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Nonprofiteer
← CANALE FOUNDATION INC

Form 990 for tax year 2023

Filed by CANALE FOUNDATION INC.

Totals

Total revenue
$627,660
Total expenses
$1,182,581
Contributions and grants received
$0
Grants paid
$1,067,000
Program service revenue
$0
Investment income
$627,660
Other revenue
$0
Total assets, end of year
$20,252,461
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$20,252,461
Program services expenses (Part IX)
$1,135,842
Management and general expenses
$46,739
Fundraising expenses
$0
Program service expenses (Part III)
$1,135,842

Program services were 96.0% 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 $381,147 · excluded $381,147

  • 7a · Gross sales of assets other than inventory

    securities $246,513

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

    securities $0

  • 7c · Gain or loss

    securities $246,513

  • 7d · Net gain or loss

    total $246,513 · excluded $246,513

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,067,000 · program services $1,067,000

  • 11a · Fees: management

    total $68,842 · program services $68,842

  • 11c · Fees: accounting

    total $2,970 · management and general $2,970

  • 11f · Fees: investment management

    total $33,769 · management and general $33,769

  • 11g · Fees: other

    total $10,000 · management and general $10,000

Balance sheet

Part X, book values.

  • 7 · Other notes and loans receivable

    beginning of year $8,963,135 · end of year $8,963,135

  • 12 · Investments: other securities

    beginning of year $11,164,443 · end of year $11,264,229

  • 15 · Other assets

    beginning of year $25,097 · end of year $25,097

  • 17 · Accounts payable and accrued expenses

    beginning of year $975 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $20,151,700 · end of year $20,252,461

Mission and programs · 2023

Mission

THE PRIMARY EXEMPT PURPOSE OF THE ORGANIZATION IS TO ASSIST THE COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. IN CARRYING OUT ITS CHARITABLE MISSION.

  • THE FOUNDATION'S ONLY PROGRAM IS TO ACCEPT PROPERTY FOR USE EXCLUSIVELY FOR RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES PRIMARILY IN AND FOR THE BENEFIT OF MEMPHIS AND SHELBY COUNTY.

    Expenses $1,135,842 · Grants $1,067,000

As filed on the 2023 return.

Listed in Part VII

  • ROBERT M FOCKLER

    PRESIDENT & CEO

    Total calculated
    $431,470
    From this org
    $0
    From related orgs
    $371,271
    Other
    $60,199
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $371,271 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $33,880 related
    Nontaxable benefits
    $0 + $26,319 related
    Filer's total
    $0 + $431,470 related

  • BARBARA S MORA

    SECRETARY

    Total calculated
    $235,613
    From this org
    $0
    From related orgs
    $206,477
    Other
    $29,136
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $206,477 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $21,417 related
    Nontaxable benefits
    $0 + $7,719 related
    Filer's total
    $0 + $235,613 related

  • GEORGE LUMM

    TREASURER UNTIL 4.30.24

    Total calculated
    $241,723
    From this org
    $0
    From related orgs
    $200,483
    Other
    $41,240
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $200,483 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $21,422 related
    Nontaxable benefits
    $0 + $19,818 related
    Filer's total
    $0 + $241,723 related

  • VERONICA JAMISON

    DIRECTOR

    Total calculated
    $179,467
    From this org
    $0
    From related orgs
    $147,935
    Other
    $31,532
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $147,935 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $15,739 related
    Nontaxable benefits
    $0 + $15,793 related
    Filer's total
    $0 + $179,467 related

  • WILLIAM REED

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHRISTOPHER W CANALE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JKENNETH DUDLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KATHERYN C HORNE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • COLLEEN CANALE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ALEX CANALE

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • CAROLINE KUEBLER

    DIRECTOR

    Total calculated
    $182,232
    From this org
    $0
    From related orgs
    $153,013
    Other
    $29,219
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $153,013 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $16,078 related
    Nontaxable benefits
    $0 + $13,141 related
    Filer's total
    $0 + $182,232 related

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 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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.

Provenance

Return type
form_990
Tax year
2023
Filed
27 January 2025
IRS schema version
2023v6.0
Source object
202530309349301678

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