Mitchell P Rales Family Foundation
- Assets
- $197.5k
- Revenue
- $648.2k
- Investments
- $112.9k
- Employees
- 0
- Location
- Potomac, MD
- Founding
- 03/1995
- Data as of
- 12/2023
- EIN
- 54-1739159
Organization Overview
Mitchell P Rales Family Foundation is located in Potomac, MD. The organization was established in 1995. 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. Mitchell P Rales 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 12/2023, Mitchell P Rales Family Foundation generated $648.2k 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 (5.6%) each year. All expenses for the organization totaled $547.3k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (11.1%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Mitchell P Rales Family Foundation has awarded 82 individual grants totaling $6,879,219. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
THE FOUNDATION MADE CASH AND NONCASH CONTRIBUTIONS TO PRE-SELECTED CHARITABLE ORGANIZATIONS OF $547,236.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mitchell P Rales Chairman/director | 1 | $0 | |
Matthew J Rales Vice President | 1 | $0 | |
Amanda F Rales Vice President | 1 | $0 | |
C Scott Brannan President | 4 | $0 | |
Rachel L S Plumley Secretary/treasurer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $569,485 |
| Interest on Savings | $3,656 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $75,099 |
| Capital Gain Net Income | $75,099 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $648,240 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $64 |
| Total operating and administrative expenses | $64 |
| Contributions, gifts, grants paid | $547,236 |
| Total expenses and disbursements | $547,300 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,668 |
| Savings and temporary cash investments | $48,926 |
| 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 | $197,469 |
| 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, Mitchell P Rales Family Foundation has awarded $547,236 in support to 23 organizations.
| Grant Recipient | Amount |
|---|---|
ASHLEY BRYAN CENTER PURPOSE: GENERAL SUPPORT | $5,000 |
BAR HARBOR HISTORICAL SOCIETY PURPOSE: GENERAL SUPPORT | $500 |
CONGREGATION BETH EL MONTGOMERY COUNTY MD PURPOSE: GENERAL SUPPORT | $28,000 |
CEDARS SINAI PURPOSE: GENERAL SUPPORT | $12,500 |
MAINE COAST HERITAGE TRUST PURPOSE: GENERAL SUPPORT | $5,000 |
MAUI FOOD BANK PURPOSE: GENERAL SUPPORT | $5,000 |