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← L B SMITH ESTATE FOUNDATION INC

Form 990 for tax year 2022

Filed by L B SMITH ESTATE FOUNDATION INC.

Totals

Total revenue
$340,597
Total expenses
$338,777
Contributions and grants received
$239,363
Grants paid
$318,931
Program service revenue
$0
Investment income
$101,234
Other revenue
$0
Total assets, end of year
$6,650,117
Total liabilities, end of year
$49,983
Net assets or fund balances, end of year
$6,600,134
Program services expenses (Part IX)
$318,931
Management and general expenses
$19,846
Fundraising expenses
$0
Program service expenses (Part III)
$318,931

Program services were 94.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $239,363

  • 3 · Investment income

    total $48,382 · excluded $48,382

  • 7a · Gross sales of assets other than inventory

    securities $302,838

  • 7b · Less cost or other basis and sales expenses

    securities $249,986

  • 7c · Gain or loss

    securities $52,852

  • 7d · Net gain or loss

    total $52,852 · excluded $52,852

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $318,931 · program services $318,931

  • 11c · Fees: accounting

    total $5,000 · management and general $5,000

  • 11f · Fees: investment management

    total $14,696 · management and general $14,696

  • 24a · Other expenses: BCO AND OTHER FILING FE

    total $150 · management and general $150

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $250,010 · end of year $156,142

  • 11 · Investments: publicly traded securities

    beginning of year $2,756,348 · end of year $2,276,531

  • 12 · Investments: other securities

    beginning of year $4,217,444 · end of year $4,217,444

  • 17 · Accounts payable and accrued expenses

    beginning of year $163,279 · end of year $49,983

  • 25 · Other liabilities

    beginning of year $5,000 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $7,055,523 · end of year $6,600,134

Mission and programs · 2022

Mission

PROVIDE GRANTS TO ORGANIZATIONS FOR CULTURAL, MEDICAL AND EDUCATIONAL ACTIVITIES

  • L.B. SMITH ESTATE FOUNDATION WAS FORMED TO SUPPORT CULTURAL, EDUCATIONAL AND MEDICAL PROGRAMS. SUPPORT IS GIVEN TO ASSIST IN PROVIDING CULTURAL PROGRAMS TO THE GENERAL PUBLIC. FINANCIAL SUPPORT IS PROVIDED FOR EDUCATIONAL PROGRAMS AT SCHOOLS AND COLLEGES AS WELL AS FINANCIAL ASSISTANCE TO EDUCATIONAL ORGANIZATIONS. MEDICAL ORGANIZATIONS ARE PROVIDED WITH ASSISTANCE IN THEIR ENDEAVORS TO ALLEVIATE ILLNESS THROUGH RESEARCH, BUILDING PROGRAMS AND THROUGH THEIR NORMAL OPERATIONAL PROGRAMS. CHARITABLE ORGANIZATIONS ARE ALSO GRANTED FUNDS IN SUPPORT OF THEIR GENERAL CHARITABLE PURPOSES. IN SELECTING ORGANIZATIONS TO RECEIVE GRANTS FOR CULTURAL, EDUCATIONAL, MEDICAL AND CHARITABLE PURPOSES, THE BOARD CONSIDERS RECOMMENDATIONS FROM CONTRIBUTORS AND IN ITS DISCRETION MAY DISTRIBUTE THE CONTRIBUTED AMOUNT TO THE RECOMMENDED ORGANIZATION ALONG WITH A MATCHING AMOUNT FROM THE FOUNDATION'S FUNDS.

    Expenses $318,931 · Grants $318,931

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Richard E Jordan III

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Dallas Zulli

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • James W Galloway III

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Cricket Gates

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Timothy P Hanlon

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Homer S Hetrick

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Lbs Hetrick

    ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • David W Hutton

    ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Richard E Jordan II

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Spencer G Nauman Jr

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Heather Stormin

    ASSISTANT TREASURER

    Total calculated
    $0
    Hours/week
    0.5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SMITH LAND & IMPROVEMENT CORPORATION

    C · REAL ESTATE / AUTO SALES & SERVICE · DE · 15.19% owned · share of income $438,984 · share of assets $12,445,883

Provenance

Return type
form_990
Tax year
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202313149349303181

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