Clara Abbott Foundation
- Assets
- $0.0
- Revenue
- $27.0m
- Investments
- $229.9m
- Employees
- 0
- Location
- Abbott Park, IL
- Founding
- 12/1999
- Data as of
- 12/2021
- EIN
- 36-6069632
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 12/2021, Clara Abbott Foundation generated $27.0m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 22.8% each year . All expenses for the organization totaled $19.5m during the year ending 12/2021. While expenses have increased by 11.2% per year over the past 4 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
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, 1,876 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, 1,232 AWARDS WERE ISSUED WORLDWIDE.THE FOUNDATION ALSO PROVIDED OVER 490 FINANCIAL GRANTS TO ASSIST ELIGIBLE ABBOTT EMPLOYEES AND RETIREES WHO WERE VICTIMS OF THE 2022 FOR DISASTERS; NAMELY UKRAINE INVASION, COVID19 AND HURRICANE FIONA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Berry John Director | 1 | $0 | |
Cushman Liz Director | 1 | $0 | |
Hamilton Cathy Director | 1 | $0 | |
Huang Gene Director | 1 | $0 | |
Hurwich Thomas Director | 1 | $0 | |
Krammer Karen Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
R&m Consulting Services | 12/30/22 | $96,061 |
Dhr Direct Solutions Llc | 12/30/22 | $50,949 |
Luis Hernandez | 12/30/22 | $56,662 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $5,104 |
| Interest on Savings | $0 |
| Dividends & Interest | $9,527,908 |
| Profit on Inventory Sales | $0 |
| Other Income | $37,673 |
| Total Revenue | $27,023,204 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $891,535 |
| Pension plans, employee benefits | $211,015 |
| Depreciation | $51,491 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Total operating and administrative expenses | $4,596,180 |
| Contributions, gifts, grants paid | $14,909,105 |
| Total expenses and disbursements | $19,505,285 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Other assets | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
Grants Awarded
Over the last fiscal year, Clara Abbott Foundation has awarded $9,042,516 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FINANCIAL AID AND EDUCATIONAL SEMINARS SEE STATEMENT 14 PURPOSE: GENERAL ASSISTANCE | $4,965,842 |
SCHOLARSHIP GRANTS SEE STATEMENT 14 PURPOSE: EDUCATIONAL ASSISTANCE | $4,076,674 |