Philip V Fava And Nancy Owen D Fava Scholarship Foundation
- Assets
- $396.3k
- Revenue
- $508.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Whippany, NJ
- Founding
- 08/1972
- Data as of
- 12/2022
- EIN
- 23-7149743
Organization Overview
Philip V Fava And Nancy Owen D Fava Scholarship Foundation is located in Whippany, NJ. The organization was established in 1972. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Philip V Fava And Nancy Owen D Fava Scholarship Foundation 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 12/2022, Philip V Fava And Nancy Owen D Fava Scholarship Foundation generated $508.9k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 45.1% each year . All expenses for the organization totaled $1.6m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dominick DE Cicco Co-Trustee | 1 | $0 | |
Joyce Del Sordo Co-Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $20,952 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $487,963 |
| Capital Gain Net Income | $487,963 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $508,915 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,757 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $49,838 |
| Contributions, gifts, grants paid | $1,560,915 |
| Total expenses and disbursements | $1,610,753 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $396,321 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $396,321 |
| 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 | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Philip V Fava And Nancy Owen D Fava Scholarship Foundation has awarded $1,560,915 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CALDWELL COLLEGE PURPOSE: GENERAL SUPPORT | $390,229 |
BLACKBURN COLLEGE PURPOSE: GENERAL SUPPORT | $390,229 |
TUFTS UNIVERSTIY SCHOOL OF MEDICINE PURPOSE: GENERAL SUPPORT | $780,457 |