Rite-Hite Corporation Foundation Inc
- Assets
- $26.5m
- Revenue
- $6.4m
- Investments
- $21.1m
- Employees
- 0
- Location
- Milwaukee, WI
- Founding
- 08/1985
- Data as of
- 12/2023
- EIN
- 39-1522057
Organization Overview
Rite-Hite Corporation Foundation Inc is located in Milwaukee, WI. The organization was established in 1985. 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. Rite-Hite Corporation Foundation Inc 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 12/2023, Rite-Hite Corporation Foundation Inc generated $6.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 25.3% each year . All expenses for the organization totaled $1.0m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Rite-Hite Corporation Foundation Inc has awarded 535 individual grants totaling $8,353,520. 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael H White Director/ President | 5 | $0 | |
Antonio P Catalano Secretary | 5 | $0 | |
Mark S Kirkish Director/ Treasurer | 5 | $0 | |
Micaela W Bomhack CEO | 5 | $0 | |
Joseph C Ramaker CFO | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $6,035,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $394,113 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$57,977 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $78 |
| Total Revenue | $6,371,214 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $3,001 |
| Taxes | $8,000 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $7,789 |
| Total operating and administrative expenses | $120,335 |
| Contributions, gifts, grants paid | $927,350 |
| Total expenses and disbursements | $1,047,685 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,389,244 |
| 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 | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $21,063,129 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $26,452,373 |
| 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, Rite-Hite Corporation Foundation Inc has awarded $927,350 in support to 72 organizations.
| Grant Recipient | Amount |
|---|---|
MILWAUKEE SYMPHONY ORCHESTRA PURPOSE: THE RITE-HITE FOUNDATION MAKES CONTRIBUTIONS FOR THE GENERAL CHARITABLE ACTIVITIES OF THE RECIPIENTS LISTED. THE FOUNDATION HAS NOT DESIGNATED THESE CONTRIBUTIONS FOR SPECIFIC PURPOSES. | $15,500 |
UNITED PERFORMING ARTS FUND PURPOSE: THE RITE-HITE FOUNDATION MAKES CONTRIBUTIONS FOR THE GENERAL CHARITABLE ACTIVITIES OF THE RECIPIENTS LISTED. THE FOUNDATION HAS NOT DESIGNATED THESE CONTRIBUTIONS FOR SPECIFIC PURPOSES. | $2,000 |
BIG BROTHERS BIG SISTERS OF METRO MILWAUKEE PURPOSE: THE RITE-HITE FOUNDATION MAKES CONTRIBUTIONS FOR THE GENERAL CHARITABLE ACTIVITIES OF THE RECIPIENTS LISTED. THE FOUNDATION HAS NOT DESIGNATED THESE CONTRIBUTIONS FOR SPECIFIC PURPOSES. | $4,000 |
AFTER BREAST CANCER DIAGNOSIS PURPOSE: THE RITE-HITE FOUNDATION MAKES CONTRIBUTIONS FOR THE GENERAL CHARITABLE ACTIVITIES OF THE RECIPIENTS LISTED. THE FOUNDATION HAS NOT DESIGNATED THESE CONTRIBUTIONS FOR SPECIFIC PURPOSES. | $1,000 |
INTERLOCHEN CENTER FOR THE ARTS PURPOSE: THE RITE-HITE FOUNDATION MAKES CONTRIBUTIONS FOR THE GENERAL CHARITABLE ACTIVITIES OF THE RECIPIENTS LISTED. THE FOUNDATION HAS NOT DESIGNATED THESE CONTRIBUTIONS FOR SPECIFIC PURPOSES. | $2,000 |
PENFIELD CHILDREN'S CENTER PURPOSE: THE RITE-HITE FOUNDATION MAKES CONTRIBUTIONS FOR THE GENERAL CHARITABLE ACTIVITIES OF THE RECIPIENTS LISTED. THE FOUNDATION HAS NOT DESIGNATED THESE CONTRIBUTIONS FOR SPECIFIC PURPOSES. | $12,800 |