Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $66,172

• 1e · Government grants (contributions)

  $8,000

• 1f · All other contributions, gifts and grants

  $3,156,293

• 1g · Noncash contributions included above

  $14,350

• 3 · Investment income

  total $245,028 · excluded $245,028

• 7a · Gross sales of assets other than inventory

  securities $4,337,806

• 7b · Less cost or other basis and sales expenses

  securities $4,082,513

• 7c · Gain or loss

  securities $255,293

• 7d · Net gain or loss

  total $255,293 · excluded $255,293

• 8a · Fundraising events: gross income

  $85,599

• 8a · Fundraising events: contributions included on line 1c

  $66,172

• 8b · Fundraising events: direct expenses

  $42,806

• 8c · Net income from fundraising events

  total $42,793 · excluded $42,793

• 9a · Gaming: gross income

  $2,568

• 9b · Gaming: direct expenses

  $832

• 9c · Net income from gaming

  total $1,736 · excluded $1,736

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,061,273 · program services $1,061,273

• 11f · Fees: investment management

  total $46,572 · management and general $46,572

• 13 · Office expenses

  total $5,884 · fundraising $5,884

• 24a · Other expenses: Services from OHCC

  total $423,126 · fundraising $423,126

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,112,257 · end of year $1,680,480

• 2 · Savings and temporary cash investments

  beginning of year $339,099 · end of year $620,038

• 3 · Pledges and grants receivable

  end of year $1,077,677

• 11 · Investments: publicly traded securities

  beginning of year $6,336,275 · end of year $7,088,531

• 15 · Other assets

  beginning of year $1,688,316 · end of year $2,013,136

• 17 · Accounts payable and accrued expenses

  beginning of year $15,783 · end of year $59,465

• 25 · Other liabilities

  beginning of year $172,274 · end of year $26,194

• 27 · Net assets without donor restrictions

  beginning of year $5,650,316 · end of year $6,745,541

• 28 · Net assets with donor restrictions

  beginning of year $3,637,574 · end of year $5,648,662

The filer's explanations (Part III)

Part I, Line 3

The Grace Cottage Foundation does not set or determine the compensation of its Executive Director; the CEO of Otis Health Care and the Executive Director of Grace Cottage Foundation are compensated by a related organization, Carlos G. Otis Health Care Center (OHCC), which uses compensation surveys/studies and approval by the Board or compensation committee to establish their compensation. The CEO's compensation and benefits are reviewed, adjusted, and voted on by the full Board of the Hospital annually. The Hospital's Board used external market compensation data to determine the CEO's initial compensation when hired and annually uses such data to compare OHCC's CEO compensation with that of other hospital executives in the Northeast region. The CEO is excused from Board discussion and voting on issues surrounding CEO compensation and benefits.