Goodwin Foundation Inc
- Assets
- $13.9m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- East Hartford, CT
- Founding
- 01/2001
- Data as of
- 06/2021
- EIN
- 06-1599388
Organization Overview
Goodwin Foundation Inc is located in East Hartford, CT. The organization was established in 2001. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Goodwin 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 06/2021, Goodwin Foundation Inc generated $1.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $1.0m during the year ending 06/2021. While expenses have increased by 3.4% per year over the past 6 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE GOODWIN FOUNDATION SUPPORTS THE MISSION OF GOODWIN UNIVERSITY TO EXTEND EDUCATIONAL OPPORTUNITIES TO UNDERSERVED POPULATIONS BY FUNDRAISING FOR SCHOLARSHIPS AND OTHER INITIATIVES. WITH THE GUIDANCE OF AN INDEPENDENT BOARD OF DIRECTORS, THE FOUNDATION IDENTIFIES KEY STRATEGIC FUNDRAISING GOALS AND CULTIVATES DONORS THROUGH MAJOR GIVING, ANNUAL FUND, AND ALUMNI GIVING CAMPAIGNS. THROUGH A COORDINATED PLAN OF INSTITUTIONAL GIVING AND SCHOLARSHIPS, THE FOUNDATION SUPPORTS EDUCATIONAL ACCESS FOR A WIDE RANGE OF STUDENTS, INCLUDING THE OVER HALF OF GOODWIN STUDENTS WHO ARE FIRST GENERATION COLLEGE STUDENTS. THE FOUNDATION SEEKS TO SUPPORT THOSE STUDENTS WHO HAVE BOTH AN ACUTE FINANCIAL NEED, AND HAVE DEMONSTRATED THE DESIRE TO ACHIEVE ACADEMIC SUCCESS.FUNDS RAISED BY THE FOUNDATION ALSO SUPPORT SPECIFIC INITIATIVES TARGETED AT CLOSING THE EDUCATIONAL ACHIEVEMENT GAP, INCLUDING THE MEN OF VISION IN EDUCATION (MOVE) AND WOMEN INVESTED IN SEEKING EDUCATION (WISE),
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH A COORDINATED PLAN OF INSTITUTIONAL GIVING AND SCHOLARSHIPS, THE FOUNDATION SUPPORTS EDUCATIONAL ACCESS FOR A WIDE RANGE OF STUDENTS, INCLUDING THE OVER HALF OF GOODWIN STUDENTS WHO ARE FIRST GENERATION COLLEGE STUDENTS. THE FOUNDATION SEEKS TO SUPPORT THOSE STUDENTS WHO HAVE BOTH AN ACUTE FINANCIAL NEED, AND HAVE DEMONSTRATED THE DESIRE TO ACHIEVE ACADEMIC SUCCESS.THE GOODWIN FOUNDATION SERVES AS BOTH THE UNIVERSITY'S FUNDRAISING ARM FOR CHARITABLE CONTRIBUTIONS AND THE UNIVERSITY'S ENDOWMENT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scheinberg Mark E Director/president | OfficerTrustee | 5 | $0 |
Mccarty Richard Director/vp Advancement | OfficerTrustee | 12.5 | $0 |
Meyer Jr Edwin Director/vp Of Finance | OfficerTrustee | 4 | $0 |
Wishnafski Diane Outgoing Treasurer | OfficerTrustee | 0.4 | $0 |
Shea Martin K Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Collins Frank Outgoing Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $156,245 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $289,388 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $445,633 |
| Total Program Service Revenue | $0 |
| Investment income | $261,635 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $406,282 |
| Net Income from Fundraising Events | -$30,599 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,082,951 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $361,526 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,847 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $68,318 |
| Fees for services: Other | $4,449 |
| Advertising and promotion | $2,835 |
| Office expenses | $3,959 |
| Information technology | $0 |
| 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 | $7,822 |
| Interest | $0 |
| Payments to affiliates | $540,168 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,005,464 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $102,936 |
| Savings and temporary cash investments | $1,434,428 |
| Pledges and grants receivable | $16,975 |
| 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 | $2,217 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $12,392,076 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,948,632 |
| Accounts payable and accrued expenses | $40,497 |
| Grants payable | $0 |
| 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 | $2,708,962 |
| Total liabilities | $2,749,459 |
| Net assets without donor restrictions | $9,035,636 |
| Net assets with donor restrictions | $2,163,537 |
| 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 | $13,948,632 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Goodwin Foundation Inc has recieved totaling $2,013.
| Awarding Organization | Amount |
|---|---|
Ellen Jeanne Goldfarb Memorial Charitable Tr Farmington, CT PURPOSE: FINANCIAL AID SCHOLARSHIP DONATION | $2,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $13 |
Endowment Analysis
| Beg. Balance | $11,565,746 |
| Earnings | $2,409,943 |
| Net Contributions | $536,393 |
| Other Expense | $690,734 |
| Ending Balance | $13,821,348 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |
Echoing Green Inc New York, NY | $60,744,468 | $19,754,073 |
Partnership For Ed Advancement Inc New York, NY | $36,194,552 | $41,198,488 |
Alavi Foundation New York, NY | $64,468,510 | $30,201,673 |
Uncommon Lender Inc New York, NY | $174,239,408 | $12,168,791 |
Family Enrichment Network Inc Johnson City, NY | $8,020,609 | $12,621,621 |
Laspau Inc Cambridge, MA | $9,172,350 | $9,862,515 |
The Teagle Foundation Incorporated New York, NY | $172,379,349 | $12,655,674 |
Jackie Robinson Foundation Inc New York, NY | $30,161,175 | $8,662,334 |
The Cape Cod Community College Educational Foundation Inc West Barnstable, MA | $15,428,827 | $3,042,413 |