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Nonprofiteer
← JOHN G & MARIE STELLA KENEDY MEMORIAL FOUNDATION

Form 990 for tax year 2022

Filed by JOHN G & MARIE STELLA KENEDY MEMORIAL FOUNDATION.

Totals

Total revenue
$49,226,807
Total expenses
$22,004,481
Contributions and grants received
$0
Grants paid
$17,058,077
Program service revenue
$1,809
Investment income
$13,284,524
Other revenue
$35,940,474
Total assets, end of year
$391,275,423
Total liabilities, end of year
$10,373,234
Net assets or fund balances, end of year
$380,902,189
Program services expenses (Part IX)
$17,633,256
Management and general expenses
$4,371,225
Fundraising expenses
$0
Program service expenses (Part III)
$17,633,256

Program services were 80.1% 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.

  • 2a · Program service revenue: Museum admissions

    total $1,809 · related or exempt $1,809

  • 3 · Investment income

    total $7,896,386 · unrelated business $1,080 · excluded $7,895,306

  • 5 · Royalties

    total $32,083,683 · excluded $32,083,683

  • 6a · Gross rents

    real property $3,671,561

  • 6b · Less rental expenses

    real property $236,208

  • 6c · Rental income or loss

    real property $3,435,353

  • 6d · Net rental income or loss

    total $3,435,353 · unrelated business $7,747 · excluded $3,427,606

  • 7a · Gross sales of assets other than inventory

    securities $13,410,924 · other assets $368,188

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

    securities $8,390,974 · other assets $0

  • 7c · Gain or loss

    securities $5,019,950 · other assets $368,188

  • 7d · Net gain or loss

    total $5,388,138 · excluded $5,388,138

  • 11a · Other revenue: Lessee reimbursement

    total $184,706 · excluded $184,706

  • 11b · Other revenue: In-kind fencing improvements

    total $139,418 · excluded $139,418

  • 11c · Other revenue: UBTI from partnerships

    total $46,671 · unrelated business $46,671

  • 11d · All other revenue

    total $50,643 · unrelated business $17,224 · excluded $33,419

  • 11e · Other revenue, total

    $421,438

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $17,058,077 · program services $17,058,077

  • 5 · Compensation of officers, directors and key employees

    total $493,872 · program services $225,148 · management and general $268,724

  • 7 · Other salaries and wages

    total $1,122,945 · program services $119,055 · management and general $1,003,890

  • 8 · Pension plan contributions

    total $136,109 · program services $14,968 · management and general $121,141

  • 9 · Other employee benefits

    total $217,100 · program services $22,071 · management and general $195,029

  • 10 · Payroll taxes

    total $99,571 · program services $15,748 · management and general $83,823

  • 11b · Fees: legal

    total $23,064 · program services $1,439 · management and general $21,625

  • 11c · Fees: accounting

    total $42,120 · program services $13,900 · management and general $28,220

  • 11f · Fees: investment management

    total $833,926 · management and general $833,926

  • 11g · Fees: other

    total $95,287 · program services $2,994 · management and general $92,293

  • 12 · Advertising and promotion

    total $11,522 · program services $3,204 · management and general $8,318

  • 13 · Office expenses

    total $63,486 · program services $13,530 · management and general $49,956

  • 14 · Information technology

    total $35,407 · program services $11,530 · management and general $23,877

  • 16 · Occupancy

    total $215,147 · program services $56,270 · management and general $158,877

  • 17 · Travel

    total $36,256 · program services $2,845 · management and general $33,411

  • 19 · Conferences, conventions and meetings

    total $3,080 · management and general $3,080

  • 21 · Payments to affiliates

    total $22,219 · program services $1,528 · management and general $20,691

  • 22 · Depreciation, depletion and amortization

    total $391,323 · program services $44,804 · management and general $346,519

  • 23 · Insurance

    total $106,990 · program services $23,756 · management and general $83,234

  • 24a · Other expenses: Ad valorem taxes

    total $789,563 · management and general $789,563

  • 24b · Other expenses: Equipment/grounds maint

    total $73,074 · program services $2,364 · management and general $70,710

  • 24c · Other expenses: Income tax (UBIT)

    total $61,421 · management and general $61,421

  • 24d · Other expenses: Fence repairs/road main

    total $42,541 · management and general $42,541

  • 24e · All other expenses

    total $30,381 · program services $25 · management and general $30,356

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $21,728,999 · end of year $33,228,738

