James And Loretta Colotto Foundation Inc
- Assets
- $2.4m
- Revenue
- $193.6k
- Investments
- $2.2m
- Employees
- 0
- Location
- Hackensack, NJ
- Founding
- 04/2001
- Data as of
- 12/2023
- EIN
- 22-3769926
Organization Overview
James And Loretta Colotto Foundation Inc is located in Hackensack, NJ. The organization was established in 2001. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. James And Loretta Colotto 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 12/2023, James And Loretta Colotto Foundation Inc generated $193.6k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $390.3k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, James And Loretta Colotto Foundation Inc has awarded 270 individual grants totaling $2,068,300. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
INVESTMENT INCOME AND CORPUS DISTRIBUTED TO 501(C)(3) CHARITABLE ORGANIZATIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Gilmartin Secretary | 3 | $23,956 | |
Peter G Bowen President | 3 | $23,956 | |
Michael Scicutella Vice President | 3 | $23,956 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $9,373 |
| Dividends & Interest | $110,132 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $74,122 |
| Capital Gain Net Income | $74,122 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $193,627 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $71,868 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $5,265 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,869 |
| Total operating and administrative expenses | $92,240 |
| Contributions, gifts, grants paid | $298,100 |
| Total expenses and disbursements | $390,340 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $202,903 |
| 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 | $1,525 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $195,253 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,426,500 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $85,106 |
| Total liabilities | $85,106 |
Grants Awarded
Over the last fiscal year, James And Loretta Colotto Foundation Inc has awarded $298,100 in support to 40 organizations.
| Grant Recipient | Amount |
|---|---|
ST PAUL APOSTLE CHURCH PURPOSE: GENERAL USE | $3,500 |
MERCY HOME FOR BOYS GIRLS PURPOSE: GENERAL USE | $21,500 |
ST CECILIA ROMAN CATHOLIC CHRC PURPOSE: GENERAL USE | $12,000 |
SMA FATHERS PURPOSE: GENERAL USE | $13,500 |
TRINITY MISSIONS PURPOSE: GENERAL USE | $5,500 |
MOUNT ST MARY'S SEMINARY PURPOSE: GENERAL USE | $6,000 |