Idc Foundation Inc
- Assets
- $31.9m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Centerport, NY
- Founding
- 03/2015
- Data as of
- 06/2021
- EIN
- 47-2662220
Organization Overview
Idc Foundation Inc is located in Centerport, NY. 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. Idc 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 06/2021, Idc Foundation Inc generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (38.1%) each year. All expenses for the organization totaled $1.9m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Idc Foundation Inc has awarded 35 individual grants totaling $12,232,500. 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
IDC FOUNDATION INC. WAS FOUNDED TO PROVIDE SCHOLARSHIPS TO HELP UNDERGRADUATE AND PROFESSIONAL STUDENTS PREPARING FOR CAREERS IN THE BUILDING CONSTRUCTION INDUSTRY, INCLUDING BUT NOT LIMITED TO ARCHITECTURE,CONSTRUCTION, ENGINEERING, AND INTERIOR DESIGN, TO PAY FOR THE COSTS OF THEIR EDUCATION AT EDUCATIONAL INSTITUTIONS THAT ARE EXEMPT FROM TAXATION UNDER EITHER SECTION 501(C)(3) OR SECTION 115 OF THE INTERNAL REVENUE CODE.IDC FOUNDATION INC. WILL PROVIDE FUNDING FOR INTERNSHIPS FOR SUCH STUDENTS AS LONG AS INTERNSHIPS ARE SUPERVISED OR APPROVED BY THE EDUCATIONAL INSTITUTIONS AT WHICH SUCH STUDENTS ARE ENROLLED. IDC FOUNDATION WILL PROVIDE GRANTS TO EDUCATIONAL INSTITUTIONS FOR THE PURPOSE OF ENCOURAGING AND SUPPORTING STUDENTS PURSUING CAREERS IN THE BUILDING CONSTRUCTION INDUSTRY AND TO SUPPORT RESEARCH AND EDUCATIONAL PROGRAMS RELEVANT TO THE BUILDING CONSTRUCTION INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IDC FOUNDATION INC. WILL PROVIDE SCHOLARSHIPS TO HELP UNDERGRADUATE AND PROFESSIONAL STUDENTS PREPARING FOR CAREERS IN THE BUILDING CONSTRUCTION INDUSTRY, INCLUDING BUT NOT LIMITED TO ARCHITECTURE,CONSTRUCTION, ENGINEERING, AND INTERIOR DESIGN, TO PAY FOR THE COSTS OF THEIR EDUCATION AT EDUCATIONAL INSTITUTIONS THAT ARE EXEMPT FROM TAXATION UNDER EITHER SECTION 501(C)(3) OR SECTION 115 OF THE INTERNAL REVENUE CODE.IDC FOUNDATION INC. WILL PROVIDE FUNDING FOR INTERNSHIPS FOR SUCH STUDENTS AS LONG AS INTERNSHIPS ARE SUPERVISED OR APPROVED BY THE EDUCATIONAL INSTITUTIONS AT WHICH SUCH STUDENTS ARE ENROLLED. IDC FOUNDATION WILL PROVIDE GRANTS TO EDUCATIONAL INSTITUTIONS FOR THE PURPOSE OF ENCOURAGING AND SUPPORTING STUDENTS PURSUING CAREERS IN THE BUILDING CONSTRUCTION INDUSTRY AND TO SUPPORT RESEARCH AND EDUCATIONAL PROGRAMS RELEVANT TO THE BUILDING CONSTRUCTION INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Raymond Savino President | OfficerTrustee | 0 | $0 |
Frank Fortino Vp/secretary | OfficerTrustee | 0 | $0 |
Elizabeth Battista Treasurer | OfficerTrustee | 0 | $0 |
Carol Loewenson Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $556,002 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $887,637 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,443,639 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,353 |
| Fees for services: Accounting | $24,263 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $189,484 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $1,387 |
| All other expenses | $0 |
| Total functional expenses | $1,898,905 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $75,738 |
| Savings and temporary cash investments | $870,802 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $30,959,152 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $31,905,692 |
| Accounts payable and accrued expenses | $50,841 |
| Grants payable | $337,650 |
| 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 | $388,491 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $31,517,201 |
Grants Awarded
Over the last fiscal year, Idc Foundation Inc has awarded $1,596,000 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
COLUMBIA UNIVERSITY PURPOSE: Scholarships/Fellowship | $100,000 |
COLUMBIA UNIVERSITY PURPOSE: Scholarships/Fellowship | $100,000 |
COLUMBIA UNIVERSITY PURPOSE: Research Assistantship | $250,000 |
COOPER UNION PURPOSE: Scholarships/Fellowship | $100,000 |
COOPER UNION PURPOSE: Innovation Fellowship Program | $471,000 |
NEW YORK UNIVERSITY PURPOSE: Scholarships/Fellowship | $100,000 |