Beneficial State Foundation
- Assets
- $117.9m
- Revenue
- $7.5m
- Investments
- $113.6m
- Employees
- 26
- Location
- Oakland, CA
- Founding
- 02/2008
- Data as of
- 12/2023
- EIN
- 20-5253663
Organization Overview
Beneficial State Foundation is located in Oakland, CA. The organization was established in 2008. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Beneficial State Foundation employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beneficial State 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 12/2023, Beneficial State Foundation generated $7.5m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 32.4% each year . All expenses for the organization totaled $7.7m during the year ending 12/2023. While expenses have increased by 16.4% per year over the past 9 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO COMBAT ECONOMIC DISTRESS AND ENCOURAGE COMMUNITY DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREATE PROGRAMS AND DISTRIBUTE GRANTS TO COMBAT ECONOMIC DISTRESS AND ENCOURAGE COMMUNITY DEVELOPMENT, ENCOURAGE FINANCIAL LITERACY, PROMOTE AFFORDABLE HOUSING, AND ELIMINATE DISCRIMINATION BY PROMOTING THE PROVISION OF LOANS AND INVESTMENTS, INCLUDING CONSUMER LOANS AND MICRO AND SMALL BUSINESS LOANS, AND DEPOSITORY SERVICES FOR DISADVANTAGED COMMUNITIES AND COMMUNITY SERVICE ORGANIZATIONS, AND BY ANY OTHER MEANS DETERMINED TO BE APPROPRIATE BY THE BOARD.
SUPPORT CLEAN VEHICLE ASSISTANCE PROGRAM, INCLUDING, BUT NOT LIMITED TO, PROGRAMS AND GRANTS TO HELP LOWER-INCOME CALIFORNIA RESIDENTS PURCHASE A NEW OR USED HYBRID OR ELECTRIC VEHICLE. IN PARTNERSHIP WITH CALIFORNIA CLIMATE INVESTMENTS (A PROGRAM OF THE CALIFORNIA AIR RESOURCES BOARD), THE COLLECTIVE GOAL IS TO MAKE ENVIRONMENTALLY FRIENDLY VEHICLES ACCESSIBLE AND AFFORDABLE TO ALL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Wilkins President | OfficerTrustee | 0.5 | $0 |
Elmy Bermejo Board Director | Trustee | 0.5 | $0 |
Angela Glover Davis Board Director | Trustee | 0.5 | $0 |
Janiece Evans-Page Board Director | Trustee | 0.5 | $0 |
Kat Taylor Board Director | Trustee | 0.5 | $0 |
Erin Kilmer Neel Executive Director | Officer | 43.34 | $200,146 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Context Partners Inc Strategic Planning | 12/30/23 | $171,099 |
Greenarc Inc Technology Development | 12/30/23 | $112,500 |
Stratyfy Technology Development | 12/30/23 | $350,000 |
Grid Alternatives Installation Of Ev Charging Systems | 12/30/23 | $105,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $2,985,603 |
| Government grants | $4,254,748 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,240,351 |
| Total Program Service Revenue | $0 |
| Investment income | $241,930 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,525,287 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,741,062 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $594,690 |
| Compensation of current officers, directors, key employees. | $240,633 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,806,745 |
| Pension plan accruals and contributions | $83,573 |
| Other employee benefits | $358,027 |
| Payroll taxes | $186,891 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $66,204 |
| Fees for services: Accounting | $109,538 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $780,595 |
| Advertising and promotion | $37,340 |
| Office expenses | $4,858 |
| Information technology | $641,296 |
| Royalties | $0 |
| Occupancy | $85,141 |
| Travel | $28,563 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,758 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,360 |
| Insurance | $15,653 |
| All other expenses | $4,076 |
| Total functional expenses | $7,670,444 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,883,267 |
| Savings and temporary cash investments | $234,473 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $537 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $72,996 |
| Net Land, buildings, and equipment | $17,507 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $113,585,710 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $120,716 |
| Total assets | $117,915,206 |
| Accounts payable and accrued expenses | $391,514 |
| Grants payable | $0 |
| Deferred revenue | $2,100,649 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $129,583 |
| Total liabilities | $2,621,746 |
| Net assets without donor restrictions | $115,253,460 |
| Net assets with donor restrictions | $40,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $117,915,206 |
Grants Awarded
Over the last fiscal year, Beneficial State Foundation has awarded $312,951 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
TIDES FOUNDATION PURPOSE: FOR DISBURSEMENT OF SPONSORSHIP FUNDS TO NON-PROFITS | $275,301 |
CALIFORNIA STATE UNIVERSITY FRESNO FOUNDATION PURPOSE: FOR DISBURSEMENT OF SPONSORSHIP FUNDS TO NON-PROFITS | $10,000 |
EAST BAY COLLEGE FUND PURPOSE: FOR DISBURSEMENT OF SPONSORSHIP FUNDS TO NON-PROFITS | $7,650 |
EVERYDAY PEOPLE FOR CHANGE INC PURPOSE: FOR DISBURSEMENT OF SPONSORSHIP FUNDS TO NON-PROFITS | $10,000 |
PRO ARTS INC PURPOSE: FOR DISBURSEMENT OF SPONSORSHIP FUNDS TO NON-PROFITS | $10,000 |