The Phase Foundation FY2021 filing

Germantown, MD · Private foundation / grantmaker

✓ Tax-deductible Latest data FY2021
Revenue
$180K
▼ -4% vs prior year
Spent
$394K
Net assets
$3.7M
By yearFY2020–FY2025
Revenue
$180K
FY2021▼ -4%
Revenue by fiscal year
FY2020$188K
FY2021$180K
FY2022$156K
FY2023$239K
FY2024$430K
FY2025$226K
Expenses
$394K
FY2021▲ +7%
Expenses by fiscal year
FY2020$369K
FY2021$394K
FY2022$349K
FY2023$365K
FY2024$390K
FY2025$388K
Net assets
$3.7M
FY2021▼ -6%
Net assets by fiscal year
FY2020$3.9M
FY2021$3.7M
FY2022$3.5M
FY2023$3.3M
FY2024$3.4M
FY2025$3.2M
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Form 990 for the fiscal year ending December 2021 (IRS tax year 2021).

Status and standing

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Yes — filed FY2025
Foundation funders?
Not on file
Spent on programs?
Not on file
Size and trend
$100K–1M
↓ -4% vs prior year
Legal name (IRS)Hdr · item CThe Phase Foundation
EINHdr · item D52-1611434
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFMay 1989
Latest filingForm 990FY2025 · Form 990-PF
Principal addressHdr · item CGermantown, MD
NTEE classificationIRS BMFNonprofit

Where the money goes

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Grants & contributions paid $0.81 Operating & administrative $0.19
Grants & contributions paid81%$320K
Operating & administrative19%$74K
Total functional expensesLn 25$394K

Financial health

Total assets
4.0M
deployed as grants and operations
Grants paid
320K
in FY2021
Grants made
40grants
total in period
Payout rate
8%
of assets (5% rule)

Summary of the Filing

Part I · fiscal year 2021 · Form 990-PF
Total assets
$4.0M
FY2021▼ -4%
Total assets by fiscal year
FY2020$4.2M
FY2021$4.0M
FY2022$3.7M
FY2023$3.6M
FY2024$3.7M
FY2025$3.5M
Total liabilities
$320K
FY2021▲ +14%
Total liabilities by fiscal year
FY2020$280K
FY2021$320K
FY2022$275K
FY2023$278K
FY2024$304K
FY2025$300K
Total assetsPt II$4.0M

Balance Sheet

Part X · end of year
CashLn 1$67K
Total assetsLn 16$4.0M
Total liabilitiesLn 26$320K
Total net assetsLn 32$3.7M
Months of cash on handcomputed2.0

Statement of Revenue

Part VIII
Investment income$177K · 98%
Other revenue$3K · 2%
Investment income98%$177K
Other revenue2%$3K
Total revenueLn 12$180K

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Payout rate
Grants paid $0 · Total assets $4.0M
0%
Where the money comes from
Contribution dependence
Contributions & grants — · Total revenue $180K
—
Government reliance
not reported
Earned-income share
not reported
Investment reliance
Investment income $0 · Total revenue $180K
0%
Program self-sufficiency
not reported
Growth & trend
Revenue growth (YoY)
This year $180K · Prior year $188K
-4%
Net-asset trend (YoY)
End of year $3.7M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $180K · Expenses $394K
-119%
Liabilities-to-Assets
Total liabilities — · Total assets $4.0M
—
Net-asset ratio
Net assets $3.7M · Total assets $4.0M
92%
People & payroll
Highest Reported Total Compensation
Individual Catherine L Hekimian · Reported title TRUSTEE · Highest reported compensation $20K · Total expenses $394K
5%
Personnel share
not reported
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Revenue growth -4%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$19,823Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2021
Catherine L Hekimian$21,248$26,863$19,823

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See The Phase Foundation executive salaries →

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Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1apending
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12a—
Whistleblower policyPt VI · Ln 13—
Document retention policyPt VI · Ln 14—
CEO/top-official compensation independently reviewedPt VI · Ln 15a—
Family or business relationships among officers/directorsPt VI · Ln 2—

Mission and programs

A private foundation based in Germantown, MD.

Provided by the organization

This section is blank until The Phase Foundation claims this page.

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Grants and how to apply

Who They Fund

Part XV · grants paid · 40 grants · $300K · 2025–2025
Wilmer Eye Institute (fund for Johns Hopkins Med)FY2025$150,000
Samaritan's PurseFY2025$13,000
Armenia School FoundationFY2025$8,000
Project Animal AidFY2025$8,000
Second Chance Wildlife CenterFY2025$8,000
Prospect Hill CemeteryFY2025$8,000
Partner for SurgeryFY2025$8,000
Salvation Army National Capital AreaFY2025$5,000
Housing UnlimitedFY2025$5,000
Hillsdale CollegeFY2025$5,000
Horizon Day CampFY2025$5,000
Eastern Shore Chapel (chapel Pantry)FY2025$5,000
Woodworkers for Children CharityFY2025$5,000
University of the CumberlandsFY2025$5,000
Big Life Foundation USAFY2025$5,000
Stratford HallFY2025$4,000
Society of St AndrewFY2025$3,000
Rx PartnershipFY2025$3,000
See all 40 grants →

Grantmaking Profile

Patterns in foundation giving
Average grantPart XV$8K
Median grantPart XV$3K
Largest grantPart XV$150K

Filing history

YearRevenueExpensesChangeFiling
FY2025 Latest $226K$388K-47% 990 PDF
FY2024 $430K$390K+80% 990 PDF
FY2023 $239K$365K+54% 990 PDF
FY2022 $156K$349K-14% 990 PDF
FY2021 Viewing $180K$394K-4% 990 PDF
FY2020 $188K$369K 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

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
Names, privacy, and removal requests More

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