Farm Neck Foundation Inc
- Assets
- $2.3m
- Revenue
- $420.4k
- Investments
- $2.1m
- Employees
- 0
- Location
- Oak Bluffs, MA
- Founding
- 08/1994
- Data as of
- 03/2024
- EIN
- 22-3001707
Organization Overview
Farm Neck Foundation Inc is located in Oak Bluffs, MA. The organization was established in 1994. According to its NTEE Classification (T31) the organization is classified as: Community 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. Farm Neck 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.
For the year ending 03/2024, Farm Neck Foundation Inc generated $420.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $124.4k during the year ending 03/2024. While expenses have increased by 9.2% per year over the past 7 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 2018, Farm Neck Foundation Inc has awarded 111 individual grants totaling $522,673. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL & SCIENTIFIC PURPOSES INCLUDING MAKING DISTRIBUTIONS TO ORGANIZATIONS QUALIFIED AS EXEMPT ORGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THIS FOUNDATION IS TO PROVIDE ASSISTANCE TO OTHER ORGANIZATIONS FOR THE BETTERMENT OF THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Sweet President & Director | OfficerTrustee | 3 | $0 |
Michael Zoll Vice President & Director | OfficerTrustee | 1 | $0 |
Anthony Capobianco Clerk & Treas. & Director | OfficerTrustee | 2 | $0 |
William Jones Director | Trustee | 1 | $0 |
Michael Joyce Director | Trustee | 1 | $0 |
James Reynolds Director | Trustee | 1 | $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 | $140,602 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $140,602 |
| Total Program Service Revenue | $0 |
| Investment income | $47,862 |
| 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 | $420,430 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $101,076 |
| 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. | $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 | $4,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,304 |
| Fees for services: Other | $0 |
| Advertising and promotion | $483 |
| Office expenses | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $124,364 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $221,045 |
| 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 | $2,070,246 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,291,291 |
| Accounts payable and accrued expenses | $4,775 |
| 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 | $4,775 |
| Net assets without donor restrictions | $2,286,516 |
| 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 | $2,291,291 |
Grants Awarded
Over the last fiscal year, Farm Neck Foundation Inc has awarded $85,576 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
SAILMV PURPOSE: FUNDING FOR PURCHASE OF NEW YAMAHA OUTBOARD FOR COACHES BOAT | $10,000 |
MISTY MEADOWS PURPOSE: FUNDING FOR CONSTRUCTION COSTS TO RETROFIT A BATHROOM FOR ADA COMPLIANCE | $10,000 |
MV OCEAN ACADEMY PURPOSE: SUPPORET FINANCIAL AID TO STUDENTS PARTICIPATING IN CAMPS ABOARD SHENANDOAH | $7,500 |
MV SHELLFISH GROUP PURPOSE: FUNDING TO REPLACE WINDOWS AND CASINGS AT THE SHELLFISH NURSUERY ON CHAPPY | $7,176 |
MV FISHERMANS PRESERVATION TRUST PURPOSE: FUNDING TO OFFER STIPENDS FOR LOCAL FISHEERMAN TO PURCHASE SAFETY EQUIPMENT | $7,500 |
MV FILM SOCIETY PURPOSE: FUNDING TO PURCHASE A NEW PROJECTOR FOR THE THEATRE | $8,000 |