Norfolk Foundation Inc
- Assets
- $5.9m
- Revenue
- $418.9k
- Investments
- $3.5m
- Employees
- 0
- Location
- Norfolk, CT
- Founding
- 03/2018
- Data as of
- 12/2023
- EIN
- 47-5535228
Organization Overview
Norfolk Foundation Inc is located in Norfolk, CT. The organization was established in 2018. 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. Norfolk 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 12/2023, Norfolk Foundation Inc generated $418.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $472.4k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACTIVITIES TO BETTER COORDINATE THE DIVERSE ENERGIES OF THE TOWN'S BURGEONING NON-GOVERNMENTAL ORGANIZATION COMMUNITY BY PROVIDING A MANAGED CENTRAL CO-WORKING SPACE: THE ESTABLISHMENT OF THE NORFOLK HUB BRINGS A GREATER SHARED AWARENESS OF THE TOWN'S MANY VOLUNTEER ORGANIZATIONS, IS USED FOR COMMUNITY WORK SPACE/EVENTS/PRESENTATIONS, AND OFFERS WORK, MEETING SPACE AND PROFESSIONAL SUPPORT TO ITS MEMBER ORGANIZATIONS.
ACTIVITIES TO CONTRIBUTE TO THE VITALITY OF NORFOLK'S RICH CULTURAL HERITAGE: ANNUAL LITERARY FESTIVAL, NOW IN ITS FIFTH YEAR, IN SUPPORT OF ESTABLISHING NORFOLK AS A MAJOR CENTER FOR ARTS AND CULTURE IN THE REGION, BRINGING TO NORFOLK AWARD WINNING AUTHORS AND WRITERS INTO CONVERSATION ON A WIDE RANGE OF TOPICS TO CELEBRATE IDEAS AND DISCOURSE. CONTINUING PARTNERSHIP WITH YALE NORFOLK SCHOOL OF ART BY SUPPORTING ANNUAL THEMATIC LECTURE SERIES.
CONTRIBUTING TO A THRIVING DOWNTOWN INCLUDING THE OWNERSHIP AND MAINTENANCE/IMPROVEMENT OF THREE PROMINENT BUILDINGS IN THE DOWNTOWN AREA. 2 STATION PLACE - AS A COLLABORATIVE CO-WORKING WORK SPACE WITH ADDITIONAL SPACE RENTED TO A HAIR SALON; 6 STATION PLACE AS A CONVENIENCE MARKET/DELI; 3 STATION PLACE (PURCHASED IN NOV 2021) HAS BOTH COMMERCIAL AND RESIDENTIAL TENANTS (PARTNERSHIP WITH FOUNDATION FOR NORFOLK LIVING AS MASTER TENANT FOR THE RESIDENTIAL UNITS). THESE ACTIVITIES ARE AN IMPORTANT PART OF THE ORGANIZATION'S MISSION BUT ARE NOT DEEMED DIRECT CHARITABLE ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Borden President | 3 | $0 | |
Lisa Atkin Co-President | 10 | $0 | |
Vishal Grover Treasurer | 3 | $0 | |
Michael Selleck Secretary | 6 | $0 | |
Heather Tirrell Adams Board Member | 1 | $0 | |
Jonathan Barbagallo Board Member | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $171,956 |
| Interest on Savings | $0 |
| Dividends & Interest | $38,093 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $27,512 |
| Capital Gain Net Income | $33,911 |
| Net ST Capital Gain | $6,332 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $181,380 |
| Total Revenue | $418,941 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $70,958 |
| Other employee salaries and wages | $36,514 |
| Pension plans, employee benefits | $9,830 |
| Interest | $0 |
| Taxes | $30,738 |
| Depreciation | $62,352 |
| Occupancy | $37,504 |
| Travel, conferences, and meetings | $7,828 |
| Printing and publications | $0 |
| Other expenses | $156,108 |
| Total operating and administrative expenses | $472,377 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $472,377 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $165,258 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $2,108,550 |
| Other assets | $67,825 |
| Total assets | $5,868,046 |
| Accounts payable and accrued expenses | -$5,711 |
| 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 | $2,200 |
| Total liabilities | -$3,511 |
Grants Awarded
Over the last fiscal year, Norfolk Foundation Inc has awarded $351,747 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
YALE UNIVERSITY PURPOSE: ART BARN PRE-PLANNING STUDY | $100,000 |
TOWN OF NORFOLK PURPOSE: SUPPORT OF CITY MEADOW PROGRAM, WEEKEND IN NORFOLK, DOWNTOWN ENHANCEMENT PROJECT | $216,250 |
CHURCH OF CHRIST NORFOLK PURPOSE: SUMMER PROGRAM | $497 |
YALE UNIVERSITY PURPOSE: YALE SUMMER SCHOOL OF ART | $35,000 |