Community Foundation Of North Central Massachusetts Inc
- Assets
- $67.2m
- Revenue
- $10.3m
- Investments
- $0.0
- Employees
- 6
- Location
- Fitchburg, MA
- Founding
- 08/2001
- Data as of
- 06/2022
- EIN
- 04-3537449
Organization Overview
Community Foundation Of North Central Massachusetts Inc is located in Fitchburg, MA. The organization was established in 2001. 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 06/2022, Community Foundation Of North Central Massachusetts Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Foundation Of North Central Massachusetts 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 06/2022, Community Foundation Of North Central Massachusetts Inc generated $10.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.7% each year . All expenses for the organization totaled $5.4m during the year ending 06/2022. While expenses have increased by 3.3% per year over the past 7 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, Community Foundation Of North Central Massachusetts Inc has awarded 495 individual grants totaling $22,772,281. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
"AS A TRUSTED STEWARD, WE PROVIDE FLEXIBLE GIVING OPTIONS THAT SIMPLIFY THE ACHIEVEMENT OF DONORS' CHARITABLE GOALS. THROUGH DEEP KNOWLEDGE, LEADERSHIP, COLLABORATION AND GRANTMAKING, WE PROVIDE EDUCATION, GUIDANCE AND RESOURCES TO STRENGTHEN AND IMPROVE OUR COMMUNITIES.
Describe the Organization's Program Activity:
THE COMMUNITY FOUNDATION OF NORTH CNETRAL MASSACHUSETTS IS A NON-PROFIT FOUNDATION THAT MANAGES CHARITABLE FUNDS ESTABLISHED BY INDIVIDUALS, FAMILIES, BUSINESSES AND OTHER NON-PROFIT ORGANIZATIONS. OUR MISSION IS TO PROMOTE PHILANTROPHY IN OUR REGION AND TO SUPPORT PHILANTHROPISTS TO INVEST IN THE COMMUNITIES AND CAUSES THEY CARE PASSIONATELY ABOUT. DONORS ESTABLISHED 14 NEW CHARITABLE FUNDS THIS YEAR WITH US, SUCH AS SCHOLARSHIP, DESIGNATED, DONOR ADVISED, FISCAL SPONSORS AND AGENCY FUNDS. WE CONTINUED TO RISE TO THE OCCASION DURING THE ONGOING COVID CRISIS IN 2020 AND 2021. ALONG WITH 15 OTHER COMMUNITY FOUNDATIONS, WE PARTNERED WITH MASSACHUSETTS STATE FUNDING SOURCES AND PRIVATE FUNDERS TO DISTRIBUTE OVER $2 MILLION IN COVID GRANTS TO NORTH CENTRAL MASSACHUSETS. THESE GRANTS FOCUSED ON THE SUPPORT AND NEEDS OF HOMELESS PEOPLE AND ADDRESSING FOOD INSECURITY IN OUR COMMUNITIES. WE CONTINUED TO DISTRIBUTE FROM OUR DISCRETIONARY FUNDS TO NONPROFITS IN NORTH CENTRAL MASSACHUSETTS AND BEYOND WHO'S MISSIONS ALIGNED WITH OUR INTEREST AREAS IN THE ENVIRONMENT, EDUCATION AND CAREER READINESS, COMMUNITY ENRICHMENT, ORGANIZATIONAL DEVELOPMENT, HEALTHCARE AND CRITICAL COMMUNITY NEEDS. WITH THE REORGANIZATION OF OUR GRANT MAKING SCHEDULE, WE HAVE SEEN AN INCREASE OF BOARD MEMBER INVOLVEMENT IN EACH OF THESE INTEREST AREA GRANTS COMMITTEES. WE HAVE ALSO BEGUN TO BROADEN THE COMMITTEES BY INVITING COMMUNITY MEMBERS TO PARTICIPATE ON THE GRANT COMMITTEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen J Adams President | Officer | 37.5 | $153,602 |
Jay Drake Chair | OfficerTrustee | 2 | $0 |
Georgana Cochran Chairman | OfficerTrustee | 2 | $0 |
Miggie Velez Trustee | Trustee | 1 | $0 |
Kimberly Ansin Trustee | Trustee | 1 | $0 |
Albert Stone Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
United Way Of North Central Ma Management Fees | 6/29/19 | $319,013 |
Mason Advisory Services Investment Advisors | 6/29/19 | $72,441 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $829,883 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,552,794 |
| Noncash contributions included in lines 1a–1f | $209,356 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,382,677 |
| Total Program Service Revenue | $74,553 |
