Herrick Foundation
- Assets
- $187.8m
- Revenue
- $63.6m
- Investments
- $183.0m
- Employees
- 0
- Location
- Ann Arbor, MI
- Founding
- 11/1949
- Data as of
- 09/2022
- EIN
- 38-6041517
Organization Overview
Herrick Foundation is located in Ann Arbor, 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 09/2022, Herrick Foundation generated $63.6m in total revenue. All expenses for the organization totaled $11.6m during the year ending 09/2022. While expenses have increased by 7.7% per year over the past 3 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.
Since 2020, Herrick Foundation has awarded 149 individual grants totaling $39,371,026. 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 Herrick Parker President/tr | 32 | $120,000 | |
Todd W Herrick II V.p./trustee | 20 | $48,000 | |
Linda J Herrick Trustee | 10 | $12,000 | |
Wendy Brightman Ceo/secretar | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Honigman Llp | 9/29/22 | $388,664 |
Clearstead | 9/29/22 | $213,215 |
Clarkston Capital Partners | 9/29/22 | $71,981 |
Pnc Bank | 9/29/22 | $71,776 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $5,570,238 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $57,961,791 |
| Capital Gain Net Income | $57,961,791 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $101,069 |
| Total Revenue | $63,633,098 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $180,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $53,977 |
| Interest | $0 |
| Taxes | $962,421 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,937,702 |
| Total operating and administrative expenses | $3,981,181 |
| Contributions, gifts, grants paid | $7,573,327 |
| Total expenses and disbursements | $11,554,508 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,287 |
| Savings and temporary cash investments | $4,776,517 |
| 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 | $45,050,680 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $187,827,913 |
| 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 $14,048,327 in support to 50 organizations.
| Grant Recipient | Amount |
|---|---|
AIM HIGH SCHOOL PURPOSE: SUPPORT FOR DIGITAL MEDIA & TECH. | $61,660 |
CHILDREN'S LITERACY NETWORK PURPOSE: SUPPORT FOR READING THEATER PROGRAM | $10,000 |
EASTERN MICHIGAN UNIVERSITY FOUND PURPOSE: SUPPORT OF A PLACE TO CALL HOME | $85,000 |
GLEANERS COMMUNITY FOOD BANK INC PURPOSE: GENERAL CHARITABLE PURPOSES | $100,000 |
GLEANERS COMMUNITY FOOD BANK INC PURPOSE: SUPPORT FOR HUNGER FREE CAMPAIGN | $500,000 |
GREAT LAKES CENTER FOR THE ARTS PURPOSE: SUPPORT GENERAL CHARITABLE PURPOSES | $25,000 |