Mustang Foundation Inc is a private foundation based in Oceanport, New Jersey. The foundation was established in 2018 and operates as a 501(c)(3) tax-exempt organization. It is supported by the Estate of Oscar Davis and is also known as the Frances and Paul Turner Family Foundation and Ward C Laracy.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$30.4M
+60.1% YoY
Annual Giving
$4.1M
+159.8% YoY
Grant Count
32
-13.5% YoY
Avg Grant Size
$130K
+200.4% YoY
Mission & Focus Areas
The foundation's primary funding interests include:
- Philanthropy, Voluntarism & Grantmaking
- Human Services
- Health Care
- Wildlife and animal-related causes
- Dog rescue and animal rescue organizations
- Food pantries and poverty alleviation
Grantmaking
The foundation is an active grantmaker with recent grants including:
Grant Range
s:**
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in New York, Oregon, and New Jersey.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Assets:
- 2024: $30,399,364
- 2023: $18,987,466
Revenues (2024):
- Total grants and contributions: $15,193,953
- Investment income and dividends: $713,978
- Net gain from sale of non-inventory assets: $3,191,943
- Total revenues: $19,129,206
Expenses (2024):
- Total expenses: $4,257,565
Staffing: The foundation operates with 0 employees.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $30,399,364 | $18,987,466 | $19,927,081 |
| Revenue | $19,129,206 | $727,621 | $19,928,231 |
| Expenses | $4,257,565 | $1,662,728 | $1,150 |
| Qualifying Distributions | $4,156,598 | $1,611,500 | — |
| Net Investment Income | $3,856,986 | $678,393 | $50,487 |
| Distributable Amount | — | $988,293 | $40,016 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
69 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| FRANCES TURNER | TRUSTEE AND PRESIDENT | 0.2 | — |
| PAUL TURNER | TRUSTEE AND VICE-PRESIDENT | 0.2 | — |
| KARLA L ARRIA-DEVOE | TRUSTEE AND TREASURER | 0.2 | — |
| ANDREA R ARRIA-DEVOE | TRUSTEE AND SECRETARY | 0.2 | — |
Contact Information
Address: 5 Blackberry Bay Drive, Oceanport, NJ 07757-1401
Telephone: 732-963-9145
Subject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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