Phyllis & Norman Lipsett Foundation

Watchung, NJ
Tax-exempt since Nov. 1981
EIN: 23-2185093

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Type of Nonprofit

Designated as a 501(c)(3) Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Donations to this organization are tax deductible.

Revenue

$93.1k (2024)

Expenses

$75.9k (2024)

Total Assets

$1.77M (2024)

Total Liabilities

$0 (2024)

Source: Form 990 tax filings from 2011 to 2024

Tax Filings by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Fiscal Year Ending Aug.
2024

Revenue

$93,147

Expenses

$75,905

Net Income

$17,242

Net Assets

$1,774,768

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$2,120	2.3%
Dividends	$41,926	45.0%
Sales of Assets	$28,351	30.4%
Other Income	$20,750	22.3%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$49,219	64.8%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,774,768
Total Liabilities	$0
Net Assets	$1,774,768

Compensation

Key Employees and Officers	Compensation	Other
Julie Lipsett Singer (Vice Pres/Se)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

990-PF

Filed on Feb. 17, 2025

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Aug.
2023

Revenue

$7,770

Expenses

$135,385

Net Income

-$127,615

Net Assets

$1,757,526

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$148	1.9%
Dividends	$28,059	> 100%
Sales of Assets	-$48,303
Other Income	$27,866	> 100%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$113,503	83.8%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,757,526
Total Liabilities	$0
Net Assets	$1,757,526

Compensation

Key Employees and Officers	Compensation	Other
Julie Lipsett Singer (Vice Pres/Se)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

990-PF

Filed on July 11, 2024

Primary tax return for a private foundation's activities, finances, and governance

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PDF XML

Fiscal Year Ending Aug.
2022

Revenue

$137,484

Expenses

$114,923

Net Income

$22,561

Net Assets

$1,885,141

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$4,526	3.3%
Dividends	$22,931	16.7%
Sales of Assets	$82,730	60.2%
Other Income	$27,297	19.9%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$88,793	77.3%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,885,141
Total Liabilities	$0
Net Assets	$1,885,141

Compensation

Key Employees and Officers	Compensation	Other
Norman Lipsett Until Mar 2 2022 (President)	$0	$0
Julie Lipsett Singer (Vice Pres/Se)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

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990-PF

Filed on Aug. 4, 2023

Primary tax return for a private foundation's activities, finances, and governance

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PDF XML

Fiscal Year Ending Aug.
2021

Revenue

$132,757

Expenses

$128,376

Net Income

$4,381

Net Assets

$1,862,580

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$23,924	18.0%
Dividends	$18,853	14.2%
Sales of Assets	$60,427	45.5%
Other Income	$29,553	22.3%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$103,617	80.7%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,862,580
Total Liabilities	$0
Net Assets	$1,862,580

Compensation

Key Employees and Officers	Compensation	Other
Norman Lipsett (President)	$0	$0
Julie Lipsett Singer (Vice Pres/Se)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

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990-PF

Filed on Jan. 12, 2022

Primary tax return for a private foundation's activities, finances, and governance

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XML

Fiscal Year Ending Aug.
2020

Revenue

$42,740

Expenses

$174,092

Net Income

-$131,352

Net Assets

$1,858,198

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$19,445	45.5%
Dividends	$22,906	53.6%
Sales of Assets	$0
Other Income	$23,537	55.1%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$146,240	84.0%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,858,199
Total Liabilities	$1
Net Assets	$1,858,198

Compensation

Key Employees and Officers	Compensation	Other
Norman Lipsett (President)	$0	$0
Julie Lipsett Singer (Vice Pres/Se)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

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990-PF

Filed on March 2, 2021

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Aug.
2019

Revenue

$241,974

Expenses

$98,491

Net Income

$143,483

Net Assets

$1,989,550

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$11,572	4.8%
Dividends	$51,715	21.4%
Sales of Assets	$173,937	71.9%
Other Income	$4,750	2.0%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$80,532	81.8%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,989,551
Total Liabilities	$1
Net Assets	$1,989,550

Compensation

Key Employees and Officers	Compensation	Other
Norman Lipsett (President)	$0	$0
Julie Lipsett Singer (Vice Pres/Se)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

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990-PF

Filed on June 15, 2020

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Aug.
2018

Revenue

$117,982

Expenses

$111,331

Net Income

$6,651

Net Assets

$1,846,068

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$13,781	11.7%
Dividends	$60,918	51.6%
Sales of Assets	$43,283	36.7%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$91,990	82.6%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,846,068
Total Liabilities	$0
Net Assets	$1,846,068

Compensation

Key Employees and Officers	Compensation	Other
Norman Lipsett (President)	$0	$0
Julie Lipsett Singer (Vice Pres/Se)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

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990-PF

Filed on July 10, 2019

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Aug.
2017

Revenue

$89,305

Expenses

$88,933

Net Income

$372

Net Assets

$1,839,417

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$13,796	15.4%
Dividends	$64,551	72.3%
Sales of Assets	$10,958	12.3%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$69,223	77.8%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,839,417
Total Liabilities	$0
Net Assets	$1,839,417

