Steele Foundation Inc
- Assets
- $65.3m
- Revenue
- $2.7m
- Investments
- $56.7m
- Employees
- 0
- Location
- Phoenix, AZ
- Founding
- 05/1980
- Data as of
- 12/2023
- 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.
For the year ending 12/2023, Steele Foundation Inc generated $2.7m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $5.3m during the year ending 12/2023. While expenses have increased by 7.1% per year over the past 5 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.
Since 2019, Steele Foundation Inc has awarded 234 individual grants totaling $18,667,855. 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
2023
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 2023, THE SCHOLARSHIP PROGRAM HELPED FOUR STUDENTS WITH THEIR COLLEGE EXPENSES, PROVIDING SUPPORT TOTALING $34,290. 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 | $472,673 | |
Andy Abraham Secretary | 1 | $0 | |
Andy Cracchiolo Director | 1 | $0 | |
Jeff Fishman Director | 1 | $0 | |
Holly Tullis Finance Director | 40 | $169,000 | |
Amber Skalsky Program Manager | 40 | $169,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cambridge Associates | 12/30/21 | $175,000 |
Jones Emery | 12/30/21 | $99,242 |
Boss Advisors | 12/30/21 | $64,524 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $4,968 |
| Dividends & Interest | $555,726 |
| Net Rental Income | $137,501 |
| Net Gain on Sale of Assets | $2,157,432 |
| Capital Gain Net Income | $2,157,166 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$183,455 |
| Total Revenue | $2,733,059 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $472,673 |
| Other employee salaries and wages | $423,051 |
| Pension plans, employee benefits | $154,091 |
| Interest | $0 |
| Taxes | $44,944 |
| Depreciation | $108,247 |
| Occupancy | $14,552 |
| Travel, conferences, and meetings | $16,279 |
| Printing and publications | $0 |
| Other expenses | $146,426 |
| Total operating and administrative expenses | $1,729,804 |
| Contributions, gifts, grants paid | $3,586,920 |
| Total expenses and disbursements | $5,316,724 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,800 |
| Savings and temporary cash investments | $773,678 |
| 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 | $4,674,000 |
| Investments—mortgage loans | $1,712,564 |
| Investments—other | $54,847,609 |
| Net Land, buildings, and equipment | $3,144,811 |
| Other assets | $150 |
| Total assets | $65,266,628 |
| Accounts payable and accrued expenses | $15,510 |
| 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 | $5,949 |
| Total liabilities | $21,459 |
Grants Awarded
Over the last fiscal year, Steele Foundation Inc has awarded $3,586,920 in support to 31 organizations.
| Grant Recipient | Amount |
|---|---|
ARIZONA SCIENCE CENTER PURPOSE: CHEVY HUMPHREY 3RD GRADE SCHOLARSHIPS | $250,000 |
ASU FOUNDATION PURPOSE: DANIEL CRACCHIOLO CHAIR IN CIVIL & CRIMINAL LAW | $100,000 |
BARROW NEUROLOGICAL FOUNDATION PURPOSE: DC/PG FELLOWSHIP ENDOWMENT | $500,000 |
CAMP STONE SCHOLARSHIP FUND PURPOSE: SCHOLARSHIP FUND | $5,000 |
CHILDSPLAY PURPOSE: STORYBOOK PREVIEW PERFORMANCES | $30,000 |
HEARD MUSEUM PURPOSE: FAMILY AND YOUTH ENGAGEMENT PROJECT | $100,000 |