Drexel Funds
- Assets
- $18.5m
- Revenue
- $8.5m
- Investments
- $0.0
- Employees
- 5
- Location
- Milwaukee, WI
- Founding
- 11/2014
- Data as of
- 06/2021
- EIN
- 46-5768451
Organization Overview
Drexel Funds is located in Milwaukee, WI. The organization was established in 2014. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 06/2021, Drexel Funds employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Drexel Funds 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 06/2021, Drexel Funds generated $8.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $4.2m during the year ending 06/2021. While expenses have increased by 1.9% per year over the past 6 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 2016, Drexel Funds has awarded 189 individual grants totaling $29,589,918. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE DREXEL FUND IS A VENTURE PHILANTHROPY FUND THAT INVESTS AND PARTNERS IN THE GROWTH OF HIGH QUALITY, FINANCIALLY SUSTAINABLE NETWORKS OF FAITH BASED ON OTHER PRIVATE SCHOOLS
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS TO FAITH BASED OR PRIVATE SCHOOLS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Eriksen Managing Partner | OfficerTrustee | 40 | $259,914 |
Abigail Schumwinger Partner And Investment Dir | 40 | $200,475 | |
Mitzi Keel Director Of Fin. & Admin. | 20 | $106,084 | |
Bj Cassin Chairman | OfficerTrustee | 2 | $0 |
Thomas J Healey Treasurer | OfficerTrustee | 2 | $0 |
Darren Jackson Secretary | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,493,563 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,493,563 |
| Total Program Service Revenue | $0 |
| Investment income | $2,817 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $26,584 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,522,964 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,054,040 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $301,563 |
| Compensation of current officers, directors, key employees. | $45,235 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $386,865 |
| Pension plan accruals and contributions | $36,912 |
| Other employee benefits | $28,866 |
| Payroll taxes | $21,657 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,031 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $264,129 |
| Advertising and promotion | $0 |
| Office expenses | $17,663 |
| Information technology | $4,830 |
| Royalties | $0 |
| Occupancy | $31,656 |
| Travel | $33,441 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,932 |
| All other expenses | $13,914 |
| Total functional expenses | $4,211,499 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,079,452 |
| Savings and temporary cash investments | $6,256 |
| Pledges and grants receivable | $16,442,737 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,775 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,000,000 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $18,531,220 |
| Accounts payable and accrued expenses | $37,955 |
| Grants payable | $932,981 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $970,936 |
| Net assets without donor restrictions | $1,494,367 |
| Net assets with donor restrictions | $16,065,917 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $18,531,220 |
Grants Awarded
Over the last fiscal year, Drexel Funds has awarded $3,054,040 in support to 23 organizations.
| Grant Recipient | Amount |
|---|---|
Columbus, OH PURPOSE: PRIVATE SCHOOL FUNDING | $900,000 |
Lyndhurst, OH PURPOSE: PRIVATE SCHOOL FUNDING | $550,000 |
New York, NY PURPOSE: PRIVATE SCHOOL FUNDING | $275,000 |
North Las Vegas, NV PURPOSE: PRIVATE SCHOOL FUNDING | $175,000 |
Birmingham, AL PURPOSE: PRIVATE SCHOOL FUNDING | $125,000 |
Minneapolis, MN PURPOSE: PRIVATE SCHOOL FUNDING | $120,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Drexel Funds has recieved totaling $2,752,500.
| Awarding Organization | Amount |
|---|---|
Walton Family Foundation Inc Bentonville, AR PURPOSE: TO SUPPORT THE LAUNCH OF DREXEL'S FUND II. | $2,722,500 |
Lynch Foundation Boston, MA PURPOSE: LEADERSHIP TRAINING | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northern School District Tr Nsdt Ashland, WI | $7,100,055 | $19,700,380 |
Plumbers & Steamfitters H & W Trust Iowa State Bank Ttee Des Moines, IA | $75,894,378 | $21,812,028 |
Cristo Rey Network Chicago, IL | $14,102,009 | $11,695,592 |
City Colleges Of Chicago Foundation Chicago, IL | $22,678,364 | $14,327,610 |
Big Ten Academic Alliance Champaign, IL | $13,766,841 | $9,203,675 |
P E O Foundation Des Moines, IA | $140,487,423 | $16,863,604 |
Holy Family Ministries Chicago, IL | $16,241,007 | $8,503,495 |
Drexel Funds Milwaukee, WI | $18,531,220 | $8,522,964 |
North Central States Regional Council Of Carpenters Trng Fund Eau Claire, WI | $10,404,488 | $4,232,713 |
Sme Education Foundation Southfield, MI | $34,257,056 | $11,054,523 |
Sand County Foundation Inc Madison, WI | $15,482,706 | $6,154,396 |
Jocotoco Conservation Foundation Chicago, IL | $1,868,451 | $2,719,939 |