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Nonprofiteer
← A J FLETCHER FOUNDATION

Form 990 for tax year 2023

Filed by A J FLETCHER FOUNDATION.

Totals

Total revenue
$6,065,550
Total expenses
$8,073,377
Contributions and grants received
$0
Grants paid
$6,677,600
Program service revenue
$0
Investment income
$4,698,561
Other revenue
$1,366,989
Total assets, end of year
$263,837,938
Total liabilities, end of year
$46,980
Net assets or fund balances, end of year
$263,790,958
Program services expenses (Part IX)
$7,156,648
Management and general expenses
$916,729
Fundraising expenses
$0
Program service expenses (Part III)
$7,156,648

Program services were 88.6% 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.

  • 3 · Investment income

    total $6,037,140 · excluded $6,037,140

  • 7a · Gross sales of assets other than inventory

    securities $45,346,686

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

    securities $46,684,725 · other assets $540

  • 7c · Gain or loss

    securities -$1,338,039 · other assets -$540

  • 7d · Net gain or loss

    total -$1,338,579 · excluded -$1,338,579

  • 11a · Other revenue: 2021 TAX REFUNDS

    total $1,366,989 · excluded $1,366,989

  • 11e · Other revenue, total

    $1,366,989

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $6,677,600 · program services $6,677,600

  • 5 · Compensation of officers, directors and key employees

    total $253,310 · program services $189,982 · management and general $63,328

  • 7 · Other salaries and wages

    total $170,891 · program services $135,081 · management and general $35,810

  • 8 · Pension plan contributions

    total $42,605 · program services $32,806 · management and general $9,799

  • 9 · Other employee benefits

    total $42,379 · program services $32,632 · management and general $9,747

  • 10 · Payroll taxes

    total $29,351 · program services $22,600 · management and general $6,751

  • 11a · Fees: management

    total $4,348 · program services $3,348 · management and general $1,000

  • 11b · Fees: legal

    total $69,578 · management and general $69,578

  • 11c · Fees: accounting

    total $58,315 · management and general $58,315

  • 11f · Fees: investment management

    total $376,309 · management and general $376,309

  • 11g · Fees: other

    total $36,669 · management and general $36,669

  • 12 · Advertising and promotion

    total $560 · management and general $560

  • 13 · Office expenses

    total $22,300 · management and general $22,300

  • 14 · Information technology

    total $19,496 · management and general $19,496

  • 16 · Occupancy

    total $76,282 · management and general $76,282

  • 17 · Travel

    total $2,722 · management and general $2,722

  • 19 · Conferences, conventions and meetings

    total $27,165 · program services $16,902 · management and general $10,263

  • 22 · Depreciation, depletion and amortization

    total $89,162 · management and general $89,162

  • 23 · Insurance

    total $18,044 · management and general $18,044

  • 24a · Other expenses: TICKETS AND SPONSORSHIP

    total $45,697 · program services $45,697

  • 24b · Other expenses: MEALS

    total $5,839 · management and general $5,839

  • 24c · Other expenses: DUES & SUBSCRIPTIONS

    total $4,710 · management and general $4,710

  • 24d · Other expenses: TAXES

    total $45 · management and general $45

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $109,904 · end of year $106,238

  • 2 · Savings and temporary cash investments

    beginning of year $253,118 · end of year $11,384,174

  • 4 · Accounts receivable

    beginning of year $4,936 · end of year $4,149

  • 7 · Other notes and loans receivable

    beginning of year $33,000 · end of year $33,676

  • 9 · Prepaid expenses and deferred charges

    beginning of year $114 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $6,055,583

