Precious Project Inc
- Assets
- $850.7k
- Revenue
- $569.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Lincoln, MA
- Founding
- 12/2014
- Data as of
- 12/2023
- EIN
- 47-1281673
Organization Overview
Precious Project Inc is located in Lincoln, MA. The organization was established in 2014. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Precious Project Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Precious Project 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 12/2023, Precious Project Inc generated $569.8k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $1.0m during the year ending 12/2023. While expenses have increased by 13.7% per year over the past 9 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO NURTURE, EDUCATE AND EMPOWER IMPOVERISHED YOUTH IN TANZANIA TO BE PRODUCTIVE MEMBERS AND THE FUTURE LEADERS OF THEIR COUNTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRECIOUS PROJECT IS HELPING TO TRANSFORM A RURAL, IMPOVERISHED COMMUNITY IN TANZANIA BY ELIMINATING DISPARITIES IN EDUCATION, CARE OF CHILDREN AND ECONOMIC DEVELOPMENT. THE PROJECT'S FOUNDATION IS BASED ON FIVE PILLARS: PROVIDING CHILDREN ACCESS TO QUALITY EDUCATION; CARING FOR ORPHANS AND ABANDONED CHILDREN; EMPOWERING WOMEN WITH SKILLS TO CREATE MICRO-BUSINESSES; EDUCATING THE NEXT GENERATION TO PARTICIPATE IN THE DIGITAL ECONOMY; MODELING AND TEACHING AGRICULTURAL BEST PRACTICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gilbert Williams Co-Founder/director | Trustee | 10 | $0 |
Elliot Kronstein President | OfficerTrustee | 15 | $0 |
Susanne Rheault-Williams Co-Founder/director | Trustee | 5 | $0 |
Matthew Gardner Treasurer | OfficerTrustee | 5 | $0 |
Charles Phillips Chair | OfficerTrustee | 5 | $0 |
Jules Clark Director | Trustee | 5 | $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 | $569,157 |
| Noncash contributions included in lines 1a–1f | $1,831 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $569,157 |
| Total Program Service Revenue | $0 |
| Investment income | $619 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $569,776 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $743,419 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $192,461 |
| Pension plan accruals and contributions | $4,800 |
| Other employee benefits | $17,609 |
| Payroll taxes | $16,036 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,826 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $17,659 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $413 |
| 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 | $1,949 |
| All other expenses | $10,772 |
| Total functional expenses | $1,024,944 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $245,691 |
| Savings and temporary cash investments | $448,628 |
| Pledges and grants receivable | $31,670 |
| 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 | $124,734 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $850,723 |
| Accounts payable and accrued expenses | $13,571 |
| Grants payable | $0 |
| 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 | $13,571 |
| Net assets without donor restrictions | $534,538 |
| Net assets with donor restrictions | $302,614 |
| 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 | $850,723 |