Towercares Foundation Inc
- Assets
- $717.4k
- Revenue
- $737.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Laurel, MD
- Founding
- 09/2015
- Data as of
- 12/2021
- EIN
- 47-4164006
Organization Overview
Towercares Foundation Inc is located in Laurel, MD. The organization was established in 2015. According to its NTEE Classification (T70) the organization is classified as: Federated Giving Programs, 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. Towercares 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 12/2021, Towercares Foundation Inc generated $737.7k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 32.7% each year . All expenses for the organization totaled $377.6k during the year ending 12/2021. While expenses have increased by 38.7% 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 2017, Towercares Foundation Inc has awarded 70 individual grants totaling $871,099. 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
SUPPORT CHILDREN IN NEED AS WELL AS HEROIC INDIVIDUALS AND THEIR FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOWERCARES GRANTS:GRANTS TO SUPPORT CHARITIES THAT MEET OUR MISSION: CHILDREN IN NEED AND BRAVE AND HEROIC INDIVIDUALS AND THEIR FAMILIES WHO HAVE SACRIFICED WHILE PROTECTING OUR FREEDOM.TOWERCARES HOLDS AN ANNUAL GOLF TOURNAMENT TO BENEFIT JOHNS HOPKINSCHILDREN'S CENTER TO SUPPORT PEDIATRIC CARE AND RESEARCH. IN 2021PROCEEDS OF DONATED $26,330.
TOWERCARES SCHOLARSHIP PROGRAM:PROVIDED TEN $5,000 SCHOLARSHIPS TO STUDENT PURSUING STEM STUDIES AS THEIR COLLEGE MAJOR TO SUPPORT OUR MISSION TO ASSIST CHILDREN IN NEED. EXPENSES: $7,846 ADMIN FEE AND $100 FOR CHECKS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alvin Smith Secretary | OfficerTrustee | 0.3 | $0 |
Tom Poe Treasurer | OfficerTrustee | 1 | $0 |
Richard Stafford President | OfficerTrustee | 1 | $0 |
George Cumberledge Chair | OfficerTrustee | 0.3 | $0 |
Martin Breland Director | Trustee | 0.3 | $0 |
Allen Brisentine Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $479,647 |
| Fundraising events | $13,785 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $241,873 |
| Noncash contributions included in lines 1a–1f | $275 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $735,305 |
| Total Program Service Revenue | $0 |
| Investment income | $520 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$946 |
| Net Income from Gaming Activities | $2,545 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $737,689 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $277,410 |
| Grants and other assistance to domestic individuals. | $50,000 |
| 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 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 | $0 |
| Fees for services: Accounting | $19,996 |
| 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 | $15,570 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $377,584 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,650 |
| Savings and temporary cash investments | $618,787 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $55,026 |
| 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 | $3,917 |
| 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 | $717,380 |
| Accounts payable and accrued expenses | $2,250 |
| 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 | $2,250 |
| Net assets without donor restrictions | $715,130 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $717,380 |
Grants Awarded
Over the last fiscal year, Towercares Foundation Inc has awarded $145,350 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
Baltimore, MD PURPOSE: SUPPORT FOR CHILD LIFE SERVICES | $16,330 |
Crownsville, MD PURPOSE: EQUINE SERVICES FOR HEROES PROGRAM | $15,000 |
Annapolis, MD PURPOSE: SUMMER CAMP SUBSIDY FOR AT-RISK YOUTH. | $10,650 |
Silvers Spring, MD PURPOSE: HOMELESS VETERAN ESSENTIAL NEEDS SUPPORT PROGRAM. | $10,000 |
Rockville, MD PURPOSE: COMFORT XL PROGRAM FOR CHILDREN ENTERING FOSTER CARE | $10,000 |
Culpeper, VA PURPOSE: MILITARY FAMILY EMERGENCY ASSISTANCE | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Towercares Foundation Inc has recieved totaling $184.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $184 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The United Way Of Central Maryland Inc Baltimore, MD | $67,768,699 | $88,763,556 |
American Gift Fund Wilmington, DE | $439,949,657 | $191,491,973 |
Associated Jewish Community Federation Of Baltimore Inc Baltimore, MD | $42,735,304 | $45,612,361 |
Jewish Federation Of Greater Philadelphia Philadelphia, PA | $424,827,168 | $56,076,653 |
Associated Jewish Charities Of Baltimore Baltimore, MD | $398,678,795 | $51,667,875 |
The United Way Of Southwestern Pennsylvania Pittsburgh, PA | $71,821,513 | $41,142,392 |
Americas Charities Chantilly, VA | $19,664,098 | $37,274,660 |
The Jewish Federation Of Greater Washington Inc North Bethesda, MD | $260,201,202 | $41,780,933 |
Jewish Federation Of Greater Pittsburgh Pittsburgh, PA | $277,158,927 | $43,372,124 |
United Way Of South Hampton Roads Norfolk, VA | $66,003,873 | $28,678,324 |
United Way Of Greater Philadelphia And Southern New Jersey Philadelphia, PA | $111,398,154 | $23,240,167 |
Colcom Foundation Pittsburgh, PA | $406,634,028 | $48,313,267 |