Foundation Medici
- Assets
- $5.7m
- Revenue
- $307.9k
- Investments
- $1.8m
- Employees
- 0
- Location
- Warren, OH
- Founding
- 07/1993
- Data as of
- 12/2022
- EIN
- 34-1701625
Organization Overview
Foundation Medici is located in Warren, OH. The organization was established in 1993. According to its NTEE Classification (T23) the organization is classified as: Private Operating 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. Foundation Medici 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, Foundation Medici generated $307.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $343.7k during the year ending 12/2022. While expenses have increased by 4.0% per year over the past 7 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FUNDS TO OPERATE ART MUSEUM IN WARREN OH
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Farid Naffah President | 0 | $0 | |
John Progue Secretary | 0 | $0 | |
William Mullane Treasurer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $70,405 |
| Interest on Savings | $20 |
| Dividends & Interest | $47,831 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $152,957 |
| Capital Gain Net Income | $152,957 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $36,681 |
| Total Revenue | $307,894 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $112,239 |
| Pension plans, employee benefits | $191 |
| Interest | $0 |
| Taxes | $10,563 |
| Depreciation | $0 |
| Occupancy | $65,490 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $110,104 |
| Total operating and administrative expenses | $343,664 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $343,664 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $34,459 |
| Savings and temporary cash investments | $99,817 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $19,150 |
| 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 | $3,219,678 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $499,772 |
| Total assets | $5,657,995 |
| 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, Foundation Medici has awarded $157,041 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
FMC FUND PURPOSE: CONSTRUCTION PROJECT-BUTLER | $106,041 |
BUTLER INSTITUTE OF ART PURPOSE: SUPPORT PROGRAM | $50,000 |
WARREN PHILHARMONIC ORCHESTRA PURPOSE: PROGRAM SUPPORT | $1,000 |