The Michael A J Farrell Foundation Inc
- Assets
- $2.8m
- Revenue
- $7.7k
- Investments
- $66.5k
- Employees
- 0
- Location
- Summit, NJ
- Founding
- 11/2000
- Data as of
- 12/2021
- EIN
- 31-1714697
Organization Overview
The Michael A J Farrell Foundation Inc is located in Summit, NJ. The organization was established in 2000. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Michael A J Farrell 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 12/2021, Michael A J Farrell Foundation Inc generated $7.7k 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 (49.5%) each year. All expenses for the organization totaled $123.6k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
RAISE FUNDS TO SUPPORT THE EDUCATION MISSION OF PREPARATORY SCHOOLS SUCH AS THE ORATORY SCHOOL OF SUMMIT,NJ AND INSTITUTIONS OF HIGHER EDUCATION AND OTHER EDUCATION ENDEAVORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RAISE FUNDS TO SUPPORT THE EDUCATION MISSION OF PREPARATORY SCHOOLS SUCH AS THE ORATORY SCHOOL OF SUMMIT NJ AND INSTITUITIONS OF HIGHER EDUCATION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carolyn Ferrolito Trustee | Trustee | 3 | $0 |
Kevin Greene Trustee | Trustee | 3 | $0 |
Edward Mcdonnell Trustee | Trustee | 3 | $0 |
Mary R Farrell Trustee | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,200 |
| Total Program Service Revenue | $0 |
| Investment income | $500 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,700 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $0 |
| 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 | $3,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,739 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $97,787 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $12,015 |
| All other expenses | $0 |
| Total functional expenses | $123,587 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $25,602 |
| Investments—other securities | $66,485 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,689,734 |
| Total assets | $2,782,121 |
| 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 | $2,344,315 |
| Other liabilities | $0 |
| Total liabilities | $2,344,315 |
| Net assets without donor restrictions | $437,806 |
| Net assets with donor restrictions | $0 |
| 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 | $2,782,121 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that The Michael A J Farrell Foundation Inc has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Ayco Charitable Foundation Cohoes, NY PURPOSE: COMMUNITY & HUMAN SERVICES | $25,000 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: COMMUNITY & HUMAN SERVICES | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Stony Brook Foundation Inc Stony Brook, NY | $732,698,663 | $129,247,386 |
University At Buffalo Foundation Inc Buffalo, NY | $1,104,161,290 | $45,943,366 |
Americans For Ben-Gurion University Inc New York, NY | $873,598,749 | $105,090,161 |
Anderson Center Services Inc Staatsburg, NY | $47,866,926 | $36,341,767 |
Forrestal Agricultural Corporation Princeton, NJ | $368,119,233 | $43,096,782 |
Faculty-Student Assoc Of State University Of Ny At Stony Brook Stony Brook, NY | $54,956,974 | $31,334,535 |
Foundation For Indiana University Of Pennsylvania Indiana, PA | $226,911,998 | $27,994,482 |
Foundation Of The State University Of New York At Binghamton Inc Binghamton, NY | $286,478,699 | $29,318,635 |
New York University School Of Law Foundation New York, NY | $145,376,406 | $16,902,006 |
Ubf Faculty-Student Housing Corp Buffalo, NY | $136,055,512 | $19,963,891 |
Educational And Cultural Trust Fund Of The Electrical Industry Flushing, NY | $84,016,859 | $24,193,596 |
Unidel Foundation Inc Greenville, DE | $452,249,782 | $36,851,681 |