Thoresen Foundation
- Assets
- $40.4m
- Revenue
- $474.7k
- Investments
- $37.1m
- Employees
- 0
- Location
- Canton, GA
- Founding
- 06/1953
- Data as of
- 12/2022
- EIN
- 36-6102493
Organization Overview
Thoresen Foundation is located in Canton, GA. The organization was established in 1953. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Thoresen 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 12/2022, Thoresen Foundation generated $474.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (19.0%) each year. All expenses for the organization totaled $1.8m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Thoresen Foundation has awarded 87 individual grants totaling $4,600,000. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Thoresen Trustee | 20 | $120,000 | |
Paul O'connell Trustee | 20 | $120,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $740,215 |
| Net Rental Income | -$4,443 |
| Net Gain on Sale of Assets | -$240,074 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$56,654 |
| Total Revenue | $474,687 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $240,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $41,679 |
| Depreciation | $35,643 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $30,484 |
| Total operating and administrative expenses | $441,177 |
| Contributions, gifts, grants paid | $1,406,000 |
| Total expenses and disbursements | $1,847,177 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,414,715 |
| Savings and temporary cash investments | $0 |
| 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 | $1,872,638 |
| Investments—mortgage loans | $0 |
| Investments—other | $5,358,932 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $40,376,396 |
| 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 |
Grants Awarded
Over the last fiscal year, Thoresen Foundation has awarded $1,406,000 in support to 35 organizations.
| Grant Recipient | Amount |
|---|---|
CATHOLIC CHARITIES PURPOSE: CYO AGING ADULT SERVICES, CYO ATHLETICS, CYO CAMP & CYO TREASURE ISLAND CHILD DEVELOPMENT | $15,000 |
FIRE IN THE RING PURPOSE: OPERATIONAL SUPPORT | $95,000 |
PARC PURPOSE: OPERATIONAL SUPPORT AND ENDOWMENT | $210,000 |
CHILDHELP INC PURPOSE: SPONSORSHIP | $15,000 |
HEBRON COLONY MINISTRIES PURPOSE: OPERATIONAL SUPPORT | $30,000 |
GRANDFATHER MTN STEWARDSHIP PURPOSE: OPERATIONAL SUPPORT | $85,000 |