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← BENEFICIAL STATE FOUNDATION

Form 990 for tax year 2024

Filed by BENEFICIAL STATE FOUNDATION.

Totals

Total revenue
$5,346,285
Total expenses
$5,623,982
Contributions and grants received
$5,043,967
Grants paid
$446,345
Program service revenue
$0
Investment income
$241,954
Other revenue
$60,364
Total assets, end of year
$116,410,449
Total liabilities, end of year
$1,394,686
Net assets or fund balances, end of year
$115,015,763
Program services expenses (Part IX)
$4,545,298
Management and general expenses
$1,078,684
Fundraising expenses
$0
Program service expenses (Part III)
$4,545,298

Program services were 80.8% 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.

  • 1d · Related organizations

    $1,313,384

  • 1e · Government grants (contributions)

    $953,816

  • 1f · All other contributions, gifts and grants

    $2,776,767

  • 3 · Investment income

    total $241,954 · excluded $241,954

  • 11a · Other revenue: LECTURES

    total $60,364 · related or exempt $60,364

  • 11e · Other revenue, total

    $60,364

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $446,345 · program services $446,345

  • 5 · Compensation of officers, directors and key employees

    total $617,218 · program services $319,201 · management and general $298,017

  • 7 · Other salaries and wages

    total $1,733,664 · program services $1,491,601 · management and general $242,063

  • 8 · Pension plan contributions

    total $85,557 · program services $72,399 · management and general $13,158

  • 9 · Other employee benefits

    total $314,430 · program services $228,830 · management and general $85,600

  • 10 · Payroll taxes

    total $188,264 · program services $148,024 · management and general $40,240

  • 11b · Fees: legal

    total $37,943 · program services $6,685 · management and general $31,258

  • 11c · Fees: accounting

    total $71,345 · program services $2,800 · management and general $68,545

  • 11g · Fees: other

    total $830,356 · program services $774,862 · management and general $55,494

  • 12 · Advertising and promotion

    total $3,818 · program services $3,818

  • 13 · Office expenses

    total $17,513 · program services $5,994 · management and general $11,519

  • 14 · Information technology

    total $913,311 · program services $867,922 · management and general $45,389

  • 16 · Occupancy

    total $85,260 · management and general $85,260

  • 17 · Travel

    total $30,057 · program services $28,854 · management and general $1,203

  • 19 · Conferences, conventions and meetings

    total $80,113 · program services $34,139 · management and general $45,974

  • 22 · Depreciation, depletion and amortization

    total $9,547 · management and general $9,547

  • 23 · Insurance

    total $15,189 · management and general $15,189

  • 24a · Other expenses: CLEAN VEHICLE ASST

    total $78,764 · program services $78,764

  • 24b · Other expenses: PROFESSIONAL DEVEL.

    total $34,331 · program services $4,500 · management and general $29,831

  • 24c · Other expenses: MEMBERSHIP DUES

    total $30,957 · program services $30,560 · management and general $397

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,883,267 · end of year $1,583,281

  • 2 · Savings and temporary cash investments

    beginning of year $234,473 · end of year $1,124,028

  • 4 · Accounts receivable

    beginning of year $537 · end of year $15,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $72,996 · end of year $47,704

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

    $177,110

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

    $163,245

  • 10c · Land, buildings and equipment, net

    beginning of year $17,507 · end of year $13,865

  • 12 · Investments: other securities

    beginning of year $113,585,710 · end of year $113,585,710

  • 15 · Other assets

    beginning of year $120,716 · end of year $40,861

  • 17 · Accounts payable and accrued expenses

    beginning of year $391,514 · end of year $203,385

  • 19 · Deferred revenue

    beginning of year $2,100,649 · end of year $1,146,833

  • 25 · Other liabilities

    beginning of year $129,583 · end of year $44,468

  • 27 · Net assets without donor restrictions

    beginning of year $115,253,460 · end of year $114,825,763

  • 28 · Net assets with donor restrictions

    beginning of year $40,000 · end of year $190,000

Mission and programs · 2024

Mission

TO CREATE, GUIDE, AND PROMOTE A BENEFICIAL BANKING MODEL THAT TRANSFORMS THE BANKING INDUSTRY; WE ACCELERATE THE TRANSFORMATION BY ATTRACTING HUMAN, FINANCIAL, AND INTELLECTUAL CAPITAL TO BENEFICIAL BANKING.

Activities or mission (Part I)

TO COMBAT ECONOMIC DISTRESS AND ENCOURAGE COMMUNITY DEVELOPMENT.

  • DEVELOP AND DELIVER PROGRAMS THAT PROMOTE INCLUSIVE BANKING PRACTICES, SUPPORT COMMUNITY DEVELOPMENT, AND REDUCE ECONOMIC DISPARITIES. ACTIVITIES INCLUDE TRAINING FINANCIAL INSTITUTIONS, PRODUCING RESEARCH AND EDUCATIONAL CONTENT, AND ENGAGING IN PARTNERSHIPS AND POLICY EFFORTS TO EXPAND ACCESS TO FAIR LOANS, INVESTMENTS, AND FINANCIAL SERVICES FOR HISTORICALLY UNDERSERVED COMMUNITIES AND ORGANIZATIONS.

