The Correll Family Foundation Inc
- Assets
- $31.7m
- Revenue
- $3.5m
- Investments
- $30.3m
- Employees
- 0
- Location
- Albany, NY
- Founding
- 12/2005
- Data as of
- 06/2021
- EIN
- 13-4311179
Organization Overview
The Correll Family Foundation Inc is located in Albany, NY. The organization was established in 2005. 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. Correll Family 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, Correll Family Foundation Inc generated $3.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $3.9m during the year ending 06/2021. While expenses have increased by 9.7% 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.
Since 2017, Correll Family Foundation Inc has awarded 84 individual grants totaling $11,855,933. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
PLEASE NOTE, THE FOUNDATION IS NOT INVOLVED IN ANY DIRECT CHARITABLE ACTIVITIES. ITS PRIMARY PURPOSE IS TO SUPPORT, BY CONTRIBUTIONS, OTHER CHARITABLE ORGANIZATIONS EXEMPT
UNDER INTERNAL REVENUE CODE SECTION 501(C)(3).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alston D Correll III Director | 1 | $0 | |
Ada F Correll Director/secretary | 1 | $0 | |
Elizabeth Richards Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $694 |
| Dividends & Interest | $1,011,591 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,371,251 |
| Capital Gain Net Income | $2,371,251 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $101,525 |
| Total Revenue | $3,485,061 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $69,000 |
| Pension plans, employee benefits | $0 |
| Interest | $124 |
| Taxes | $47,274 |
| Depreciation | $0 |
| Occupancy | $76,220 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $51,544 |
| Total operating and administrative expenses | $552,063 |
| Contributions, gifts, grants paid | $3,299,000 |
| Total expenses and disbursements | $3,851,063 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,417,742 |
| 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 | $3,009 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,780,903 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $31,676,107 |
| 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 |
Grants Awarded
Over the last fiscal year, The Correll Family Foundation Inc has awarded $3,803,000 in support to 24 organizations.
| Grant Recipient | Amount |
|---|---|
GRADY HEALTH FOUNDATION PURPOSE: CAPITAL FUND | $2,500,000 |
Atlanta, GA PURPOSE: SCHOLARSHIPS | $200,000 |
THE BOYS & GIRLS CULB OF ATLANTA PURPOSE: GENERAL FUNDS | $180,000 |
Savannah, GA PURPOSE: GENERAL FUND | $175,000 |
Arlington, VA PURPOSE: GENERAL FUND | $150,000 |
FIRST PRESBYTERIAN CHURCH PURPOSE: GENERAL FUND | $150,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John R Oishei Foundation Buffalo, NY | $294,151,477 | $18,357,929 |
Lor Foundation Inc West Chester, PA | $352,392,197 | $12,888,892 |
Grable Foundation Pittsburgh, PA | $386,701,292 | $35,946,563 |
Connelly Foundation West Conshohocken, PA | $387,913,026 | $27,891,431 |
American Express Foundation New York, NY | $66,234,265 | $62,922,703 |
Essel Foundation Inc Purchase, NY | $100,106,056 | $12,292,478 |
Beth And Ravenel Curry Foundation New York, NY | $0 | $44,744,046 |
Kz Family Foundation New York, NY | $10,936,301 | $30,139,672 |
The Freeman Foundation P-01644-00-7 New York, NY | $343,405,683 | $35,941,951 |
Hearst Foundation Inc New York, NY | $439,249,947 | $42,040,987 |
Tansy Charitable Foundation New York, NY | $325,076,608 | $77,631,295 |
Gordon & Llura Gund Foundation Princeton, NJ | $18,024,465 | $6,191,436 |