  • 4 · Accounts receivable

    beginning of year $5,432,262 · end of year $4,467,150

  • 7 · Other notes and loans receivable

    beginning of year $456,212 · end of year $484,124

  • 8 · Inventories for sale or use

    beginning of year $140,616 · end of year $150,341

  • 9 · Prepaid expenses and deferred charges

    beginning of year $45,082 · end of year $123,891

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

    $14,346,806

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

    $5,798,976

  • 10c · Land, buildings and equipment, net

    beginning of year $8,951,638 · end of year $8,547,830

  • 11 · Investments: publicly traded securities

    beginning of year $377,017,188 · end of year $334,798,273

  • 12 · Investments: other securities

    beginning of year $13,900,746 · end of year $9,372,059

  • 15 · Other assets

    beginning of year $2,000 · end of year $103,017

  • 17 · Accounts payable and accrued expenses

    beginning of year $229,637 · end of year $211,253

  • 18 · Grants payable

    beginning of year $7,254,712 · end of year $8,428,516

  • 19 · Deferred revenue

    beginning of year $1,501,191 · end of year $1,622,036

  • 25 · Other liabilities

    beginning of year $30,146 · end of year $111,429

  • 27 · Net assets without donor restrictions

    beginning of year $418,659,057 · end of year $380,902,189

Mission and programs · 2022

Mission

See Schedule OThe goal of the Foundation is to nurture and advance endeavors which contribute to the following core values: help break the cycle of poverty; assisting people to help themselves; developing the Catholic faith; advancing spirituality; nurturing support and love for Catholic institutions; cultivating a passion for learning; fostering respect; encouraging cooperative/collaborative partnerships. See the website www.kenedy.org.

Activities or mission (Part I)

To support religious, educational, and charitable purposes.

  • See Schedule OThe Foundation makes all of its charitable donations within the State of Texas. Ten percent of its total charitable grants are made to non-sectarian entities, institutions that are defined as non-religious and not church related. Ninety percent of its total charitable distributions are made to sectarian entities. It is the Foundation's practice that a Catholic sectarian organization should be listed in the Official Catholic Directory. Of these sectarian grants, about 70% are made in the South Texas area which includes the Diocese of Brownsville, the Diocese of Corpus Christi, and the Diocese of Laredo. Education has been strongly favored in recent grant giving cycles including tuition assistance for Catholic schools and scholarships for Catholic and public universities. Service organizations and Catholic charities which target health, human services, the indigent, equal opportunity, and service to others are also favored. By continually evoking the Foundation's core values when making grant decisions, the Foundation is able to help countless numbers of people.

    Expenses $17,529,161 · Grants $17,058,077

  • The Foundation has established a museum in the historic Kenedy Pasture Company building in the township of Sarita, Texas. Since its opening on October 21, 2003, approximately 17,891 individuals have toured the museum or participated in its programs. Examples of programs may be viewed at www.kenedyranchmuseum.org.

    Expenses $104,095 · Revenue $1,809

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Bishop Robert Coerver

    Director

    Total calculated
    $90,318
    From this org
    $13,200
    From related orgs
    $20,976
    Other
    $56,142
    Hours/week
    1 + 39 related

  • Gloria Hicks

    Vice President

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert J Sweeney

    Treasurer

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Jean Claire Turcotte

    Secretary

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tom Dobson

    Director

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brad Stewart

    Director

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Michael F Terry

    Director

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Anna B Galo

    Director

    Total calculated
    $9,600
    From this org
    $9,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Nicholas T Serafy Jr

    Director

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Hon JA Garcia Jr

    Non-voting Director

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Ricardo Hinojosa

    President

    Total calculated
    $0
    Hours/week
    0.48

  • BP WM Michael Mulvey

    Director

    Total calculated
    $82,704
    From this org
    $13,200
    From related orgs
    $26,076
    Other
    $43,428
    Hours/week
    10 + 30 related

  • AB Gustavo Garcia-Siller

    Director

    Total calculated
    $70,228
    From this org
    $12,600
    From related orgs
    $24,047
    Other
    $33,581
    Hours/week
    3 + 37 related

  • Bishop John Cahill

    Director

    Total calculated
    $70,340
    From this org
    $13,200
    From related orgs
    $17,862
    Other
    $39,278
    Hours/week
    1.5 + 38.5 related

  • Sylvia Whitmore

    CEO/Officer

    Total calculated
    $316,328
    From this org
    $265,736
    From related orgs
    $0
    Other
    $50,592
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $265,736
    Bonus
    $0
    Other
    $0
    Deferred
    $33,996
    Nontaxable benefits
    $16,596
    Filer's total
    $316,328

  • Paul Damerow

    Comptroller

    Total calculated
    $187,644
    From this org
    $154,592
    From related orgs
    $0
    Other
    $33,052
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,592
    Bonus
    $0
    Other
    $0
    Deferred
    $19,612
    Nontaxable benefits
    $13,440
    Filer's total
    $187,644

  • Marco Castillo

    Operations Officer

    Total calculated
    $162,620
    From this org
    $134,452
    From related orgs
    $0
    Other
    $28,168
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,452
    Bonus
    $0
    Other
    $0
    Deferred
    $16,807
    Nontaxable benefits
    $11,361
    Filer's total
    $162,620

  • Silvat Majeed

    Investment Officer

    Total calculated
    $135,355
    From this org
    $111,086
    From related orgs
    $0
    Other
    $24,269
    Hours/week
    40

  • Linda E Galvan

    Assistant Comptroller

    Total calculated
    $132,926
    From this org
    $108,358
    From related orgs
    $0
    Other
    $24,568
    Hours/week
    40

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 · Written employment contract
  • 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.

Related corporations and trusts

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

  • Kenedy Pasture Company

    C · Beef cattle sales · TX · 100% owned · share of income -$39,316 · share of assets $242,415 · controlled entity

    Directly controlled by Kenedy Fdn

Provenance

Return type
form_990
Tax year
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202343129349303034

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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