Dr Prem Reddy Family Foundation
- Assets
- $45.8m
- Revenue
- $1.5m
- Investments
- $26.5m
- Employees
- 0
- Location
- Victorville, CA
- Founding
- 01/1992
- Data as of
- 12/2023
- EIN
- 33-0486173
Organization Overview
Dr Prem Reddy Family Foundation is located in Victorville, CA. The organization was established in 1992. According to its NTEE Classification (A54) the organization is classified as: History Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dr Prem Reddy Family 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 12/2023, Dr Prem Reddy Family Foundation generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 12.4% each year . All expenses for the organization totaled $1.5m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Dr Prem Reddy Family Foundation has awarded 320 individual grants totaling $16,964,080. 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
NA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Prem Reddy President | 2 | $0 | |
Kavitha Reddy Bhatia Secretary | 2 | $0 | |
Sunitha Reddy Director | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $335,470 |
| Interest on Savings | $95,543 |
| Dividends & Interest | $718,400 |
| Net Rental Income | $50,610 |
| Net Gain on Sale of Assets | $318,873 |
| Capital Gain Net Income | $318,873 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $8,446 |
| Other Income | $4,583 |
| Total Revenue | $1,531,925 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $220,989 |
| Depreciation | $15,583 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $199,107 |
| Total operating and administrative expenses | $494,028 |
| Contributions, gifts, grants paid | $963,000 |
| Total expenses and disbursements | $1,457,028 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,151,922 |
| Savings and temporary cash investments | $0 |
| 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 | $16,784,360 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $1,302,912 |
| Other assets | $0 |
| Total assets | $45,761,850 |
| Accounts payable and accrued expenses | $117,770 |
| 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 | $117,770 |
Grants Awarded
Over the last fiscal year, Dr Prem Reddy Family Foundation has awarded $963,000 in support to 56 organizations.
| Grant Recipient | Amount |
|---|---|
VICTOR VALLEY COLLEGE PURPOSE: SCHOLARSHIPS | $42,000 |
KECK SCHOOL OF MEDICINE PURPOSE: SCHOLARSHIP | $2,500 |
UNIVERSITY OF CALIFORNIA LA PURPOSE: SCHOLARSHIPS | $13,500 |
ASUZA PACIFIC UNIVERSITY PURPOSE: SCHOLARSHIPS | $29,000 |
UNIVERSITY OF SOUTHERN CALIFORNIA PURPOSE: SCHOLARSHIP | $1,000 |
UNIVERSITY OF CALIFORNIA SAN DIEGO PURPOSE: SCHOLARSHIP | $5,500 |