Reco Foundation
- Assets
- $11.1m
- Revenue
- $2.9m
- Investments
- $10.3m
- Employees
- 0
- Location
- Manakin Sabot, VA
- Founding
- 04/1958
- Data as of
- 09/2023
- EIN
- 54-6039609
Organization Overview
Reco Foundation is located in Manakin Sabot, VA. The organization was established in 1958. 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. Reco 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 09/2023, Reco Foundation generated $2.9m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 54.3% each year . All expenses for the organization totaled $636.8k during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Reco Foundation has awarded 204 individual grants totaling $1,690,850. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE RECO FOUNDATION MAKES GRANTS TO QUALIFYING PUBLIC CHARITIES AND DOES NOT CARRY ON ANY CHARITABLE ACTIVITIES DIRECTLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert C Courain Jr President / Treasurer | 0 | $0 | |
Ruth D Courain Vice President | 0 | $0 | |
William M Richardson Vice President / Secretary | 0 | $0 | |
Robert C Courain III Director | 0 | $0 | |
Dr Franklin Luke Director | 0 | $0 | |
Allen C Goolsby III Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $468,071 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,449,117 |
| Capital Gain Net Income | $2,449,117 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $2,917,188 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $64,948 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $9,672 |
| Total operating and administrative expenses | $136,828 |
| Contributions, gifts, grants paid | $500,000 |
| Total expenses and disbursements | $636,828 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,918 |
| Savings and temporary cash investments | $752,439 |
| 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 | $11,087,840 |
| 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, Reco Foundation has awarded $500,000 in support to 40 organizations.
| Grant Recipient | Amount |
|---|---|
BON SECOURS RICHMOND HEALTH CARE FOUNDATION PURPOSE: SERVING THE COMMUNITY THROUGH COMMUNITY HEALTH OUTREACH | $1,000 |
ANNA JULIA COOPER EPISCOPAL SCHOOL PURPOSE: FAITH BASED SCHOOL FOR STUDENTS WITH LIMITED FINANCIAL RESOURCES | $8,750 |
CARITAS PURPOSE: BREAKS CIRCLE OF HOMELESSNESS AND ADDICTION, RECLAIM DIGNITY | $20,000 |
CENTRAL VIRGINIA LEGAL AID SOCIETY PURPOSE: LEGAL ASSISSTANCE TO LOW INCOME PEOPLE | $1,000 |
CHESTERFIELD-COLONIAL HEIGHTS CHRISTMAS MOTHER PURPOSE: ASSIST NEEDS OF FAMILIES DURING THE HOLIDAY SEASON | $1,000 |
COMMONWEALTH CATHOLIC CHARITIES PURPOSE: MAKING A DIFFERENCE IN THE LIVES OF FAMILIES | $3,000 |