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← AMERICAN ENDOWMENT FOUNDATION

Form 990 for tax year 2023

Filed by AMERICAN ENDOWMENT FOUNDATION.

Totals

Total revenue
$1,320,890,881
Total expenses
$1,278,019,450
Contributions and grants received
$1,171,485,223
Grants paid
$1,229,386,619
Program service revenue
$0
Investment income
$149,404,196
Other revenue
$1,462
Total assets, end of year
$7,145,882,316
Total liabilities, end of year
$21,492,709
Net assets or fund balances, end of year
$7,124,389,607
Program services expenses (Part IX)
$1,270,355,558
Management and general expenses
$2,933,934
Fundraising expenses
$4,729,958
Program service expenses (Part III)
$1,270,355,558

Program services were 99.4% 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.

  • 1f · All other contributions, gifts and grants

    $1,171,485,223

  • 1g · Noncash contributions included above

    $587,393,169

  • 3 · Investment income

    total $149,404,196 · unrelated business $1,234,997 · excluded $148,169,199

  • 11d · All other revenue

    total $1,462 · excluded $1,462

  • 11e · Other revenue, total

    $1,462

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,229,234,119 · program services $1,229,234,119

  • 3 · Grants to foreign organizations and individuals

    total $152,500 · program services $152,500

  • 5 · Compensation of officers, directors and key employees

    total $2,352,915 · program services $1,327,566 · management and general $371,215 · fundraising $654,134

  • 7 · Other salaries and wages

    total $7,676,844 · program services $4,578,210 · management and general $933,789 · fundraising $2,164,845

  • 8 · Pension plan contributions

    total $213,609 · program services $122,667 · management and general $22,963 · fundraising $67,979

  • 9 · Other employee benefits

    total $1,356,495 · program services $755,054 · management and general $130,839 · fundraising $470,602

  • 10 · Payroll taxes

    total $584,213 · program services $357,116 · management and general $73,311 · fundraising $153,786

  • 11b · Fees: legal

    total $227,504 · program services $153,237 · management and general $36,130 · fundraising $38,137

  • 11c · Fees: accounting

    total $164,519 · management and general $164,519

  • 11f · Fees: investment management

    total $29,490,735 · program services $29,490,735

  • 11g · Fees: other

    total $1,895,156 · program services $1,071,532 · management and general $492,395 · fundraising $331,229

  • 13 · Office expenses

    total $183,812 · program services $129,666 · management and general $32,520 · fundraising $21,626

  • 14 · Information technology

    total $1,646,615 · program services $1,068,311 · management and general $278,879 · fundraising $299,425

  • 16 · Occupancy

    total $752,389 · program services $476,263 · management and general $133,172 · fundraising $142,954

  • 17 · Travel

    total $114,351 · program services $10,398 · management and general $36,249 · fundraising $67,704

  • 19 · Conferences, conventions and meetings

    total $170,414 · program services $69,630 · management and general $19,470 · fundraising $81,314

  • 22 · Depreciation, depletion and amortization

    total $384,293 · program services $243,258 · management and general $68,020 · fundraising $73,015

  • 23 · Insurance

    total $158,570 · program services $100,375 · management and general $28,067 · fundraising $30,128

  • 24a · Other expenses: LIFE INSURANCE PREMIUMS

    total $481,930 · program services $481,930

  • 24b · Other expenses: STAFF DEVELOPMENT

    total $133,424 · program services $82,280 · management and general $18,672 · fundraising $32,472

  • 24c · Other expenses: UBI TAX

    total $115,527 · program services $115,527

  • 24e · All other expenses

    total $529,516 · program services $335,184 · management and general $93,724 · fundraising $100,608

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $81,380,607 · end of year $98,423,458

