Albert M Covelli Foundation
- Assets
- $6.8m
- Revenue
- $608.1k
- Investments
- $6.5m
- Employees
- 0
- Location
- Warren, OH
- Founding
- 06/1984
- Data as of
- 12/2021
- EIN
- 34-1383117
Organization Overview
Albert M Covelli Foundation is located in Warren, OH. The organization was established in 1984. 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. Albert M Covelli 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 12/2021, Albert M Covelli Foundation generated $608.1k 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 (12.9%) each year. All expenses for the organization totaled $405.2k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Albert M Covelli Foundation has awarded 221 individual grants totaling $2,578,675. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Josephine Covelli Trustee | 0 | $0 | |
Annette Ford Trustee | 0 | $0 | |
Sam Covelli Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $19,980 |
| Dividends & Interest | $146,351 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $441,796 |
| Capital Gain Net Income | $441,796 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $608,127 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $12,068 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $323 |
| Total operating and administrative expenses | $89,675 |
| Contributions, gifts, grants paid | $315,500 |
| Total expenses and disbursements | $405,175 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,310 |
| Savings and temporary cash investments | $271,950 |
| 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 | $6,759,932 |
| 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, Albert M Covelli Foundation has awarded $315,500 in support to 25 organizations.
| Grant Recipient | Amount |
|---|---|
JOHN F KENNEDY CATHOLIC SCHOOL PURPOSE: CHARITABLE | $93,000 |
Orlando, FL PURPOSE: CHARITABLE | $50,000 |
CLEVELAND CLINIC PURPOSE: CHARITABLE | $50,000 |
HIBISCUS CHILDREN'S CENTER PURPOSE: CHARITABLE | $25,000 |
Tampa, FL PURPOSE: CHARITABLE | $15,000 |
AKRON CHILDREN'S HOSPITAL PURPOSE: CHARITABLE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
George Gund Foundation Cleveland, OH | $524,945,754 | $120,923,136 |
Oberkotter Foundation Philadelphia, PA | $83,021,123 | $23,009,013 |
Lumina Foundation For Education Inc Indianapolis, IN | $0 | $124,727,424 |
Pnc Foundation Pittsburgh, PA | $218,373,148 | $3,451,991 |
Sarah Scaife Foundation Inc Pittsburgh, PA | $645,014,499 | $79,121,296 |
J Howard Pew Freedom Tr Philadelphia, PA | $675,828,558 | $64,346,772 |
Mccune Foundation Pittsburgh, PA | $180,488,577 | $38,182,239 |
The Meijer Foundation Grand Rapids, MI | $118,103,895 | $43,970,388 |
Nationwide Foundation Columbus, OH | $86,187,581 | $42,470,606 |
Dietrich Foundation Pittsburgh, PA | $1,425,693,584 | $93,476,192 |
Ford Motor Co Fund Dearborn, MI | $173,752,828 | $51,364,996 |
Farmer Family Foundation Cincinnati, OH | $165,004,074 | $63,392,827 |