The Veloric Foundation is a private foundation based in Bala Cynwyd, Pennsylvania, established in 1986. Operating under EIN 23-2387629, the organization functions as an independent foundation focused on economic development and community advancement in the greater Delaware Valley region.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$6.8M
-5.8% YoY
Annual Giving
$514K
-93.0% YoY
Grant Count
30
+25.0% YoY
Avg Grant Size
$17K
-94.4% YoY
Under IRS private-foundation payout rules, The Veloric Foundation reported a distributable amount of $419K for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation's primary purpose is to promote economic development in West Philadelphia and to foster and promote the success of small entrepreneurial charities in the greater Delaware Valley.
Specific program areas include:
- Planning, development, and support to promote economic and community growth, education, and the arts
- Below-market rental of real estate to support economic development and expansion, particularly around SEPTA's transit node at 46th Street on Market Street, known as the 46th and Market Streets Transit Revitalization Investment District (SEPTA TRID)
- Support for business and nonprofit organizations located in the SEPTA TRID and along the Market Street corridor in West Philadelphia to advance transit center development in underserved areas
- Enhancement of affordable housing and healthcare opportunities in Willingboro, New Jersey
Grantmaking
The foundation maintains an active grantmaking program, though specific application procedures are not detailed in available sources.
Grant Range
s:** Typical awards range from $100 to $6,800,000.
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Geographic Focus
Where this funder awards grants
The foundation's primary geographic focus includes:
- West Philadelphia, particularly the Market Street corridor
- The greater Delaware Valley region
- Willingboro, New Jersey
- Pennsylvania, New York, and New Jersey more broadly
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
As of 2023:
- Total assets: $7,199,819
- Total revenues: $521,097
- Total expenses: $7,499,395
- Number of employees: 0
As of 2024:
- Total assets: $6,781,832
- Total giving: $513,900
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $6,781,832 | $7,199,819 | $13,420,955 |
| Revenue | $344,041 | $521,097 | $8,644,407 |
| Expenses | $783,439 | $7,499,395 | $1,051,342 |
| Qualifying Distributions | $659,117 | $7,481,957 | $750,563 |
| Net Investment Income | $272,899 | $304,398 | $8,573,963 |
| Distributable Amount | $418,521 | $398,472 | $213,074 |
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
65 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include American University ($105,500), American Jewish Committeejacob Blaustein Bldg ($100,000), American Technion Society ($100,000).
| Recipient | Purpose | Amount |
|---|---|---|
| AMERICAN UNIVERSITY WASHINGTON, DC | CONTRIBUTION | $105,500 |
| AMERICAN JEWISH COMMITTEEJACOB BLAUSTEIN BLDG NEW YORK, NY | CONTRIBUTION | $100,000 |
| AMERICAN TECHNION SOCIETY NEW YORK, NY | CONTRIBUTION | $100,000 |
| COUNCIL FOR RELATIONSHIPS PHILADELPHIA, PA | CONTRIBUTION | $55,000 |
| BOCA RATON REGIONAL HOSPITAL BOCA RATON, FL | CONTRIBUTION | $20,000 |
| THE ENTERPRISE CENTER COMMUNITY DEVELPOMENT CORPOR PHILADELPHIA, PA | CONTRIBUTION | $20,000 |
| SHANE VICTORINO FOUNDATION LAS VEGAS, NV | CONTRIBUTION | $15,000 |
| ANTI DEFAMATION LEAGUE PHILADELPHIA, PA | CONTRIBUTION | $10,000 |
| BRYN MAWR FOUNDATION RADNOR, PA | CONTRIBUTION | $10,000 |
| DREXEL UNIVERSITY PHILADELPHIA, PA | CONTRIBUTION | $10,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
- Daniel Veloric - President (Community Care and Development Corporation - Willingboro, listed as of 2015)
- Michael Veloric - Treasurer (Community Care and Development Corporation - Willingboro, listed as of 2014)
- Esther Ponnocks - Executive Vice President and Secretary (Community Care and Development Corporation - Willingboro, listed as of 2014)
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| MICHAEL VELORIC | PRESIDENT | 5 | — |
| MAUREEN HEALY | SECRETARY AND TREASURER | 1 | — |
Recent News & Activity
Recent developments and announcements
The foundation has made notable grants supporting entrepreneurship and education initiatives, including a substantial gift to American University's Kogod School of Business to support entrepreneurship programming. The foundation has also been involved in funding education entrepreneurship initiatives, including a $400,000 grant offering to support families and teachers advancing education entrepreneurship in Michigan.
American University\u2019s Kogod School of Business Announces Substantial\Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does The Veloric Foundation fund?
The foundation's primary purpose is to promote economic development in West Philadelphia and to foster and promote the success of small entrepreneurial charities in the greater Delaware Valley. Specific program areas include: • Planning, development, and support to promote economic and community growth, education, and the arts • Below-market rental of real estate to support economic development and expansion, particularly around SEPTA's transit node at 46th Street on Market Street, known as the…
How do I apply for a grant from The Veloric Foundation?
**Grant Sizes:** Typical awards range from $100 to $6,800,000. **Recent Financial Activity (2023):** • Total revenues: $521,097 • Total expenses: $7,499,395 • Total assets: $7,199,819 **Recent Financial Activity (2024):** • Total assets: $6,781,832 • Total giving: $513,900 The foundation maintains an active grantmaking program, though specific application procedures are not detailed in available sources.
Where does The Veloric Foundation make grants?
The foundation's primary geographic focus includes: • West Philadelphia, particularly the Market Street corridor • The greater Delaware Valley region • Willingboro, New Jersey • Pennsylvania, New York, and New Jersey more broadly
What size grants does The Veloric Foundation award?
In 2024, The Veloric Foundation awarded 30 grants totaling $514K — an average of about $17K per grant, based on its IRS Form 990 filings.
How much is The Veloric Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, The Veloric Foundation reported a distributable amount of $419K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is The Veloric Foundation's EIN?
The Veloric Foundation's EIN (Employer Identification Number) is 23-2387629. IRS Form 990 filing data is available on this page for 2021–2024.
Explore Open Grants
Browse active grant opportunities in The Veloric Foundation's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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