Mount Olivet Foundation
- Assets
- $1.5m
- Revenue
- $1.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Arlington, VA
- Founding
- 04/1968
- Data as of
- 12/2022
- EIN
- 54-6073008
Organization Overview
Mount Olivet Foundation is located in Arlington, VA. The organization was established in 1968. 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. Mount Olivet 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 12/2022, Mount Olivet Foundation generated $1.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (62.1%) each year. All expenses for the organization totaled $47.7k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION MAKES GRANTS AND INTEREST-FREE LOANS TO POST-SECONDARY STUDENTS AND SUPPORTS COMMUNITY ORGANIZATIONS WITH GRANTS FOR SPECIFIC PURPOSES. THE FOUNDATION PROVIDES STEWARDSHIP OF THE FINANCIAL RESOURCES ENTRUSTED TO IT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2022 THE FOUNDATION MADE EDUCATIONAL GRANTS RANGING FROM $100 TO $5,000 TO 16 DIFFERENT STUDENTS.
DURING 2022 THE FOUNDATION PROVIDED GRANTS RANGING FROM $500 TO $3,000 TO FIVE COMMUNITY ORGANIZATIONS THAT PROVIDE SERVICES TO LOW-INCOME PERSONS.
DURING 2022 THE FOUNDATION MADE LOANS OF $5,000 AND $10,000 TO 3 STUDENTS TO COVER EDUCATIONAL EXPENSES. THE FOUNDATION AT THE END OF 2022 HAD A TOTAL OF $315,967 ON LOAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl Moore President | OfficerTrustee | 3 | $0 |
Lucinda Maine Development Chair | Trustee | 1 | $0 |
Cynthia Nelson Loans Co-Chair | Trustee | 2 | $0 |
Elizabeth Wray Loans Co-Chair | Trustee | 2 | $0 |
Steven Meek Controller | OfficerTrustee | 2 | $0 |
Charlie Mullin Investments Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,292 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,292 |
| Total Program Service Revenue | $75 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,367 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,000 |
| Grants and other assistance to domestic individuals. | $32,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $12 |
| Information technology | $885 |
| 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 | $96 |
| Total functional expenses | $47,693 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,428 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $315,967 |
| 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 | $1,184,038 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,523,433 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $1,523,433 |
| Total liabilities and net assets/fund balances | $1,523,433 |