David R Clare And Margaret C Clare Foundation
- Assets
- $27.0m
- Revenue
- $1.4m
- Investments
- $26.6m
- Employees
- 0
- Location
- Morristown, NJ
- Founding
- 12/1991
- Data as of
- 10/2023
- EIN
- 65-0300004
Organization Overview
David R Clare And Margaret C Clare Foundation is located in Morristown, NJ. The organization was established in 1991. 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. David R Clare And Margaret C Clare 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 10/2023, David R Clare And Margaret C Clare Foundation generated $1.4m 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 (35.9%) each year. All expenses for the organization totaled $23.9m during the year ending 10/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, David R Clare And Margaret C Clare Foundation has awarded 291 individual grants totaling $50,914,247. 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
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher E Clare Regional Director & Truste | 30 | $185,823 | |
Carol A Clare Managing Director & Truste | 30 | $256,872 | |
David R Clare Jr Managing Director & Trustee | 30 | $300,672 | |
Robert B Hinton Jr Regional Director & Truste | 30 | $117,789 | |
Matthew D Hinton Regional Director & Truste | 30 | $122,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wells Fargo Advisors Llc | 10/30/23 | $144,388 |
Sandra J Champion | 10/30/23 | $106,500 |
Porzio Bromberg Et Al | 10/30/23 | $103,590 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $1,250,334 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $105,293 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,355,627 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $983,656 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $91,517 |
| Interest | $0 |
| Taxes | $85,529 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $174,567 |
| Printing and publications | $0 |
| Other expenses | $151,668 |
| Total operating and administrative expenses | $1,707,940 |
| Contributions, gifts, grants paid | $22,163,320 |
| Total expenses and disbursements | $23,871,260 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $347,413 |
| 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 | $26,985,700 |
| 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, David R Clare And Margaret C Clare Foundation has awarded $22,163,320 in support to 64 organizations.
| Grant Recipient | Amount |
|---|---|
ALS ASSOC OF GA INC PURPOSE: GENERAL SUPPORT | $200,000 |
BAYHEAD YEACHT CLUB FOUNDATION PURPOSE: GENERAL SUPPORT | $50,000 |
AUBREY ROSE FOUNDATION PURPOSE: GENERAL SUPPORT | $15,000 |
BEYOND BLINDNESS OF ORANGE CTY PURPOSE: GENERAL SUPPORT | $250,000 |
CAMP SUNSHINE PURPOSE: GENERAL SUPPORT | $125,000 |
CATERINA'S CLUB PURPOSE: GENERAL SUPPORT | $175,000 |