Verizon Foundation
- Assets
- $26.8m
- Revenue
- $6.7m
- Investments
- $4.7m
- Employees
- 0
- Location
- Basking Ridge, NJ
- Founding
- 04/1987
- Data as of
- 12/2022
- EIN
- 13-3319048
Organization Overview
Verizon Foundation is located in Basking Ridge, NJ. The organization was established in 1987. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Verizon 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 12/2022, Verizon Foundation generated $6.7m in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $5.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (32.5%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Verizon Foundation has awarded 34,654 individual grants totaling $76,001,192. 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.
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Board, Officers & Key Employees
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ernst & Young Llp | 12/30/22 | $55,000 |
Bny Mellon | 12/30/22 | $70,618 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $6,360,000 |
| Interest on Savings | $382,625 |
| Dividends & Interest | $0 |
| 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 | $5,574 |
| Total Revenue | $6,748,199 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $5,872 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $70,618 |
| Total operating and administrative expenses | $131,490 |
| Contributions, gifts, grants paid | $5,116,877 |
| Total expenses and disbursements | $5,248,367 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $21,928,334 |
| 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 | $129,326 |
| Total assets | $26,786,747 |
| Accounts payable and accrued expenses | $864,756 |
| Grants payable | $1,681,326 |
| 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 | $2,546,082 |
Grants Awarded
Over the last fiscal year, Verizon Foundation has awarded $6,248,670 in support to 10,309 organizations.
| Grant Recipient | Amount |
|---|---|
ROSIES PLACE INC PURPOSE: MIP PAYOUT FOR 01/27/2022 | $255 |
MUSEUM OF FINE ARTS BOSTON PURPOSE: MIP PAYOUT FOR 06/03/2022 | $280 |
ROSIES PLACE INC PURPOSE: MIP PAYOUT FOR 11/09/22 | $50 |
INTERNATIONAL RESCUE COMMITTEE INC PURPOSE: MIP PAYOUT FOR 08/02/22 | $50 |
INTERNATIONAL RESCUE COMMITTEE INC PURPOSE: MIP PAYOUT FOR 06/03/2022 | $250 |
INTERNATIONAL RESCUE COMMITTEE INC PURPOSE: MIP PAYOUT FOR 09/01/22 | $150 |