The Gromet Foundation
- Assets
- $4.1m
- Revenue
- $557.9k
- Investments
- $5.3m
- Employees
- 0
- Location
- Newark, DE
- Founding
- 07/2019
- Data as of
- 12/2023
- EIN
- 99-0281966
Organization Overview
The Gromet Foundation is located in Newark, DE. The organization was established in 2019. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gromet 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, Gromet Foundation generated $557.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (6.9%) each year. All expenses for the organization totaled $774.5k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Gromet Foundation has awarded 129 individual grants totaling $430,208. 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
THE FOUNDATION GAVE (30) THIRTY EDUCATIONAL SCHOLARSHIPS TO (30) THIRTY INDIVIDUALS.
IN ADDITION TO GRANTS FOR UNMET NEED FOR THE COST OF COLLEGE ATTENDANCE, THE FOUNDATION PROVIDES, AT ITS COST, THE FOLLOWING ADDITIONAL PROGRAMS: 1) ACADEMIC FINANCIAL AID COUNSELING WITH ANNUAL REVIEWS, 2) DECISION MAKING TOOLS TO ASSIST SCHOLARS IN COLLEGE SELECTION, 3) ACADEMIC MENTORING AND INTERVENTION SERVICES, 4) REFERRAL TO AFFILIATED PROVIDERS FOR ADDITIONAL FINANCIAL AID, 5) EMERGENCY AND CRISIS RESPONSE FUNDS, 6) FUNDS FOR STUDY ABROAD PROGRAMS IN ACCORDANCE WITH THE FOUNDATION STUDENT GUIDE, 7) TUITION FOR FRESHMAN ENGLISH IN THE SUMMER PRIOR TO THE FRESHMAN YEAR, 8) ORGANIZED SOCIAL GATHERINGS OF ITS SCHOLARS TO ENCOURAGE NETWORKING AND MENTORING BY UPPER CLASSMEN, AND 9) AN ALUMNI NETWORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James A Stubenberg Executive Dir/president/sec/dir | 30 | $125,000 | |
Sung S Stubenberg Chief Financial Officer | 30 | $96,160 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $92,577 |
| Dividends & Interest | $109,886 |
| Net Rental Income | $135,526 |
| Net Gain on Sale of Assets | $174,618 |
| Capital Gain Net Income | $174,618 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $557,906 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $221,160 |
| Other employee salaries and wages | $129,600 |
| Pension plans, employee benefits | $0 |
| Interest | $45,647 |
| Taxes | $53,241 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $4,885 |
| Printing and publications | $0 |
| Other expenses | $177,354 |
| Total operating and administrative expenses | $654,334 |
| Contributions, gifts, grants paid | $120,182 |
| Total expenses and disbursements | $774,516 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,247 |
| Savings and temporary cash investments | $45,995 |
| Net Accounts receivable | $6,294 |
| 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 | $524 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | -$1,256,610 |
| Total assets | $4,117,598 |
| 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, The Gromet Foundation has awarded $120,182 in support to 30 organizations.
| Grant Recipient | Amount |
|---|---|
ARMOUR LISA PURPOSE: STUDENT GRANT | $5,000 |
BALLESTEROS BETHANY PURPOSE: STUDENT GRANT | $5,000 |
BLASI MAYA P PURPOSE: STUDENT GRANT | $5,000 |
CAMBE JESSICA G PURPOSE: STUDENT GRANT | $5,000 |
CALARA EUNICA PURPOSE: STUDENT GRANT | $5,000 |
CAUDILL SKY PURPOSE: STUDENT GRANT | $5,000 |