | $1,490,540 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,059,851 |
| Noncash contributions included in lines 1a–1f | $345,522 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,565,166 |
| Total Program Service Revenue | $0 |
| Investment income | $750,255 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,168,397 |
| Net Income from Fundraising Events | -$10,451 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,473,367 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,488,925 |
| Grants and other assistance to domestic individuals. | $429,169 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $155,511 |
| Compensation of current officers, directors, key employees. | $15,551 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $458,180 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $52,853 |
| Payroll taxes | $52,898 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $398 |
| Fees for services: Accounting | $15,490 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $268,233 |
| Fees for services: Other | $915,433 |
| Advertising and promotion | $15,495 |
| Office expenses | $30,927 |
| Information technology | $9,188 |
| Royalties | $0 |
| Occupancy | $50,024 |
| Travel | $2,855 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $109,043 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,069 |
| Insurance | $9,350 |
| All other expenses | $29,457 |
| Total functional expenses | $6,202,854 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $840,057 |
| Savings and temporary cash investments | $1,861,585 |
| Pledges and grants receivable | $14,916 |
| Accounts receivable, net | $175,139 |
| 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 | $12,966 |
| Net Land, buildings, and equipment | $4,278 |
| Investments—publicly traded securities | $56,109,894 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $204,815 |
| Total assets | $59,223,650 |
| Accounts payable and accrued expenses | $74,082 |
| Grants payable | $108,030 |
| 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 | $9,875,359 |
| Total liabilities | $10,057,471 |
| Net assets without donor restrictions | $42,763,336 |
| Net assets with donor restrictions | $6,402,843 |
| 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 | $59,223,650 |
Grants Awarded
Over the last fiscal year, Greater Lowell Community Foundation Inc has awarded $3,488,925 in support to 100 organizations.
| Grant Recipient | Amount |
|---|---|
Lowell, MA PURPOSE: GENERAL SUPPORT | $315,600 |
GRANTS LESS 5000 | | | $284,273 |
Boston, MA PURPOSE: GENEAL SUPPORT | $214,500 |
Boston, MA PURPOSE: GENERAL SUPPORT | $140,357 |
Lowell, MA PURPOSE: GENERAL SUPPORT | $140,000 |
Lowell, MA PURPOSE: GENERAL SUPPORT | $137,886 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Greater Lowell Community Foundation Inc has recieved totaling $79,998.
| Awarding Organization | Amount |
|---|---|
Miriam Shaw Fund 12331203 Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $67,498 |
Richard K And Nancy L Donahue Charitable Foundation Lowell, MA PURPOSE: UNRESTRICTED | $12,500 |
Endowment Analysis
| Beg. Balance | $39,681,119 |
| Earnings | $6,635,661 |
| Net Contributions | $983,107 |
| Other Expense | $346,469 |
| Grants | $1,698,218 |
| Ending Balance | $45,255,200 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Foundation Of Western Massachusetts Springfield, MA | $263,677,089 | $50,890,910 |
Essex County Community Foundation Incorporated Danvers, MA | $116,029,343 | $28,414,247 |
Community Foundations Of The Hudson Valley Poughkeepsie, NY | $96,104,226 | $20,607,422 |
The Berkshire Taconic Community Foundation Inc Sheffield, MA | $235,546,714 | $26,961,716 |
Greater Worcester Community Foundation Inc Worcester, MA | $200,476,252 | $22,847,423 |
Community Foundation Of Herkimer And Oneida Counties Inc Utica, NY | $207,402,752 | $30,922,448 |
Community Foundation Of Eastern Connecticut New London, CT | $123,416,332 | $10,480,728 |
Southcoast Community Foundation Inc New Bedford, MA | $53,147,669 | $13,725,688 |
The Community Foundation For The Greater Capital Region Inc Albany, NY | $120,227,075 | $24,885,752 |
Connecticut Community Foundation Inc Waterbury, CT | $154,014,275 | $11,174,882 |
Adirondack Foundation Lake Placid, NY | $81,334,603 | $18,009,853 |
New York City Partnership Foundation Inc New York, NY | $45,208,462 | $5,342,641 |