Andrew David Sit Foundation
- Assets
- $615.2k
- Revenue
- $10.1k
- Investments
- $610.3k
- Employees
- 0
- Location
- Golden Valley, MN
- Founding
- Data as of
- 12/2023
- EIN
- 41-1890289
Organization Overview
Andrew David Sit Foundation is located in Golden Valley, MN. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. Andrew David Sit 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 12/2023, Andrew David Sit Foundation generated $10.1k 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 (42.0%) each year. All expenses for the organization totaled $35.2k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
NOT APPLICABLE
NOT APPLICABLE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald D Sit President Treasurer | 1 | $0 | |
Teresa Fong Sit VP Secretary | 0.25 | $0 | |
Ronald D Sit President Treasurer | 1 | $0 | |
Teresa Fong Sit VP Secretary | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $228 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $9,842 |
| Capital Gain Net Income | $9,842 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $10,070 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $196 |
| Total operating and administrative expenses | $196 |
| Contributions, gifts, grants paid | $35,000 |
| Total expenses and disbursements | $35,196 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,901 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $615,176 |
| 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, Andrew David Sit Foundation has awarded $70,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
LUCILE PACKARD FOUNDATION PURPOSE: RESEARCH FUND FOR PEDIATRIC CARDIAC SURGERY | $25,000 |
LUCILE PACKARD FOUNDATION PURPOSE: RESEARCH FUND FOR PEDIATRIC CARDIAC SURGERY | $25,000 |
UNIVERSITY OF MINNESOTA FOUNDATION PURPOSE: ANDREW DAVID SIT FOUNDATION INNOVATORS FUND | $10,000 |
UNIVERSITY OF MINNESOTA FOUNDATION PURPOSE: ANDREW DAVID SIT FOUNDATION INNOVATORS FUND | $10,000 |