Galvan Initiatives Foundation
- Assets
- $66.8m
- Revenue
- $16.3m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/2012
- Data as of
- 12/2023
- EIN
- 45-4110216
Organization Overview
Galvan Initiatives Foundation is located in New York, NY. The organization was established in 2012. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Galvan Initiatives 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, Galvan Initiatives Foundation generated $16.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.7% each year . All expenses for the organization totaled $2.8m during the year ending 12/2023. While expenses have increased by 9.4% per year over the past 7 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION DIRECTS ITS EFFORT SPECIFICALLY TOWARD THE PROMOTION OF AFFORDABLE HOUSING AND RELATED SERVICES TO LOW-INCOME AND OTHERWISE DISADVANTAGED PERSONS LIVING IN THE VICINITY OF THE CITY OF HUDSON NY BY SPONSORING, PLANNING, ACQUIRING, DEVELOPING, RESTORING, OPERATING AND OWNING FEE AND LEASEHOLD PROPERTIES IN THE AREA OF THE CITY OF HUDSON
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
T Eric Galloway President | 10 | $0 | |
Henry Van Ameringen Treasurer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $12,520,500 |
| Interest on Savings | $4,160 |
| Dividends & Interest | $0 |
| Net Rental Income | $41,441 |
| Net Gain on Sale of Assets | $1,743,506 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $386,224 |
| Total Revenue | $16,310,605 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $186,226 |
| Pension plans, employee benefits | $25,882 |
| Interest | $175,654 |
| Taxes | $388,934 |
| Depreciation | $728,138 |
| Occupancy | $104,672 |
| Travel, conferences, and meetings | $8,658 |
| Printing and publications | $0 |
| Other expenses | $893,798 |
| Total operating and administrative expenses | $2,834,975 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $2,834,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,116,273 |
| Savings and temporary cash investments | $23,405 |
| Net Accounts receivable | $214,155 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $11,217,928 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $854 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $47,188,327 |
| Other assets | $5,061,080 |
| Total assets | $66,822,022 |
| Accounts payable and accrued expenses | $494,096 |
| Grants payable | $0 |
| Deferred revenue | $73,839 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $9,540,040 |
| Total liabilities | $10,107,975 |
Grants Awarded
Over the last fiscal year, Galvan Initiatives Foundation has awarded $970,728 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
GALVAN CIVIC I INC PURPOSE: AFFORDABLE HOUSING - CHARITABLE | $400,516 |
GALVAN CIVIC I INC PURPOSE: AFFORDABLE HOUSING - CHARITABLE | $471,968 |
GALVAN CIVIC I INC PURPOSE: AFFORDABLE HOUSING - CHARITABLE | $98,244 |