    Expenses $3,606,121 · Revenue $60,364

  • SUPPORT CLEAN VEHICLE ASSISTANCE PROGRAM, INCLUDING, BUT NOT LIMITED TO, PROGRAMS AND GRANTS TO HELP LOWER-INCOME CALIFORNIA RESIDENTS PURCHASE A NEW OR USED HYBRID OR ELECTRIC VEHICLE. IN PARTNERSHIP WITH CALIFORNIA CLIMATE INVESTMENTS (A PROGRAM OF THE CALIFORNIA AIR RESOURCES BOARD), THE COLLECTIVE GOAL IS TO MAKE ENVIRONMENTALLY FRIENDLY VEHICLES ACCESSIBLE AND AFFORDABLE TO ALL.

    Expenses $939,177 · Grants $446,345

As filed on the 2024 return.

Listed in Part VII

  • ROBERT WILKINS

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • ELMY BERMEJO

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • ANGELA GLOVER DAVIS

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • JANIECE EVANS-PAGE

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • KAT TAYLOR

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • ERIN KILMER NEEL

    EXEC DIR AND CHIEF IMPACT OFFICER

    Total calculated
    $226,226
    From this org
    $213,777
    From related orgs
    $0
    Other
    $12,449
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $204,117
    Bonus
    $6,300
    Other
    $3,360
    Deferred
    $12,449
    Nontaxable benefits
    $0
    Filer's total
    $226,226

  • ANNIE BAKKE CLAYBAUGH

    VP, OPERATIONS AND FINANCE

    Total calculated
    $197,516
    From this org
    $162,103
    From related orgs
    $0
    Other
    $35,413
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $144,835
    Bonus
    $13,908
    Other
    $3,360
    Deferred
    $10,002
    Nontaxable benefits
    $25,411
    Filer's total
    $197,516

  • DARNELL GRISBY

    SVP, CLEAN VEHICLE ASST. PROGRAM

    Total calculated
    $206,088
    From this org
    $196,336
    From related orgs
    $0
    Other
    $9,752
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $185,478
    Bonus
    $7,498
    Other
    $3,360
    Deferred
    $0
    Nontaxable benefits
    $9,752
    Filer's total
    $206,088

  • ANIL AWASTI

    VP, TALENT & CULTURE

    Total calculated
    $184,904
    From this org
    $166,700
    From related orgs
    $0
    Other
    $18,204
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $157,040
    Bonus
    $6,300
    Other
    $3,360
    Deferred
    $9,605
    Nontaxable benefits
    $8,599
    Filer's total
    $184,904

  • WILLIAM AARON KRISTIN

    STRATEGIC COMMUNICATIONS DIRECTOR

    Total calculated
    $181,392
    From this org
    $154,533
    From related orgs
    $0
    Other
    $26,859
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $144,873
    Bonus
    $6,300
    Other
    $3,360
    Deferred
    $9,546
    Nontaxable benefits
    $17,313
    Filer's total
    $181,392

  • FRANCIS DENNIS JANES

    INDUSTRY RELATIONS/PARTNERSHIPS DIR.

    Total calculated
    $169,699
    From this org
    $160,093
    From related orgs
    $0
    Other
    $9,606
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $149,433
    Bonus
    $7,300
    Other
    $3,360
    Deferred
    $9,606
    Nontaxable benefits
    $0
    Filer's total
    $169,699

  • QUINNTAVIOUS WILLIAMS

    DIRECTOR, EQUITABLE BANK STANDARDS

    Total calculated
    $178,218
    From this org
    $159,577
    From related orgs
    $0
    Other
    $18,641
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $149,917
    Bonus
    $6,300
    Other
    $3,360
    Deferred
    $9,168
    Nontaxable benefits
    $9,473
    Filer's total
    $178,218

  • MARIA KEI OLDIGES

    SOCIAL IMPACT RESEARCH AND EVAL DIR.

    Total calculated
    $171,514
    From this org
    $156,459
    From related orgs
    $0
    Other
    $15,055
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $145,799
    Bonus
    $7,300
    Other
    $3,360
    Deferred
    $9,606
    Nontaxable benefits
    $5,449
    Filer's total
    $171,514

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 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 1A
FRINGE BENEFITS WERE PROVIDED MONTHLY TO ALL STAFF TO OFFSET WELLNESS & COMMUTE-RELATED EXPENSES. ALL STAFF RECEIVED THE SAME AMOUNT IN FRINGE BENEFITS. THE BENEFITS WERE TREATED AS TAXABLE COMPENSATION TO THE EMPLOYEES.
PART I, LINE 7
THE DISCRETIONARY BONUS POLICY IS ADMINISTERED BY THE HR DEPARTMENT. BONUS AMOUNTS ARE DETERMINED AT THE DISCRETION OF THE EXECUTIVE TEAM, BASED ON AVAILABLE FUNDING, ORGANIZATIONAL PERFORMANCE, AND INDIVIDUAL CONTRIBUTIONS.

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

No itemized grants to organizations on this return.

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2024
Filed
12 November 2025
IRS schema version
2024v5.2
Source object
202543179349306524

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