Franklin Township Food Bank
- Assets
- $2.5m
- Revenue
- $8.3m
- Investments
- $0.0
- Employees
- 19
- Location
- Somerset, NJ
- Founding
- 11/1983
- Data as of
- 12/2023
- EIN
- 22-2406472
Organization Overview
Franklin Township Food Bank is located in Somerset, NJ. The organization was established in 1983. According to its NTEE Classification (K31) the organization is classified as: Food Banks & Pantries, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2023, Franklin Township Food Bank employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin Township Food Bank 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, Franklin Township Food Bank generated $8.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $8.2m during the year ending 12/2023. While expenses have increased by 14.7% per year over the past 8 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
DISTRIBUTION OF FOOD TO QUALIFIED FAMILIES IN FRANKLIN TWP, NJ
Describe the Organization's Program Activity:
Part 3 - Line 4a
CASH AND FOOD CONTRIBUTIONS WERE USED TO SUPPLY FOOD TO NEEDY FAMILIES WITHIN FRANKLIN TOWNSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Derek J Smith Executive Di | Trustee | 40 | $132,308 |
Sonja Asante Trustee | Trustee | 1 | $0 |
Ilene Bradley Trustee | Trustee | 1 | $0 |
Ron Consiglio Trustee | Trustee | 1 | $0 |
Vince Davis Trustee | Trustee | 1 | $0 |
Alaina Dewitt Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $277,757 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,851,306 |
| Noncash contributions included in lines 1a–1f | $6,889,554 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,129,063 |
| Total Program Service Revenue | $0 |
| Investment income | $39,592 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $110,642 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,279,297 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $132,308 |
| Compensation of current officers, directors, key employees. | $13,231 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $614,006 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $61,909 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,815 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,063 |
| Advertising and promotion | $105,644 |
| Office expenses | $44,762 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $113,872 |
| Travel | $11,107 |
| 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 | $20,094 |
| Insurance | $22,593 |
| All other expenses | $0 |
| Total functional expenses | $8,201,555 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,143,115 |
| Savings and temporary cash investments | $567,722 |
| Pledges and grants receivable | $211,397 |
| 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 | $13,639 |
| Net Land, buildings, and equipment | $250,634 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $342,826 |
| Total assets | $2,529,333 |
| Accounts payable and accrued expenses | $20,665 |
| 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 | $342,826 |
| Total liabilities | $363,491 |
| Net assets without donor restrictions | $2,165,842 |
| Net assets with donor restrictions | $0 |
| 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 | $2,529,333 |