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Goodwin Foundation INC FY2021 filing

Tax-deductible

East Hartford, CT501(c)(3)Since 2000Education EIN 06-1599388Revenue $1.1M in FY2021

On file with the IRS1 Riverside Dr, 06118-1837 · East Hartford, CTTax-exempt since Jan 2001Publicly supported — 509(a)(2)

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The Goodwin Foundation supports the mission of Goodwin university to extend educational opportunities to underserved populations by fundraising for scholarships and other initiatives. With the guidance of an independent board of directors, the Foundation identifies key strategic fundraising goals and cultivates donors through major giving, annual fund, and alumni giving campaigns.through a coordinated plan of institutional giving and scholarships, the Foundation supports educational access for a wide range of students, including the over half of Goodwin students who are first generation college students. The Foundation seeks to support those students who have both an acute financial need, and have demonstrated the desire to achieve academic success.funds raised by the Foundation also support specific initiatives targeted at closing the educational achievement gap, including the men of vision in education (move) and women invested in seeking education (wise).

501(c)(3) charity; gifts are tax-deductible.
82¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $561K a year · 30% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
82%
of spending
Looks good: 82% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
18 mo
of spending, in cash
Plus $12.4M in investments, Pt X · Ln 11–13
Looks good: 18.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $8K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.7M
20% of total assets
Looks good: liabilities are 20% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 12 voting members
Looks good: 9 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.1M
Spent
$1.0M
To programs
82%
Net assets
$11.2M
By yearFY2021–FY2025
Revenue
$1.1M
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$1.1M
FY2022$1.5M
FY2023$2.7M
FY2024$1.7M
FY2025$2.4M
Expenses
$1.0M
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$1.0M
FY2022$857K
FY2023$835K
FY2024$1.4M
FY2025$2.5M
Net assets
$11.2M
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$11.2M
FY2022$9.3M
FY2023$11.8M
FY2024$12.8M
FY2025$12.9M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 2001.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

82 cents of each dollar spent went to programs.

Program services 82% · $826K Management & general 18% · $179K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

14 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
Collins Frank
Outgoing Director
$0Pt VII · Sec A
Foxman Ethan
President
$0Pt VII · Sec A
Housley Lee
Director
$0Pt VII · Sec A
Kaplan Ted
Director
$0Pt VII · Sec A
Louden Molly
Director
$0Pt VII · Sec A
Maffe Jay
Director
$0Pt VII · Sec A
McCarty Richard
Director/VP Advancement
$0Pt VII · Sec A
See Goodwin Foundation INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Funds scholarships and initiatives to expand educational opportunities for underserved students.

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Provided by the organization

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1 program · $826K · in their own filed words · FY2020
01

Through a coordinated plan of institutional giving and scholarships, the foundation supports educational access for a wide range of students, including the over half of goodwin students who are first generation college students.

$826Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Fidelity Investments Charitable Gift FundFY2024$8K
Total grants receivedfrom 1 funder$8K
Grants paid · 3 grants · $3.5M · 2022–2024
Goodwin University INCCT · FY2024$1,932,379
Goodwin University INCCT · FY2023$973,139
Goodwin University INCCT · FY2022$566,483