Compensation

Key Employees and Officers	Compensation	Other
Norman Lipsett (President)	$0	$0
Phyllis Lipsett (Vice Pres/Se)	$0	$0
Julie Lipsett Singer (Vice Preside)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

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990-PF

Filed on Feb. 16, 2018

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Aug.
2016

Revenue

$72,192

Expenses

$97,856

Net Income

-$25,664

Net Assets

$1,839,045

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$18,582	25.7%
Dividends	$69,653	96.5%
Sales of Assets	-$16,043
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$79,252	81.0%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,839,045
Total Liabilities	$0
Net Assets	$1,839,045

Compensation

Key Employees and Officers	Compensation	Other
Norman Lipsett (President)	$0	$0
Phyllis Lipsett (Vice Pres/Se)	$0	$0
Julie Lipsett Singer (Vice Preside)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

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990-PF

Filed on Feb. 28, 2017

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Aug.
2015

Revenue

$21,312

Expenses

$114,372

Net Income

-$93,060

Net Assets

$1,864,709

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$22,434	> 100%
Dividends	$70,551	> 100%
Sales of Assets	-$71,673
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$95,368	83.4%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,864,709
Total Liabilities	$0
Net Assets	$1,864,709

Compensation

Key Employees and Officers	Compensation	Other
Norman Lipsett (President)	$0	$0
Phyllis Lipsett (Vice Pres/Se)	$0	$0
Julie Lipsett Singer (Vice Preside)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

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990-PF

Filed on Feb. 1, 2016

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Aug.
2014

Revenue

$188,363

Expenses

$184,435

Net Income

$3,928

Net Assets

$1,957,769

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$38,852	20.6%
Dividends	$52,261	27.7%
Sales of Assets	$83,763	44.5%
Other Income	$13,487	7.2%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$159,798	86.6%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,957,769
Total Liabilities	$0
Net Assets	$1,957,769

Compensation

Key Employees and Officers	Compensation	Other
Norman Lipsett (President)	$0	$0
Phyllis Lipsett (Vice Pres/Se)	$0	$0
Julie Lipsett Singer (Vice Preside)	$0	$0
Beth Berman (Vice Preside)	$0	$0
Yale Lipsett (Vice Preside)	$0	$0

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990-PF

Filed on March 25, 2015

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Aug.
2013

Revenue

$167,638

Expenses

$135,006

Net Income

$32,632

Net Assets

$1,953,840

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$47,947	28.6%
Dividends	$60,561	36.1%
Sales of Assets	$58,335	34.8%
Other Income	$795	0.5%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$108,740	80.5%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,953,841
Total Liabilities	$1
Net Assets	$1,953,840

990-PF

Filed on July 30, 2014

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Aug.
2012

Revenue

$23,793

Expenses

$158,892

Net Income

-$135,099

Net Assets

$1,921,209

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$50,602	> 100%
Dividends	$54,340	> 100%
Sales of Assets	$0
Other Income	-$5,354

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$140,487	88.4%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,921,209
Total Liabilities	$0
Net Assets	$1,921,209

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending Aug.
2011

Revenue

$21,870

Expenses

$195,382

Net Income

-$173,512

Net Assets

$2,056,308

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$57,923	> 100%
Dividends	$62,631	> 100%
Sales of Assets	$0
Other Income	-$5,831

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$172,945	88.5%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$2,056,308
Total Liabilities	$0
Net Assets	$2,056,308

Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.

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Phyllis & Norman Lipsett Foundation

Organization summary

Type of Nonprofit

Summary charts: organization finances over time

Revenue $93.1k (2024)

Expenses $75.9k (2024)

Total Assets $1.77M (2024)

Total Liabilities $0 (2024)

Tax Filings by Year

Fiscal Year Ending Aug. 2024

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2023

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2022

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2021

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2020

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2019

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2018

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2017

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2016

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2015

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2014

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Aug. 2013

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Document Links

990-PF

Revenue

$93.1k (2024)

Expenses

$75.9k (2024)

Total Assets

$1.77M (2024)

Total Liabilities

$0 (2024)

Fiscal Year Ending Aug.
2024

Fiscal Year Ending Aug.
2023

Fiscal Year Ending Aug.
2022

Fiscal Year Ending Aug.
2021

Fiscal Year Ending Aug.
2020

Fiscal Year Ending Aug.
2019

Fiscal Year Ending Aug.
2018

Fiscal Year Ending Aug.
2017

Fiscal Year Ending Aug.
2016

Fiscal Year Ending Aug.
2015

Fiscal Year Ending Aug.
2014

Fiscal Year Ending Aug.
2013

Fiscal Year Ending Aug.
2012

Fiscal Year Ending Aug.
2011

Fiscal Year Ending Aug.
2010

Fiscal Year Ending Aug.
2009

Fiscal Year Ending Aug.
2008

Fiscal Year Ending Aug.
2007

Fiscal Year Ending Aug.
2006

Fiscal Year Ending Aug.
2005

Fiscal Year Ending Aug.
2004

Fiscal Year Ending Aug.
2003

Fiscal Year Ending Aug.
2002

Fiscal Year Ending Aug.
2001