Herrick Foundation
- Assets
- $135.7m
- Revenue
- $10.8m
- Investments
- $128.3m
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 11/1949
- Data as of
- 09/2021
- EIN
- 38-6041517
Organization Overview
Herrick Foundation is located in Detroit, MI. The organization was established in 1949. 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. Herrick 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 09/2021, Herrick Foundation generated $10.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (7.9%) each year. All expenses for the organization totaled $9.4m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Herrick Foundation has awarded 152 individual grants totaling $35,753,759. 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 |
|---|---|---|---|
Lisa H Parker President, T | 35 | $118,000 | |
Todd W Herrick II Vice Preside | 20 | $46,667 | |
Linda J Herrick Vice Executi | 10 | $12,000 | |
Michael A Indenbaum Secretary, T | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Honigman Llp | 9/29/21 | $388,697 |
Integrated Investment Consultants | 9/29/21 | $290,348 |
Clarkston Capital Partners | 9/29/21 | $151,977 |
Hardman Johnston Global Advisors | 9/29/21 | $120,234 |
Azimuth Capital Management | 9/29/21 | $74,501 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $2,705,218 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $8,088,941 |
| Capital Gain Net Income | $8,088,941 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $42,137 |
| Total Revenue | $10,836,296 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $176,667 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $52,323 |
| Interest | $0 |
| Taxes | $186,362 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $103,130 |
| Total operating and administrative expenses | $1,688,586 |
| Contributions, gifts, grants paid | $7,751,639 |
| Total expenses and disbursements | $9,440,225 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,695 |
| Savings and temporary cash investments | $5,547,397 |
| 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 | $12,712,979 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $1,839,760 |
| Total assets | $135,749,323 |
| 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, Herrick Foundation has awarded $14,891,639 in support to 46 organizations.
| Grant Recipient | Amount |
|---|---|
Ann Arbor, MI PURPOSE: SUPPORT FOR NEW MEDICAL FACILITY | $4,000,000 |
Ann Arbor, MI PURPOSE: SUPPORT FOR NEW MEDICAL FACILITY | $1,000,000 |
Detroit, MI PURPOSE: SUPPORT FOR HUNGER FREE CAMPAIGN | $1,000,000 |
Ann Arbor, MI PURPOSE: SUPPORT FOR NEW MEDICAL FACILITY | $750,000 |
Ashland, OH PURPOSE: SUPPORT THE SPIRIT OF 76 INITIATIVE | $750,000 |
Interlochen, MI PURPOSE: THE HOUSING PROJECT | $750,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Douglas & Maria Devos Foundation Grand Rapids, MI | $79,921,409 | $9,501,037 |
Fred F Silk Charitable Foundation Louisville, OH | $0 | $2,703,630 |
Jewish Foundation Of Cincinnati Cincinnati, OH | $344,322,004 | $65,111,190 |
Charles F Kettering Foundation Dayton, OH | $413,895,327 | $17,762,033 |
Jay And Jeanie Schottenstein Foundation Columbus, OH | $12,858,446 | $29,259,001 |
The Lozick Family Foundation Pepper Pike, OH | $264,438,182 | $44,457,050 |
Dow Company Foundation Bay City, MI | $175,531,548 | $110,489,699 |
Timken Foundation Of Canton Canton, OH | $32,951,548 | $35,361,538 |
Irving S Gilmore Foundation Kalamazoo, MI | $388,410,325 | $41,180,610 |
Reiman Foundation Inc Pewaukee, WI | $64,480,239 | $12,529,672 |
Siemer Family Foundation Columbus, OH | $55,510,313 | $15,843,554 |
Orphan Foundation Of America Orph Cleveland, OH | $10,515,752 | $16,785,416 |