Gormley Family Foundation Inc
- Assets
- $643.3k
- Revenue
- $243.2k
- Investments
- $642.0k
- Employees
- 0
- Location
- Atlantic City, NJ
- Founding
- Data as of
- 12/2022
- EIN
- 85-3863421
Organization Overview
Gormley Family Foundation Inc is located in Atlantic City, NJ. 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. Gormley Family 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, Gormley Family Foundation Inc generated $243.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (19.3%) each year. All expenses for the organization totaled $93.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (16.1%) per year over the past 2 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Gormley Family Foundation Inc has awarded 19 individual grants totaling $223,000. 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.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William L Gormley Trustee | 0.5 | $0 | |
Lee A Levine Trustee | 0.5 | $0 | |
Alan C Staller Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $244,694 |
| Interest on Savings | $0 |
| Dividends & Interest | $4,590 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$6,117 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $243,167 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $324 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $200 |
| Total operating and administrative expenses | $1,824 |
| Contributions, gifts, grants paid | $91,500 |
| Total expenses and disbursements | $93,324 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,377 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $643,334 |
| 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, Gormley Family Foundation Inc has awarded $91,500 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
ATLANTIC COUNTY SHERIFF'S FOUNDATION INC PURPOSE: UNRESTRICTED | $5,000 |
CODE 4 FOUNDATION PURPOSE: UNRESTRICTED | $2,500 |
ST AUGUSTINE PREP PURPOSE: UNRESTRICTED | $5,000 |
RUTGERS UNIVERSITY PURPOSE: UNRESTRICTED | $5,000 |
UNIVERSITY OF NOTRE DAME PURPOSE: UNRESTRICTED | $25,000 |
THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA PURPOSE: UNRESTRICTED | $12,500 |