Financial Resources Fcu Foundationsinc
- Assets
- $112.9k
- Revenue
- $103.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Bridgewater, NJ
- Founding
- 05/2007
- Data as of
- 12/2023
- EIN
- 20-8216512
Organization Overview
Financial Resources Fcu Foundationsinc is located in Bridgewater, NJ. The organization was established in 2007. According to its NTEE Classification (O12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Youth Development and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Financial Resources Fcu Foundationsinc 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, Financial Resources Fcu Foundationsinc generated $103.5k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 29.0% each year . All expenses for the organization totaled $49.9k during the year ending 12/2023. While expenses have increased by 13.6% 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 2015, Financial Resources Fcu Foundationsinc has awarded 12 individual grants totaling $117,010. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION (FOUNDATION) HAS BEEN ORGANIZED EXCLUSIVELY FOR THE CHARITABLE RELIGIOUS, AND SCIENTIFIC PURPOSES, WITHIN THE MEANING OF SECTIONS 501(3) AND 170(2) OF THE IRS CODE, INCLUDING, FOR SUCH PURPOSES, THE MAKING OF DISTRIBUTIONS TO ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE IRS CODE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
2023 CHARITY EVENT WAS AT THE PALACE AT SOMERSET PARK WITH PROCEEDS BENEFITTING MIDDLE EARTH AS WELL AS OTHER LOCAL CHARITIES (SEE FINANCIAL STATEMENT) AND SCHOLARSHIPS (LISTED HERE AND ON FINANCIAL STATEMENT). MIDDLE EARTH PROVIDES INDIVIDUALS, PRIMARILY YOUTH, WITH PREVENTION AND INTERVENTION SERVICES TO HELP THEM DEVELOP INTO RESPONSIBLE SELF-SUFFICIENT MEMBERS OF THE COMMUNITY.
EMPLOYEES OF FINANCIAL RESOURCES FCU DONATE AN AMOUNT IN ORDER TO WEAR JEANS TO WORK FOR THAT DAY. ALL MONEY RAISED IS THEN CONTRIBUTED TO LOCAL CHARITIES.
PY - THREE $1,000 SCHOLARSHIPS WERE AWARDED IN 2023 THE APPLICANTS MUST BE A MEMBER IN GOOD STANDING OF FINANCIAL RESOURCES FEDERAL CREDIT UNION OR RESIDE IN SOMERSET, HUNTERDON, MIDDLESEX, HUDSON, OR UNION COUNTIES AND MUST BE ENROLLED AS A HIGH SCHOOL SENIOR AT THE TIME THE APPLICATION IS FILLED OUT. THE SCHOLARSHIP FUND MUST BE USED FOR TUITION OR TEXTBOOKS AND ONLY AT AN ACCREDITED EDUCATIONAL INSTITUITION. THE SIGNED APPLICATION MUST BE SUBMITTED WITH AN OFFICIAL HIGH SCHOOL TRANSCRIPT AND WITH THE TEACHER REFERENCE PORTION OF THE APPLICATION, COMPLETED BY ONE OF THE APPLICANT'S TEACHERS AND RETURNED IN A SEALED, SIGNED ENVELOPE. JUDGING IS BASED ON ACADEMIC PERFORMANCE, COMMUNITY SERVICE / INVOVLEMENT, TEACHER REFERENCE AND PERSONAL GOALS.
FINANCIAL RESOURCES FCU DEVELOPED THE "WE'RE HERE FOR YOU" PROGRAM TO PROVIDE EMERGENCY GRANTS TO CO-WORKERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Almeida President | OfficerTrustee | 1 | $0 |
Brian Demcsak Vice President | OfficerTrustee | 1 | $0 |
Beth Elbaum Treasurer | OfficerTrustee | 1.25 | $0 |
Susan Dvorin Secretary | OfficerTrustee | 2 | $0 |
Beth Molinaro Director | OfficerTrustee | 1 | $0 |
Caryn Komensky Director | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $86,188 |
| Related organizations | $40,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $325 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $126,513 |
| Total Program Service Revenue | $0 |
| Investment income | $366 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$25,706 |
| Net Income from Gaming Activities | $2,327 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $103,500 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $44,651 |
| Grants and other assistance to domestic individuals. | $3,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,072 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $156 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $49,879 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,447 |
| Savings and temporary cash investments | $76,434 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $112,881 |
| Accounts payable and accrued expenses | $3,392 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $3,392 |
| Net assets without donor restrictions | $69,989 |
| Net assets with donor restrictions | $39,500 |
| 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 | $112,881 |
Grants Awarded
Over the last fiscal year, Financial Resources Fcu Foundationsinc has awarded $27,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NEW JERSEY CENTER FOR TOURETTES SYNDROME AND ASSOCIATED DISORDERS INC PURPOSE: TO PROVIDE SUPPORT FOR IMPACTED CHILDREN AND THEIR FAMILIES WITH TOURETTES | $20,000 |
NORTHWEST NEW JERSEY COMMUNITY ACTION PROGRAM INC PURPOSE: GENERAL USE OF OPERATIONS | $7,000 |