5mpower Foundation
- Assets
- $665.3k
- Revenue
- $23.1k
- Investments
- $555.7k
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 01/2012
- Data as of
- 12/2023
- 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 12/2023, 5mpower Foundation generated $23.1k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $35.4k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, 5mpower Foundation has awarded 27 individual grants totaling $240,700. 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 |
|---|---|---|---|
Michael J Salvino Trustee | 1 | $0 | |
Denise M Salvino Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $341 |
| Dividends & Interest | $21,906 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $882 |
| Total Revenue | $23,129 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $43 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $627 |
| Total operating and administrative expenses | $4,417 |
| Contributions, gifts, grants paid | $31,000 |
| Total expenses and disbursements | $35,417 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $109,624 |
| 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 | $555,671 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $665,295 |
| 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 $31,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MARIETTA COLLEGE PURPOSE: EDUCATIONAL PURPOSES | $6,000 |
ATRIUM HEALTH LEVINE CANCER INSTITUE PURPOSE: CHARTITABLE PURPOSES | $25,000 |