Galasso Foundation
- Assets
- $8.5m
- Revenue
- $414.9k
- Investments
- $8.5m
- Employees
- 0
- Location
- Clarence, NY
- Founding
- 04/1963
- Data as of
- 12/2022
- EIN
- 16-6031447
Organization Overview
Galasso Foundation is located in Clarence, NY. The organization was established in 1963. 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. Galasso 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, Galasso Foundation generated $414.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $455.4k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Galasso Foundation has awarded 317 individual grants totaling $2,546,240. 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
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rev Mgr David G Lipuma Trustee | 1 | $10,000 | |
August J Gillon Trustee | 1 | $10,000 | |
Paul M Gonzalez Trustee | 1 | $10,000 | |
J Michael Kelleher Trustee | 1 | $10,000 | |
Emil J Galasso Trustee | 1 | $10,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $15,184 |
| Dividends & Interest | $184,462 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $215,291 |
| Capital Gain Net Income | $215,291 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $414,937 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $50,000 |
| Other employee salaries and wages | $48,100 |
| Pension plans, employee benefits | $4,810 |
| Interest | $0 |
| Taxes | $4,027 |
| Depreciation | $0 |
| Occupancy | $3,600 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $82,505 |
| Total operating and administrative expenses | $207,442 |
| Contributions, gifts, grants paid | $247,980 |
| Total expenses and disbursements | $455,422 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $14,244 |
| 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 | $8,452,321 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $4,473 |
| Total assets | $8,471,038 |
| 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, Galasso Foundation has awarded $247,980 in support to 37 organizations.
| Grant Recipient | Amount |
|---|---|
CANISIUS COLLEGE PURPOSE: SCHOLARSHIP FUND | $5,000 |
FRANCISCAN NORTHSIDE MINISTRIES PURPOSE: PROGRAM SUPPORT | $3,500 |
COBLESKILL COMMUNITY ACTIVITIES FOU PURPOSE: PROGRAM SUPPORT | $10,000 |
MOUNT IRENEAUS CO ST BONAVENTURE UN PURPOSE: PROGRAM SUPPORT | $4,000 |
OUR LADY OF VICTORY BASILICA PURPOSE: PROGRAM SUPPORT | $85,000 |
SISTERS OF SAINT FRANCIS PURPOSE: BUILDING FUND | $3,000 |