Clement And Linda Mcgillicuddy Foundation
- Assets
- $6.3m
- Revenue
- $1.1m
- Investments
- $6.3m
- Employees
- 0
- Location
- West Palm Beach, FL
- Founding
- Data as of
- 12/2023
- EIN
- 86-3485613
Organization Overview
Clement And Linda Mcgillicuddy Foundation is located in West Palm Beach, FL. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, 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. Clement And Linda Mcgillicuddy 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 12/2023, Clement And Linda Mcgillicuddy Foundation generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (50.5%) each year. All expenses for the organization totaled $512.6k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION IS INVOLVED IN GRANT-MAKING TO QUALIFYING NON-PROFIT ORGANIZATIONS AS DETERMINED BY THE TRUSTEES FROM TIME TO TIME.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Clement Mcgillicuddy Trustee | 0.4 | $0 | |
Linda Mcgillicuddy Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $119,349 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $949,656 |
| Capital Gain Net Income | $601,430 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,069,005 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $39,099 |
| Taxes | $3,499 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $45,619 |
| Contributions, gifts, grants paid | $467,000 |
| Total expenses and disbursements | $512,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $743 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $6,337,261 |
| 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, Clement And Linda Mcgillicuddy Foundation has awarded $735,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
VANGUARD CHARITABLE PURPOSE: VARIOUS CHARITABLE ORGANIZATIONS | $675,000 |
CLEVELAND CLINIC PURPOSE: HELP PROVIDE THE HIGHEST-QUALITY, COMPASSIONATE CARE, CONDUCT LIFESAVING RESEARCH AND OFFER LEADING-EDGE MEDICAL EDUCATION. | $50,000 |
FIRST SERVE PURPOSE: HELP YOUTH DEVELOP CHARACTER, COMPETENCE, AND COMMITMENT FOR PERSONAL AND COMMUNITY IMPROVEMENT. | $10,000 |