Berkowitz Contemporary Foundation Inc
- Assets
- $65.0m
- Revenue
- $12.3m
- Investments
- $0.0
- Employees
- 0
- Location
- South Miami, FL
- Founding
- 09/2014
- Data as of
- 12/2022
- EIN
- 46-3390328
Organization Overview
Berkowitz Contemporary Foundation Inc is located in South Miami, FL. The organization was established in 2014. According to its NTEE Classification (T23) the organization is classified as: Private Operating 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. Berkowitz Contemporary Foundation Inc 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, Berkowitz Contemporary Foundation Inc generated $12.3m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 57.0% each year . All expenses for the organization totaled $1.9m during the year ending 12/2022. While expenses have increased by 53.4% per year over the past 5 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, Berkowitz Contemporary Foundation Inc has awarded 37 individual grants totaling $2,479,850. 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION ENTERED INTO AN ART LOAN AGREEMENT WITH A LOCAL MUSEUM TO DISPLAY ARTWORK ACQUIRED BY THE FOUNDATION. THIS WILL ENABLE THE ART TO BE VIEWED FOR THE PUBLIC BENEFIT AND EDUCATE A DIVERSE PUBLIC AUDIENCE THROUGH CONTEMPORARY ART.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Berkowitz Director, Chairperson | 2 | $0 | |
Chloe Berkowitz Director, President | 40 | $87,500 | |
Tracey Berkowitz Director, Vice President, Secretary | 2 | $0 | |
Wayne Kellner Treasurer | 2 | $0 | |
Daniel Berkowitz Director | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $12,050,000 |
| Interest on Savings | $3,341 |
| Dividends & Interest | $62,314 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $158,172 |
| Capital Gain Net Income | $158,172 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $12,273,827 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $87,500 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $27,475 |
| Printing and publications | $0 |
| Other expenses | $381,378 |
| Total operating and administrative expenses | $526,269 |
| Contributions, gifts, grants paid | $1,406,600 |
| Total expenses and disbursements | $1,932,869 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $209,396 |
| Savings and temporary cash investments | $11,408,172 |
| 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 | $2,226,101 |
| Other assets | $51,124,470 |
| Total assets | $64,968,139 |
| 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, Berkowitz Contemporary Foundation Inc has awarded $1,406,600 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
COALITION FOR THE HOMELESS PURPOSE: GENRAL PURPOSE | $10,000 |
DIA CENTER FOR THE ARTS PURPOSE: GENERAL PURPOSE | $54,200 |
FLORIDA INTERNATIONAL UNIVERSITY FOUNDATION PURPOSE: GENERAL PURPOSE | $4,000 |
INSTITUTE OF CONTEMPORARY ART PURPOSE: GENERAL PURPOSE | $88,300 |
CULTURAL ARTS ALLIANCE PURPOSE: GENERAL PURPOSE | $100,000 |
UNIVERSITY OF MIAMI PURPOSE: GENERAL PURPOSE | $50,000 |