Loretto Foundation
- Assets
- $3.0m
- Revenue
- $594.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Syracuse, NY
- Founding
- 03/1981
- Data as of
- 12/2022
- EIN
- 22-2339225
Organization Overview
Loretto Foundation is located in Syracuse, NY. The organization was established in 1981. According to its NTEE Classification (G94) the organization is classified as: Geriatrics, under the broad grouping of Voluntary Health Associations & Medical Disciplines and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loretto 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, Loretto Foundation generated $594.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (28.8%) each year. All expenses for the organization totaled $797.5k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ENGAGE IN CHARITABLE ACTIVITES BENEFITING AGED PERSONS BY OPERATING SOLELY FOR THE BENEFIT OF, PERFORMING THE FUNCTIONS OF, OR CARRING OUT THE PURPOSES FOR THE AFFILIATED LORETTO ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LORETTO FOUNDATION ADMINISTERS THE LORETTO FOUNDATION COMMUNITY TRUST, A POOLED SUPPLEMENTAL NEEDS TRUST, WHICH BENEFITS MANY SENIORS AND DISABLED INDIVIDUALS IN THE COMMUNITY. INCOME FROM THE POOLED TRUST IS RESTRICTED FOR THE BENEFIT OF MEMBERS OF THE TRUST.
THE LORETTO FOUNDATION IS THE FUND DEVELOPMENT SEGMENT OF THE LORETTO ORGANIZATION AND HAS RESPONSIBILITY FOR RAISING MONEY TO SUPPORT THE ORGANIZATION'S NEEDS. GIFTS TO LORETTO SUPPORT THE FUTURE OF QUALITY AND ACCESSIBLE LONGTERM HEALTH CARE FOR THE FRAIL ELDERLY IN CENTRAL NEW YORK. LORETTO HAS PROVIDED SERVICE TO THIS POPULATION FOR 90 YEARS. WITH DONATIONS FROM THE COMMUNITY, LORETTO WILL CONTINUE TO FULFILL ITS MISSION OF PROVIDING QUALITY OF LIFE FOR THE FRAIL ELDERLY OF CENTRAL NEW YORK.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter E Muserlian Board Member, Chair | OfficerTrustee | 1 | $0 |
Michael Zandri Board Member | Trustee | 1 | $0 |
Jason Smorol Board Member | Trustee | 1 | $0 |
Cora Alsante Board Member | Trustee | 1 | $0 |
John P Condon Board Member | Trustee | 1 | $0 |
Greg Lancette Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $156,313 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $446,351 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $602,664 |
| Total Program Service Revenue | $134,160 |
| Investment income | $158 |
| Tax Exempt Bond Proceeds | $7,821 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $1,020 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $594,873 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $537,698 |
| Grants and other assistance to domestic individuals. | $26,593 |
| 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 | $60,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,590 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $47,655 |
| Office expenses | $21,520 |
| Information technology | $0 |
| 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 | $125 |
| Interest | $0 |
| Payments to affiliates | $29,816 |
| Depreciation, depletion, and amortization | $810 |
| Insurance | $2,542 |
| All other expenses | $0 |
| Total functional expenses | $797,454 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $451,940 |
| Savings and temporary cash investments | $384,766 |
| Pledges and grants receivable | $74,425 |
| Accounts receivable, net | $46,460 |
| 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 | $4,610 |
| Net Land, buildings, and equipment | $3,310 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,118,880 |
| Intangible assets | $0 |
| Other assets | $933,152 |
| Total assets | $3,017,543 |
| Accounts payable and accrued expenses | $43,304 |
| Grants payable | $0 |
| Deferred revenue | $76,522 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $895,289 |
| 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 | $1,015,115 |
| Net assets without donor restrictions | $1,415,085 |
| Net assets with donor restrictions | $587,343 |
| 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 | $3,017,543 |
Grants Awarded
Over the last fiscal year, Loretto Foundation has awarded $537,698 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
LORETTO HEALTH & REHABILITATION PURPOSE: OPERATIONS: $32,980 RENOVATIONS: $75,654 | $108,634 |
AUBURN SENIOR SERVICES INC PURPOSE: OPERATIONS: $51,448 | $51,448 |
NOTTINGHAM RETIREMENT COMMUNITY INC PURPOSE: CAPITAL IMPROVEMENTS: $59,000 OPERATIONS: $5,433 | $64,433 |
CHURCHILL MANOR INC PURPOSE: CAPITAL IMPROVEMENTS: $20,806 OPERATIONS: $8,299 | $29,105 |
LORETTO MANAGEMENT CORPORATION PURPOSE: OPERATIONS: $284,078 | $284,078 |