Belmont Savings Bank Foundation
- Assets
- $6.4m
- Revenue
- $218.6k
- Investments
- $6.2m
- Employees
- 0
- Location
- Belmont, MA
- Founding
- 07/2014
- Data as of
- 12/2022
- EIN
- 45-3029284
Organization Overview
Belmont Savings Bank Foundation is located in Belmont, MA. The organization was established in 2014. 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. Belmont Savings Bank 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 12/2022, Belmont Savings Bank Foundation generated $218.6k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $272.0k during the year ending 12/2022. While expenses have increased by 1.5% per year over the past 4 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, Belmont Savings Bank Foundation has awarded 16 individual grants totaling $315,330. 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 |
|---|---|---|---|
Robert J Morrissey Chairman | 0.5 | $2,500 | |
M Patricia Brusch Treasurer | 0.5 | $2,500 | |
Hal R Tovin Secretary | 0.5 | $2,500 | |
S Warren Farrell Director | 0.5 | $2,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $26 |
| Dividends & Interest | $218,454 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $159 |
| Capital Gain Net Income | $159 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $218,639 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $10,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $82,774 |
| Taxes | $4,038 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $4,079 |
| Total operating and administrative expenses | $129,650 |
| Contributions, gifts, grants paid | $142,330 |
| Total expenses and disbursements | $271,980 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $273,531 |
| 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 | $6,430,748 |
| 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 | $1,681,500 |
| Other liabilities | $0 |
| Total liabilities | $1,681,500 |
Grants Awarded
Over the last fiscal year, Belmont Savings Bank Foundation has awarded $142,330 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
BELMONT EDUCATION FOUNDATION PURPOSE: OUTSTANDING TEACHER AWARD & INVESTOR IN EDUCATION | $10,000 |
BELMONT HIGH SCHOOL PTO PURPOSE: POST-GRADUATION ALL NIGHT PARTY | $3,000 |
BELMONT FOOD COLLABORATIVE INC PURPOSE: SNAP FOOD ASSISTANCE PROGRAM | $14,345 |
BELMONT PUBLIC SCHOOLS PURPOSE: PIANO FOR BELMONT PUBLIC SCHOOLS | $77,985 |
PATRONS OF BELMONT PERFORMING ARTS PURPOSE: STAGE MICROPHONES | $6,000 |
MASSACHUSETTS AUDUBON SOCIETY INC PURPOSE: WELCOME CENTER | $25,000 |