The Patrick J Mcgovern Foundation Inc
- Assets
- $1.7b
- Revenue
- $20.9m
- Investments
- $1.6b
- Employees
- 0
- Location
- Boston, MA
- Founding
- 03/1990
- Data as of
- 12/2021
- EIN
- 22-3021586
Organization Overview
The Patrick J Mcgovern Foundation Inc is located in Boston, MA. The organization was established in 1990. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Patrick J Mcgovern 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 12/2021, Patrick J Mcgovern Foundation Inc generated $20.9m in total revenue. All expenses for the organization totaled $46.5m during the year ending 12/2021. While expenses have increased by 96.7% per year over the past 6 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 2015, Patrick J Mcgovern Foundation Inc has awarded 287 individual grants totaling $305,529,842. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
NOT APPLICABLE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vilas Dhar Trustee/president | 40 | $822,516 | |
Karen Kelley Gill Vice President Of Op | 40 | $351,114 | |
Claudia Juech Vice President Of Da | 40 | $294,958 | |
Deborah O'neil Communications Direc | 40 | $210,401 | |
Michael Kohn Director Of People & | 4 | $198,697 | |
Annette Florczak Controller | 40 | $163,223 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Global Endowment Management Lp | 12/30/21 | $3,307,446 |
Dalberg Consulting | 12/30/21 | $74,754 |
Venable Llp | 12/30/21 | $185,771 |
Pkf O'connor Davies Llp | 12/30/21 | $53,321 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $20,864,884 |
| Interest on Savings | $17 |
| Dividends & Interest | $149,458 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$103,782 |
| Capital Gain Net Income | $159,891,503 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $20,910,577 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,222,156 |
| Other employee salaries and wages | $2,700,185 |
| Pension plans, employee benefits | $594,279 |
| Interest | $0 |
| Taxes | $1,612,003 |
| Depreciation | $8,353 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $78,611 |
| Printing and publications | $0 |
| Other expenses | $461,683 |
| Total operating and administrative expenses | $10,620,238 |
| Contributions, gifts, grants paid | $35,858,855 |
| Total expenses and disbursements | $46,479,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,258,868 |
| Savings and temporary cash investments | $0 |
| 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 | $1,576,210,633 |
| Net Land, buildings, and equipment | $25,378 |
| Other assets | $71,178,967 |
| Total assets | $1,660,673,846 |
| Accounts payable and accrued expenses | $129,025 |
| Grants payable | $1,030,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $7,265,451 |
| Total liabilities | $8,424,476 |
Grants Awarded
Over the last fiscal year, The Patrick J Mcgovern Foundation Inc has awarded $38,443,977 in support to 128 organizations.
| Grant Recipient | Amount |
|---|---|
Boston, MA PURPOSE: TO SUPPORT THE CHARITABLE MISSIONS AND ACTIVITIES OF PUBLIC CHARITIES | $4,500,000 |
Cambridge, MA PURPOSE: TO PROVIDE EXPENDABLE SUPPORT FOR THE MCGOVERN INSTITUTE FOR BRAIN RESEARCH. | $2,000,000 |
Washington, DC PURPOSE: TO SUPPORT UN GLOBAL PULSE IN EFFORTS AROUND THE GLOBAL DATA ACCESS INITIATIVE (GDAI). | $2,000,000 |
THE COLERIDGE INITIATIVE INC PURPOSE: TO BUILD AND SUSTAIN THE DEMOCRATIZATION OF DATA. | $1,000,000 |
NEW VENTURE FUND PURPOSE: TO SUPPORT PUBLIC INTEREST TECHNOLOGY (PIT) INFRASTRUCTURE FUND TO BUILD PRIVATE AND PUBLIC INFRASTRUCTURE TO DEVELOP AND DEPLOY TECHNOLOGY THAT IS EQUITABLE, ACCOUNTABLE TO THE PUBLIC, AND RESPONSIVE TO SOCIETYS MOST PRESSING PROBLEMS | $1,000,000 |
Cambridge, MA PURPOSE: TO BUILD AND SUPPORT PRODUCTS AND PROTOCOLS TO MAKE KNOWLEDGE OPEN AND ACCESSIBLE TO ALL. | $750,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Zoom Foundation Greenwich, CT | $956,305,373 | $176,914,821 |
Fidelity Foundation Boston, MA | $2,530,107,332 | $803,389,715 |
Klarman Family Foundation Boston, MA | $754,784,032 | $145,872,662 |
Druckenmiller Foundation New York, NY | $1,579,806,367 | $402,828,458 |
Rockefeller Brothers Fund Inc New York, NY | $1,654,004,790 | $94,665,303 |
Adelson Family Foundation Needham, MA | $5,626,414 | $49,822,227 |
Anna Maria And Stephen Kellen Foundation Inc New York, NY | $1,287,407,560 | $57,361,611 |
The Wallace Foundation New York, NY | $1,815,949,042 | $114,535,478 |
Stephen A Schwarzman Foundation New York, NY | $124,156,635 | $61,557,254 |
Pepsico Foundation Inc Purchase, NY | $25,033,678 | $1,734,936 |
Foundation Mireille And James Levy Usa New York, NY | $36,878,233 | $277,701 |
The Bat Hanadiv Foundation No 3 New York, NY | $1,717,297,999 | $245,079,951 |