5mpower Foundation
- Assets
- $696.7k
- Revenue
- $22.7k
- Investments
- $541.8k
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 01/2012
- Data as of
- 12/2021
- EIN
- 45-3175862
Organization Overview
5mpower Foundation is located in Charlotte, NC. The organization was established in 2012. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. 5mpower 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 12/2021, 5mpower Foundation generated $22.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.2%) each year. All expenses for the organization totaled $40.5k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, 5mpower Foundation has awarded 22 individual grants totaling $200,600. 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 |
|---|---|---|---|
Denise M Salvino Trustee | 1 | $0 | |
Michael J Salvino Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $602 |
| Interest on Savings | $10 |
| Dividends & Interest | $9,065 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $12,986 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $12,986 |
| Total Revenue | $22,663 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $307 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $602 |
| Total operating and administrative expenses | $3,493 |
| Contributions, gifts, grants paid | $37,000 |
| Total expenses and disbursements | $40,493 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $153,320 |
| Net Accounts receivable | $1,545 |
| 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 | $541,818 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $696,683 |
| 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, 5mpower Foundation has awarded $37,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ATRIUM HEALTH FOUNDATION PURPOSE: CHARITABLE PURPOSES | $25,000 |
CHARLOTTE CATHOLIC AA-COUGARS FOR A CURE PURPOSE: CHARTITABLE PURPOSES | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Carmax Foundation Richmond, VA | $6,340,369 | $9,797,991 |
Ingersoll-Rand Charitable Foundation Davidson, NC | $949,422 | $5,202,263 |
Speedwell Foundation Atlanta, GA | $165,926,993 | $26,115,784 |
Teleios Collaborative Network Flat Rock, NC | $1,937,761 | $5,692,077 |
Berry Charitable Foundation Greensboro, NC | $66,443,887 | $19,441,279 |
Mcleod Family Foundation Inc Roanoke, VA | $24,622,922 | $3,411,070 |
Petters Family Foundation Newport News, VA | $24,802,843 | $3,836,696 |
Louisiana First Horizon Foundation Memphis, TN | $16,881,232 | $5,299 |
Richmond Community Foundation Inc Charlotte, NC | $38,277,506 | $4,248,751 |
Thalia N And Chris M Carlos Foundation Inc Atlanta, GA | $8,590,339 | $1,064,458 |
Weaver Foundation Inc Greensboro, NC | $30,406,218 | $3,650,390 |
Ally Charitable Foundation Charlotte, NC | $31,020,480 | $35,342,279 |