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.1M
Ln 12
Investment incomeLn 3$668K
Gifts and grantsLn 1h$446K
Money outPt IX
$1.0M
Ln 25
Programscol B$826K
Managementcol C$179K
Owns and owesPt X
$11.2M
net assets · Ln 32
Cash and savingsLn 1–2$1.5M
Total assetsLn 16$13.9M
LiabilitiesLn 26$2.7M
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$446K
Fundraising eventsLn 1c$156K
Investment incomeLn 3$668K
Gains on assetsLn 7$406K
Total revenueLn 12$1.1M
Assets in detailPt X, end of year
CashLn 1$103K
SavingsLn 2$1.4M
Cash and savings togetherLn 1–2$1.5M
InvestmentsLn 11–13$12.4M
Total assetsLn 16$13.9M
LiabilitiesLn 26$2.7M
Net assetsLn 32$11.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 69
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$1.9M$1.5M
InvestmentsLn 11–13$10.0M$12.4M
Total assetsLn 16$11.9M$13.9M
LiabilitiesLn 26$2.6M$2.7M
Net assetsLn 32$9.3M$11.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$362K$271K$90K
Accounting feesLn 11c$11K$11K
Investment management feesLn 11f$68K$68K
Other fees for servicesLn 11g$4K$4K
Advertising and promotionLn 12$3K$2K$709
Office expensesLn 13$4K$3K$990
Conferences, conventions and meetingsLn 19$8K$6K$2K
Payments to affiliatesLn 21$540K$540K
Other expenses (24a–d)Ln 24$6K$4K$1K
Total functional expensesLn 25$1.0M$826K$179K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.4M$2.5M−$159K$12.9M 990 PDF
FY2024 $1.7M$1.4M$377K$12.8M 990 PDF
FY2023 $2.7M$835K$1.9M$11.8M 990 PDF
FY2022 $1.5M$857K$615K$9.3M 990 PDF
FY2021 Viewing $1.1M$1.0M$77K$11.2M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $1,082,951 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $652,130$445,633
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $444,779$667,917
I-11 Other revenuePrior year −$25,028−$30,599
I-12 Total revenuePrior year $1,071,881$1,082,951
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $992,840$1,005,464
I-18 Total expensesPrior year $992,840$1,005,464
I-19 Revenue less expensesPrior year $79,041$77,487
Part VI · Governance 9 of 12 board members independent, 2 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $1,082,951 across 7 lines filed
VIII-1c Fundraising events$156,245
VIII-1f All other contributions, gifts and grants$289,388
VIII-1h Total contributions, gifts and grants$445,633
VIII-3 Investment incomeExcluded from tax $261,635$261,635
VIII-7 Net gain or loss on sales of assetsExcluded from tax $406,282$406,282
VIII-8 Net income from fundraising eventsExcluded from tax −$30,599−$30,599
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $637,318$1,082,951
Part IX · Statement of functional expenses $1,005,464 across 9 lines filed
IX-11a Management feesPrograms $271,145 · Management $90,381$361,526
IX-11c Accounting feesManagement $10,847$10,847
IX-11f Investment management feesManagement $68,318$68,318
IX-11g Other fees for servicesManagement $4,449$4,449
IX-12 Advertising and promotionPrograms $2,126 · Management $709$2,835
IX-13 Office expensesPrograms $2,969 · Management $990$3,959
IX-19 Conferences, conventions and meetingsPrograms $5,867 · Management $1,955$7,822
IX-21 Payments to affiliatesPrograms $540,168$540,168
IX-24 Other expenses (24a–d)Programs $4,155 · Management $1,385$5,540
IX-25 Total functional expensesPrograms $826,430 · Management $179,034 · Fundraising $0$1,005,464
Part X · Balance sheet $13,948,632 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $74,284$102,936
X-2 Savings and temporary cash investmentsStart of year $1,800,130$1,434,428
X-3 Pledges and grants receivableStart of year $16,941$16,975
X-9 Prepaid expenses and deferred chargesStart of year $2,008$2,217
X-11 Publicly traded securitiesStart of year $9,978,028$12,392,076
X-16 Total assetsStart of year $11,871,391$13,948,632
X-17 Accounts payable and accrued expensesStart of year $22,895$40,497
X-25 Other liabilitiesStart of year $2,541,604$2,708,962
X-26 Total liabilitiesStart of year $2,564,499$2,749,459
X-27 Net assets without donor restrictionsStart of year $7,288,168$9,035,636
X-28 Net assets with donor restrictionsStart of year $2,018,724$2,163,537
X-32 Total net assets or fund balancesStart of year $9,306,892$11,199,173
X-33 Total liabilities and net assetsStart of year $11,871,391$13,948,632
Part XI · Reconciliation of net assets $11,199,173 net assets at year end
XI-1 Total revenue$1,082,951
XI-2 Total expenses$1,005,464
XI-3 Revenue less expenses$77,487
XI-4 Net assets at start of year$9,306,892
XI-5 Net unrealized gains (losses) on investments$1,814,793
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$11,199,173

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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