Clara Abbott Foundation

Organization Overview

Clara Abbott Foundation is located in Abbott Park, IL. The organization was established in 1999. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Clara Abbott 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, Clara Abbott Foundation generated $3.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (17.7%) each year. All expenses for the organization totaled $14.0m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990PF Filing

TAX YEAR

2020

Describe the Organization's Program Activity:

Part 3 - Line 4a

EDUCATIONAL GRANTS AND RELATED EXPENSES:THE FOUNDATION PROVIDES NEED-BASED EDUCATIONAL GRANTS TO HELP THE DEPENDENT CHILDREN OF ELIGIBLE ABBOTT EMPLOYEES AND RETIREES ATTEND ACCREDITED COLLEGES OR UNIVERSITIES, COMMUNITY COLLEGES, VOCATIONAL AND TRADE SCHOOLS. DURING THE YEAR, 1,937 GRANTS WERE AWARDED WORLDWIDE.


FINANCIAL AID AND RELATED EXPENSES:THE FOUNDATION PROVIDES NEED-BASED FINANCIAL GRANTS TO ASSIST ELIGIBLE ABBOTT EMPLOYEES AND RETIREES WHO ARE EXPERIENCING SEVERE FINANCIAL HARDSHIP. DURING THE YEAR, 1,556 AWARDS WERE ISSUED WORLDWIDE.THE FOUNDATION ALSO PROVIDED OVER 13,700 FINANCIAL GRANTS TO ASSIST ELIGIBLE ABBOTT EMPLOYEES AND RETIREES WHO WERE VICTIMS OF THE 2021 DISASTERS; NAMELY COVID19


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
R&m Consulting Services
$72,682
Dhr Direct Solutions Llc
$51,650
Luis Hernandez
$57,116
View All Vendors

Financial Statements

Statement of Revenue
Contributions, Gifts, Grants & Similar $3,183
Interest on Savings $0
Dividends & Interest $5,581,161
Net Rental Income$0
Net Gain on Sale of Assets -$2,315,733
Capital Gain Net Income $0
Net ST Capital Gain $0
Income Modifications $0
Profit on Inventory Sales $0
Other Income $1,859
Total Revenue $3,270,470

Grants Awarded

Over the last fiscal year, Clara Abbott Foundation has awarded $14,909,105 in support to 2 organizations.

Grant RecipientAmount

FINANCIAL AID AND EDUCATIONAL SEMINARS SEE STATEMENT 14

PURPOSE: GENERAL ASSISTANCE

$10,844,047

SCHOLARSHIP GRANTS SEE STATEMENT 14

PURPOSE: EDUCATIONAL ASSISTANCE

$4,065,058
View Grant Profile

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