Where Does $100 to Stephen Siller Tunnel to Towers Foundation Go (2022)?

The Stephen Siller Tunnel to Towers Foundation (SSTTF) is a tax-exempt, non-profit 501 (c) 3 that honors the sacrifice of firefighter Stephen Siller, who died on September 11, 2001 while trying to save others, by paying off mortgages and building homes, and the provision of other programs to combat homelessness and helping fallen first responder families.

There are 7 voting members (directors) of the governing body, 6 of whom are independent although it appears that 5 of the 7 directors (Frank Siller, George Siller, Janis Hannon, Regina Vogt, and Mary Scullin) are related (siblings of Stephen Siller for whom the foundation was formed).

Based in Staten Island, NY, SSTTF reported total revenue of $305 million in 2022 (compared to $264 million in 2021 and $114 million in 2020) with the largest source of revenue reported to be contributions, gifts, and grants.

Expenses totaled $286 million (94% of revenue) and can be categorized as follows:

• $157 million (51% of revenue):  Grants
• $ 52 million (17% of revenue):  In the Line of Duty Program
• $ 30 million (10% of revenue):  Advertising and Promotion
• $ 13  million (4% of revenue):  Compensation
• $  9  million (3% of revenue):  Office-Related Expenses
• $  8 million (3% of revenue):  Never Forget Program
• $  6  million (2% of revenue):  Other Expenses (no detail provided)
• $  5  million (2% of revenue):  Bank Charges
• $  3  million (1% of revenue):  Travel and Conferences
• $  3  million (1% of revenue):  Fees for Services/Consultants

As illustrated above, the two largest expenses are program-related expenses.  Grants (primarily $72 million to the US Veterans Initiative in Los Angeles and $51 million in mortgage payments for 268 recipients and $14 million in home purchases and renovations for 72 recipients) was the largest expense ($157 million).  In addition, the In the Line of Duty program, where mortgage free homes are provided) totaled $52 million.  Adding the $8 million spent on the “Never Forget Program” brings the total for grants and the two major programs to $217 million (71% of revenue).

Organization expenses (compensation,, office, advertising, bank charges, fees, travel, and other costs) account for $69 million (23% of revenue).

Using the above information every $100 in revenue was spent as follows:

$100:  Revenue

-$ 51:  Grants

-$ 17:  In the Line of Duty Program

-$  3:  Never Forget Program

-$ 71: Subtotal Grants and Special Programs

 $ 29:  Remaining Revenue

-$ 10:  Advertising and Promotion

-$  4:  Compensation

-$  3:  Office-Related Expenses

-$  2:  Other Expenses

-$  2:  Bank Charges

-$  1:  Travel and Conferences

-$  1:  Fees for Services/Consultants

-$ 23:  Subtotal:  Organization Expenses

-$ 94:  Total Expenses

 $   6:  Remaining Revenue: To General Fund

As illustrated above, $71 out of every $100 in revenue reported was spent on grants and programs while $23 out of evert $100 was spent on organization expenses, leaving $6 out of every $100 allocated to the general fund.

SSTTF has significantly increased it’s net assets:  At the beginning of 2020, FSTTF had $21 million in net assets. After adding unspent revenue ($57 million), net assets were $78 million at year-end. In 2021, unspent revenue was $117 million bringing net assets to $195 million at year-end 2021.  This is a significant increase:  going from $21 million in net assets to nearly $200 million in 2 years is noteworthy.  In 2022, FSTTF spent $94 out of evert $100 in revenue allocating $6 out of evert $100 (or $18 million) to the general fund.  At year-end 2022, there were $209 million in net assets.  In 2022, the organization made significantly more grants than in 2021.

What FSTTF ends up doing with these funds will be even more noteworthy.

To read the IRS Form 990 (2022), click here.