Surety Foundation Incorporated
- Assets
- $1.3m
- Revenue
- $155.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 08/2005
- Data as of
- 12/2021
- EIN
- 73-1728689
Organization Overview
Surety Foundation Incorporated is located in Washington, DC. The organization was established in 2005. According to its NTEE Classification (T31) the organization is classified as: Community 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. Surety Foundation Incorporated 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 12/2021, Surety Foundation Incorporated generated $155.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $96.9k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
SURETY INDUSTRY SCHOLARSHIPS - TO PROVIDE FINANCIAL ASSISTANCE TO EXCEPTIONAL UNDERREPRESENTED STUDENTS WHO MIGHT CONSIDER A CAREER IN THE SURETY AND FIDELITY INDUSTRY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Lee Covington II Secretary/treasurer | OfficerTrustee | 1 | $0 |
Timothy Mikolajewski President | OfficerTrustee | 1 | $0 |
Edwin Hubbard Vice President | OfficerTrustee | 1 | $0 |
Antonio Albanese Trustee (from Sep '21) | Trustee | 1 | $0 |
Kenneth Chapman Trustee (from Sep '21) | Trustee | 1 | $0 |
Rick Ciullo Trustee | 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 | $61,235 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $61,235 |
| Total Program Service Revenue | $0 |
| Investment income | $18,572 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $75,525 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $155,332 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $85,000 |
| 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 | $2,205 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,396 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $342 |
| 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 | $0 |
| Total functional expenses | $96,943 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,686 |
| Savings and temporary cash investments | $41,808 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,206,214 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,279,708 |
| 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 | $427,430 |
| Net assets with donor restrictions | $852,278 |
| 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 | $1,279,708 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Surety Foundation Incorporated has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Central Insurance Companies Educational And Charitable Van Wert, OH PURPOSE: GENERAL SUPPORT | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Foundation Of Frederick County Maryland Incorporated Frederick, MD | $137,281,850 | $16,443,346 |
The Community Foundation For Northern Virginia Inc Oakton, VA | $80,161,408 | $23,451,822 |
Community Foundation Of The Eastern Shore Inc Salisbury, MD | $144,509,312 | $16,050,496 |
Mid-Shore Community Foundation Inc Easton, MD | $125,001,314 | $15,563,573 |
Community Foundation Serving Western Virginia Roanoke, VA | $100,299,802 | $12,225,680 |
Community Foundation Of Anne Arundel County Inc Annapolis, MD | $26,673,092 | $5,823,224 |
National Catholic Community Foundation Crownsville, MD | $28,691,551 | $5,768,796 |
Community Foundation Of Washington County Maryland Incorporated Hagerstown, MD | $55,077,717 | $4,304,192 |
Arlington Community Foundation Arlington, VA | $25,473,492 | $4,309,490 |
Patrick Henry Community College Educational Foundation Inc Martinsville, VA | $23,312,561 | $4,555,998 |
The Community Foundation Of Howard County Inc Columbia, MD | $39,980,859 | $8,920,510 |
Northern Piedmont Community Foundation Warrenton, VA | $35,234,688 | $3,921,327 |