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← THE FULLER FOUNDATION

Form 990 for tax year 2023

Filed by THE FULLER FOUNDATION.

Totals

Total revenue
$13,696,831
Total expenses
$8,818,950
Contributions and grants received
$1,870,412
Grants paid
$3,930,038
Program service revenue
$4,949,581
Investment income
$7,014,177
Other revenue
-$137,339
Total assets, end of year
$220,467,878
Total liabilities, end of year
$142,511,706
Net assets or fund balances, end of year
$77,956,172
Program services expenses (Part IX)
$7,525,932
Management and general expenses
$1,124,171
Fundraising expenses
$168,847
Program service expenses (Part III)
$7,525,932

Program services were 85.3% 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

    $1,870,412

  • 1g · Noncash contributions included above

    $150,639

  • 2a · Program service revenue: COST RECOVERY ASSESSMENTS

    total $4,948,681 · related or exempt $4,948,681

  • 2b · Program service revenue: PRI INTEREST INCOME

    total $900 · related or exempt $900

  • 3 · Investment income

    total $556,062 · excluded $556,062

  • 7a · Gross sales of assets other than inventory

    securities $27,619,663

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

    securities $21,161,548

  • 7c · Gain or loss

    securities $6,458,115

  • 7d · Net gain or loss

    total $6,458,115 · excluded $6,458,115

  • 11a · Other revenue: UBI FROM PASSTHROUGHS

    total -$137,339 · unrelated business -$137,339

  • 11e · Other revenue, total

    -$137,339

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,930,038 · program services $3,930,038

  • 5 · Compensation of officers, directors and key employees

    total $1,514,631 · program services $1,308,853 · management and general $154,352 · fundraising $51,426

  • 7 · Other salaries and wages

    total $1,386,458 · program services $1,198,093 · management and general $141,290 · fundraising $47,075

  • 8 · Pension plan contributions

    total $153,797 · program services $132,902 · management and general $15,673 · fundraising $5,222

  • 9 · Other employee benefits

    total $277,141 · program services $239,488 · management and general $28,243 · fundraising $9,410

  • 10 · Payroll taxes

    total $204,385 · program services $176,617 · management and general $20,828 · fundraising $6,940

  • 11c · Fees: accounting

    total $70,400 · management and general $70,400

  • 11f · Fees: investment management

    total $303,971 · program services $100,607 · management and general $203,364

  • 11g · Fees: other

    total $118,502 · management and general $118,502

  • 12 · Advertising and promotion

    total $53,643 · program services $26,821 · management and general $13,411 · fundraising $13,411

  • 13 · Office expenses

    total $71,460 · program services $22,155 · management and general $49,305

  • 14 · Information technology

    total $195,677 · program services $65,219 · management and general $130,458

  • 16 · Occupancy

    total $111,177 · program services $36,294 · management and general $61,105 · fundraising $13,778

  • 17 · Travel

    total $134,225 · program services $43,172 · management and general $69,468 · fundraising $21,585

  • 19 · Conferences, conventions and meetings

    total $4,481 · management and general $4,481

  • 22 · Depreciation, depletion and amortization

    total $31,459 · program services $10,485 · management and general $20,974

  • 23 · Insurance

    total $19,215 · management and general $19,215

  • 24a · Other expenses: COST RECOVERY EXPENSES

    total $96,526 · program services $96,526 · management and general $0 · fundraising $0

  • 24b · Other expenses: ALUMNI EVENTS

    total $16,004 · program services $16,004

  • 24c · Other expenses: OTHER TAXES/LICENSES

    total $6,604 · management and general $6,604

  • 24d · Other expenses: REPAIRS & MAINTENANCE

    total $376 · program services $126 · management and general $250

  • 24e · All other expenses

    total $118,780 · program services $122,532 · management and general -$3,752

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,278,803 · end of year $5,784,061

  • 2 · Savings and temporary cash investments

    beginning of year $99,812 · end of year $2,253,990

  • 4 · Accounts receivable

    beginning of year $308,065 · end of year $250,190

  • 5 · Loans and receivables from officers and key people

    beginning of year $750,000 · end of year $350,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $96,591 · end of year $114,456

