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Nonprofiteer
← HOLLINGSWORTH FUNDS INC

Form 990 for tax year 2024

Filed by HOLLINGSWORTH FUNDS INC.

Totals

Total revenue
$18,619,297
Total expenses
$17,878,851
Contributions and grants received
$0
Grants paid
$12,044,703
Program service revenue
$0
Investment income
$16,058,362
Other revenue
$2,560,935
Total assets, end of year
$406,730,156
Total liabilities, end of year
$910,470
Net assets or fund balances, end of year
$405,819,686
Program services expenses (Part IX)
$13,175,915
Management and general expenses
$4,702,936
Fundraising expenses
$0
Program service expenses (Part III)
$13,175,915

Program services were 73.7% 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 $7,692,589 · excluded $7,692,589

  • 6a · Gross rents

    real property $3,877,767

  • 6b · Less rental expenses

    real property $1,583,605

  • 6c · Rental income or loss

    real property $2,294,162

  • 6d · Net rental income or loss

    total $2,294,162 · excluded $2,294,162

  • 7a · Gross sales of assets other than inventory

    securities $68,909,947

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

    securities $60,544,174

  • 7c · Gain or loss

    securities $8,365,773

  • 7d · Net gain or loss

    total $8,365,773 · excluded $8,365,773

  • 11a · Other revenue: PRIVATE EQUITIES - UBTI

    total $178,927 · unrelated business $178,927

  • 11b · Other revenue: INTEREST IN BONAVENTURE 1&2 LLC

    total $87,846 · unrelated business $115,555 · excluded -$27,709

  • 11e · Other revenue, total

    $266,773

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $12,044,703 · program services $12,044,703

  • 5 · Compensation of officers, directors and key employees

    total $609,109 · program services $197,340 · management and general $411,769

  • 7 · Other salaries and wages

    total $533,851 · program services $483,668 · management and general $50,183

  • 8 · Pension plan contributions

    total $118,024 · program services $70,862 · management and general $47,162

  • 9 · Other employee benefits

    total $115,637 · program services $86,924 · management and general $28,713

  • 10 · Payroll taxes

    total $73,534 · program services $46,184 · management and general $27,350

  • 11b · Fees: legal

    total $194,447 · program services $11,579 · management and general $182,868

  • 11c · Fees: accounting

    total $91,220 · management and general $91,220

  • 11f · Fees: investment management

    total $471,701 · management and general $471,701

  • 11g · Fees: other

    total $2,051,500 · program services $48,600 · management and general $2,002,900

  • 13 · Office expenses

    total $31,191 · program services $14,316 · management and general $16,875

  • 14 · Information technology

    total $46,361 · program services $27,611 · management and general $18,750

  • 16 · Occupancy

    total $83,587 · program services $53,496 · management and general $30,091

  • 17 · Travel

    total $34,043 · program services $33,961 · management and general $82

  • 22 · Depreciation, depletion and amortization

    total $5,913 · program services $3,785 · management and general $2,128

  • 23 · Insurance

    total $40,159 · management and general $40,159

  • 24a · Other expenses: CREDIT LOSS

    total $650,697 · management and general $650,697

  • 24b · Other expenses: PROPERTY MAINTENANCE &

    total $366,015 · management and general $366,015

  • 24c · Other expenses: PROPERTY TAXES & LICENS

    total $256,010 · management and general $256,010

  • 24d · Other expenses: SPONSORSHIPS & CAPACITY

    total $31,162 · program services $31,162

  • 24e · All other expenses

    total $29,987 · program services $21,724 · management and general $8,263

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,097,847 · end of year $675,798

  • 2 · Savings and temporary cash investments

    beginning of year $6,113,303 · end of year $3,456,438

  • 4 · Accounts receivable

    beginning of year $85,540 · end of year $155,965

  • 7 · Other notes and loans receivable

    beginning of year $2,908,791 · end of year $1,791,926

  • 9 · Prepaid expenses and deferred charges

    beginning of year $41 · end of year $41

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

    $104,816,584

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

    $9,525,182

  • 10c · Land, buildings and equipment, net

    beginning of year $93,553,663 · end of year $95,291,402

  • 11 · Investments: publicly traded securities

    beginning of year $192,210,547 · end of year $202,408,443

  • 12 · Investments: other securities

    beginning of year $95,498,168 · end of year $100,299,728

  • 14 · Intangible assets

    beginning of year $4,103 · end of year $4,103

  • 15 · Other assets

    beginning of year $2,730,073 · end of year $2,646,312

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,578,002 · end of year $909,379

  • 25 · Other liabilities

    beginning of year $19,334 · end of year $1,091

  • 27 · Net assets without donor restrictions

    beginning of year $392,604,740 · end of year $405,819,686

Mission and programs · 2024

Mission

Withheld by Nonprofiteer: this text may name a private individual.

Activities or mission (Part I)

Withheld by Nonprofiteer: this text may name a private individual.

