Lotus Endowment Fund Inc
- Assets
- $68.8m
- Revenue
- $9.2m
- Investments
- $0.0
- Employees
- 1
- Location
- Miami Beach, FL
- Founding
- 02/2008
- Data as of
- 12/2022
- EIN
- 92-0233563
Organization Overview
Lotus Endowment Fund Inc is located in Miami Beach, FL. The organization was established in 2008. According to its NTEE Classification (L11) the organization is classified as: Single Organization Support, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lotus Endowment Fund 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, Lotus Endowment Fund Inc generated $9.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 54.3% each year . All expenses for the organization totaled $1.8m during the year ending 12/2022. While expenses have increased by 46.3% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE LOTUS ENDOWMENT FUND, INC. IS A 501(C)(3) SUPPORTING FOUNDATION FOR THE SUNDARI FOUNDATION, INC. AND ITS INITIATIVES, INCLUDING THE LOTUS HOUSE WOMEN'S SHELTER. THE ENDOWMENT FUND WAS FORMED TO SECURE THE FINANCIAL STABILITY AND LONG-TERM VIABILITY OF THE SUNDARI FOUNDATION, SO THE LOTUS HOUSE WILL SERVE AS A RESOURCE FOR WOMEN, CHILDREN AND YOUTH IN NEED FOR GENERATIONS TO COME. PART III, LINE 1 LOTUS ENDOWMENT FUND, INC. OWNS THE FACILITIES LOCATED AT 2040 NW 7TH AVE, MIAMI, FL 33127 AND 420 NW 35TH STREET, MIAMI, FL 33127 AND LEASES SUCH FACILITIES TO THE SUNDARI FOUNDATION, INC. PURSUANT TO A 50 YEAR LEASE AT AN ANNUAL RENT OF 1 PER YEAR. FOR 2022, THE ANNUAL RENTAL VALUE OF SUCH FACILITIES WAS APPROXIMATELY 168,000. LOTUS VILLAGE II, LLC, A WHOLLY OWNED SUBSIDIARY OF LOTUS ENDOWMENT FUND, INC., OWNS THE VACANT LAND LOCATED AT 219 NW 14TH TERRACE, MIAMI FLORIDA AND LEASES SUCH LAND TO THE SUNDARI FOUNDATION, INC. THERE IS NO RENT OR VALUE ATTRIBUTED TO SUCH LEASED LAND. IT IS P
Describe the Organization's Program Activity:
Part 3 - Line 4a
REFER TO SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julie Lotspeich Secty, Treas | OfficerTrustee | 1 | $0 |
Constance Collins President & | OfficerTrustee | 10 | $0 |
Kathryn Villano Director | Trustee | 1 | $0 |
Martin Margulies Director | Trustee | 1 | $0 |
Debra Wechsler Director | Trustee | 1 | $0 |
Angela Whitman 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 | $8,652,217 |
| Noncash contributions included in lines 1a–1f | $60,121 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,652,217 |
| Total Program Service Revenue | $0 |
| Investment income | $331,542 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $196,000 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,179,759 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $383,989 |
| 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 | $18,269 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,587 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $58,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,430 |
| Advertising and promotion | $3,083 |
| Office expenses | $1,361 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $762 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $199 |
| Interest | $406,363 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $886,327 |
| Insurance | $0 |
| All other expenses | $1,166 |
| Total functional expenses | $1,840,722 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,670,374 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $5,182,003 |
| 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 | $29,904,751 |
| Investments—publicly traded securities | $8,837,538 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $248,791 |
| Total assets | $68,843,457 |
| Accounts payable and accrued expenses | $43,815 |
| 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 | $45,866,198 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $45,910,013 |
| Net assets without donor restrictions | $20,456,059 |
| Net assets with donor restrictions | $2,477,385 |
| 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 | $68,843,457 |