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.
Form
990PF
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
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Abbott Laboratories - Pursuant To Irs Announcement 2001-33 | 1 | $891,535 | |
Allen Hubert Secretary (jan-Apr) | 1 | $0 | |
Cushman Liz Director (apr-Dec) | 1 | $0 | |
Hurwich Thomas Director | 1 | $0 | |
Krammer Karen Director | 1 | $0 | |
Linder Greg Director | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
R&m Consulting Services | 12/30/21 | $72,682 |
Dhr Direct Solutions Llc | 12/30/21 | $51,650 |
Luis Hernandez | 12/30/21 | $57,116 |
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 |
Statement of Expenses | |
---|---|
Compensation of officers, directors, trustees, etc | $762,960 |
Other employee salaries and wages | $0 |
Pension plans, employee benefits | $204,589 |
Interest | $0 |
Taxes | $308,700 |
Depreciation | $52,041 |
Occupancy | $0 |
Travel, conferences, and meetings | $5,516 |
Printing and publications | $0 |
Other expenses | $2,291,632 |
Total operating and administrative expenses | $4,092,101 |
Contributions, gifts, grants paid | $9,928,468 |
Total expenses and disbursements | $14,020,569 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $0 |
Savings and temporary cash investments | $539,135 |
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 | $0 |
Net Land, buildings, and equipment | $102,508 |
Other assets | $0 |
Total assets | $224,191,754 |
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 |
Over the last fiscal year, Clara Abbott Foundation has awarded $14,909,105 in support to 2 organizations.
Grant Recipient | Amount |
---|---|
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 |
Organization Name | Assets | Revenue |
---|---|---|
Heritage Group Employee Benefit Trust Indianapolis, IN | $5,252,708 | $48,474,958 |
Ssmhcs Liability Trust Mercantile Bank Ttee St Louis, MO | $216,786,212 | $51,161,074 |
Rush University Medical Centers Self-Insurance Trust For Healthcar Chicago, IL | $184,033,612 | $58,498,218 |
American United Life Insurance Company Welfare Benefits Trust Indianapolis, IN | $8,410,756 | $27,962,029 |
Hills Insurance Company Inc Mishawaka, IN | $233,016,594 | $7,136,194 |
Pohlad Group Veba Trust Milwaukee, WI | $1,880,360 | $21,238,879 |
Automatic Sprinkler-281 U A Welfare Fund Alsip, IL | $43,182,482 | $25,386,372 |
Learfield Communications Group Benefit Trust Inc Jefferson City, MO | $2,893,573 | $17,688,532 |
St Anthony's Med Cnt Prof & Gen Liab Milwaukee, WI | $0 | $2,384,132 |
Illinois Insurance Guaranty Fund Chicago, IL | $161,417,885 | $26,320,531 |
Healthalliance Benefit Plan Urbandale, IA | $4,354,956 | $14,851,406 |
Clara Abbott Foundation Abbott Park, IL | $224,191,754 | $3,270,470 |