Verizon Foundation
- Assets
- $26.4m
- Revenue
- $21.6m
- Investments
- $249.8k
- Employees
- 0
- Location
- Basking Ridge, NJ
- Founding
- 04/1987
- Data as of
- 12/2021
- 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 12/2021, Verizon Foundation generated $21.6m in total revenue. All expenses for the organization totaled $18.1m during the year ending 12/2021.
Since 2020, Verizon Foundation has awarded 24,345 individual grants totaling $69,752,522. 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 |
|---|---|---|
Bny Mellon | 12/30/21 | $70,086 |
Ernst & Young Llp | 12/30/21 | $55,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $21,563,074 |
| Interest on Savings | $6,381 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $13,372 |
| Capital Gain Net Income | $6,202,380 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,189 |
| Total Revenue | $21,584,016 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $82,234 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $70,086 |
| Total operating and administrative expenses | $207,320 |
| Contributions, gifts, grants paid | $17,929,865 |
| Total expenses and disbursements | $18,137,185 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $26,121,375 |
| 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 | $58,514 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $26,429,657 |
| Accounts payable and accrued expenses | $877,347 |
| Grants payable | $2,822,872 |
| 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 | $3,700,219 |
Grants Awarded
Over the last fiscal year, Verizon Foundation has awarded $17,554,234 in support to 12,925 organizations.
| Grant Recipient | Amount |
|---|---|
Washington, DC PURPOSE: ACE'S AAPISTRONG SMALL BUSINESS CAMPAIGN | $1,000,000 |
Washington, DC PURPOSE: PROTECTING THE ASIAN AMERICAN COMMUNITY FROM HATE | $1,000,000 |
THE NATIONAL COUNCIL OF ASIAN PACIFIC AMERICANS (NCAPA)TIDES CENTER PURPOSE: NCAPA ANTI-ASIAN RACISM RESPONSE FRAMEWORK | $1,000,000 |
New York, NY PURPOSE: CREATING STEM-ENABLED LEARNERS | $500,000 |
Washington, DC PURPOSE: HRC FOUNDATIONS PROFESSIONAL DEVELOPMENT AND TRAINING INSTITUTE | $500,000 |
AMERICAN RED CROSS DISASTER RELIEF FUND PURPOSE: INDIA COVID-19 DISASTER RELIEF CAMPAIGN MATCH | $449,056 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Verizon Foundation has recieved totaling $15,052.
| Awarding Organization | Amount |
|---|---|
Doylestown Hospital Doylestown, PA PURPOSE: PROGRAM SUPPORT | $15,000 |
Organization Name not Listed PURPOSE: SUPPORT CHARITABLE PURPOSE | | $52 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Goldman Sachs Foundation New York, NY | $0 | $131,861,636 |
Commonwealth Fund New York, NY | $0 | $69,444,117 |
Longwood Foundation Inc Wilmington, DE | $0 | $53,076,926 |
The Comcast Nbcuniversal Foundation Philadelphia, PA | $16,720,236 | $25,679,760 |
Clark Foundation New York, NY | $443,485,871 | $14,281,811 |
John A Hartford Foundation New York, NY | $722,012,839 | $47,164,108 |
Blackstone Charitable Foundation New York, NY | $141,651,293 | $22,568,243 |
Interlaken Foundation Inc NEW YORk, NY | $351,082,390 | $62,213,890 |
Verizon Foundation Basking Ridge, NJ | $26,429,657 | $21,584,016 |
Nsn Foundation Inc Roseland, NJ | $55,407,565 | $72,760,212 |
Arconic Charitable Foundation Pittsburgh, PA | $0 | $10,360,918 |
Brooklyn Community Foundation Brooklyn, NY | $117,862,940 | $42,787,989 |