American Savings Foundation Inc
- Assets
- $91.4m
- Revenue
- $1.8m
- Investments
- $88.6m
- Employees
- 0
- Location
- New Britain, CT
- Founding
- 05/2005
- Data as of
- 12/2023
- EIN
- 30-0308972
Organization Overview
American Savings Foundation Inc is located in New Britain, CT. The organization was established in 2005. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. American Savings 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, American Savings Foundation Inc generated $1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.3%) each year. All expenses for the organization totaled $4.4m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, American Savings Foundation Inc has awarded 3,825 individual grants totaling $23,145,024. 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
THE AMERICAN SAVINGS FOUNDATION OPERATES A LARGE SCHOLARSHIP PROGRAM, WHICH IN 2023 DISTRIBUTED $759,611 IN SCHOLARSHIPS FOR 451 INDIVIDUAL STUDENTS. THE FOUNDATION STAFF DIRECTLY MANAGES THIS PROGRAM AND PROVIDES SIGNIFICANT OUTREACH, SUPPORT AND GUIDANCE TO SCHOLARSHIP APPLICANTS AND RECIPIENTS, SUCH AS ADVICE ON APPLYING FOR FINANCIAL AID AND OTHER AVAILABLE SCHOLARSHIPS. SINCE 2021, THE FOUNDATION HAS PARTNERED WITH A THIRD-PARTY PROVIDER, WHEELER, TO PROVIDE ACCESS TO MENTAL HEALTH RESOURCES FOR OUR SCHOLARS. THE FOUNDATION SUPPORTS A PAID SUMMER INTERNSHIP PROGRAM, PROVIDING GRANT FUNDING TO LOCAL NONPROFITS FOR CAREER-ORIENTED INTERNSHIPS, WHICH ARE OPEN TO RECIPIENTS OF THE FOUNDATION'S SCHOLARSHIP. TOTAL INTERNSHIP GRANTS IN 2023 WERE $95,046.
AS PART OF THE AMERICAN SAVINGS FOUNDATION SUPPORT FOR LOCAL AFTER SCHOOL PROGRAMS IN THE CITY OF NEW BRITAIN, CT, THE FOUNDATION PROVIDES AND FACILITATES ACCESS TO A COMMON PLATFORM FOR TRACKING PROGRAM ATTENDANCE. THIS SYSTEM, TRANSACT, IS USED BY ALL THE AFTER-SCHOOL PROGRAMS FUNDED BY THE FOUNDATION. FOUNDATION STAFF ACTS AS AN ADMINISTRATOR ON THE PLATFORM AND PROVIDES SUPPORT TO USERS TO ENSURE ACCURATE REPORTING AND ANALYSIS OF THE DATA. PROVIDING A COMMON PLATFORM SAVES EACH AGENCY THE INDIVIDUAL COST OF ACQUIRING AND SUPPORTING AN ATTENDANCE TRACKING SYSTEM. AMERICAN SAVINGS FOUNDATION ALSO PROVIDES DIRECT SUPPORT FOR SHARED TRAINING AND COLLABORATIVE MEETINGS FOR AFTER SCHOOL PROVIDERS.
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Board, Officers & Key Employees
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tiff | 12/30/19 | $194,942 |
Commonfund | 12/30/19 | $98,125 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $77,165 |
| Dividends & Interest | $195,644 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,454,585 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $39,722 |
| Total Revenue | $1,767,116 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $235,757 |
| Other employee salaries and wages | $344,934 |
| Pension plans, employee benefits | $118,867 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $5,380 |
| Occupancy | $43,254 |
| Travel, conferences, and meetings | $12,102 |
| Printing and publications | $4,628 |
| Other expenses | $152,345 |
| Total operating and administrative expenses | $1,125,857 |
| Contributions, gifts, grants paid | $3,324,071 |
| Total expenses and disbursements | $4,449,928 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $117,950 |
| Savings and temporary cash investments | $2,621,709 |
| 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 | $88,614,682 |
| Net Land, buildings, and equipment | $23,235 |
| Other assets | $8,625 |
| Total assets | $91,386,201 |
| 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, American Savings Foundation Inc has awarded $3,324,071 in support to 605 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS & GIRLS CLUB OF NEW BRITAIN PURPOSE: CAPITAL GRANTS - DRIVE DREAMS FORWARD: WHEELS OF HOPE | $93,138 |
CCARC INC PURPOSE: CAPITAL GRANTS - UPGRADE TO NEWLY PURCHASED FACILITY | $120,000 |
COMMUNITY HEALTH CENTER PURPOSE: CAPITAL GRANTS - NEW BRITAIN WELLNESS CENTER | $19,000 |
GILEAD COMMUNITY SERVICES PURPOSE: CAPITAL GRANTS - FARRELL TREATMENT CENTER WATER HEATER REPLACEMENT | $6,489 |
AFRO CARIBBEAN CULTURAL CENTER INC PURPOSE: PROGRAM GRANT - CUYO ARTS & THEATER PROGRAM | $5,000 |
BOYS & GIRLS CLUB OF GREATER WATERBURY PURPOSE: PROGRAM GRANT - TEEN PROGRAM 2023-24 | $45,000 |