Goodwin Foundation INC FY2022 filing

Tax-deductible

East Hartford, CT501(c)(3)Since 2000EducationEIN 06-1599388

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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.
81¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 4
filings with a surplus
Average surplus $740K a year · 42% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
81%
of spending
Looks good: 81% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
22 mo
of spending, in cash
Looks good: 21.7 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
$3.0M
25% of total assets
Looks good: liabilities are 25% 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
$1.5M
+36% vs prior year
Spent
$857K
To programs
81%
Net assets
$9.3M
By yearFY2021–FY2024
Revenue
$1.5M
FY2022▲ +36%
Revenue by fiscal year
FY2021$1.1M
FY2022$1.5M
FY2023$2.7M
FY2024$1.7M
FY2024$2.4M
Expenses
$857K
FY2022▼ -15%
Expenses by fiscal year
FY2021$1.0M
FY2022$857K
FY2023$835K
FY2024$1.4M
FY2024$2.5M
Net assets
$9.3M
FY2022▼ -17%
Net assets by fiscal year
FY2021$11.2M
FY2022$9.3M
FY2023$11.8M
FY2024$12.8M
FY2024$12.9M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 2001.

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

Where the money goes

81 cents of each dollar spent went to programs.

Program services 81% · $697K Management & general 19% · $160K

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

15 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Outgoing Director
$0Pt VII · Sec A
Director/Senior Vice President
$0Pt VII · Sec A
President
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Outgoing 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.

Provided by the organization

This section is blank until Goodwin Foundation INC claims this page.

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1 program service account for $697K of program spending, described in the organization's own filed words · FY2021.
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.

$697Kprogram expense

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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
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 FY2022 990, line by line.

1The main four
Money inPt VIII
$1.5M
Ln 12
Investment incomeLn 3$854K
Gifts and grantsLn 1h$658K
Money outPt IX
$857K
Ln 25
Programscol B$697K
Managementcol C$160K
Owns and owesPt X
$9.3M
net assets · Ln 32
Cash and savingsLn 1–2$1.6M
Total assetsLn 16$12.3M
LiabilitiesLn 26$3.0M
PeoplePt VI, VII
15
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$658K
Fundraising eventsLn 1c$258K
Investment incomeLn 3$854K
Gains on assetsLn 7$270K
Total revenueLn 12$1.5M
Assets in detailPt X, end of year
CashLn 1$73K
SavingsLn 2$1.5M
Cash and savings togetherLn 1–2$1.6M
InvestmentsLn 11–13$10.6M
Total assetsLn 16$12.3M
LiabilitiesLn 26$3.0M
Net assetsLn 32$9.3M
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 FY22End FY22
Cash and savingsLn 1–2$1.5M$1.6M
InvestmentsLn 11–13$12.4M$10.6M
Total assetsLn 16$13.9M$12.3M
LiabilitiesLn 26$2.7M$3.0M
Net assetsLn 32$11.2M$9.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$259K$194K$65K
Accounting feesLn 11c$4K$4K
Investment management feesLn 11f$75K$75K
Other fees for servicesLn 11g$9K$9K
Advertising and promotionLn 12$1K$965$321
Office expensesLn 13$4K$3K$1K
Conferences, conventions and meetingsLn 19$27K$20K$7K
Payments to affiliatesLn 21$478K$478K
Other expenses (24a–d)Ln 24$673$505$168
Total functional expensesLn 25$857K$697K$160K$0

Filing history

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

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (4 parts)
Part VIII · Statement of revenue $1,471,908 across 7 lines filed
VIII-1c Fundraising events$257,525
VIII-1f All other contributions, gifts and grants$400,962
VIII-1h Total contributions, gifts and grants$658,487
VIII-3 Investment incomeExcluded from tax $583,775$583,775
VIII-7 Net gain or loss on sales of assetsExcluded from tax $270,164$270,164
VIII-8 Net income from fundraising eventsExcluded from tax −$40,518−$40,518
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $813,421$1,471,908
Part IX · Statement of functional expenses $857,048 across 9 lines filed
IX-11a Management feesPrograms $193,913 · Management $64,638$258,551
IX-11c Accounting feesManagement $3,986$3,986
IX-11f Investment management feesManagement $74,644$74,644
IX-11g Other fees for servicesManagement $8,542$8,542
IX-12 Advertising and promotionPrograms $965 · Management $321$1,286
IX-13 Office expensesPrograms $3,111 · Management $1,037$4,148
IX-19 Conferences, conventions and meetingsPrograms $20,342 · Management $6,780$27,122
IX-21 Payments to affiliatesPrograms $478,096$478,096
IX-24 Other expenses (24a–d)Programs $505 · Management $168$673
IX-25 Total functional expensesPrograms $696,932 · Management $160,116 · Fundraising $0$857,048
Part X · Balance sheet $12,281,744 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $102,936$73,365
X-2 Savings and temporary cash investmentsStart of year $1,434,428$1,477,677
X-3 Pledges and grants receivableStart of year $16,975$103,475
X-9 Prepaid expenses and deferred chargesStart of year $2,217$8,407
X-11 Publicly traded securitiesStart of year $12,392,076$10,618,820
X-16 Total assetsStart of year $13,948,632$12,281,744
X-17 Accounts payable and accrued expensesStart of year $40,497$29,887
X-25 Other liabilitiesStart of year $2,708,962$2,986,089
X-26 Total liabilitiesStart of year $2,749,459$3,015,976
X-27 Net assets without donor restrictionsStart of year $9,035,636$7,483,723
X-28 Net assets with donor restrictionsStart of year $2,163,537$1,782,045
X-32 Total net assets or fund balancesStart of year $11,199,173$9,265,768
X-33 Total liabilities and net assetsStart of year $13,948,632$12,281,744
Part XI · Reconciliation of net assets $9,265,768 net assets at year end
XI-1 Total revenue$1,471,908
XI-2 Total expenses$857,048
XI-3 Revenue less expenses$614,860
XI-4 Net assets at start of year$11,199,173
XI-5 Net unrealized gains (losses) on investments−$2,558,066
XI-8 Prior period adjustments$9,801
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$9,265,768

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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