Canale Foundation Inc
- Assets
- $20.2m
- Revenue
- $249.4k
- Investments
- $11.2m
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 03/1997
- Data as of
- 04/2023
- EIN
- 62-1670425
Organization Overview
Canale Foundation Inc is located in Memphis, TN. The organization was established in 1997. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Canale 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 04/2023, Canale Foundation Inc generated $249.4k 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 (51.6%) each year. All expenses for the organization totaled $229.5k during the year ending 04/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Canale Foundation Inc has awarded 60 individual grants totaling $1,310,585. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE PRIMARY EXEMPT PURPOSE OF THE ORGANIZATION IS TO ASSIST THE COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. IN CARRYING OUT ITS CHARITABLE MISSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION'S ONLY PROGRAM IS TO ACCEPT PROPERTY FOR USE EXCLUSIVELY FOR RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES PRIMARILY IN AND FOR THE BENEFIT OF MEMPHIS AND SHELBY COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert M Fockler President & CEO | OfficerTrustee | 1 | $0 |
Barbara S Mora Secretary | OfficerTrustee | 1 | $0 |
George Lumm Treasurer | OfficerTrustee | 1 | $0 |
Veronica Jamison Director | Trustee | 1 | $0 |
William Reed Director | Trustee | 1 | $0 |
Christopher W Canale Director | Trustee | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $374,280 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$124,865 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $249,415 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $113,500 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $68,536 |
| Fees for services: Legal | $20 |
| Fees for services: Accounting | $3,625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $29,619 |
| Fees for services: Other | $13,725 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $520 |
| Total functional expenses | $229,545 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 | $0 |
| Notes and loans receivable | $8,963,135 |
| 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 | $11,164,443 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,097 |
| Total assets | $20,152,675 |
| Accounts payable and accrued expenses | $975 |
| 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 | $975 |
| Net assets without donor restrictions | $20,151,700 |
| 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 | $20,152,675 |
Grants Awarded
Over the last fiscal year, Canale Foundation Inc has awarded $70,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
SCHOOLSEED FOUNDATION PURPOSE: GENERAL OPERATING SUPPORT | $25,000 |
CATHOLIC CHARITIES OF WEST TENNESSEE PURPOSE: GENERAL OPERATING SUPPORT | $20,000 |
ARTSMEMPHIS PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |
BOYS AND GIRLS CLUB OF GREATER MEMPHIS PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |
COMMUNITY LEGAL CENTER PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |
FAMILY SAFETY CENTER OF MEMPHIS AND SHELBY COUNTY PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |