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EIN 23-7051152

The Morello Foundation

IRS 501(c) type
501(c)(3)
Num. employees
0
City
Ocean City
State
New Jersey
Year formed
1970
Most recent tax filings
2023-12-01
NTEE code, primary
T20: Private Foundations
Description
The Morello Foundation is a private foundation located in Ocean City, NJ that primarily funds scholarships. Its purpose is to donate to a school for scholarships and local charitable organizations. Grantees include Our Lady Of Mercy Academy and others, with two grants made last year.
Total revenues
$21,666
2023
Total expenses
$21,371
2023
Total assets
$326,171
2023
Num. employees
0
2023

Program areas at The Morello Foundation

The organization donates to schools to be used for scholarships
The organization donates to local charitable organizations based upon submission of information to The Foundation.
The only assets owned by The Foundation are securities, and temporary cash
Investments - The income generated pays scholarship awards to area students and /or schools to provide scholarships to students. Expenses are for excise tax and advertising. The remaining funds are to be used for future scholarships.

Grants made by The Morello Foundation

GranteeGrant descriptionAmount
Shore Medical CenterScholarship$5,000

Personnel at The Morello Foundation

NameTitleCompensation
Michael A MorelloTrustee$0

Financials for The Morello Foundation

RevenuesFYE 12/2023
Total grants, contributions, etc.$0
Investment income and dividends$9,104
Net rental income$0
Net gain from sale of non-inventory assets$12,562
Gross sales of inventory$0
Miscellaneous revenues$0
Total revenues$21,666

Form 990s for The Morello Foundation

Fiscal year endingDate received by IRSFormPDF link
2023-122024-05-16990PFView PDF
2022-122023-05-04990PFView PDF
2021-122022-02-07990PFView PDF
2020-122021-11-12990PFView PDF
2019-122022-01-26990PFView PDF
...and 8 more Form 990s
Data update history
November 25, 2023
Posted financials
Added Form 990PF for fiscal year 2021
July 11, 2023
Posted financials
Added Form 990PF for fiscal year 2022
July 3, 2023
Updated personnel
Identified 1 new personnel
July 1, 2023
Posted financials
Added Form 990PF for fiscal year 2020
May 14, 2023
Updated personnel
Identified 1 new personnel
Nonprofit Types
Grantmaking organizationsPrivate foundationsPrivate non-operating foundationsCharities
Issues
Education
Characteristics
Provides grantsPartially liquidatedState / local levelTax deductible donationsNo full-time employees
General information
Address
180 Bay Rd
Ocean City, NJ 08226
Metro area
Ocean City, NJ
County
Cape May County, NJ
Phone
(609) 947-1202
IRS details
EIN
23-7051152
Fiscal year end
December
Taxreturn type
Form 990-PF
Year formed
1970
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
T20: Private Foundations
NAICS code, primary
813211: Grantmaking Foundations
Parent/child status
Independent
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