NEWPORT – The van Beuren Charitable Foundation announced $227.1 million in net assets and $5.5 million in charitable giving through its Newport County Grants Program in its latest annual report, released Monday.
As of December 31, 2016, the foundation’s net assets includes $169 million in unrestricted funds (75 percent of its assets) and $57 million (25 percent of its assets) categorized as temporarily restricted.
Also outlined were revenues and support, which totaled $22.2 million: 40 percent of which is traced back to support and 60 percent of which is investment income.
The foundation spent $8.4 million in 2016. Eighty-three percent of its expenditures are to charitable programs, followed by 8 percent in operating costs, 7 percent in professional fees and 1 percent to excise tax.
In 2016 the foundation donated the most it has in its history, $7 million of which $5,532,040 was donated through its Newport County Grants Program to more than 60 local organizations. Many of the 2016 donations were focused on improving school to career pipelines, sustainable access to healthy food as well as preservation of the landscape and open space.
The remaining roughly $1.5 million were spent in board discretionary grants which ranged from Newport County to New York and Pennsylvania, where some board members live.
According to foundation data, since its inception in 1987, the foundation has gifted $80 million to local charitable organizations.
Emily Gowdey-Backus is a staff writer for PBN. You can follow her on Twitter @FlashGowdey or contact her via email, gowdey-backus@pbn.com.