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

    $386,513

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

    $372,758

  • 10c · Land, buildings and equipment, net

    beginning of year $45,214 · end of year $13,755

  • 11 · Investments: publicly traded securities

    beginning of year $22,103,143 · end of year $48,114,530

  • 12 · Investments: other securities

    beginning of year $178,327,762 · end of year $163,016,271

  • 13 · Investments: program-related

    beginning of year $501,575 · end of year $502,475

  • 15 · Other assets

    beginning of year $68,150 · end of year $68,150

  • 17 · Accounts payable and accrued expenses

    beginning of year $358,884 · end of year $376,592

  • 19 · Deferred revenue

    beginning of year $200,000 · end of year $38,658

  • 25 · Other liabilities

    beginning of year $128,834,290 · end of year $142,096,456

  • 27 · Net assets without donor restrictions

    beginning of year $24,844,106 · end of year $24,912,202

  • 28 · Net assets with donor restrictions

    beginning of year $49,341,835 · end of year $53,043,970

Mission and programs · 2023

Mission

THE FULLER FOUNDATION SERVES FULLER THEOLOGICAL SEMINARY THROUGH ADVANCEMENT ACTIVITIES AND ENDOWMENT MANAGEMENT, AS WELL AS ITS PARTNERS, INCLUDING CHURCHES AND DENOMINATIONS, AND THE BROADER CHRISTIAN COMMUNITY BY BEING A TRUSTED ADVISOR IN THE PROVISION OF FINANCIAL SERVICES.

Activities or mission (Part I)

THE FULLER FOUNDATION (THE "FOUNDATION") SERVES FULLER THEOLOGICAL SEMINARY (THE "SEMINARY") AND ITS CONSTITUENTS THROUGH STEWARDSHIP, GIFT AND ESTATE PLANNING, CHARITABLE GIVING, AND INVESTMENT MANAGEMENT SERVICES. THE FOUNDATION DOES THIS BY MANAGING THE SEMINARY'S ENDOWMENT AND PROVIDING DEVELOPMENT AND ALUMNI RELATIONS SERVICES, AS WELL AS PROVIDING TRUST ADMINISTRATION, DONOR-ADVISED FUNDS, AND INVESTMENT MANAGEMENT SERVICES FOR GENEROUS FRIENDS OF THE SEMINARY.

  • SEE SCHEDULE OTHE SERVICES OF THE FULLER FOUNDATION BENEFIT AND CARRY OUT THE CHARITABLE PURPOSES OF CHRISTIAN BASED AND OTHER CHARITABLE ORGANIZATIONS. THIS INCLUDES DIRECT SUPPORT OF FULLER THEOLOGICAL SEMINARY, OTHER CHRISTIAN BASED ORGANIZATIONS, OTHER CHARITABLE ORGANIZATIONS, AND VARIOUS DESIGNATED, RESTRICTED, OR ENDOWMENT FUNDS. THE FOUNDATION FULFILLS ITS PURPOSES THROUGH THE ADMINISTRATION AND MANAGEMENT OF FULLER THEOLOGICAL SEMINARY'S FUNDRAISING, ALUMNI RELATIONS ACTIVITIES, AND MANAGEMENT OF CERTAIN ENDOWMENT FUNDS DESIGNATED TO SUPPORT FULLER THEOLOGICAL SEMINARY. ADDITIONALLY, THE FOUNDATION MANAGES CHARITABLE TRUSTS, CHARITABLE FUNDS, DONOR ADVISED FUNDS, AND GIFT ANNUITY TYPE ACCOUNTS. PROGRAM RELATED DISTRIBUTIONS INCLUDE GIFTS AND GRANTS TO THE SEMINARY AND A BROAD BASE OF CHARITABLE ORGANIZATIONS, INCLUDING GIFTS FROM DONOR ADVISED FUNDS. GIFTS AND GRANTS ARE PREDOMINATELY TO U.S. BASED IRS DETERMINED 501(C)(3) CHARITIES. SELECT GRANTS AND GIFTS ARE MADE TO FOREIGN ORGANIZATIONS THAT HAVE BEEN DETERMINED TO BE ORGANIZED FOR EXCLUSIVELY CHARITABLE PURPOSES. OTHER ACTIVITIES INCLUDE PROVIDING TRUST FIDUCIARY SERVICES TO OTHER CHARITABLE ORGANIZATIONS WITH A CHRISTIAN MISSION.

