Allegany County Area Foundation Inc
- Assets
- $11.4m
- Revenue
- $934.7k
- Investments
- $0.0
- Employees
- 3
- Location
- Belmont, NY
- Founding
- 04/1984
- Data as of
- 06/2022
- EIN
- 22-2506596
Organization Overview
Allegany County Area Foundation Inc is located in Belmont, NY. The organization was established in 1984. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2022, Allegany County Area Foundation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Allegany County Area Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION AWARDS SCHOLARSHIPS TO INDIVIDUALS AND GRANTS TO COMMUNITY ORGANIZATIONS. IT ALSO HELPS ORGANIZATIONS SECURE THEIR FUTURES BY MANAGING ENDOWMENT FUNDS AND ENSURES THAT INDIVIDUALSB
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDED GRANTS TO COMMUNITY ORGANIZATIONS AND TO INDIVIDUALS AS SCHOLARSHIPS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Campbell Executive Director | 35 | $28,412 | |
Rodney Bennett President | OfficerTrustee | 3 | $0 |
Carolyn Miller Vice President | OfficerTrustee | 3 | $0 |
Dr Dan Acton 2nd VP | OfficerTrustee | 3 | $0 |
Lois Whitney Director | Trustee | 0 | $0 |
Thomas P Brown Director | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $674,498 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $674,498 |
| Total Program Service Revenue | $0 |
| Investment income | $260,207 |
| 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 | $934,705 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $342,765 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $28,412 |
| Compensation of current officers, directors, key employees. | $4,262 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,035 |
| 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 | $4,357 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,808 |
| Office expenses | $5,269 |
| Information technology | $2,059 |
| Royalties | $0 |
| Occupancy | $9,407 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $961 |
| 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 | $429,047 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $73,228 |
| Savings and temporary cash investments | $380,300 |
| 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 | $10,921,867 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,375,395 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $41,872 |
| 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 | $1 |
| Total liabilities | $41,873 |
| Net assets without donor restrictions | $411,655 |
| Net assets with donor restrictions | $10,921,867 |
| 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 | $11,375,395 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Allegany County Area Foundation Inc has recieved totaling $46,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation For Greater Buffalo Inc Buffalo, NY PURPOSE: ALLEGANY COUNTY MICROGRANTS; STIPEND | $45,000 |
Charles And Lorraine Joyce Family Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $1,000 |
Endowment Analysis
| Beg. Balance | $12,733,275 |
| Earnings | -$1,718,881 |
| Admin Expense | $85,832 |
| Net Contributions | $716,370 |
| Grants | $342,765 |
| Ending Balance | $11,302,167 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfred P Sloan Foundation New York, NY | $2,105,880,634 | $192,527,982 |
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
Mastercard Impact Fund Purchase, NY | $207,268,769 | $96,050,288 |
Business Leadership Organized For Catholic Schools King Of Prussia, PA | $82,544,630 | $55,644,917 |
Central Pennsylvania Scholarship Fund Tyrone, PA | $42,508,819 | $45,167,381 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
The Childrens Scholarship Fund New York, NY | $36,136,002 | $24,710,520 |
Math For America Inc New York, NY | $15,709,494 | $20,036,646 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
The Posse Foundation Inc New York, NY | $120,660,725 | $44,739,225 |
Inner-City Scholarship Fund Inc New York, NY | $115,829,957 | $24,751,034 |