  • 7 · Other notes and loans receivable

    beginning of year $1,837,891 · end of year $1,568,924

  • 9 · Prepaid expenses and deferred charges

    beginning of year $154,294 · end of year $384,473

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

    $2,058,900

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

    $809,484

  • 10c · Land, buildings and equipment, net

    beginning of year $1,391,555 · end of year $1,249,416

  • 11 · Investments: publicly traded securities

    beginning of year $5,898,829,328 · end of year $6,723,865,568

  • 12 · Investments: other securities

    beginning of year $261,511,698 · end of year $318,316,618

  • 15 · Other assets

    beginning of year $1,734,678 · end of year $2,073,859

  • 17 · Accounts payable and accrued expenses

    beginning of year $607,942 · end of year $1,214,726

  • 18 · Grants payable

    beginning of year $1,846,123 · end of year $17,360,329

  • 25 · Other liabilities

    beginning of year $3,201,115 · end of year $2,917,654

  • 27 · Net assets without donor restrictions

    beginning of year $6,241,184,871 · end of year $7,124,389,607

Mission and programs · 2023

Mission

TO EXPAND THE CAPACITY OF AMERICAN PHILANTHROPY THROUGHOUT THE FINANCIAL SERVICES INDUSTRY.

  • AMERICAN ENDOWMENT FOUNDATION MAKES GRANTS TO U.S. CHARITABLE ORGANIZATIONS THAT ARE TAX-EXEMPT CHARITIES, OR TO U.S., STATE AND LOCAL GOVERNMENT ENTITIES FOR CHARITABLE PURPOSES. GRANTS ARE ONLY APPROVED IF THEY ARE USED EXCLUSIVELY IN FURTHERANCE OF CHARITABLE PURPOSES.

    Expenses $1,270,355,558 · Grants $1,229,386,619

As filed on the 2023 return.

Listed in Part VII

  • JOSEPH BETRO

    CHAIRMAN OF THE BOARD

    Total calculated
    $55,000
    From this org
    $55,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • TED AUSTIN

    DIRECTOR

    Total calculated
    $10,200
    From this org
    $10,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • BENJAMIN BECKMAN

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • BRIAN BROADBENT

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • JANET GOSCHE

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • MARTIN HALL

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • PATRICK HEDDLESTON

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • TIMOTHY HOGAN

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • JUSTIN HORTON

    DIRECTOR

    Total calculated
    $10,200
    From this org
    $10,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • REBECCA MORGAN

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • STEVE MULLIN

    DIRECTOR (UNTIL 2/24/23)

    Total calculated
    $1,833
    From this org
    $1,833
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • CARL ZIPFEL

    DIRECTOR (UNTIL 11/19/2023)

    Total calculated
    $11,348
    From this org
    $11,348
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • RONDAL RANSOM

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $392,087
    From this org
    $374,154
    From related orgs
    $0
    Other
    $17,933
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $370,984
    Bonus
    $0
    Other
    $3,170
    Deferred
    $2,650
    Nontaxable benefits
    $15,283
    Filer's total
    $392,087

  • STEPHEN W JONES

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $427,483
    From this org
    $386,885
    From related orgs
    $0
    Other
    $40,598
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $358,189
    Bonus
    $0
    Other
    $28,696
    Deferred
    $11,750
    Nontaxable benefits
    $28,848
    Filer's total
    $427,483

  • MICHELE HOZA

    GENERAL COUNSEL & SECRETARY OF BOARD

    Total calculated
    $271,735
    From this org
    $238,301
    From related orgs
    $0
    Other
    $33,434
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,751
    Bonus
    $0
    Other
    $20,550
    Deferred
    $7,170
    Nontaxable benefits
    $26,264
    Filer's total
    $271,735

  • TYANA SMITH

    CHIEF BUSINESS DEVELOPMENT OFFICER

    Total calculated
    $251,448
    From this org
    $209,249
    From related orgs
    $0
    Other
    $42,199
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,226
    Bonus
    $0
    Other
    $19,023
    Deferred
    $6,487
    Nontaxable benefits
    $35,712
    Filer's total
    $251,448

  • PAULA HOGAN

    CHRO

    Total calculated
    $239,811
    From this org
    $210,101
    From related orgs
    $0
    Other
    $29,710
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,187
    Bonus
    $0
    Other
    $18,914
    Deferred
    $6,341
    Nontaxable benefits
    $23,369
    Filer's total
    $239,811

