The John And Karin Mccormick Foundation Inc
- Assets
- $48.9k
- Revenue
- $21.4k
- Investments
- $48.2k
- Employees
- 0
- Location
- Watch Hill, RI
- Founding
- 10/1987
- Data as of
- 05/2024
- EIN
- 05-0426399
Organization Overview
The John And Karin Mccormick Foundation Inc is located in Watch Hill, RI. The organization was established in 1987. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, 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. John And Karin Mccormick 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 05/2024, John And Karin Mccormick Foundation Inc generated $21.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (15.8%) each year. All expenses for the organization totaled $42.5k during the year ending 05/2024. As we would expect to see with falling revenues, expenses have declined by (10.4%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karin Mccormick President | 5 | $0 | |
Brian Mccormick Vice Pres | 2 | $0 | |
Lisa Mannix Director | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $6 |
| Dividends & Interest | $320 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $21,060 |
| Capital Gain Net Income | $21,060 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $21,386 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $50 |
| Total operating and administrative expenses | $2,650 |
| Contributions, gifts, grants paid | $39,850 |
| Total expenses and disbursements | $42,500 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $701 |
| 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 | $48,909 |
| 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 |