Ares Charitable Foundation
- Assets
- $1.9m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- Data as of
- 12/2021
- EIN
- 84-3666714
Organization Overview
Ares Charitable Foundation is located in Los Angeles, CA. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, 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. Ares Charitable 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 12/2021, Ares Charitable Foundation generated $4.9m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 20.0% each year . All expenses for the organization totaled $3.1m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Ares Charitable Foundation has awarded 11 individual grants totaling $2,630,000. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION IS FOCUSED ON ACCELERATING EQUALITY OF ECONOMIC OPPORTUNITY THROUGH STRATEGIC INVESTMENTS THAT PROVIDE CAREER PREPARATION AND RESKILLING, ENCOURAGE ENTREPRENEURSHIP AND DEEPEN INDIVIDUALS' UNDERSTANDING OF PERSONAL FINANCE SO THAT PEOPLE CAN PURSUE A BETTER FUTURE. THE FOUNDATION MAY ALSO SERVE AS A VEHICLE FOR SELECT GIVING OPPORTUNITIES IN CONNECTION WITH SIGNIFICANT LOCAL AND GLOBAL CRISES, INCLUDING PUBLIC HEALTH AND NATURAL DISASTERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
"ALTFINANCE: INVESTING IN BLACK FUTURES". THE INITIATIVE IS DESIGNED TO DIVERSIFY THE ALTERNATIVE INVESTMENT INDUSTRY BY ATTRACTING, TRAINING AND PROVIDING CAREER OPPORTUNITIES FOR COLLEGE STUDENTS ATTENDING HISTORICALLY BLACK COLLEGES AND UNIVERSITIES. THE INITIATIVE HAS THREE PRIMARY COMPONENTS: A MENTORED FELLOWSHIP PROGRAM, A TAILORED VIRTUAL INSTITUTE AND A SCHOLAR SHIP PROGRAM. ARES CHARITABLE FOUNDATION INTENDS TO CONTRIBUTE $3M PER YEAR FOR 10 YEARS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Arougheti President/director | OfficerTrustee | 1 | $0 |
Gregory Margolies Treasurer/director | OfficerTrustee | 1 | $0 |
Michael D Weiner Secretary/director | OfficerTrustee | 1 | $0 |
Caroline Blakely Director | 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 | $4,940,952 |
| Noncash contributions included in lines 1a–1f | $56,977 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,940,952 |
| Total Program Service Revenue | $0 |
| Investment income | $189 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $259 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,941,400 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,000,000 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $39,970 |
| Fees for services: Accounting | $12,726 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $42,500 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $2,425 |
| Total functional expenses | $3,097,621 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,772,175 |
| Savings and temporary cash investments | $148,960 |
| Pledges and grants receivable | $18,425 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,939,560 |
| Accounts payable and accrued expenses | $95,781 |
| 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 | $95,781 |
| Net assets without donor restrictions | $1,843,779 |
| Net assets with donor restrictions | $0 |
| 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 | $1,939,560 |
Grants Awarded
Over the last fiscal year, Ares Charitable Foundation has awarded $2,630,000 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
Los Angeles, CA PURPOSE: COVID 19 SUPPORT AND RELIEF | $500,000 |
Los Angeles, CA PURPOSE: COVID 19 SUPPORT AND RELIEF | $500,000 |
Seattle, WA PURPOSE: COVID 19 SUPPORT AND RELIEF | $500,000 |
WEILL MEDICAL COLLEGE OF CORNELL PURPOSE: COVID 19 SUPPORT AND RELIEF | $335,000 |
New York, NY PURPOSE: COVID 19 SUPPORT AND RELIEF | $335,000 |
Westbury, NY PURPOSE: COVID 19 SUPPORT AND RELIEF | $335,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Ares Charitable Foundation has recieved totaling $1,297,187.
| Awarding Organization | Amount |
|---|---|
Ressler Gertz Foundation Encino, CA PURPOSE: CONTRIBUTION | $1,000,000 |
David And Meredith Kaplan Foundation Florham Park, NJ PURPOSE: GENERAL UNRESTRICED | $250,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $47,187 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pledgeling Foundation Venice, CA | $2,856,994 | $17,411,331 |
Social Impact Fund Los Angeles, CA | $12,584,440 | $14,562,924 |
Solidaire Network Inc Oakland, CA | $12,776,145 | $7,898,596 |
Century Club Of San Diego La Jolla, CA | $2,243,411 | $13,615,886 |
Eat Learn Play Foundation Oakland, CA | $9,809,770 | $13,607,001 |
Cilhaas Supporting Foundation Alameda, CA | $0 | $0 |
Jacquie Foundation Incline Village, NV | $0 | -$1,353,234 |
Patricia And Paul Bragg Foundation Santa Barbara, CA | $96,344,460 | $2,462,516 |
Devto Support Foundation Newport Beach, CA | $95,101,323 | $1,275,327 |
Rodan & Fields Prescription For Change Foundation San Francisco, CA | $4,001,646 | $2,863,722 |
Mz Foundation San Francisco, CA | $44,105,186 | $1,119,650 |
Northridge Hospital Foundation Northridge, CA | $34,105,593 | $7,650,276 |