Penske Foundation Inc
- Assets
- $17.0m
- Revenue
- $10.2m
- Investments
- $3.3m
- Employees
- 0
- Location
- Bloomfield Hills, MI
- Founding
- 03/2012
- Data as of
- 12/2022
- EIN
- 27-4648290
Organization Overview
Penske Foundation Inc is located in Bloomfield Hills, MI. The organization was established in 2012. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Penske 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 12/2022, Penske Foundation Inc generated $10.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 19.0% each year . All expenses for the organization totaled $2.7m during the year ending 12/2022. While expenses have increased by 1.0% per year over the past 8 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, Penske Foundation Inc has awarded 97 individual grants totaling $15,000,000. 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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawrence N Bluth Secretary | 1 | $0 | |
Kathryn H Penske President | 1 | $0 | |
Angela Broaddus Treasurer | 1 | $0 | |
Mark H Penske Director | 1 | $0 | |
Roger S Penske Jr Director | 1 | $0 | |
Jay C Penske Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $10,100,000 |
| Interest on Savings | $30,567 |
| Dividends & Interest | $113,357 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $10,243,924 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $2,225 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $4,470 |
| Contributions, gifts, grants paid | $2,670,000 |
| Total expenses and disbursements | $2,674,470 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $13,658,307 |
| 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 | $17,008,099 |
| 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, Penske Foundation Inc has awarded $2,670,000 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
Washington, DC PURPOSE: GENERAL | $1,000,000 |
Detroit, MI PURPOSE: GENERAL | $500,000 |
Rochester, MN PURPOSE: GENERAL | $500,000 |
BIRTHSTONE CORPORATION PURPOSE: GENERAL | $250,000 |
UNITED WAY OF SOUTHERN MICHIGAN PURPOSE: GENERAL | $125,000 |
Virginia Beach, VA PURPOSE: GENERAL | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Progressive Insurance Foundation Cleveland, OH | $7,804,354 | $47,823,383 |
Highlands Foundation Inc Madison, WI | $16,807,622 | $1,089,528 |
Rockwell Automation Charitable Corporation Milwaukee, WI | $6,137,007 | $10,007,891 |
Third Federal Foundation Cleveland, OH | $35,709,526 | $3,618,702 |
Gii Charities Grand Rapids, MI | $4,065,002 | $6,112,431 |
Westfield Insurance Foundation Westfield Center, OH | $42,931,784 | $4,362,594 |
Morgan Family Foundation Yellow Springs, OH | $51,827,477 | $1,582,241 |
Harry M And Violet Turner Charitable Trust Springfield, OH | $29,217,065 | $2,348,308 |
Penske Foundation Inc Bloomfield Hills, MI | $17,008,099 | $10,243,924 |
Alexander And Sarah Cutler Family Foundation Gates Mills, OH | $2,958,061 | $1,879,230 |
Clyde And Maycel Clark Foundation Inc Portsmouth, OH | $18,068,185 | $1,230,534 |
Scotts Miracle-Gro Foundation Marysville, OH | $2,069,071 | $1,768,884 |