Marthas Vineyard Bank Charitable Foundation Inc
- Assets
- $5.3m
- Revenue
- $2.3m
- Investments
- $2.8m
- Employees
- 0
- Location
- Edgartown, MA
- Founding
- 07/2019
- Data as of
- 12/2022
- EIN
- 83-2908212
Organization Overview
Marthas Vineyard Bank Charitable Foundation Inc is located in Edgartown, MA. 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. Marthas Vineyard Bank Charitable 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 12/2022, Marthas Vineyard Bank Charitable Foundation Inc generated $2.3m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 22.7% each year . All expenses for the organization totaled $840.5k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Marthas Vineyard Bank Charitable Foundation Inc has awarded 494 individual grants totaling $4,343,859. 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
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
COVID TESTING EQUIPMENT & MASKS FOR COMMUNITY TESTING CENTER
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth C Galley Clerk/director | 1 | $0 | |
Donna L Cummens Director | 1 | $0 | |
Wayne C Lamson Director | 1 | $0 | |
Charles A Kroll Treasurer | 1 | $0 | |
Ronald Rappaport Director | 1 | $0 | |
George A Santos Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,209,540 |
| Interest on Savings | $0 |
| Dividends & Interest | $42,775 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $12,580 |
| Capital Gain Net Income | $12,580 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $2,264,895 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $5,700 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $51,101 |
| Total operating and administrative expenses | $131,119 |
| Contributions, gifts, grants paid | $709,425 |
| Total expenses and disbursements | $840,544 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,515,531 |
| 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 | $2,783,190 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $5,298,721 |
| 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, Marthas Vineyard Bank Charitable Foundation Inc has awarded $2,109,425 in support to 146 organizations.
| Grant Recipient | Amount |
|---|---|
Vineyard Haven, MA PURPOSE: EXEMPT PURPOSE | $800,000 |
ISLAND HEALTH CARE PURPOSE: EXEMPT PURPOSE | $250,000 |
ISLAND HOUSING TRUST PURPOSE: EXEMPT PURPOSE | $200,000 |
ISLAND HEALTH CARE PURPOSE: EXEMPT PURPOSE | $166,521 |
Vineyard Haven, MA PURPOSE: EXEMPT PURPOSE | $100,000 |
ISLAND HOUSING TRUST PURPOSE: EXEMPT PURPOSE | $50,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfred P Sloan Foundation New York, NY | $2,105,880,634 | $192,527,982 |
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
Mastercard Impact Fund Purchase, NY | $207,268,769 | $96,050,288 |
N H Higher Education Loan Corporation Concord, NH | $928,313,847 | $60,034,018 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
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 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
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 |