  • A CASH GRANT OF 5,447,114 WAS MADE TO FURMAN UNIVERSITY AND WAS DESIGNATED TO BE USED FOR THE HOLLINGSWORTH SCHOLARS PROGRAM AND TO BE USED FOR VARIOUS EXPENSES OF THE DEPARTMENT OF BUSINESS AND ECONOMICS.A CASH GRANT OF 1,298,964 WAS MADE TO THE YMCA OF GREENVILLE COUNTY TO BE USED TO SUPPORT THE ACTIVITIES OF THE ORGANIZATION. THE REMAINING FUNDS OF 5,298,625 WERE DISTRIBUTED TO DIFFERENT TAX-EXEMPT CHARITABLE ORGANIZATIONS TO MEET VARIOUS UNFUNDED NEEDS IN GREENVILLE COUNTY.

    Expenses $13,175,915 · Grants $12,044,703

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • MINOR M SHAW

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • WILLIAM E HENDERSON

    DIRECTOR

    Total calculated
    $148,623
    From this org
    $5,000
    From related orgs
    $142,379
    Other
    $1,244
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $5,000 + $142,379 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,926 related
    Nontaxable benefits
    $0
    Filer's total
    $5,000 + $155,305 related

  • SAM ERWIN

    VICE CHAIR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • ANTHONY MCDADE

    BOARD CHAIR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • ANNE S ELLEFSON

    DIRECTOR

    Total calculated
    $10,000
    From this org
    $5,000
    From related orgs
    $5,000
    Other
    $0
    Hours/week
    2 + 2 related

  • BRENDA THAMES

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • R SEAN DOGAN

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • TIMOTHY J REED

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JOANN HACKL

    SECRETARY

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • F BOGUE WALLIN

    DIRECTOR

    Total calculated
    $10,000
    From this org
    $5,000
    From related orgs
    $5,000
    Other
    $0
    Hours/week
    2 + 2 related

  • RUSS DAVIS

    DIRECTOR

    Total calculated
    $10,000
    From this org
    $5,000
    From related orgs
    $5,000
    Other
    $0
    Hours/week
    2 + 2 related

  • GREG INGRAM

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • B GAGE WEEKES

    PRESIDENT

    Total calculated
    $478,342
    From this org
    $394,680
    From related orgs
    $0
    Other
    $83,662
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $394,680
    Bonus
    $0
    Other
    $0
    Deferred
    $54,050
    Nontaxable benefits
    $29,612
    Filer's total
    $478,342

  • PAMELA PRASHAD

    VP OF FINANCE & OPERATIONS

    Total calculated
    $201,804
    From this org
    $172,536
    From related orgs
    $0
    Other
    $29,268
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $172,536
    Bonus
    $0
    Other
    $0
    Deferred
    $15,619
    Nontaxable benefits
    $13,649
    Filer's total
    $201,804

  • TAMELA SPANN

    VP OF STRATEGIC INITIATIVE

    Total calculated
    $224,841
    From this org
    $180,460
    From related orgs
    $0
    Other
    $44,381
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,460
    Bonus
    $0
    Other
    $0
    Deferred
    $16,360
    Nontaxable benefits
    $28,021
    Filer's total
    $224,841

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

  • 2 · Substantiation required before reimbursing expenses
  • 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

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.

  • BUCKFIELD PLANTATIONS LLC

    REAL ESTATE HOLDINGS · SC · income $0 · assets $0

    Directly controlled by HOLLINGSWORTH FUNDS INC

  • VERDAE PROPERTIES LLC

    REAL ESTATE HOLDINGS · SC · income $1,392,650 · assets $99,283,307

    Directly controlled by HOLLINGSWORTH FUNDS INC

  • BONAVENTURE I & II LLC

    REAL ESTATE HOLDINGS · SC · income $87,849 · assets $5,409,275

    Directly controlled by VERDAE PROPERTIES LLC

  • MARKETPLACE ON LAURENS LLC

    REAL ESTATE HOLDINGS · SC · assets $13,138,572

    Directly controlled by VERDAE PROPERTIES LLC

  • WELCOME CENTER LLC

    REAL ESTATE HOLDINGS · SC · assets $5,779,526

    Directly controlled by VERDAE PROPERTIES LLC

  • VERDAE HOLDINGS LLC

    REAL ESTATE HOLDINGS · SC · assets $12,750,186

    Directly controlled by VERDAE PROPERTIES LLC

Related corporations and trusts

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

  • JOHN D HOLLINGSWORTH ON WHEELS INC

    C · RETIRED MANUFACTURING CO - IN LIQUIDATION · SC · 100% owned · share of income -$742,772 · share of assets $2,094,829 · controlled entity

    Directly controlled by HOLLINGSWORTH FUNDS INC

  • VERDAE DEVELOPMENT INC

    C · REAL ESTATE SALES & DEVELOPMENT · SC · 100% owned · share of income -$462,993 · share of assets $10,259,499 · controlled entity

    Directly controlled by HOLLINGSWORTH FUNDS INC

Provenance

Return type
form_990
Tax year
2024
Filed
12 November 2025
IRS schema version
2024v5.2
Source object
202523189349310677

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