Paul And Norma Facella Memorial Scholarship Foundation
- Assets
- $8.1m
- Revenue
- $798.9k
- Investments
- $7.7m
- Employees
- 0
- Location
- Malden, MA
- Founding
- 06/2015
- Data as of
- 06/2021
- EIN
- 47-2827581
Organization Overview
Paul And Norma Facella Memorial Scholarship Foundation is located in Malden, MA. The organization was established in 2015. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Paul And Norma Facella Memorial Scholarship Foundation 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, Paul And Norma Facella Memorial Scholarship Foundation generated $798.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (31.5%) each year. All expenses for the organization totaled $300.4k during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Paul And Norma Facella Memorial Scholarship Foundation has awarded 76 individual grants totaling $865,000. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE TRUSTEES OF THE FOUNDATION DISTRIBUTED 11,000 TO WINTHROP HIGH SCHOOL, LOCATED IN WINTHROP MASSACHUSETTS. THE SCHOOL USED THE FUNDS TO HELP DEFRAY THE COST OF ADVANCED PLACEMENT EXAMS. THE TRUSTEES OF THE FOUNDATION DISTRIBUTED 235,000 TO VARIOUS COLLEGES AND UNIVERSITIES FOR SCHOLARSHIPS FOR THE BENEFIT OF 19 SELECTED GRADUATING STUDENTS OF WINTHROP HIGH SCHOOL FOR THE PURPOSE OF ENHANCING THE STUDENTS' POST-SECONDARY EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vincent Cavarretta Trustee | 0 | $12,000 | |
Marilyn A Censullo Trustee | 0 | $12,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,637 |
| Interest on Savings | $0 |
| Dividends & Interest | $178,084 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $609,649 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $9,502 |
| Total Revenue | $798,872 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $24,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $2,025 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $65,362 |
| Contributions, gifts, grants paid | $235,000 |
| Total expenses and disbursements | $300,362 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $328,810 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $36,624 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $345 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $1,850 |
| Total assets | $8,100,158 |
| 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 | $279,063 |
| Total liabilities | $279,063 |
Grants Awarded
Over the last fiscal year, Paul And Norma Facella Memorial Scholarship Foundation has awarded $235,000 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
ADYANA BARBARISI PURPOSE: COLLEGE SCHOLARSHIP | $25,000 |
MAURA DORR PURPOSE: COLLEGE SCHOLARSHIP | $21,000 |
JACK FOBERT PURPOSE: COLLEGE SCHOLARSHIP | $16,000 |
EVAN SMOTRICH PURPOSE: COLLEGE SCHOLARSHIP | $16,000 |
JENNA DORR PURPOSE: COLLEGE SCHOLARSHIP | $16,000 |
TOWN OF WINTHROP MA PURPOSE: ADVANCED PLACEMENT EXAMS | $11,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Druckenmiller Foundation New York, NY | $1,579,806,367 | $402,828,458 |
Rockefeller Brothers Fund Inc New York, NY | $1,654,004,790 | $94,665,303 |
Adelson Family Foundation Needham, MA | $5,626,414 | $49,822,227 |
Anna Maria And Stephen Kellen Foundation Inc New York, NY | $1,287,407,560 | $57,361,611 |
The Wallace Foundation New York, NY | $1,815,949,042 | $114,535,478 |
Stephen A Schwarzman Foundation New York, NY | $124,156,635 | $61,557,254 |
Pepsico Foundation Inc Purchase, NY | $25,033,678 | $1,734,936 |
Foundation Mireille And James Levy Usa New York, NY | $36,878,233 | $277,701 |
The Bat Hanadiv Foundation No 3 New York, NY | $1,717,297,999 | $245,079,951 |
Big East Conference Inc New York, NY | $25,429,264 | $59,716,596 |
Bristol-Myers Squibb Foundation Inc New York, NY | $146,629,708 | $46,784 |
Cohen Veterans Network Inc Stamford, CT | $21,771,420 | $47,396,071 |