Michael & Ina Korek Foundation Tr 010897
- Assets
- $8.8m
- Revenue
- $1.1m
- Investments
- $8.0m
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 03/1997
- Data as of
- 12/2021
- EIN
- 77-6140213
Organization Overview
Michael & Ina Korek Foundation Tr 010897 is located in Wilmington, DE. The organization was established in 1997. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., 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. Michael & Ina Korek Foundation Tr 010897 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, Michael & Ina Korek Foundation Tr 010897 generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 27.4% each year . All expenses for the organization totaled $511.1k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Michael & Ina Korek Foundation Tr 010897 has awarded 763 individual grants totaling $2,161,793. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teresa Babb Managing Trustee | 25 | $58,666 | |
Brian Korek Executive Dir | 15 | $40,000 | |
Alek Dylan Peterlin Trustee | 1 | $0 | |
Brock Peterlin Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $60 |
| Dividends & Interest | $202,018 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $930,254 |
| Capital Gain Net Income | $771,328 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$6,541 |
| Total Revenue | $1,125,791 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $98,666 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $3 |
| Taxes | $6,064 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $59,241 |
| Total operating and administrative expenses | $220,608 |
| Contributions, gifts, grants paid | $290,485 |
| Total expenses and disbursements | $511,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $841,102 |
| 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 | $868,659 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $8,833,968 |
| 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, Michael & Ina Korek Foundation Tr 010897 has awarded $290,485 in support to 72 organizations.
| Grant Recipient | Amount |
|---|---|
Lexington, KY PURPOSE: KOREK BUI PSA PROJECT | $87,185 |
Irving, TX PURPOSE: NORTHERN CALIFORNIA - BOATING UNDER THE INFLUENCE PROGRAM | $22,800 |
Amherst, MA PURPOSE: MKP USA MARKETING - PROGRAM ONBOARDING AND DEVELOPMENT WITH FOCUS ON CULTURAL TRAINING AND RACIAL JUSTICE | $15,000 |
Hohenwald, TN PURPOSE: GENERAL & UNRESTRICTED | $8,000 |
Oakland, CA PURPOSE: GENERAL & UNRESTRICTED | $7,000 |
SECOND HARVEST OF SILICON VALLEY PURPOSE: GENERAL & UNRESTRICTED | $7,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Donald B And Dorothy L Stabler Foundation Harrisburg, PA | $483,040,822 | $63,822,611 |
Fund For Charitable Giving Pittsburgh, PA | $174,176,180 | $114,342,351 |
Abercrombie Guild Spring Lake, NJ | $0 | $390,111 |
Serviam Foundation Inc Saddle River, NJ | $7,024,929 | $1,479,116 |
Rubin Family Foundation Bensalem, PA | $4,953,491 | $893,762 |
Ruth And Jo Stone Foundation Wilmington, DE | $38,423,105 | $10,158,893 |
Westmoreland Cultural Trust Greensburg, PA | $14,583,491 | $2,146,840 |
O&r Rosner Foundation Inc Sayreville, NJ | $2,009,940 | $2,555,000 |
Homes For Hope Lancaster, PA | $4,138,617 | $1,481,409 |
Comcast Spectacor Charities Philadelphia, PA | $2,242,195 | $1,546,757 |
Unidentified Foundation Wilmington, DE | $12,790,593 | $141,502 |
Elizabeth And Joseph Massoud Family Foundation Wilmington, DE | $9,966,619 | $541,919 |