FRANKLIN MINT FEDERAL CREDIT UNION FOUNDATION INC

EIN: 260413862 501(c)(3) Education

CHADDS FORD, PA

Total Revenue
$612,689
Total Expenses
$183,242
Total Assets
$996,265
Net Assets
$996,265
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2007
Legal Domicile
PA
Principal Officer
MICHAEL MAGNAVITA
Phone
4842591880
Tax Period
2023-01-01 to 2023-12-31

FRANKLIN MINT FEDERAL CREDIT UNION FOUNDATION INC, founded in 2007, is a small nonprofit in the Education sector that reported $613K in total revenue in fiscal year 2023. Revenue surged 49% from the prior year, signaling strong growth momentum. The organization ran a surplus of $429K, a strong 70% operating margin.

Mission

THE FMFCU FOUNDATION IS THE CHARITABLE ARM OF THE FRANKLIN MINT FEDERAL CREDIT UNION WHOSE PRIMARY MISSION IS TO COLLECT AND DISTRIBUTE FUNDS THAT SUPPORT CHARITABLE CAUSES AS WELL AS THE IMPLEMENTATION OF FINANCIAL LITERACY INITIATIVES IN THE COMMUNITY.

Program Service Accomplishments

Program 1
Expenses: $132,681 Revenue: $35,641

THE FOUNDATION PARTNERS WITH THE DELAWARE COUNTY INTERMEDIATE UNIT IN PRESENTING THE COUNTY'S PREMIER EDUCATION RECOGNITION EVENT. THE EVENT ACKNOWLEDGES AND PROMOTES ACADEMIC ACCOMPLISHMENT IN A WAY...

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THE FOUNDATION PARTNERS WITH THE DELAWARE COUNTY INTERMEDIATE UNIT IN PRESENTING THE COUNTY'S PREMIER EDUCATION RECOGNITION EVENT. THE EVENT ACKNOWLEDGES AND PROMOTES ACADEMIC ACCOMPLISHMENT IN A WAY THAT IS SIMILAR TO RECOGNIZING ATHLETIC ABILITY. THE BANQUET HONORS STUDENTS AND EDUCATORS, INCLUDING THE STUDENTS WHO PARTICIPATE IN THE DELCO HI-Q ACADEMIC QUIZ COMPETITION AND THEIR ADVISORS, RECIPIENT OF THE EXCELLENCE IN TEACHING AWARDS, SCHOLARSHIP RECIPIENTS, AND COMMUNITY NON-PROFITS. ALL HONOREES ATTEND THE EVENT AT NO COST. THE BANQUET REGULARLY DRAWS AS MANT AS 500 GUESTS.

Program 2
Expenses: $5,630

TEACHER MINI GRANTS - FRANKLIN MINT FEDERAL CREDIT UNION FOUNDATION FUNDS INNOVATIVE EDUCATIONAL EXPERIENCES FOR K-12 STUDENTS THAT MAY NOT OTHERWISE BE FUNDED IN THE SCHOOL YEAR. TEACHERS MAY...

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TEACHER MINI GRANTS - FRANKLIN MINT FEDERAL CREDIT UNION FOUNDATION FUNDS INNOVATIVE EDUCATIONAL EXPERIENCES FOR K-12 STUDENTS THAT MAY NOT OTHERWISE BE FUNDED IN THE SCHOOL YEAR. TEACHERS MAY REQUEST FUNDS FOR CLASSROOM SUPPLIES, TECHNOLOGY, BOOKS, FUNDING FOR CLASSROOM PROJECTS OR PROGRAMS. AMOUNTS GIVEN ARE UP TO $500 PER APPLICANT. APPLICANTS MUST TEACH AT A SCHOOL LOCATED IN CHESTER, DELAWARE, MONTGOMERY, NEW CASTLE COUNTIES, WEST PHILADELPHIA, OR UNIVERSITY CITY.

Program 3
Expenses: $41,000

THE EXCELLENCE IN TEACHING AWARDS AND GRANT - LOCAL TEACHERS CAN BE NOMINATED TO RECEIVE $1,000 GRANTS TOWARDS EDUCATIONAL EXPENSES AND $1,000 FOR THEIR SCHOOL. THE EXCELLENCE IN TEACHING AWARD...

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THE EXCELLENCE IN TEACHING AWARDS AND GRANT - LOCAL TEACHERS CAN BE NOMINATED TO RECEIVE $1,000 GRANTS TOWARDS EDUCATIONAL EXPENSES AND $1,000 FOR THEIR SCHOOL. THE EXCELLENCE IN TEACHING AWARD RECOGNIZES 20 OUTSTANDING AND DEDICATED TEACHERS IN OUR AREA. RECIPIENTS OF THIS AWARD RECEIVE $1,000 TOWARDS CLASSROOM EXPENSES AND A COMMEMORATIVE KEEPSAKE. THE RECIPIENT'S SCHOOL ALSO RECEIVES A $1,000 AWARD. A TOTAL OF $40,000 WILL BE AWARDED TO SCHOOLS AND EDUCATORS. TEACHERS CAN BE NOMINATED BY STUDENTS, PARENTS, CO-WORKERS OR SUPERVISORS. NOMINEES MUST BE PENNSYLVANIA- OR DELAWARE-CERTIFIED ACTIVE TEACHERS IN GOOD STANDING THAT PROVIDE DIRECT INSTRUCTION TO STUDENTS IN A CLASSROOM SETTING.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $505,578
Program Service Revenue $35,641
Investment Income $0
Other Revenue $71,470
TOTAL REVENUE $612,689

Expense Breakdown

Grants Paid $101,326
Salaries & Benefits $8,775
Fundraising Expenses $0
Program Expenses $179,311
Other Expenses $73,141
TOTAL EXPENSES $183,242

Year-over-Year Comparison

2023 2022 Change
Revenue $612,689 $412,362 +0.5%
Expenses $183,242 $143,596 +0.3%
Net Income $429,447 $268,766 +0.6%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

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Liquidity & Cash Position

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Governance

Voting Members
9
Independent Members
9
Employees
2
Volunteers
10

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$0
Total Directors
9
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DR HARRY J JAMISON PRESIDENT 1.00
Officer Director
$0 $0 $0
MARIA ROLSTON VICE PRESIDENT/SECRETARY 1.00
Officer Director
$0 $0 $0
MICHAEL B MAGNAVITA TREASURER 1.00
Officer Director
$0 $0 $0
DR LOIS SNYDER DIRECTOR 1.00
Director
$0 $0 $0
DR JOSEPH O'BRIEN DIRECTOR 1.00
Director
$0 $0 $0
WILLIAM TAYLOR DIRECTOR 1.00
Director
$0 $0 $0
KATE MCGEEVER DIRECTOR 1.00
Director
$0 $0 $0
DR GEORGE STEINHOFF DIRECTOR 1.00
Director
$0 $0 $0
SHONETTE CAREW DIRECTOR 1.00
Director
$0 $0 $0
RICHARD V DURANTE JR EXECUTIVE DIRECTOR 16.00
Officer
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $612,689 $183,242 $996,265 $429,447
2022 $412,362 $143,596 $581,818 $268,766
2021 $146,631 $80,286 $298,052 $66,345
2020 $42,137 $60,731 $231,707 $-18,594
2019 $105,611 $118,950 $250,301 $-13,339
2018 $31,081 $80,352 $263,640 $-49,271
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