Steele Foundation Inc
- Assets
- $65.4m
- Revenue
- $2.9m
- Investments
- $56.2m
- Employees
- 0
- Location
- Phoenix, AZ
- Founding
- 05/1980
- Data as of
- 12/2020
- EIN
- 95-3466880
Organization Overview
Steele Foundation Inc is located in Phoenix, AZ. The organization was established in 1980. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. Steele 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.
Since 2019, Steele Foundation Inc has awarded 158 individual grants totaling $10,824,961. 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
2020
Describe the Organization's Program Activity:
Part 3 - Line 4a
DC SCHOLARSHIP PROGRAM THE PURPOSE OF THE SCHOLARSHIP PROGRAM IS TO AWARD SCHOLARSHIPS TO GRADUATING HIGH SCHOOL SENIORS WHO HAVE SHOWN THE PASSION TO SUCCEED DESPITE FACING ECONOMIC CHALLENGES. BECAUSE MANY OF THESE STUDENTS RECEIVE INSUFFICIENT FUNDS TO COVER BASIC TUITION AND FEES FOR THE SCHOOL, THE FOUNDATION MAKES GRANTS TO COVER SOME OR ALL OF THE GAP BETWEEN THE STUDENT'S COSTS AND THE SCHOOL'S FINANCIAL AID, SUCH AS BASIC SUPPLIES, TRANSPORTATION, TRAVEL, AND LIVING EXPENSES. IN 2021, THE SCHOLARSHIP PROGRAM HELPED FIVE STUDENTS WITH THEIR COLLEGE EXPENSES, PROVIDING SUPPORT TOTALING $33,000. THE FOUNDATION STRICTLY FOLLOWS ITS SCHOLARSHIP GRANTING PROCEDURES AS OUTLINED IN ITS IRS ADVANCE APPROVAL LETTER, INCLUDING THE USE OF A GRANT SELECTION COMMITTEE, STUDENT GPA AND REPORTING REQUIREMENTS, AND MONITORING USE OF FUNDS, AMONG OTHER THINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marianne Cracchiolo Mago President | 40 | $428,552 | |
Andy Abraham Secretary | 1 | $0 | |
Jeff Fishman Director | 1 | $0 | |
Andy Cracchiolo Director | 1 | $0 | |
Daniel Cracchiolo Chairman | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cambridge Associates | 12/30/21 | $175,000 |
Boss Advisors | 12/30/21 | $64,524 |
Jones Emery | 12/30/21 | $99,242 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1,426 |
| Dividends & Interest | $467,507 |
| Net Rental Income | $97,486 |
| Net Gain on Sale of Assets | $2,202,227 |
| Capital Gain Net Income | $2,200,834 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $25,095 |
| Total Revenue | $2,853,761 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $413,992 |
| Other employee salaries and wages | $80,000 |
| Pension plans, employee benefits | $42,583 |
| Interest | $0 |
| Taxes | $62,078 |
| Depreciation | $107,137 |
| Occupancy | $18,774 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $103,125 |
| Total operating and administrative expenses | $1,165,204 |
| Contributions, gifts, grants paid | $2,981,271 |
| Total expenses and disbursements | $4,146,475 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $410,472 |
| Savings and temporary cash investments | $84,940 |
| Net Accounts receivable | $7,518 |
| 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 | $5,294,000 |
| Investments—mortgage loans | $3,399,204 |
| Investments—other | $52,468,157 |
| Net Land, buildings, and equipment | $3,440,406 |
| Other assets | $150 |
| Total assets | $65,430,680 |
| Accounts payable and accrued expenses | $9,892 |
| 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 | $5,948 |
| Total liabilities | $15,840 |
Grants Awarded
Over the last fiscal year, Steele Foundation Inc has awarded $4,285,418 in support to 54 organizations.
| Grant Recipient | Amount |
|---|---|
Phoenix, AZ PURPOSE: ARIZONA LEADS | $500,000 |
Phoenix, AZ PURPOSE: CHEVY HUMPHRY 4TH GRADE SCHOLARSHIPS | $250,000 |
ALL SAINTS' EPISCOPAL DAY SCHOOL PURPOSE: PASSION PURPOSE IMPACT CAMPAIGN | $250,000 |
Tucson, AZ PURPOSE: DIGITAL LEARNING PLATFORM/VIRTUAL STORY SCHOOL | $250,000 |
DONORS CHOOSE PURPOSE: BACK TO SCHOOL PROJECT FUNDING IN AZ | $250,000 |
Phoenix, AZ PURPOSE: GENERATIONS ENDOWMENT FUND | $250,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The 1440 Foundation Saratoga, CA | $206,653,487 | $19,808,457 |
Merkin Family Foundation Marina Del Rey, CA | $241,752,328 | $31,870,945 |
Hopper-Dean Foundation Menlo Park, CA | $45,438,431 | $29,723,797 |
Troesh Family Foundation Henderson, NV | $90,271,272 | $18,993,634 |
Bia Echo Foundation Reno, NV | $26,357,504 | $25,798,977 |
Connie And Bob Lurie Foundation Inc Redwood City, CA | $112,597,495 | $25,457,180 |
Kennys Kids Sedona, AZ | $0 | $509,065 |
Meadowview Foundation San Rafael, CA | $189,484,174 | $15,305,967 |
Pwb Foundation San Francisco, CA | $347,304,916 | $12,423,770 |
Jeffrey Carlton Charitable Foundation Udt Dated April 10 2009 Villa Park, CA | $0 | $7,778,728 |
Autodesk Foundation San Francisco, CA | $47,337 | $16,300,000 |
Brent Eley Center Inc Aurora, CO | $0 | $0 |