Olive B Cole Foundation Inc
- Assets
- $32.7m
- Revenue
- $1.6m
- Investments
- $32.4m
- Employees
- 0
- Location
- Fort Wayne, IN
- Founding
- 10/1958
- Data as of
- 03/2024
- EIN
- 35-6040491
Organization Overview
Olive B Cole Foundation Inc is located in Fort Wayne, IN. The organization was established in 1958. 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. Olive B Cole 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 03/2024, Olive B Cole Foundation Inc generated $1.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (12.3%) each year. All expenses for the organization totaled $1.7m during the year ending 03/2024. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Olive B Cole Foundation Inc has awarded 241 individual grants totaling $6,658,898. 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
2024
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP PROGRAM: GRANTS ARE AWARED COLLEGE STUDENTS UNDER A PREVIOUSLY APPROVED SCHOLARSHIP PROGRAM WHICH IS ADMIN- ISTERED BY THE FOUNDATION.
AFFILIATED ENTITY: THE FOUNDATION PROVIDES TECHNICAL ASSISTANCE AND ADMINISTRATIVE SERVICES TO ELOC, INC., WITH- OUT CHARGE. ELOC, INC. IS A PRIVATE OPERATING FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Maclyn T Parker Chairman Of The Board | 30 | $56,375 | |
Gwen I Tipton Scholarship Director | 12 | $16,349 | |
Jack Hunter Director | 2 | $8,480 | |
Emily E Pichon President | 30 | $63,422 | |
John Riemke Director | 2 | $8,480 | |
Kristi P Celico Secretary/treasurer | 30 | $30,494 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $117,771 |
| Dividends & Interest | $1,519,051 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$41,172 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $137 |
| Total Revenue | $1,595,787 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $200,560 |
| Other employee salaries and wages | $25,804 |
| Pension plans, employee benefits | $97,222 |
| Interest | $0 |
| Taxes | $46,044 |
| Depreciation | $683 |
| Occupancy | $32,505 |
| Travel, conferences, and meetings | $8,357 |
| Printing and publications | $0 |
| Other expenses | $11,467 |
| Total operating and administrative expenses | $488,984 |
| Contributions, gifts, grants paid | $1,246,795 |
| Total expenses and disbursements | $1,735,779 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $62,661 |
| Savings and temporary cash investments | $150,692 |
| 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 | $162,316 |
| Net Land, buildings, and equipment | $1,652 |
| Other assets | $0 |
| Total assets | $32,658,334 |
| 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, Olive B Cole Foundation Inc has awarded $1,246,795 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
AUDIENCES UNLIMITED PURPOSE: ENSAMBLES IN NURSING HOMES | $14,500 |
BE NOBLE PURPOSE: LEADERSHIP DEVELOPMENT | $8,333 |
BLACK PINE ANIMAL PARK PURPOSE: BIG CAT HABITAT | $50,000 |
BIG BROTHERS BIG SISTERS PURPOSE: YOUTH MENTORING PROGRAM | $5,000 |
CANCER SERVICES OF NORTHEAST INDIANA PURPOSE: CLIENT ADVOCATE PROGRAM | $20,000 |
CITY OF KENDALLVILLE PURPOSE: JULY 4TH CELEBRATION | $5,000 |