Admirals Cove Foundation Inc
- Assets
- $1.0m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 2
- Location
- Jupiter, FL
- Founding
- 06/2005
- Data as of
- 04/2024
- EIN
- 59-3786373
Organization Overview
Admirals Cove Foundation Inc is located in Jupiter, FL. The organization was established in 2005. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 04/2024, Admirals Cove Foundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Admirals Cove 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 04/2024, Admirals Cove Foundation Inc generated $4.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 32.0% each year . All expenses for the organization totaled $4.1m during the year ending 04/2024. While expenses have increased by 30.9% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Admirals Cove Foundation Inc has awarded 440 individual grants totaling $18,580,597. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
ADMIRALS COVE FOUNDATION IS THE COMMUNITY PHILANTHROPIC FOUNDATION OF THE RESIDENTS OF THE CLUB AT ADMIRALS COVE. OUR MISSION IS TO IMPROVE LIVES THROUGH A VITAL CULTURE OF GIVING. WE FOCUS ON THE MOST NEEDY IN PALM BEACH COUNTY BY SUPPORTING LOCAL NONPROFIT ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADMIRALS COVE FOUNDATION PHILANTHROPIC EFFORTS ARE MADE POSSIBLE BY THE GENEROUS SUPPORT OF OUR MEMBERS DURING OUR ANNUAL GIVING CAMPAIGN. THE FOUNDATION'S GRANTS ARE FOCUSED EXCLUSIVELY IN PALM BEACH COUNTY IN THE AREAS OF EDUCATION, HEALTH, AND SOCIAL SERVICES. THE FOUNDATION AND ITS VOLUNTEER COMMITTEES WORK ALONGSIDE A VARIETY OF ORGANIZATIONS THAT MAKE A MEANINGFUL IMPACT IN THE LIVES OF INDIVIDUALS AND FAMILIES IN PALM BEACH COUNTY.
DONOR-DIRECTED DONATIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Becker President | OfficerTrustee | $0 | |
Nancy Bush Board Member | Trustee | $0 | |
Suzanne Carroll Vice Preside | OfficerTrustee | $0 | |
Charles Ezrine Assistant Tr | OfficerTrustee | $0 | |
Andy Kahn Board Member | Trustee | $0 | |
Margot Lessans Secretary | OfficerTrustee | $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 | $4,088,126 |
| Noncash contributions included in lines 1a–1f | $30,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,088,126 |
| Total Program Service Revenue | $0 |
| Investment income | $34,677 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $227,281 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,350,084 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,894,549 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $143,336 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $14,698 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $87 |
| Fees for services: Accounting | $4,900 |
| 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 | $0 |
| Information technology | $1,653 |
| 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 | $982 |
| All other expenses | $3,523 |
| Total functional expenses | $4,100,239 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,013,341 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,028,341 |
| Accounts payable and accrued expenses | $1,081 |
| Grants payable | $139,105 |
| 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 | $140,186 |
| Net assets without donor restrictions | $888,155 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $1,028,341 |
Grants Awarded
Over the last fiscal year, Admirals Cove Foundation Inc has awarded $3,710,389 in support to 71 organizations.
| Grant Recipient | Amount |
|---|---|
AFMDA PURPOSE: DONOR DIRECTED | $15,000 |
ALBERT EINSTEIN COLLEGE OF MEDICINE PURPOSE: DONOR DIRECTED | $25,000 |
AMERICAN FRIENDS OF MAGEN DAVID ADO PURPOSE: DONOR DIRECTED | $155,743 |
AMERICAN FRIENDS OF MIGDAL OHR PURPOSE: DONOR DIRECTED | $35,000 |
AMERICAN JEWISH COMMITTEE PURPOSE: DONOR DIRECTED | $15,000 |
ARTHRITIS FOUNDATION PURPOSE: DONOR DIRECTED | $25,000 |