  • 10b · Land, buildings and equipment: accumulated depreciation

    $825,578

  • 10c · Land, buildings and equipment, net

    beginning of year $2,623,499 · end of year $5,230,005

  • 11 · Investments: publicly traded securities

    beginning of year $205,087,139 · end of year $213,547,564

  • 12 · Investments: other securities

    beginning of year $32,113,381 · end of year $33,530,778

  • 15 · Other assets

    beginning of year $1,354 · end of year $1,354

  • 17 · Accounts payable and accrued expenses

    beginning of year $59,115 · end of year $46,980

  • 27 · Net assets without donor restrictions

    beginning of year $240,167,330 · end of year $263,790,958

Mission and programs · 2023

Mission

SEE SCHEDULE OTHE A.J. FLETCHER FOUNDATION OPERATES FOR THE EXCLUSIVE BENEFIT OF THE FLETCHER ACADEMY, SCHOOL OF ACHIEVEMENT, INC. AND IN FURTHERANCE OF A PURPOSE OF THE FLETCHER ACADEMY, A DESIGNATED CLASS OF OTHER CHARITABLE ORGANIZATIONS. THROUGH ITS GRANTS, THE FOUNDATION SUPPORTS THE FLETCHER ACADEMY AND OTHER PUBLIC CHARITIES LOCATED IN NORTH CAROLINA OR SERVING NORTH CAROLINA RESIDENTS THAT HAVE AS ONE OF THEIR PURPOSES THE CARE OR SUPPORT OF THE ELDERLY, INFIRM OR INDIGENT, THE PROMOTION OF EDUCATION, ARTISTIC ENDEAVORS, COMMUNICATION ARTS, OR PUBLIC RECREATION OR THE FOSTERING OF RELIGIOUS FAITH.

Activities or mission (Part I)

SEE SCHEDULE O NARRATIVE FOR PART III, LINE 1

  • THE A.J. FLETCHER FOUNDATION IS A SUPPORTING ORGANIZATION FOR THE FLETCHER ACADEMY SCHOOL OF ACHIEVEMENT, INC., SERVING NORTH CAROLINA AS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL WITH OVER 200 STUDENTS IN GRADES 1-12 WITH LEARNING DISABILITIES AND/OR ATTENTION DEFICIT DISORDERS. THE ACADEMY HELPS THESE SPECIAL STUDENTS MASTER BASIC ACADEMIC AND SOCIAL SKILLS WHILE INSTILLING IN THEM A POSITIVE SENSE OF THEIR OWN RESPONSIBILITY FOR LEARNING. THE SCHOOL IS ACCREDITED BY THE SOUTHERN ASSOCIATION OF INDEPENDENT SCHOOLS AND THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS.

    Expenses $1,200,000 · Grants $1,200,000

  • IN KEEPING WITH ITS MISSION OF SUPPORTING CHARITABLE ORGANIZATIONS WITH CERTAIN PURPOSES LOCATED IN NORTH CAROLINA OR SERVING NORTH CAROLINA RESIDENTS, THE A.J. FLETCHER FOUNDATION MADE GRANTS TOTALING $5,477,600 TO CHARITABLE ORGANIZATIONS INVOLVED IN THE SUPPORT OF THE ELDERLY, INFIRM OR INDIGENT, IN EDUCATION, IN ARTISTIC ENDEAVORS, IN COMMUNICATION ARTS, IN PUBLIC RECREATION, AND IN FOSTERING RELIGIOUS FAITH. SEE ALSO SCHEDULE I, FOR A DETAILED LIST OF ALL GRANTS PAID IN 2023.

    Expenses $5,956,648 · Grants $5,477,600

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • James F Goodmon

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Beth Briggs

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Maria Spaulding

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Goodmon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • James F Goodmon Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Greg Patterson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steve Hammel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel P McGrath

    TREASURER/SECRETARY

    Total calculated
    $0
    Hours/week
    3 + 2 related

  • Barbara L Goodmon

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Damon J Circosta

    V.P/ EXEC. DIR./ASST SECRE

    Total calculated
    $253,310
    From this org
    $209,321
    From related orgs
    $0
    Other
    $43,989
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,071
    Bonus
    $26,250
    Other
    $0
    Deferred
    $24,072
    Nontaxable benefits
    $19,917
    Filer's total
    $253,310

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • CAMP COLLABORATIVE LLC

    REAL ESTATE MANAGEMENT · NC · assets $2,746,630

    Directly controlled by AJ FLETCHER FOUNDATION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • BRIGGS BUILDING RESTORATION LLC

    INVESTMENT · RENTAL REAL ESTATE · NC · 79% owned · share of income -$19,564 · share of assets $1,423,179 · general or managing partner

    Directly controlled by AJ FLETCHER FOUNDATION

Related corporations and trusts

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

  • CAPITOL HOLDING COMPANY INC

    C · HOLDING COMPANY · NC · 84.5% owned · share of income $24,414,224 · share of assets $459,172,432

Provenance

Return type
form_990
Tax year
2023
Filed
14 October 2024
IRS schema version
2023v5.1
Source object
202412889349302001

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