Forman S Acton Educational Foundation
- Assets
- $35.9m
- Revenue
- -$5.0m
- Investments
- $35.1m
- Employees
- 0
- Location
- Salem, NJ
- Founding
- 01/2015
- Data as of
- 12/2022
- EIN
- 47-1997891
Organization Overview
Forman S Acton Educational Foundation is located in Salem, NJ. The organization was established in 2015. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Forman S Acton Educational Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Since 2016, Forman S Acton Educational Foundation has awarded 177 individual grants totaling $4,932,136. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
A. GRANTS TO FUND SUPPORT STUDENTS LIVING IN OR ATTENDING PUBLIC SCHOOL IN SALEM CITY, NJ AND RELATED PROGRAMMATIC EXPENSES, PROVIDING EDUCATIONAL ENHANCING ACTIVITIES TO PRESCHOOL, ELEMENTARY, MIDDLE AND HIGH SCHOOL STUDENTS.
B. SCHOLARSHIPS AWARDED TO HIGH SCHOOL SENIORS AND FUNDING FOR COLLEGE SAVINGS ACCOUNTS FOR ALL SALEM CITY STUDENTS.
DURING THE CURRENT TAX YEAR, THE FOUNDATION PAID COLLEGE DEPOSITS FOR STUDENTS ENTERING THEIR FRESHMAN YEAR OF COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laurence Van Meter President & CEO | 28 | $76,989 | |
Ken Aldridge Chairperson Jan - June | 4 | $0 | |
Darrell Edmonds Chairperson July - Present | 2 | $0 | |
Steve Waddington Treasurer & Trustee | 2 | $0 | |
Janelle Alexander Secretary | 2 | $0 | |
Mike Gorman Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $42 |
| Dividends & Interest | $7,724 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$4,982,737 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $18,302 |
| Total Revenue | -$4,956,669 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $424,544 |
| Other employee salaries and wages | $182,740 |
| Pension plans, employee benefits | $37,010 |
| Interest | $0 |
| Taxes | $183,129 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $55,634 |
| Printing and publications | $0 |
| Other expenses | $146,286 |
| Total operating and administrative expenses | $1,245,644 |
| Contributions, gifts, grants paid | $789,840 |
| Total expenses and disbursements | $2,035,484 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $797,515 |
| 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 | $35,111,261 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $35,908,776 |
| Accounts payable and accrued expenses | $12,520 |
| 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 | $12,520 |
Grants Awarded
Over the last fiscal year, Forman S Acton Educational Foundation has awarded $789,840 in support to 37 organizations.
| Grant Recipient | Amount |
|---|---|
AIDVANTAGE PURPOSE: THE GRANT IS AWARDED TO A ORGANIZATION SERVICING DIRECT LOAN AND FEDERAL FAMILY EDUCATION LOAN PROGRAM LOANS FOR FEDERAL STUDENT AID TO BENEFIT A STUDENT. | $2,500 |
ALVERNIA UNIVERSITY PURPOSE: THE SCHOLARSHIP IS AWARDED TO A STUDENT VIA THE UNIVERSITY TO PURSUE HIGHER EDUCATION. | $5,000 |
BLOOMSBURG UNIVERSITY PURPOSE: THE SCHOLARSHIP IS AWARDED TO A STUDENT VIA THE UNIVERSITY TO PURSUE HIGHER EDUCATION. | $10,206 |
COLLEGE RETENTION FUND PURPOSE: THE SCHOLARSHIP IS AWARDED TO A STUDENT VIA THE UNIVERSITY TO PURSUE HIGHER EDUCATION. | $2,417 |
COMMUNITY FOUNDATION OF SOUTH JERSEY PURPOSE: THIS GRANT IS AWARDED TO A PUBLIC CHARITY TO FUND COLLEGE COSTS VIA A SECTION 529 COLLEGE SAVINGS ACCOUNT/EARLY SCHOLARSHIP AVAILABLE TO ALL CHILDREN LIVING IN OR ATTENDING PUBLIC SCHOOL IN SALEM CITY, NJ. | $411,000 |
DREW UNIVERSITY PURPOSE: THE SCHOLARSHIP IS AWARDED TO A STUDENT VIA THE UNIVERSITY TO PURSUE HIGHER EDUCATION. | $35,948 |