The Erct Foundation Inc
- Assets
- $10.5m
- Revenue
- $5.1m
- Investments
- $10.4m
- Employees
- 0
- Location
- Montclair, NJ
- Founding
- 03/2019
- Data as of
- 12/2020
- EIN
- 82-3775017
Organization Overview
The Erct Foundation Inc is located in Montclair, NJ. The organization was established in 2019. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Erct 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 12/2020, Erct Foundation Inc generated $5.1m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 50.1% each year .
Since 2018, Erct Foundation Inc has awarded 20 individual grants totaling $737,742. 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
2020
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION
PUBLIC SUPPORT PROGRAMS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ercument Tokat President | 5 | $0 | |
Ikbal Tokat Vice President | 5 | $0 | |
Mehmet Tokat Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $5,000,000 |
| Interest on Savings | $70,267 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $5,070,267 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $3,403 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $13,907 |
| Contributions, gifts, grants paid | $363,730 |
| Total expenses and disbursements | $377,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $107,081 |
| Savings and temporary cash investments | $0 |
| 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 | $10,411,139 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $10,518,220 |
| 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, The Erct Foundation Inc has awarded $363,730 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
Washington, DC PURPOSE: EDUCATION | $100,000 |
INTERNATIONAL RESIDENTIAL COLLEGE PURPOSE: EDUCATION | $100,000 |
Washington, DC PURPOSE: EDUCATION | $30,049 |
TEMPLE UNIVERSITY PURPOSE: EDUCATION | $29,735 |
NEW YORK UNIVERSITY PURPOSE: EDUCATION | $29,149 |
THE LIFE SCIENCE CARE PHILA PURPOSE: RESEARCH/SUPPORT | $26,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfred P Sloan Foundation New York, NY | $2,105,880,634 | $192,527,982 |
Mastercard Impact Fund Purchase, NY | $207,268,769 | $96,050,288 |
Business Leadership Organized For Catholic Schools King Of Prussia, PA | $82,544,630 | $55,644,917 |
Central Pennsylvania Scholarship Fund Tyrone, PA | $42,508,819 | $45,167,381 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
The Childrens Scholarship Fund New York, NY | $36,136,002 | $24,710,520 |
Math For America Inc New York, NY | $15,709,494 | $20,036,646 |
The Posse Foundation Inc New York, NY | $120,660,725 | $44,739,225 |
Inner-City Scholarship Fund Inc New York, NY | $115,829,957 | $24,751,034 |
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |