Robert R Mccormick Foundation
- Assets
- $1.5b
- Revenue
- $43.5m
- Investments
- $1.2b
- Employees
- 19
- Location
- Chicago, IL
- Founding
- 03/1990
- Data as of
- 12/2020
- 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 12/2021, Mccormick Foundation employed 19 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 12/2020, Mccormick Foundation generated $43.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.6%) each year. All expenses for the organization totaled $91.5m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Mccormick Foundation has awarded 610 individual grants totaling $119,000,897. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
WORK WITH COMMUNITIES IN CHICAGOLAND TO DEVELOP EDUCATED AND ENGAGED CITIZENS.
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.
EVALUATION AND SUPPORT OF PROGRAMS IN FURTHERANCE OF THE FOUNDATION'S MISSION.
PURCHASE OF TABLES AND SPONSORSHIPS FOR OTHER CHARITABLE FUNDRAISING EVENTS. (THE FMV OF ANY BENEFITS RECEIVED WAS REPORTED SEPERATELY AS ADMINSITRATIVE EXPENSES.)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Knight President And Chief Executive Officer | Officer | 32 | $505,362 |
Donald Cooke Secretary | Officer | 38 | $355,231 |
David Granat Vp. Chief Investment Officer | Officer | 25 | $289,410 |
Cornelia Grumman Director Of Education Program | 40 | $260,069 | |
Anna Laubach Director, Public Safety Portfolio | 40 | $185,753 | |
Megan Everett Director, Veterans Portfolio | 40 | $168,468 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Monticello Associates Inc Investment Consulting Services | 12/30/21 | $600,000 |
Leopardo Companies Inc Office Renovation | 12/30/21 | $805,078 |
Henricksen Office Renovation | 12/30/21 | $231,985 |
Michigan Plaza Llc Rent | 12/30/21 | $387,443 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,356,884 |
| Investment income | $15,423,029 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,684,183 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,489,096 |
| Statement of Expenses | |
|---|---|
| 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. | $2,941,363 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,360,745 |
| Pension plan accruals and contributions | $606,160 |
| Other employee benefits | $451,064 |
| Payroll taxes | $343,114 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,259,896 |
| Fees for services: Accounting | $75,560 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $656,177 |
| Fees for services: Other | $181,061 |
| Advertising and promotion | $12,166 |
| Office expenses | $131,884 |
| Information technology | $371,497 |
| Royalties | $0 |
| Occupancy | $762,108 |
| Travel | $29,215 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $158,087 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,674 |
| Insurance | $181,760 |
| All other expenses | $0 |
| Total functional expenses | $91,509,150 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $644,048 |
| Savings and temporary cash investments | $91,791,962 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,370,425 |
| 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 | $0 |
| Investments—publicly traded securities | $207,501,104 |
| Investments—other securities | $1,219,455,478 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,010,352 |
| Total assets | $1,522,880,168 |
| Accounts payable and accrued expenses | $11,240,683 |
| Grants payable | $25,097,687 |
| 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 | $5,777,355 |
| Total liabilities | $42,115,725 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,480,764,443 |
Grants Awarded
Over the last fiscal year, Robert R Mccormick Foundation has awarded $46,177,788 in support to 239 organizations.
| Grant Recipient | Amount |
|---|---|
Chicago, IL PURPOSE: UNITED WAY NEIGHBORHOOD NETWORKS | $5,260,000 |
Chicago, IL PURPOSE: READI 2.0, READI AND READI FOR REENTRY PROGRAMS | $1,850,000 |
Chicago, IL PURPOSE: PANDEMIC RESPONSE EMERGENCY FUND AND COMMUNITY HEALTH WORKER TEAM, LITTLE VILLAGE YOUTH SAFETY NETWORK, ENLACE STREET OUTREACH PROGRAM, GENERAL OPERATING SUPPORT | $1,809,500 |
Chicago, IL PURPOSE: ILLINOIS IMMIGRATION FUNDERS COLLABORATIVE, CHICAGOLAND WORKFORCE FUNDER ALLIANCE, COMMUNITIES PARTNERING FOR PEACE, NEIGHBORHOOD ENTREPRENEURSHIP LAB (NEL) ENGLEWOOD COHORT, ILLINOIS IMMIGRATION FUNDERS COLLABORATIVE (IFC), FUND FOR EQUITABLE BUSINESS GR | $1,695,000 |
Chicago, IL PURPOSE: SECOND CENTURY CAMPAIGN, BLACK CHICAGO TOMORROW | $1,300,000 |
Wheeling, IL PURPOSE: BUILDING EC LEADERSHIP CAPACITY, FOR THE UNDERGRADUATE COLLEGE/PATHWAYS PROGRAM, BUILDING LEADERSHIP CAPACITY, PART II, DRIVING EQUITY IN HIGHER EDUCATION THROUGH INNOVATION AND STUDENT SUPPORT | $1,300,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Robert R Mccormick Foundation has recieved totaling $250.
| Awarding Organization | Amount |
|---|---|
Gorman Foundation Charitable Trust Aspen, CO PURPOSE: N A | $250 |
Endowment Analysis
| Beg. Balance | $5,005,976 |
| Earnings | $704,901 |
| Other Expense | $176,570 |
| Ending Balance | $5,534,307 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Howard G Buffett Foundation Decatur, IL | $381,115,382 | $295,560,997 |
Robert R Mccormick Foundation Chicago, IL | $1,522,880,168 | $43,489,096 |
David F And Margaret T Grohne Family Foundation Western Springs, IL | $161,662,019 | $15,904,271 |
The Burke Foundation Inc Milwaukee, WI | $121,362,007 | $6,169,378 |
Illinois Assistive Technology Program Springfield, IL | $10,127,419 | $6,900,669 |
Crossroads Fund Chicago, IL | $13,233,891 | $8,800,082 |
Vine And Branches Foundation Inc Brookfield, WI | $8,641,827 | $2,521,561 |
Association Of State Floodplain Managers Inc Madison, WI | $3,465,086 | $3,791,524 |
Alan Stone Family Charitable Foundation % Reed Smith LLP - Harry Rosenberg Chicago, IL | $0 | $100,169 |
Peter And Paula Fasseas Foundation Chicago, IL | $50,357,726 | $8,283,085 |
Jefferson City Parks And Recreation Foundation Jefferson City, MO | $842,423 | $291,038 |
Stephenson Family Foundation Schaumburg, IL | $89,371 | $3,480,000 |