Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $4,056

• 1e · Government grants (contributions)

  $18,445

• 1f · All other contributions, gifts and grants

  $66,707,501

• 1g · Noncash contributions included above

  $17,901,611

• 2a · Program service revenue: Foundation Admin Fees

  total $121,481 · related or exempt $121,481

• 2b · Program service revenue: Program Loan Interest

  total $13,435 · related or exempt $13,435

• 2c · Program service revenue: Scholarship Loan Interest

  total $256 · related or exempt $256

• 2d · Program service revenue: Grant Administration

  total $2 · related or exempt $2

• 3 · Investment income

  total $9,232,186 · unrelated business $1,425,154 · excluded $7,807,032

• 6a · Gross rents

  real property $11,700

• 6b · Less rental expenses

  real property $5,764

• 6c · Rental income or loss

  real property $5,936

• 6d · Net rental income or loss

  total $5,936 · excluded $5,936

• 7a · Gross sales of assets other than inventory

  securities $61,111,790

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

  securities $43,185,081

• 7c · Gain or loss

  securities $17,926,709

• 7d · Net gain or loss

  total $17,926,709 · excluded $17,926,709

• 11a · Other revenue: Grantmaking Administration

  total $45,907 · unrelated business $45,907

• 11b · Other revenue: Discontinued Operations

  total -$348,886 · excluded -$348,886

• 11e · Other revenue, total

  -$302,979

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $54,303,072 · program services $54,303,072

• 2 · Grants to domestic individuals

  total $7,695,715 · program services $7,695,715

• 3 · Grants to foreign organizations and individuals

  total $1,970,503 · program services $1,970,503

• 5 · Compensation of officers, directors and key employees

  total $1,213,723 · program services $576,221 · management and general $415,302 · fundraising $222,200

• 7 · Other salaries and wages

  total $4,498,821 · program services $2,135,834 · management and general $1,539,373 · fundraising $823,614

• 8 · Pension plan contributions

  total $431,874 · program services $205,034 · management and general $147,776 · fundraising $79,064

• 9 · Other employee benefits

  total $656,868 · program services $311,851 · management and general $224,762 · fundraising $120,255

• 10 · Payroll taxes

  total $389,595 · program services $184,962 · management and general $133,309 · fundraising $71,324

• 11b · Fees: legal

  total $82,964 · program services $59,545 · management and general $15,256 · fundraising $8,163

• 11c · Fees: accounting

  total $63,500 · program services $30,147 · management and general $21,728 · fundraising $11,625

• 11f · Fees: investment management

  total $2,310,498 · management and general $2,310,498

• 11g · Fees: other

  total $1,465,169 · program services $1,181,124 · management and general $185,042 · fundraising $99,003

• 13 · Office expenses

  total $77,719 · program services $39,242 · management and general $25,067 · fundraising $13,410

• 14 · Information technology

  total $704,674 · program services $334,547 · management and general $241,120 · fundraising $129,007

• 16 · Occupancy

  total $197,095 · program services $93,572 · management and general $67,440 · fundraising $36,083

• 17 · Travel

  total $205,387 · program services $121,399 · management and general $54,714 · fundraising $29,274

• 19 · Conferences, conventions and meetings

  total $159,069 · program services $113,920 · management and general $29,413 · fundraising $15,736

• 22 · Depreciation, depletion and amortization

  total $189,504 · program services $89,968 · management and general $64,843 · fundraising $34,693

• 23 · Insurance

  total $55,082 · program services $25,927 · management and general $18,993 · fundraising $10,162

• 24a · Other expenses: Communications

  total $284,526 · program services $135,080 · management and general $97,357 · fundraising $52,089

• 24b · Other expenses: Other fund expenses

  total $74,762 · program services $67,325 · management and general $4,845 · fundraising $2,592

• 24c · Other expenses: Dues and subscriptions

  total $57,133 · program services $27,124 · management and general $19,549 · fundraising $10,460

• 24d · Other expenses: Provision for bad debt

  total $13,154 · program services $13,154

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $94,694 · end of year $503,213

• 2 · Savings and temporary cash investments

  beginning of year $93,232,513 · end of year $67,019,282

• 3 · Pledges and grants receivable

  beginning of year $1,533,650 · end of year $6,410,092

• 4 · Accounts receivable

  beginning of year $1,001,660 · end of year $562,246

• 7 · Other notes and loans receivable

  beginning of year $1,847,469 · end of year $2,046,710

• 9 · Prepaid expenses and deferred charges

  beginning of year $89,188 · end of year $198,489

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

  $4,625,695

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

  $3,279,659

• 10c · Land, buildings and equipment, net

  beginning of year $1,414,453 · end of year $1,346,036

• 11 · Investments: publicly traded securities

  beginning of year $156,642,242 · end of year $208,592,337

• 12 · Investments: other securities

  beginning of year $642,129,336 · end of year $706,188,997

• 15 · Other assets

  beginning of year $8,724,653 · end of year $10,038,017

• 17 · Accounts payable and accrued expenses

  beginning of year $772,989 · end of year $775,686

• 18 · Grants payable

  beginning of year $9,427,844 · end of year $8,456,898

• 19 · Deferred revenue

  beginning of year $2,629,908 · end of year $2,917,289

• 25 · Other liabilities

  beginning of year $51,690,420 · end of year $54,681,789

• 27 · Net assets without donor restrictions

  beginning of year $706,934,840 · end of year $787,671,998

• 28 · Net assets with donor restrictions

  beginning of year $135,253,857 · end of year $148,401,759

The filer's explanations (Part III)

Part I, Line 7

At-risk compensation, which is subject to review and paid annually. It is based on several predefined metrics.

Schedule J, Part II:

Deferred Compensation Accrual: The Foundation adopted a 457(b) deferred compensation plan during 2010 for certain key employees. The purpose of the plan is to provide supplemental retirement income and the retention of key employees by offering benefits comparable with similar organizations. The plan calls for set annual contributions and the cost is expensed when each contribution is made. The total cost of the plan charged to operations amounted to $50,500 and $50,667 in 2023 and 2022, respectively. At December 31, 2023 and 2022, $608,454 and $512,399, respectively, was accrued for this obligation. Total compensation including the deferred compensation plan is evaluated and approved annually by the Board. This process is documented in the Board minutes. Per IRS instructions for Form 990 and Schedule J, deferred compensation plans under 457(b) are not required to be further disclosed as part of non-qualified deferred compensation in Schedule J, Part I, Line 4a. However, any amount attributable to a single individual in Form 990, Part VII has been disclosed, as appropriate in Schedule J, Part II, Columns B(iii) and/or C.

Disregarded entities

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

• OCG LLC co Cleveland Waters & Bass

  To manage contributed shares of Tillotson Corp and subsidiaries · MN · income -$348,886 · assets $1,945,101

  Directly controlled by New Hampshire Charitable Foundation

Related corporations and trusts

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

• Tillotson Corporation

  C · Latex, Luxury, and Resort · MA