Draupner Ring Foundation Inc
- Assets
- $36.1k
- Revenue
- $3.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Southport, CT
- Founding
- 10/1997
- Data as of
- 12/2021
- EIN
- 06-1487307
Organization Overview
Draupner Ring Foundation Inc is located in Southport, CT. The organization was established in 1997. 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. Draupner Ring 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 12/2021, Draupner Ring Foundation Inc generated $3.9k in total revenue. All expenses for the organization totaled $3.9k during the year ending 12/2021. While expenses have increased by 7.5% 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
FROM FORM 1023, PART II: THE FOUNDATION WILL ENDOW AN EDUCATIONAL INSTITUTION OF ITS CHOOISNG, (THE "INSTITUTION") AWARDING A RING TO A FACULTY MEMBER AGREED BETWEEN THE INSTITUTION AND THE FOUNDATION, (THE "PRIMARY RING HOLDER"). THE PRIMARY RING HOLDER WILL RECEIVE 4% OF NET ASSET VALUE UNTIL THE ASSET VALUE OF THE RING DOUBLES. AT THAT POINT, THE PRIMARY RING HOLDER'S ACADEMIC DEPARTMENT (THE "DEPARTMENT") WILL DECIDE WHETHER TO UTILIZE ONE-HALF OF THE VALUE OF THE PRIMARY RING TO:1. ENDOW AN ECONOMIC CHAIR;2. ALLOCATE TO PHYSICAL PLANT; OR3. CREATE A SECONDARY RING. THIS PROGRESSION WILL GRADUALLY CONTINUE IN PERPETUITY FOR THE BENEFIT OF THE INSTITUTION. THE FOUNDATION PURSUANT TO ITS ENDOWMENT AGREEMENT WITH THE INSTITUTION WILL MANAGE THE ENDOWMENT. IN THE EVENT THE INSTITUTION CHOOSES TO ENDOW AN ACADEMIC CHAIR OR ALLOCATE FUNDS TO PHYSICAL PLANT, MANAGEMENT OF THESE FUNDS WILL PASS TO THE INSTITUTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dianne Barbee Bernhard President | 0 | $0 | |
Jeffrey B Bernhard Secretary | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $3,910 |
| Interest on Savings | $0 |
| Dividends & Interest | $8 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $3,918 |
| 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 | $0 |
| Total operating and administrative expenses | $3,910 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $3,910 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,649 |
| Savings and temporary cash investments | $0 |
| 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 | $421 |
| Total assets | $36,070 |
| 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 |