Third Federal Foundation
- Assets
- $35.7m
- Revenue
- $3.6m
- Investments
- $35.2m
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 11/2007
- Data as of
- 12/2021
- EIN
- 20-8467212
Organization Overview
Third Federal Foundation is located in Cleveland, OH. The organization was established in 2007. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Third Federal 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 12/2021, Third Federal Foundation generated $3.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (14.9%) each year. All expenses for the organization totaled $6.0m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Third Federal Foundation has awarded 811 individual grants totaling $28,257,889. 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 |
|---|---|---|---|
Kurt Karakul President & Executive Director | 40 | $801,866 | |
Emily Thome Vice President | 40 | $268,464 | |
Marc A Stefanski Chairman & Director | 5 | $0 | |
Nancy Cox Secretary | 5 | $0 | |
Robert A Fiala Director | 5 | $0 | |
John Marino Director | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,187 |
| Interest on Savings | $579 |
| Dividends & Interest | $2,177,538 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,439,398 |
| Capital Gain Net Income | $1,439,398 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $3,618,702 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,070,330 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $202,449 |
| Interest | $0 |
| Taxes | $114,488 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $20,955 |
| Printing and publications | $0 |
| Other expenses | $32,259 |
| Total operating and administrative expenses | $1,509,462 |
| Contributions, gifts, grants paid | $4,458,342 |
| Total expenses and disbursements | $5,967,804 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $467,375 |
| 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 | $20,525,812 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $35,709,526 |
| Accounts payable and accrued expenses | $404 |
| 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 | $404 |
Grants Awarded
Over the last fiscal year, Third Federal Foundation has awarded $4,458,342 in support to 96 organizations.
| Grant Recipient | Amount |
|---|---|
Cleveland, OH PURPOSE: CHARITABLE PURPOSE | $502,000 |
Cleveland, OH PURPOSE: CHARITABLE PURPOSE | $252,500 |
Cleveland, OH PURPOSE: CHARITABLE PURPOSE | $230,000 |
SAY YES TO EDUCATION PURPOSE: CHARITABLE PURPOSE | $200,000 |
Cleveland, OH PURPOSE: CHARITABLE PURPOSE | $200,000 |
Cleveland, OH PURPOSE: CHARITABLE PURPOSE | $190,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Progressive Insurance Foundation Cleveland, OH | $7,804,354 | $47,823,383 |
Arconic Charitable Foundation Pittsburgh, PA | $0 | $10,360,918 |
Brown-Forman Foundation Louisville, KY | $0 | $24,207,060 |
Alcoa Foundation Pittsburgh, PA | $146,938,296 | $5,082,676 |
Third Federal Foundation Cleveland, OH | $35,709,526 | $3,618,702 |
Gii Charities Grand Rapids, MI | $4,065,002 | $6,112,431 |
Star Foundation Bethlehem, PA | $0 | $17,247 |
Westfield Insurance Foundation Westfield Center, OH | $42,931,784 | $4,362,594 |
Giant Eagle Foundation Pittsburgh, PA | $15,044,604 | $6,408,453 |
Morgan Family Foundation Yellow Springs, OH | $51,827,477 | $1,582,241 |
Harry M And Violet Turner Charitable Trust Springfield, OH | $29,217,065 | $2,348,308 |
Penske Foundation Inc Bloomfield Hills, MI | $17,008,099 | $10,243,924 |