The Papitto Foundation
- Assets
- $8.3m
- Revenue
- $705.6k
- Investments
- $7.0m
- Employees
- 0
- Location
- Hope, RI
- Founding
- 04/1988
- Data as of
- 12/2023
- EIN
- 05-0426569
Organization Overview
The Papitto Foundation is located in Hope, RI. The organization was established in 1988. 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. Papitto Foundation 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 12/2023, Papitto Foundation generated $705.6k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $2.1m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Papitto Foundation has awarded 151 individual grants totaling $11,449,655. 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
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara A Papitto President/director | 10 | $0 | |
David Papitto Director | 10 | $0 | |
Edward P Pieroni Director | 0 | $0 | |
John A Tarantino Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $90,118 |
| Dividends & Interest | $130,559 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $484,883 |
| Capital Gain Net Income | $484,883 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $705,560 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $91,870 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,203 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $3,994 |
| Total operating and administrative expenses | $145,744 |
| Contributions, gifts, grants paid | $1,949,490 |
| Total expenses and disbursements | $2,095,234 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,122,257 |
| 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 | $144,928 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $207,106 |
| Total assets | $8,323,757 |
| 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, The Papitto Foundation has awarded $1,949,490 in support to 23 organizations.
| Grant Recipient | Amount |
|---|---|
AVE MARIA UNIVERSITY PURPOSE: GENERAL FUND | $50,000 |
BISHOP MCVINNEY CATHOLIC SCHOOL PURPOSE: GENERAL FUND | $4,500 |
ESPERANZA HOPE CLINIC PURPOSE: GENERAL FUND | $10,000 |
COMMUNITY PREPARATORY SCHOOL PURPOSE: GENERAL FUND | $400,000 |
READ TO SUCCEED PURPOSE: GENERAL FUND | $250,000 |
HOLY APOSTLES CHURCH PURPOSE: GENERAL FUND | $48,600 |