| Investment income | $2,297,766 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,393,419 |
| Net Income from Fundraising Events | $112,743 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,261,158 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,375,708 |
| Grants and other assistance to domestic individuals. | $195,954 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $146,016 |
| Compensation of current officers, directors, key employees. | $48,672 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $261,509 |
| Pension plan accruals and contributions | $14,368 |
| Other employee benefits | $38,104 |
| Payroll taxes | $40,139 |
| Fees for services: Management | $10,751 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,924 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $108,423 |
| Fees for services: Other | $61,589 |
| Advertising and promotion | $0 |
| Office expenses | $7,999 |
| Information technology | $28,827 |
| Royalties | $0 |
| Occupancy | $26,281 |
| Travel | $1,688 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,543 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,378 |
| Insurance | $10,534 |
| All other expenses | $3,807 |
| Total functional expenses | $5,379,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $388,166 |
| Savings and temporary cash investments | $0 |
| 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 | $19,159 |
| Net Land, buildings, and equipment | $6,427 |
| Investments—publicly traded securities | $66,056,061 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $761,317 |
| Total assets | $67,231,130 |
| Accounts payable and accrued expenses | $33,076 |
| Grants payable | $0 |
| Deferred revenue | $133,436 |
| 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 | $6,012,716 |
| Total liabilities | $6,179,228 |
| Net assets without donor restrictions | $3,146,962 |
| Net assets with donor restrictions | $57,904,940 |
| 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 | $67,231,130 |
Grants Awarded
Over the last fiscal year, Community Foundation Of North Central Massachusetts Inc has awarded $4,303,023 in support to 103 organizations.
| Grant Recipient | Amount |
|---|---|
Westborough, MA PURPOSE: HEALTH | $1,000,000 |
Leominster, MA PURPOSE: ENVIRONMENTAL | $415,970 |
Fitchburg, MA PURPOSE: PANDEMIC RELATED, SOCIAL SERVICES, COMMUNITY DEVELOPMENT, ETC | $376,985 |
Gardner, MA PURPOSE: EDUCATION | $200,000 |
Groton, MA PURPOSE: ARTS & CULTURE | $136,350 |
Leominster, MA PURPOSE: YOUTH DEVELOPMENT | $100,000 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Community Foundation Of North Central Massachusetts Inc has recieved totaling $457,992.
| Awarding Organization | Amount |
|---|---|
United Way Of North Central Mass Inc Fitchburg, MA PURPOSE: GENERAL SUPPORT | $269,471 |
Klarman Family Foundation Boston, MA PURPOSE: GOOD PHILANTHROPIC CITIZEN AND COMMUNITY GRANTS: TO SUPPORT CURRENT COMMUNITY NEEDS (RAPID RESPONSE) | $100,000 |
Greater Worcester Community Foundation Inc Worcester, MA PURPOSE: YOUTH MENTAL HEALTH: EVERYONE IS A TOUCHPOINT | $35,000 |
Dalio Family Fund Inc Westport, CT PURPOSE: RESTRICTED TO SUPPORT THE SHINE INITIATIVE | $20,000 |
Greater Worcester Community Foundation Inc Worcester, MA PURPOSE: OPERATING SUPPORT | $20,000 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: COMMUNITY & HUMAN SERVICES | $8,500 |
Endowment Analysis
| Beg. Balance | $60,112,794 |
| Earnings | -$6,899,925 |
| Admin Expense | $549,740 |
| Net Contributions | $2,625,569 |
| Other Expense | $2,140 |
| Grants | $1,684,897 |
| Ending Balance | $53,601,661 |
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 |