Franklin Mint Federal Credit Unionfoundation Inc
- Assets
- $996.3k
- Revenue
- $612.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Chadds Ford, PA
- Founding
- 03/2008
- Data as of
- 12/2023
- EIN
- 26-0413862
Organization Overview
Franklin Mint Federal Credit Unionfoundation Inc is located in Chadds Ford, PA. The organization was established in 2008. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2023, Franklin Mint Federal Credit Unionfoundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin Mint Federal Credit Unionfoundation 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, Franklin Mint Federal Credit Unionfoundation Inc generated $612.7k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 31.3% each year . All expenses for the organization totaled $183.2k during the year ending 12/2023. While expenses have increased by 7.5% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CHARITABLE ARM OF FRANKLIN MINT FEDERAL CU MISSION TO SUPPORT CHARITABLE CAUSES AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PARTNERS WITH THE DELAWARE COUNTY INTERMEDIATE UNIT IN PRESENTING THE COUNTY'S PREMIER EDUCATION RECOGNITION EVENT. THE EVENT ACKNOWLEDGES AND PROMOTES ACADEMIC ACCOMPLISHMENT IN A WAY THAT IS SIMILAR TO RECOGNIZING ATHLETIC ABILITY. THE BANQUET HONORS STUDENTS AND EDUCATORS, INCLUDING THE STUDENTS WHO PARTICIPATE IN THE DELCO HI-Q ACADEMIC QUIZ COMPETITION AND THEIR ADVISORS, RECIPIENT OF THE EXCELLENCE IN TEACHING AWARDS, SCHOLARSHIP RECIPIENTS, AND COMMUNITY NON-PROFITS. ALL HONOREES ATTEND THE EVENT AT NO COST. THE BANQUET REGULARLY DRAWS AS MANT AS 500 GUESTS.
TEACHER MINI GRANTS - FRANKLIN MINT FEDERAL CREDIT UNION FOUNDATION FUNDS INNOVATIVE EDUCATIONAL EXPERIENCES FOR K-12 STUDENTS THAT MAY NOT OTHERWISE BE FUNDED IN THE SCHOOL YEAR. TEACHERS MAY REQUEST FUNDS FOR CLASSROOM SUPPLIES, TECHNOLOGY, BOOKS, FUNDING FOR CLASSROOM PROJECTS OR PROGRAMS. AMOUNTS GIVEN ARE UP TO $500 PER APPLICANT. APPLICANTS MUST TEACH AT A SCHOOL LOCATED IN CHESTER, DELAWARE, MONTGOMERY, NEW CASTLE COUNTIES, WEST PHILADELPHIA, OR UNIVERSITY CITY.
THE EXCELLENCE IN TEACHING AWARDS AND GRANT - LOCAL TEACHERS CAN BE NOMINATED TO RECEIVE $1,000 GRANTS TOWARDS EDUCATIONAL EXPENSES AND $1,000 FOR THEIR SCHOOL. THE EXCELLENCE IN TEACHING AWARD RECOGNIZES 20 OUTSTANDING AND DEDICATED TEACHERS IN OUR AREA. RECIPIENTS OF THIS AWARD RECEIVE $1,000 TOWARDS CLASSROOM EXPENSES AND A COMMEMORATIVE KEEPSAKE. THE RECIPIENT'S SCHOOL ALSO RECEIVES A $1,000 AWARD. A TOTAL OF $40,000 WILL BE AWARDED TO SCHOOLS AND EDUCATORS. TEACHERS CAN BE NOMINATED BY STUDENTS, PARENTS, CO-WORKERS OR SUPERVISORS. NOMINEES MUST BE PENNSYLVANIA- OR DELAWARE-CERTIFIED ACTIVE TEACHERS IN GOOD STANDING THAT PROVIDE DIRECT INSTRUCTION TO STUDENTS IN A CLASSROOM SETTING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Harry J Jamison President | OfficerTrustee | 1 | $0 |
Maria Rolston Vice President/secretary | OfficerTrustee | 1 | $0 |
Michael B Magnavita Treasurer | OfficerTrustee | 1 | $0 |
Dr Lois Snyder Director | Trustee | 1 | $0 |
Dr Joseph O'brien Director | Trustee | 1 | $0 |
William Taylor Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $22,468 |
| Fundraising events | $18,550 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $464,560 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $505,578 |
| Total Program Service Revenue | $35,641 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $71,470 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $612,689 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $60,326 |
| Grants and other assistance to domestic individuals. | $41,000 |
| 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 | $8,775 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,367 |
| Advertising and promotion | $0 |
| Office expenses | $4 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $237 |
| 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 | $183,242 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $564,264 |
| Pledges and grants receivable | $432,001 |
| 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 | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $996,265 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $578,364 |
| Net assets with donor restrictions | $417,901 |
| 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 | $996,265 |