Foundations In Faith Inc
- Assets
- $25.5m
- Revenue
- $1.6m
- Investments
- $3.1k
- Employees
- 0
- Location
- Bridgeport, CT
- Founding
- 03/1946
- Data as of
- 06/2023
- EIN
- 06-1448345
Organization Overview
Foundations In Faith Inc is located in Bridgeport, CT. The organization was established in 1946. According to its NTEE Classification (X22) the organization is classified as: Roman Catholic, under the broad grouping of Religion-Related and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Foundations In Faith 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 06/2023, Foundations In Faith Inc generated $1.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $1.3m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (4.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Foundations In Faith Inc has awarded 132 individual grants totaling $14,062,383. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT CATHOLIC EDUCATION, VOCATION, AND SEMINARY EDUCATION, PRIESTS' RESIDENCE AND RETIREMENT FUND AND DIOCESAN MINISTRIES AND PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT CATHOLIC EDUCATION, VOCATION, AND SEMINARY EDUCATION, PRIESTS' RESIDENCE AND RETIREMENT FUND AND DIOCESAN MINISTRIES AND PROGRAMS.
PROVIDE RESOURCES TO BUILD LONG-TERM SUSTAINABLE PARISHES WITH VIBRANT AND GROWING MINISTRIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Hanlon Treasurer & Cao | OfficerTrustee | 1 | $0 |
Anne O Mccrory Secretary | OfficerTrustee | 1 | $0 |
Bishop Frank J Caggiano Director | Trustee | 1 | $0 |
Kelly Weldon Executive Director | OfficerTrustee | 30 | $0 |
Andy Aoyama Chairman | OfficerTrustee | 1 | $0 |
Joseph Sindelar Vice Chairman | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $689,134 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $689,134 |
| Total Program Service Revenue | $0 |
| Investment income | $817,805 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $117,110 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,626,049 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,154,820 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $32,825 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,535 |
| Fees for services: Other | $1,320 |
| Advertising and promotion | $750 |
| Office expenses | $3,900 |
| Information technology | $5,400 |
| 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 | $6,000 |
| Insurance | $0 |
| All other expenses | $87,116 |
| Total functional expenses | $1,304,666 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,717,809 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $932,420 |
| Accounts receivable, net | $2,555 |
| 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 | $21,833,138 |
| Investments—other securities | $3,081 |
| Investments—program-related | $0 |
| Intangible assets | $21,000 |
| Other assets | $0 |
| Total assets | $25,510,003 |
| Accounts payable and accrued expenses | $18,271 |
| Grants payable | $718,334 |
| 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 | $281,935 |
| Total liabilities | $1,018,540 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $24,491,463 |
| 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 | $25,510,003 |
Grants Awarded
Over the last fiscal year, Foundations In Faith Inc has awarded $1,068,936 in support to 29 organizations.
| Grant Recipient | Amount |
|---|---|
DIOCESE OF BRIDGEPORT - FAITH FORMATION PURPOSE: Program support | $51,300 |
DIOCESE OF BRIDGEPORT - QUEEN OF CLERGY PURPOSE: Program support | $36,316 |
DIOCESE OF BRIDGEPORT - OFFICE OF EDUCATION PURPOSE: Program support | $264,632 |
DIOCESE OF BRIDGEPORT - VOCATIONS PURPOSE: Program Support | $28,992 |
DIOCESE OF BRIDGEPORT - SEMINARIANS PURPOSE: Program Support | $60,360 |
DIOCESE OF BRIDGEPORT PURPOSE: Program support | $96,877 |