Foundations In Education Inc
- Assets
- $40.4m
- Revenue
- $7.0m
- Investments
- $0.0
- Employees
- 6
- Location
- Bridgeport, CT
- Founding
- 06/2016
- Data as of
- 06/2023
- EIN
- 47-5130557
Organization Overview
Foundations In Education Inc is located in Bridgeport, CT. The organization was established in 2016. 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 06/2023, Foundations In Education Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundations In Education 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 06/2023, Foundations In Education Inc generated $7.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 45.2% each year . All expenses for the organization totaled $6.1m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Foundations In Education Inc has awarded 208 individual grants totaling $38,659,655. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGHTEN AND TRANSFORM THE MISSION OF CATHOLIC EDUCATION IN THE DIOCESE OF BRIDGEPORT BY PROVIDING TUITION ASSISTANCE, SUPPORTING INNOVATION, AND DEVELOPMENT OF LEADERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDED NEARLY 1,200 STUDENTS TUITION ASSISTANCE AND 21 TEACHERS INNOVATION AND LEADERSHIP GRANTS. SUPPORTED TRANSFORMATIVE PROJECTS AT A HIGH SCHOOL AND SOME ELEMENTARY SCHOOLS ACROSS THE DIOCESE OF BRIDGEPORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Hanlon Treasurer | OfficerTrustee | 1 | $0 |
Anne O Mccrory Trustee | Trustee | 1 | $0 |
Holly Doherty-Lemoine Executive Director | Officer | 50 | $170,705 |
Thomas E Mcinerney Chairman | OfficerTrustee | 1 | $0 |
Dr Julia Mcnamara Trustee | Trustee | 1 | $0 |
Bernard Reidy Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,328,139 |
| Related organizations | $833,215 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,934,764 |
| Noncash contributions included in lines 1a–1f | $571,638 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,096,118 |
| Total Program Service Revenue | $0 |
| Investment income | $950,551 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $40,098 |
| Net Income from Fundraising Events | -$54,115 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,032,652 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,565,772 |
| 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. | $171,990 |
| Compensation of current officers, directors, key employees. | $70,516 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $188,602 |
| Pension plan accruals and contributions | $14,134 |
| Other employee benefits | $30,054 |
| Payroll taxes | $25,807 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,309 |
| Fees for services: Other | $24,016 |
| Advertising and promotion | $7,346 |
| Office expenses | $20,268 |
| Information technology | $11,430 |
| 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 | $6,118,695 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,424,373 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,120,487 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $23,853,503 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,527 |
| Total assets | $40,425,890 |
| Accounts payable and accrued expenses | $37,119 |
| Grants payable | $160,491 |
| 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 | $3,408,814 |
| Total liabilities | $3,606,424 |
| Net assets without donor restrictions | $2,246,679 |
| Net assets with donor restrictions | $34,572,787 |
| 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 | $40,425,890 |
Grants Awarded
Over the last fiscal year, Foundations In Education Inc has awarded $5,565,772 in support to 25 organizations.
| Grant Recipient | Amount |
|---|---|
IMMACULATE HIGH SCHOOL INC PURPOSE: Grants | $135,845 |
KOLBE CATHEDRAL HIGH SCHOOL INC PURPOSE: Scholarships | $1,215,282 |
NOTRE DAME CATHOLIC HIGH SCHOOL INC PURPOSE: Grants | $158,668 |
ST JOSEPH'S HIGH SCHOOL INC PURPOSE: Scholarships | $242,267 |
ALL SAINTS CATHOLIC SCHOOL LLC PURPOSE: Scholarships/Grants | $355,263 |
ST ALOYSIUS SCHOOL LLC PURPOSE: Scholarships | $9,251 |