Robert R Mccormick Foundation
- Assets
- $1.6b
- Revenue
- $97.6m
- Investments
- $1.4b
- Employees
- 17
- Location
- Chicago, IL
- Founding
- 03/1990
- Data as of
- 12/2023
- EIN
- 36-3689171
Organization Overview
Robert R Mccormick Foundation, operating under the name Mccormick Foundation, is located in Chicago, IL. The organization was established in 1990. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Mccormick Foundation employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mccormick 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, Mccormick Foundation generated $97.6m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $78.2m during the year ending 12/2023. While expenses have increased by 1.2% per year over the past 5 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.
Since 2020, Mccormick Foundation has awarded 1,086 individual grants totaling $281,550,046. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE GRANTS TO ORGANIZATIONS WORKING TO BUILD THRIVING COMMUNITIES IN CHICAGOLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS (AND RELATED ADMINISTRATION) MADE TO ORGANIZATIONS IN THE FOUNDATION'S GRANT MAKING PROGRAM AREAS.
THE FOUNDATION SUPPORTS CHARITABLE ORGANIZATIONS ACROSS THE CHICAGO REGION IN THEIR FUNDRAISING EFFORTS THROUGH SPONSORSHIPS, TABLE PURCHASES, TICKET PURCHASES, AND OTHER DONATIONS TO IMPROVE THE ORGANIZATIONS' SUSTAINABILITY AND COMMUNITY IMPACT.
EVALUATION AND SUPPORT OF PROGRAMS IN FURTHERANCE OF THE FOUNDATION'S MISSION TO SUPPORT YOUTH AND EARLY CHILDHOOD EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Fitzsimons Chairman Of The Board | OfficerTrustee | 2 | $27,500 |
Lee Henderson Director | Trustee | 2 | $27,500 |
Ruthellyn Musil Director | Trustee | 2 | $27,500 |
William Mcclean Director | Trustee | 2 | $27,500 |
Celena Roldan Director | Trustee | 2 | $27,500 |
Scott Smith Director | Trustee | 2 | $27,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Monticello Associates Inc Investment Consulting Services | 12/30/23 | $450,000 |
Blackbaud Inc Grant & Fundraising Annual Subscription | 12/30/23 | $224,328 |
The Northern Trust Company Custodian Fees | 12/30/23 | $136,023 |
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 | $14,584,657 |
| Noncash contributions included in lines 1a–1f | $23,845 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,584,657 |
| Total Program Service Revenue | $0 |
| Investment income | $18,824,680 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $64,144,439 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $97,553,776 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $69,921,502 |
| 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. | $2,000,657 |
| Compensation of current officers, directors, key employees. | $937,503 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,485,661 |
| Pension plan accruals and contributions | $389,949 |
| Other employee benefits | $331,878 |
| Payroll taxes | $208,910 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $168,339 |
| Fees for services: Accounting | $203,211 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $616,023 |
| Fees for services: Other | $230,405 |
| Advertising and promotion | $1,366 |
| Office expenses | $120,727 |
| Information technology | $115,973 |
| Royalties | $0 |
| Occupancy | $341,676 |
| Travel | $53,073 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $114,940 |
| Interest | $56,390 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $782,202 |
| Insurance | $157,980 |
| All other expenses | -$49,568 |
| Total functional expenses | $78,215,597 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,426,023 |
| Savings and temporary cash investments | $64,193,429 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,860 |
| 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 | $88,305 |
| Net Land, buildings, and equipment | $426,231 |
| Investments—publicly traded securities | $199,915,571 |
| Investments—other securities | $1,361,246,381 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,769,425 |
| Total assets | $1,638,068,225 |
| Accounts payable and accrued expenses | $769,354 |
| Grants payable | $28,919,662 |
| 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 | $0 |
| Other liabilities | $10,912,959 |
| Total liabilities | $40,601,975 |
| Net assets without donor restrictions | $1,587,099,479 |
| Net assets with donor restrictions | $10,366,771 |
| 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 | $1,638,068,225 |
Grants Awarded
Over the last fiscal year, Robert R Mccormick Foundation has awarded $69,149,890 in support to 235 organizations.
| Grant Recipient | Amount |
|---|---|
CAROLE ROBERTSON CENTER FOR LEARNING PURPOSE: GENERAL OPERATING SUPPORT AND SPONSORSHIPS | $782,000 |
CARA PROGRAM PURPOSE: GENERAL OPERATING SUPPORT | $30,000 |
CHICAGO CHILDREN'S MUSEUM PURPOSE: PLAYFUL LEARNING LANDSCAPES | $250,000 |
CHICAGO COALITION FOR THE HOMELESS PURPOSE: STREETLIGHT CHICAGO | $22,500 |
CHICAGO COMMONS ASSOCIATION PURPOSE: PATHWAYS FOR PARENTS | $125,000 |
CHICAGO COMMUNITY FOUNDATION PURPOSE: ILLINOIS IMMIGRATION FUNDER COLLABORATIVE AND WE RISE TOGETHER | $350,000 |