Community Foundation Of Western Massachusetts
- Assets
- $263.7m
- Revenue
- $50.9m
- Investments
- $2.9m
- Employees
- 27
- Location
- Springfield, MA
- Founding
- 04/1991
- Data as of
- 03/2022
- EIN
- 22-3089640
Organization Overview
Community Foundation Of Western Massachusetts is located in Springfield, MA. The organization was established in 1991. 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. As of 03/2022, Community Foundation Of Western Massachusetts employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Foundation Of Western Massachusetts 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 03/2022, Community Foundation Of Western Massachusetts generated $50.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.4% each year . All expenses for the organization totaled $18.9m during the year ending 03/2022. While expenses have increased by 9.6% 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 2015, Community Foundation Of Western Massachusetts has awarded 2,457 individual grants totaling $87,685,491. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ENRICH REGIONAL QUALITY OF LIFE BY ENCOURAGING PHILANTHROPY AND DEVELOPING AN ENDOWMENT CATALYST, AND COORDINATOR FOR CHARITABLE ACTIVITIES, AND PROMOTING EFFICIENCY IN THE MANAGEMENT OF CHARITABLE FUNDS.
Describe the Organization's Program Activity:
COMPETITIVE GRANT PROGRAM AND DESIGNATED GRANTS ADMINISTERED TO BENEFIT RESIDENTS OF THE THREE COUNTIES SERVED. APPROXIMATELY 400 PROJECTS FUNDED THROUGH THIS PROCESS. THROUGH DONOR ADVISED GRANTS, APPROXIMATELY 1,600 GRANTS WERE MADE TO PUBLIC CHARITIES.
COMMUNITY SCHOLARSHIP PROGRAM PROVIDES A CENTRALIZED APPLICATION PROCESS FOR SCHOLARSHIPS AND LOANS TO BENEFIT RESIDENTS OF WESTERN MASSACHUSETTS. AWARDS ARE BASED ON APPLICANTS' FINANCIAL NEED, ACADEMIC MERIT, RESPONSES TO QUESTIONS AND EXTRA CURRICULAR ACTIVITIES IN ACCORDANCE WITH THE TERMS OF THE INDIVIDUAL FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katharine Allan Zobel President | Officer | 40 | $238,155 |
Ellen Leuchs VP Philanthropic Services | 40 | $168,673 | |
Bruce Hiltunen VP Finance & Operations | Officer | 40 | $163,140 |
Daisy Pereira-Tosado Director Of Philanthropy | 40 | $104,949 | |
Becky Wai-Ling Packard Foundation Trustee | Trustee | 1 | $26,000 |
Paul Murphy Chair | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bank Of America Investment Management | 3/30/17 | $158,043 |
Amy Schaeffler Computer Consulting | 3/30/17 | $111,936 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,432,835 |
| All other contributions, gifts, grants, and similar amounts not included above | $36,987,924 |
| Noncash contributions included in lines 1a–1f | $3,794,162 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $38,420,759 |
| Total Program Service Revenue | $221,247 |
| Investment income | $4,398,897 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,850,007 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,890,910 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,946,433 |
| 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. | $450,776 |
| Compensation of current officers, directors, key employees. | $294,694 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,521,246 |
| Pension plan accruals and contributions | $77,809 |
| Other employee benefits | $169,384 |
| Payroll taxes | $132,597 |
| Fees for services: Management | $475,075 |
| Fees for services: Legal | $19,419 |
| Fees for services: Accounting | $38,909 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $487,724 |
| Fees for services: Other | $0 |
| Advertising and promotion | $27,340 |
| Office expenses | $84,803 |
| Information technology | $115,973 |
| Royalties | $0 |
| Occupancy | $117,990 |
| Travel | $167 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,288 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,822 |
| Insurance | $7,852 |
| All other expenses | $0 |
| Total functional expenses | $18,863,401 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,630,914 |
| Savings and temporary cash investments | $9,508,153 |
| Pledges and grants receivable | $2,650,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,838,520 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $66,841 |
| Net Land, buildings, and equipment | $126,502 |
| Investments—publicly traded securities | $240,995,049 |
| Investments—other securities | $2,861,110 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $263,677,089 |
| Accounts payable and accrued expenses | $239,394 |
| Grants payable | $1,012,413 |
| 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 | $24,716,108 |
| Total liabilities | $25,967,915 |
| Net assets without donor restrictions | $72,787,907 |
| Net assets with donor restrictions | $164,921,267 |
| 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 | $263,677,089 |
Grants Awarded
Over the last fiscal year, Community Foundation Of Western Massachusetts has awarded $14,490,401 in support to 317 organizations.
| Grant Recipient | Amount |
|---|---|
Hillsdale, MI PURPOSE: COLLEGE/UNIV (EDUCATION) | $1,000,000 |
SMITH VOCATIONAL AND AGRICULTURAL HIGH SCHOOL PURPOSE: EDUCATION | $543,429 |
Hartford, CT PURPOSE: GENERAL HEALTH | $500,000 |
Springfield, MA PURPOSE: ARTS & CULTURE | $377,447 |
Hatfield, MA PURPOSE: FOOD & NUTRITION (HEALTH) | $336,550 |
Northampton, MA PURPOSE: LIBRARY (EDU) | $301,248 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Community Foundation Of Western Massachusetts has recieved totaling $3,000.
| Awarding Organization | Amount |
|---|---|
De La Cour Family Foundation Glen Cove, NY PURPOSE: TO HELP FUND THE RECIPIENTS OPERATING BUDGET | $3,000 |
Endowment Analysis
| Beg. Balance | $107,513,599 |
| Earnings | $11,828,755 |
| Net Contributions | $4,170,177 |
| Other Expense | -$1,717,389 |
| Grants | $3,101,886 |
| Ending Balance | $122,128,034 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Foundation For Greater Buffalo Inc Buffalo, NY | $874,380,305 | $143,802,626 |
Community Foundation For Greater New Haven New Haven, CT | $745,279,119 | $58,670,540 |
Federation Of Jewish Communities Of The C I S Inc New York, NY | $45,162,356 | $39,631,208 |
Fairfield Countys Community Foundation Inc Norwalk, CT | $264,164,706 | $42,534,303 |
Vermont Community Foundation Middlebury, VT | $310,876,312 | $39,275,546 |
Rochester Area Community Foundation Rochester, NY | $452,673,006 | $59,557,190 |
Catholic Charities Of Buffalo Buffalo, NY | $41,576,335 | $33,263,179 |
New World Foundation New York, NY | $131,879,332 | $14,635,341 |
Central New York Community Foundation Inc Syracuse, NY | $395,864,792 | $49,020,873 |
Community Foundation Of Western Massachusetts Springfield, MA | $263,677,089 | $50,890,910 |
Essex County Community Foundation Incorporated Danvers, MA | $116,029,343 | $28,414,247 |
Community Foundations Of The Hudson Valley Poughkeepsie, NY | $96,104,226 | $20,607,422 |