    Expenses $7,525,932 · Grants $3,930,038 · Revenue $4,949,581

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

Listed in Part VII

  • Todd Derrick

    SR. DIR. GIFT/ESTATE PLANNING SRVCS

    Total calculated
    $292,476
    From this org
    $11,292
    From related orgs
    $214,551
    Other
    $66,633
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $10,992 + $208,851 related
    Bonus
    $300 + $5,700 related
    Other
    $0
    Deferred
    $1,434 + $27,244 related
    Nontaxable benefits
    $1,898 + $36,057 related
    Filer's total
    $14,624 + $277,852 related

  • Brian Rietze

    CHIEF FINANCIAL OFFICER

    Total calculated
    $266,341
    From this org
    $85,362
    From related orgs
    $128,043
    Other
    $52,936
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    $80,962 + $121,443 related
    Bonus
    $4,400 + $6,600 related
    Other
    $0
    Deferred
    $10,734 + $16,101 related
    Nontaxable benefits
    $10,440 + $15,661 related
    Filer's total
    $106,536 + $159,805 related

  • Dasha Thomas

    CHIEF DEVELOPMENT OFFICER

    Total calculated
    $241,993
    From this org
    $213,278
    From related orgs
    $0
    Other
    $28,715
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,278
    Bonus
    $11,000
    Other
    $0
    Deferred
    $26,390
    Nontaxable benefits
    $2,325
    Filer's total
    $241,993

  • Daniel Cooper

    EXECUTIVE DIRECTOR (THRU 8/2023)

    Total calculated
    $235,984
    From this org
    $72,385
    From related orgs
    $134,429
    Other
    $29,170
    Hours/week
    14 + 26 related

    Schedule J breakdown matched by us

    Base
    $72,385 + $134,429 related
    Bonus
    $0
    Other
    $0
    Deferred
    $2,934 + $5,448 related
    Nontaxable benefits
    $7,276 + $13,512 related
    Filer's total
    $82,595 + $153,389 related

  • John Kamperschroer

    SR. DEVELOPMENT OFFICER

    Total calculated
    $217,671
    From this org
    $179,794
    From related orgs
    $0
    Other
    $37,877
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,794
    Bonus
    $6,000
    Other
    $0
    Deferred
    $21,096
    Nontaxable benefits
    $16,781
    Filer's total
    $217,671

  • Lauren Yamaoka

    SR. DIR. OF DEV. & FOUNDATIONS

    Total calculated
    $212,877
    From this org
    $174,555
    From related orgs
    $0
    Other
    $38,322
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,555
    Bonus
    $11,000
    Other
    $0
    Deferred
    $20,335
    Nontaxable benefits
    $17,987
    Filer's total
    $212,877

  • Mark Labberton

    DIRECTOR (THRU 2/2023)

    Total calculated
    $205,419
    From this org
    $175,000
    From related orgs
    $0
    Other
    $30,419
    Hours/week
    20

    Schedule J breakdown matched by us

    Base
    $175,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $30,419
    Filer's total
    $205,419

  • Ken Erffmeyer

    SR. VP FOR ADVANCEMENT (THRU 8/2023)

    Total calculated
    $204,162
    From this org
    $174,611
    From related orgs
    $0
    Other
    $29,551
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,611
    Bonus
    $0
    Other
    $0
    Deferred
    $7,213
    Nontaxable benefits
    $22,338
    Filer's total
    $204,162

  • Lily Tsau

    SR. DIRECTOR, ALUMNI RELATIONS

    Total calculated
    $171,013
    From this org
    $139,990
    From related orgs
    $0
    Other
    $31,023
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,990
    Bonus
    $1,000
    Other
    $0
    Deferred
    $15,279
    Nontaxable benefits
    $15,744
    Filer's total
    $171,013

  • Emily Sexton

    SECR / DIR OF HR & OFFICE OPS (THRU 10/2023)

