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Act Foundation EIN 88-6178059

Act Foundation

EIN  88-6178059 Private foundation / grantmaker Warwick, RI
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Size
$10–100M
What they do
A private foundation based in Warwick, RI. It reported about $34.0M in revenue for 2022.
Leadership
Steven B Merolla · Trustee · $324K
Money in and out
$34.0M revenue, $1.3M expenses
Bottom line
—

A private foundation based in Warwick, RI. It reported about $34.0M in revenue for 2022. For fiscal year 2022 it reported $34.0M in revenue, $1.3M in expenses, and $32.9M in net assets.Pt I

Grants paid & assets · FY2022
Total revenue
$34.0M
Pt VIII · Ln 12
Total expenses
$1.3M
Pt IX · Ln 25
Net assets
$32.9M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $32.7M
Total assets
32.9M
deployed as grants and operations
Grants paid
515K
in FY2022
Grants made
84grants
total in period
Payout rate
2%
of assets (5% rule)

Who They Fund

Part XV · grants paid · 84 grants · $1.0M · 2022–2022
Providence Public School DistrictFY2022$180,911
Providence Public School DistrictFY2022$180,911
Warwick Public SchoolsFY2022$113,537
Warwick Public SchoolsFY2022$113,537
South County Youth LacrosseFY2022$12,500
South County Youth LacrosseFY2022$12,500
Prout SchoolRI · FY2022$12,200
Prout SchoolRI · FY2022$12,200
Elmwood Little LeagueFY2022$9,608
Elmwood Little LeagueFY2022$9,608
Cranston Little LeagueFY2022$7,448
Cranston Little LeagueFY2022$7,448
Warwick North Little LeagueFY2022$5,000
Tiverton BaseballRI · FY2022$5,000
The Gordon SchoolRI · FY2022$5,000
Stages of FreedomRI · FY2022$5,000
Saint Teresa Catholic Elem SchoolFY2022$5,000
Saint Pius SchoolOK · FY2022$5,000
See all 84 grants →

Grantmaking Profile

Patterns in foundation giving
Distinct granteesPart XV10
Average grantPart XV$12K
Median grantPart XV$5K
Largest grantPart XV$181K
Top cause focusNTEERecreation & Sports (12%)

Summary of the Filing

Part I · fiscal year 2022 · Form 990-PF
Total revenue
$34.0M
Pt VIII · Ln 12
Total expenses
$1.3M
Pt IX · Ln 25
Net assets
$32.9M
Pt X · Ln 32
Total assetsPt II$32.9M

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CAct Foundation
EINHdr · item D88-6178059
Principal addressHdr · item CWarwick, RI
WebsiteHdr · item Jtheactfoundation.org
State of legal domicileHdr · item MRI
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFFoundations & Grantmakers (T20)
Ruling yearIRS BMFJul 2022

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—

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$323,530Pt VII · Sec A
See Act Foundation executive salaries →

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Statement of Revenue

Part VIII
Contributions & grants$33.8M · 99%
Investment income$224K · 1%
Contributions & grants99%$33.8M
Investment income1%$224K
Total revenueLn 12$34.0M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Grants & contributions paid $0.39 Operating & administrative $0.61
Grants & contributions paid39%$515K
Operating & administrative61%$813K
Total functional expensesLn 25$1.3M

Balance Sheet

Part X · end of year
CashLn 1$213K
Total assetsLn 16$32.9M
Total liabilitiesLn 26$0
Total net assetsLn 32$32.9M
Months of cash on handcomputed1.9

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Payout rate
Grants paid $0 · Total assets $32.9M
0%
Where the money comes from
Contribution dependence
Contributions & grants — · Total revenue $34.0M
—
Government reliance
not reported
Earned-income share
not reported
Investment reliance
Investment income $0 · Total revenue $34.0M
0%
Program self-sufficiency
not reported
Growth & trend
Revenue growth (YoY)
This year $34.0M · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $32.9M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $34.0M · Expenses $1.3M
+96%
Liabilities-to-Assets
Total liabilities — · Total assets $32.9M
—
Net-asset ratio
Net assets $32.9M · Total assets $32.9M
100%
People & payroll
Highest Reported Total Compensation
Individual Steven B Merolla · Reported title TRUSTEE · Highest reported compensation $324K · Total expenses $1.3M
24%
Personnel share
not reported

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. Peer cohort: .

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2022 (Latest)$34.0M revenue · viewing · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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