Abbitt Family Foundation
- Assets
- $4.4m
- Revenue
- $1.5m
- Investments
- $4.2m
- Employees
- 0
- Location
- Newport News, VA
- Founding
- 05/1986
- Data as of
- 07/2024
- EIN
- 52-1441636
Organization Overview
Abbitt Family Foundation is located in Newport News, VA. The organization was established in 1986. 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. Abbitt Family 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 07/2024, Abbitt Family Foundation generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 40.7% each year . All expenses for the organization totaled $245.8k during the year ending 07/2024. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Abbitt Family Foundation has awarded 191 individual grants totaling $2,117,506. 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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carolyn A Abbitt Pres | 0.5 | $0 | |
Matthew M Abbitt Asst S T | 0 | $0 | |
Stephen M Abbitt VP S T | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $149,620 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,383,011 |
| Capital Gain Net Income | $1,383,011 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,532,631 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $5,823 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $36,678 |
| Contributions, gifts, grants paid | $209,100 |
| Total expenses and disbursements | $245,778 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $187,158 |
| 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 | $0 |
| Other assets | $0 |
| Total assets | $4,366,805 |
| 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 | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Abbitt Family Foundation has awarded $209,100 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
THE FAISON CENTER PURPOSE: GENERAL CHARITABLE | $12,500 |
VA CTR INCLUSIVE COMMUNITIES PURPOSE: GENERAL CHARITABLE | $2,000 |
MARINERS MUSEUM PURPOSE: GENERAL CHARITABLE | $50,000 |
COASTAL SHORES INC PURPOSE: GENERAL CHARITABLE | $2,500 |
VIRGINIA LIVING MUSEUM PURPOSE: GENERAL CHARITABLE | $100,000 |
HISTORIC ST LUKE'S CHURCH PURPOSE: GENERAL CHARITABLE | $15,000 |