Form 990 for tax year 2023
Filed by SALEM COMMUNITY FOUNDATION INC.
Totals
- Total revenue
- $4,982,816
- Total expenses
- $2,526,472
- Contributions and grants received
- $2,445,762
- Grants paid
- $2,313,241
- Program service revenue
- $0
- Investment income
- $2,537,054
- Other revenue
- $0
- Total assets, end of year
- $41,605,093
- Total liabilities, end of year
- $991
- Net assets or fund balances, end of year
- $41,604,102
- Program services expenses (Part IX)
- $2,418,112
- Management and general expenses
- $108,360
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $2,418,112
Program services were 95.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1f · All other contributions, gifts and grants
$2,445,762
-
3 · Investment income
total $1,344,319 · excluded $1,344,319
-
7a · Gross sales of assets other than inventory
securities $4,280,688
-
7b · Less cost or other basis and sales expenses
securities $3,087,953
-
7c · Gain or loss
securities $1,192,735
-
7d · Net gain or loss
total $1,192,735 · related or exempt $1,192,735
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $2,313,241 · program services $2,313,241
-
7 · Other salaries and wages
total $51,933 · program services $25,967 · management and general $25,966
-
10 · Payroll taxes
total $4,095 · program services $2,048 · management and general $2,047
-
11c · Fees: accounting
total $7,500 · program services $3,750 · management and general $3,750
-
11f · Fees: investment management
total $121,034 · program services $60,517 · management and general $60,517
-
13 · Office expenses
total $21,204 · program services $10,602 · management and general $10,602
-
22 · Depreciation, depletion and amortization
total $1,905 · program services $953 · management and general $952
-
23 · Insurance
total $3,227 · management and general $3,227
-
24a · Other expenses: Telephone
total $2,068 · program services $1,034 · management and general $1,034
-
24b · Other expenses: Ohio Attorney General f
total $200 · management and general $200
-
24c · Other expenses: Dues
total $65 · management and general $65
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $53,645 · end of year $54,929
-
10a · Land, buildings and equipment: cost or other basis
$17,955
-
10b · Land, buildings and equipment: accumulated depreciation
$13,036
-
10c · Land, buildings and equipment, net
beginning of year $6,824 · end of year $4,919
-
11 · Investments: publicly traded securities
beginning of year $39,089,508 · end of year $41,545,245
-
17 · Accounts payable and accrued expenses
beginning of year $2,219 · end of year $991
-
29 · Capital stock, trust principal or current funds
beginning of year $38,093,641 · end of year $39,147,759
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $1,054,117 · end of year $2,456,343
Mission and programs · 2023
Mission
The Salem Community Foundation, a public non-profit charitable trust, has as its mission to improve the quality of life in Salem, Ohio, and the immediate area. The mission of the Salem Community Foundation is to assess and meet changing community needs and interests through financial awards, and to assist donors to build and preserve enduring assets for charitable purposes. Grants are provided through endowment funds established by generous donors and support a broad range of needs in the areas of arts and humanities, health and human services, public and community services, and education.
Activities or mission (Part I)
Betterment of the local community by disbursement of grants to a variety of organizations.
-
In carrying out the exempt purposes, the betterment of the community was achieved through the disbursement of grants to a variety of organizations.
Expenses $2,418,112 · Grants $2,313,241
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Richard K Lutsch
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Deborah B McCulloch
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Geoffrey Goll
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Larry G Cecil
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Louis A Ramunno
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Tom Baker
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Shane R Franks
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Joseph P Sedzmak
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Salvatore C Apicella
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Audrey Null
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Karl Getzinger
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Steven J Bailey
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Carolyn Caldwell
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
Tony Maroni
Director
- Total calculated
- $0
- Hours/week
- 0.2
-
John E Tonti
President
- Total calculated
- $0
- Hours/week
- 15
-
Robert S McCulloch III
Vice President
- Total calculated
- $0
- Hours/week
- 0.2
-
George WS Hays
Secretary
- Total calculated
- $0
- Hours/week
- 0.2
-
Mark C Equizi
Treasurer
- Total calculated
- $0
- Hours/week
- 0.2
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.
Grants on this return
-
Operating Expenses and Equipment, Bond and Interst Payments
-
Kent State University Foundation
$71,166
Scholarships and Rising Scholars Program
-
Supports 20 social service agencies within Northern Columbiana County
-
$39,914
Building projects - new refrigerator and freezer units, outdoor painting and keyless entry system.
-
$30,000
Replace Roof including asbestos abatement
-
$20,487
Pool Blocks at Salem Community Center Pool
-
$20,000
Back to school clothing for local area needy children
-
$12,500
Equipment for training sessions specific to Salem area
-
$7,000
Paint Pearce and Schell Buildings
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 25 April 2024
- IRS schema version
- 2023v5.0
- Source object
- 202401239349302665
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