  • JESSE JUGUILON

    CHIEF BUSINESS STRATEGY OFFICER

    Total calculated
    $209,355
    From this org
    $202,044
    From related orgs
    $0
    Other
    $7,311
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,358
    Bonus
    $0
    Other
    $17,686
    Deferred
    $6,021
    Nontaxable benefits
    $1,290
    Filer's total
    $209,355

  • MARK MANNING

    CIO

    Total calculated
    $211,394
    From this org
    $190,623
    From related orgs
    $0
    Other
    $20,771
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,965
    Bonus
    $0
    Other
    $16,658
    Deferred
    $5,764
    Nontaxable benefits
    $15,007
    Filer's total
    $211,394

  • BRIAN DEACY

    SVP, NATIONAL DEVELOPMENT MANAGER

    Total calculated
    $225,882
    From this org
    $196,693
    From related orgs
    $0
    Other
    $29,189
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,276
    Bonus
    $0
    Other
    $17,417
    Deferred
    $5,891
    Nontaxable benefits
    $23,298
    Filer's total
    $225,882

  • SHANNON BAKER

    VP DEVELOPMENT

    Total calculated
    $210,531
    From this org
    $184,725
    From related orgs
    $0
    Other
    $25,806
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,658
    Bonus
    $0
    Other
    $17,067
    Deferred
    $5,629
    Nontaxable benefits
    $20,177
    Filer's total
    $210,531

  • STEPHEN BROOKS

    VP DEVELOPMENT

    Total calculated
    $207,499
    From this org
    $174,298
    From related orgs
    $0
    Other
    $33,201
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,731
    Bonus
    $0
    Other
    $15,567
    Deferred
    $5,237
    Nontaxable benefits
    $27,964
    Filer's total
    $207,499

  • LEVENT BAYKUT

    SR. DIRECTOR OPERATIONS

    Total calculated
    $167,379
    From this org
    $150,817
    From related orgs
    $0
    Other
    $16,562
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,803
    Bonus
    $0
    Other
    $8,014
    Deferred
    $4,576
    Nontaxable benefits
    $11,986
    Filer's total
    $167,379

  • BRYCE JOHNSON

    VP DEVELOPMENT

    Total calculated
    $173,571
    From this org
    $149,939
    From related orgs
    $0
    Other
    $23,632
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,402
    Bonus
    $0
    Other
    $13,537
    Deferred
    $4,495
    Nontaxable benefits
    $19,137
    Filer's total
    $173,571

  • JOHN FARREN

    FORMER PRESIDENT

    Total calculated
    $243,486
    From this org
    $231,292
    From related orgs
    $0
    Other
    $12,194
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $231,292
    Deferred
    $0
    Nontaxable benefits
    $12,194
    Filer's total
    $243,486

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 · Housing allowance or residence for personal use
  • 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 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 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

The filer's explanations (Part III)

PART I, LINE 1A
THE CEO IS PERMITTED TO MAINTAIN ONE SOCIAL CLUB MEMBERSHIP WHICH IS USED TO CONDUCT FOUNDATION BUSINESS SUCH AS BOARD MEETINGS, DEVELOPMENT AND TEAM MEETINGS. THE CEO WAS PROVIDED SHORT-TERM HOUSING DURING RELOCATION WHICH IS INCLUDED AS TAXABLE COMPENSATION ON SCHEDULE J, PART II.
PART I, LINE 4A
THE FOLLOWING INDIVIDUAL RECEIVED SEVERANCE PAYMENTS IN 2023: JOHN FARREN $231,292 TERMS AND CONDITIONS OF THE SEVERANCE AGREEMENTS ARE AVAILABLE TO THE INTERNAL REVENUE SERVICE UPON REQUEST.

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.

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • SJ ASPEN LP

    INVESTMENT · INVESTMENT · CA · 98% owned

  • SOLLE OID LP

    INVESTMENT · INVESTMENT · TX · 98% owned · share of income $91,742 · share of assets $3,427,282

Provenance

Return type
form_990
Tax year
2023
Filed
29 August 2024
IRS schema version
2023v5.1
Source object
202442479349301654

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