    Total calculated
    $159,754
    From this org
    $103,958
    From related orgs
    $11,551
    Other
    $44,245
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $99,458 + $11,051 related
    Bonus
    $4,500 + $500 related
    Other
    $0
    Deferred
    $4,284 + $476 related
    Nontaxable benefits
    $15,794 + $23,691 related
    Filer's total
    $124,036 + $35,718 related

  • Alyse Lee

    DIRECTOR OF STEWARDSHIP

    Total calculated
    $156,187
    From this org
    $90,145
    From related orgs
    $30,048
    Other
    $35,994
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $89,395 + $29,798 related
    Bonus
    $750 + $250 related
    Other
    $0
    Deferred
    $10,204 + $3,401 related
    Nontaxable benefits
    $16,792 + $5,597 related
    Filer's total
    $117,141 + $39,046 related

  • Luz Mosqueda

    ACCOUNTING MANAGER

    Total calculated
    $153,311
    From this org
    $105,144
    From related orgs
    $0
    Other
    $48,167
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $104,144
    Bonus
    $1,000
    Other
    $0
    Deferred
    $11,814
    Nontaxable benefits
    $36,353
    Filer's total
    $153,311

  • Nicole Shelley

    SECR (START 10/2023) / OFFICE OPS MGR

    Total calculated
    $104,722
    From this org
    $76,110
    From related orgs
    $0
    Other
    $28,612
    Hours/week
    40

  • Robert Ceremsak

    CHAIR / ACTING EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Colette Cozean

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Katherine Drake

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Emmanuel Goatley

    DIRECTOR (START 2/2023)

    Total calculated
    $0
    Hours/week
    1

  • Danny Kuo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Meyer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Russ Michealsen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Rea Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michele Ruby

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jody Vanderwel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Villanueva

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
THE ORGANIZATION PROVIDED BONUSES TO CERTAIN INDIVIDUALS REPORTED ON FORM 990, PART VII AND/OR SCHEDULE J, PART II WHICH WOULD BE CONSIDERED "NON-FIXED PAYMENTS" IN THAT DISCRETION (IN PART) WAS UTILIZED TO DETERMINE THE AMOUNT OF BONUS PAYMENT AND/OR WHETHER TO MAKE A BONUS PAYMENT.

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.

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.

  • TFF PROPERTIES LLC

    REAL ESTATE LEASING ACTIVITIES · DE · income $0 · assets $0

    Directly controlled by THE FULLER FOUNDATION

Related partnerships

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

  • FULLER FOUNDATION FUND LP

    INVESTMENTS · DE

  • EVANSTON DEVELOPMENT LLC

    INVESTMENTS · CA

  • FULLER PRIVATE EQUITY FUND LP

    EXCLUDED · INVESTMENTS · DE · 42.89% owned · share of income -$543,342

    Directly controlled by FULLER INVESTMENT MANAGEMENT COMPANY

  • MISSION CORE FUND I LP

    EXCLUDED · INVESTMENTS · CJ · 37.01% owned · share of income $306,951 · share of assets $629,657

    Directly controlled by FULLER INVESTMENT MANAGEMENT COMPANY

  • FULLER ENDOWMENT FUND LLC

    EXCLUDED · INVESTMENTS · CA · 28.34% owned · share of income $393,788 · share of assets $36,731,771 · general or managing partner

    Directly controlled by THE FULLER FOUNDATION

Related corporations and trusts

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

  • FULLER INVESTMENT MANAGEMENT COMPANY

    C · INVESTMENT ADVISOR · DE · 100% owned · share of income $762,629 · share of assets $292,071 · controlled entity

    Directly controlled by THE FULLER FOUNDATION

  • FULLER ENDOWMENT FUND LTD

    C · PASSIVE INVESTMENT FUND · CJ · 20.15% owned · share of income $367,330

    Directly controlled by MISSION CORE FUND I LP

  • CHARITABLE REMAINDER TRUSTS (4)

    T · SPLIT INTEREST CHARITABLE TRUST · CA · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
11 November 2024
IRS schema version
2023v5.1
Source object
202403169349306145

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