New Mighty Foundation
- Assets
- $38.6m
- Revenue
- $24.1m
- Investments
- $15.3m
- Employees
- 0
- Location
- Washington, DC
- Founding
- 04/2006
- Data as of
- 12/2022
- EIN
- 20-4282979
Organization Overview
New Mighty Foundation is located in Washington, DC. The organization was established in 2006. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. New Mighty 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, New Mighty Foundation generated $24.1m in total revenue. All expenses for the organization totaled $9.0m during the year ending 12/2022. While expenses have increased by 7.2% per year over the past 7 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE MULTI-CULTURAL AWARENESS AND TO ADVANCE GOODWILL AND PROPER UNDERSTANDING AMONG DIFFERENT CULTURES INCLUDING PARTICULARLY UNDERSTANDING AMONG AMERICAN AND ASIAN CULTURES
TO PROMOTE EDUCATION OF ALL TYPES, INCLUDING CHILDRENS' EDUCATION, MULTI-CULTURAL EDUCATION, AND FOREIGN LANGUAGES
TO EDUCATE THE GENERAL PUBLIC AND PROMOTE PUBLIC INTEREST IN THE UNITED STATES AND ABROAD IN ASIAN AND AMERICAN CULTURE, HISTORY AND RELIGION
TO PROMOTE SCIENTIFIC RESEARCH AND HEALTHCARE OF ALL TYPES INCLUDING PRIMARY CARE, HOSPITALS,NURSING EDUCATION, MEDI- CAL RESEARCH, HOSPITAL MANAGEMENT AND INNOVATIVE HEALTHCARE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William H Wong Director-President | 0 | $0 | |
Wilfred Wang Director | 0 | $0 | |
Susan R H Wang Director-Secretary Treasurer | 0 | $0 | |
Sandy R Y Wang Director | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Skadden Arps Slate Meagher From | 12/30/22 | $3,382,198 |
Lee And Li | 12/30/22 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $24,000,000 |
| Interest on Savings | $8,937 |
| Dividends & Interest | $254,521 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$173,312 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $24,090,146 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $9,028,206 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $9,028,206 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $23,280,770 |
| 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 | $0 |
| Total assets | $38,586,323 |
| 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, New Mighty Foundation has awarded $5,000,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BATON ROUGE FOOD BANK PURPOSE: GENERAL FUND | $2,000,000 |
FOOD BANK OF THE GOLDEN CRESCENT PURPOSE: GENERAL FUND | $2,000,000 |
COMMUNITY FOOD BANK INC PURPOSE: GENERAL FUND | $1,000,000 |