Gloucester Fund Inc
- Assets
- $302.3k
- Revenue
- $220.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Gloucester, MA
- Founding
- 11/2001
- Data as of
- 12/2022
- EIN
- 04-3521016
Organization Overview
Gloucester Fund Inc is located in Gloucester, MA. The organization was established in 2001. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, 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. Gloucester Fund 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, Gloucester Fund Inc generated $220.2k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $143.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (4.8%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Gloucester Fund Inc has awarded 13 individual grants totaling $182,057. 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
PROMOTE CIVIC, CULTURAL, EDUCATIONAL, ATHLETIC & BENEVOLENT PURPOSES IN GLOUCESTER, MA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2022, THE ORGANIZATION CONTINUED ITS SUPPORT FOR AND ON-GOING PRESENTATION OF CIVIC EVENTS FOR THE CITY OF GLOUCESTER, INCLUDING SUMMERTIME CONCERTS AND U.S. FLAGS DISPLAY, JULY 4TH AND LABOR DAY FIREWORKS, JULY 4TH AND SANTA PARADES, A KIDS HALLOWEEN FESTIVAL, THE CITY'S CHRISTMAS TREE DISPLAY, AND A HOLIDAY HISTORIC AREA WALK.
DURING 2022, OTHER PROGRAM SERVICES SUPPORTED THE CITY'S HISTORIC AND CULTURAL HERITAGE, INCLUDING PRESERVATION OF DOGTOWN COMMON, A UNIQUE WOODLAND AREA THAT IS THE SITE OF AN ABANDONED VILLAGE DATING BACK TO COLONIAL TIMES. THE ORGANIZATION ALSO FUNDED A DRONE IMAGING SURVEY AS PART OF AN ANNUAL MAINTENANCE PLAN FOR GLOUCESTER'S HISTORIC CITY HALL.
DURING 2022, THE ORGANIZATION CONTINUED ITS ON-GOING SUPPORT OF THE GLOUCESTER POLICE DEPARTMENT'S COMMUNITY IMPACT UNIT, WHICH ADMINISTERS AN INNOVATIVE KOPS-N-KIDS COMMUNITY OUTREACH PROGRAM AIMED AT BUILDING POSITIVE RELATIONSHIPS BETWEEN GLOUCESTER CHILDREN AND POLICE OFFICERS. THE UNIT ALSO PROVIDES SUBSTANCE ABUSE RECOVERY TRAINING CLASSES RUN BY PROFESSIONAL RECOVERY COACHES.
DURING 2022, THE ORGANIZATION'S THIRD LARGEST PROGRAM SERVICE ACCOMPLISHMENT CONSISTED OF OUTREACH TO AND SUPPORT OF CERTAIN GLOUCESTER CITIZENS, INCLUDING CANCER PATIENTS, VETERANS AND THEIR FAMILIES. THE ORGANIZATION MAINTAINS A MEMORIAL FOR GOLD STAR FAMILIES. AN ANNUAL MEMORIAL SERVICE IS HELD FOR GLOUCESTER FISHERMEN LOST AT SEA. FUNDING WAS PROVIDED TO IMPROVE A MEMORIAL TO HONOR ELEVEN GLOUCESTER MEN KILLED IN COMBAT DURING THE VIETNAM WAR. THE MEMORIAL WAS RELOCATED FROM THE GROUNDS OF THE HIGH SCHOOL TO A PROMINENT POSITION IN A CITY PARK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barrett S Pett President & Director | OfficerTrustee | 20 | $0 |
Brent A Tarr Treasurer & Director | OfficerTrustee | 5 | $0 |
Frances Mondello Clerk & Director | OfficerTrustee | 0 | $0 |
Tj Healy Director | Trustee | 0 | $0 |
Eugene P Mondello Jr Director | Trustee | 0 | $0 |
Frank Baker Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $208,690 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $219,690 |
| Total Program Service Revenue | $0 |
| Investment income | $515 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $220,205 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,781 |
| Grants and other assistance to domestic individuals. | $1,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $25 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $883 |
| All other expenses | $233 |
| Total functional expenses | $143,463 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $302,279 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $302,279 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| 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 | $25,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $25,000 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $277,279 |
| Total liabilities and net assets/fund balances | $302,279 |
Grants Awarded
Over the last fiscal year, Gloucester Fund Inc has awarded $11,531 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF GLOUCESTER PURPOSE: SUPPORT OF VETERANS (VIETNAM WAR MEMORIAL RELOCATION) | $5,001 |
CITY OF GLOUCESTER PURPOSE: PRESERVATION OF PUBLIC LAND (DOGTOWN COMMON) | $6,530 |