Wells Family Foundation Inc
- Assets
- $5.3m
- Revenue
- $104.9k
- Investments
- $3.3m
- Employees
- 0
- Location
- Brooklyn Park, MN
- Founding
- 12/1992
- Data as of
- 12/2023
- EIN
- 41-1732563
Organization Overview
Wells Family Foundation Inc is located in Brooklyn Park, MN. The organization was established in 1992. 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. Wells Family 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, Wells Family Foundation Inc generated $104.9k 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 (9.1%) each year. All expenses for the organization totaled $405.8k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.3%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Wells Family Foundation Inc has awarded 104 individual grants totaling $1,195,000. 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adele S Merck President | 1 | $0 | |
George Merck Director | 1 | $0 | |
John J Knip III Treasurer | 4 | $0 | |
Caroline G Merck Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $185,864 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$80,965 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $104,899 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $17,600 |
| Other employee salaries and wages | $36,672 |
| Pension plans, employee benefits | $5,000 |
| Interest | $0 |
| Taxes | $9,633 |
| Depreciation | $0 |
| Occupancy | $360 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,336 |
| Total operating and administrative expenses | $130,815 |
| Contributions, gifts, grants paid | $275,000 |
| Total expenses and disbursements | $405,815 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,450 |
| Savings and temporary cash investments | $1,997,605 |
| 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 | $0 |
| Other assets | $0 |
| Total assets | $5,288,300 |
| 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, Wells Family Foundation Inc has awarded $275,000 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
CHAPEL YORK FOUNDATION PURPOSE: BOTANICAL EDUCATION SUPPORT | $10,000 |
CROSS COMMUNITY CHURCH PURPOSE: SUPPORT CHURCH | $20,000 |
FREE CHAPEL WORSHIP PURPOSE: SUPPORT CHRISTS PHILOSOPHY | $10,000 |
FIRST CARE PURPOSE: EDUCATION SUPPORT | $5,000 |
IN TOUCH MINISTRIES PURPOSE: RELIGIOUS EDUCATION FOR PARISHIONERS | $10,000 |
JOHN HAGEE MINISTRIES PURPOSE: CHURCH SUPPORT | $20,000 |