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← BENEFICIAL STATE FOUNDATION

Form 990 for tax year 2023

Filed by BENEFICIAL STATE FOUNDATION.

Totals

Total revenue
$7,525,287
Total expenses
$7,670,444
Contributions and grants received
$7,240,351
Grants paid
$2,741,062
Program service revenue
$0
Investment income
$241,930
Other revenue
$43,006
Total assets, end of year
$117,915,206
Total liabilities, end of year
$2,621,746
Net assets or fund balances, end of year
$115,293,460
Program services expenses (Part IX)
$6,532,456
Management and general expenses
$1,137,988
Fundraising expenses
$0
Program service expenses (Part III)
$6,532,456

Program services were 85.2% 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.

  • 1d · Related organizations

    $2,985,603

  • 1e · Government grants (contributions)

    $4,254,748

  • 3 · Investment income

    total $241,930 · excluded $241,930

  • 11a · Other revenue: LECTURES

    total $33,460 · related or exempt $33,460

  • 11b · Other revenue: SPECIAL EVENT

    total $9,546 · related or exempt $9,546

  • 11e · Other revenue, total

    $43,006

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $2,741,062 · program services $2,741,062

  • 5 · Compensation of officers, directors and key employees

    total $594,690 · program services $354,057 · management and general $240,633

  • 7 · Other salaries and wages

    total $1,806,745 · program services $1,597,909 · management and general $208,836

  • 8 · Pension plan contributions

    total $83,573 · program services $77,386 · management and general $6,187

  • 9 · Other employee benefits

    total $358,027 · program services $300,564 · management and general $57,463

  • 10 · Payroll taxes

    total $186,891 · program services $154,280 · management and general $32,611

  • 11b · Fees: legal

    total $66,204 · program services $10,139 · management and general $56,065

  • 11c · Fees: accounting

    total $109,538 · program services $4,400 · management and general $105,138

  • 11g · Fees: other

    total $780,595 · program services $536,688 · management and general $243,907

  • 12 · Advertising and promotion

    total $37,340 · program services $37,340

  • 13 · Office expenses

    total $4,858 · program services $996 · management and general $3,862

  • 14 · Information technology

    total $641,296 · program services $596,490 · management and general $44,806

  • 16 · Occupancy

    total $85,141 · management and general $85,141

  • 17 · Travel

    total $28,563 · program services $25,936 · management and general $2,627

  • 19 · Conferences, conventions and meetings

    total $40,758 · program services $30,293 · management and general $10,465

  • 22 · Depreciation, depletion and amortization

    total $16,360 · management and general $16,360

  • 23 · Insurance

    total $15,653 · management and general $15,653

  • 24a · Other expenses: MEMBERSHIP DUES

    total $39,663 · program services $37,860 · management and general $1,803

  • 24b · Other expenses: CLEAN VEHICLE ASST

    total $14,535 · program services $14,535

  • 24c · Other expenses: PROGRAM COSTS

    total $10,723 · program services $10,723

  • 24d · Other expenses: EMPLOYEE RECOGNITION

    total $4,153 · program services $1,405 · management and general $2,748

  • 24e · All other expenses

    total $4,076 · program services $393 · management and general $3,683

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,111,289 · end of year $3,883,267

  • 2 · Savings and temporary cash investments

    beginning of year $244,766 · end of year $234,473

  • 4 · Accounts receivable

    beginning of year $1,000 · end of year $537

  • 9 · Prepaid expenses and deferred charges

    beginning of year $52,311 · end of year $72,996

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

    $171,204

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

    $153,697

  • 10c · Land, buildings and equipment, net

    beginning of year $32,778 · end of year $17,507

  • 12 · Investments: other securities

    beginning of year $113,585,710 · end of year $113,585,710

  • 15 · Other assets

    beginning of year $198,565 · end of year $120,716

  • 17 · Accounts payable and accrued expenses

    beginning of year $222,251 · end of year $391,514

  • 19 · Deferred revenue

    beginning of year $6,355,396 · end of year $2,100,649

  • 25 · Other liabilities

    beginning of year $210,155 · end of year $129,583

  • 27 · Net assets without donor restrictions

    beginning of year $113,849,154 · end of year $115,253,460

  • 28 · Net assets with donor restrictions

    beginning of year $1,589,463 · end of year $40,000

Mission and programs · 2023

Mission

TO CREATE, GUIDE, AND PROMOTE A BENEFICIAL BANKING MODEL THAT TRANSFORMS THE BANKING INDUSTRY; WE ACCELERATE THE TRANSFORMATION BY ATTRACTING HUMAN, FINANCIAL, AND INTELLECTUAL CAPITAL TO BENEFICIAL BANKING.

Activities or mission (Part I)

TO COMBAT ECONOMIC DISTRESS AND ENCOURAGE COMMUNITY DEVELOPMENT.

  • CREATE PROGRAMS AND DISTRIBUTE GRANTS TO COMBAT ECONOMIC DISTRESS AND ENCOURAGE COMMUNITY DEVELOPMENT, ENCOURAGE FINANCIAL LITERACY, PROMOTE AFFORDABLE HOUSING, AND ELIMINATE DISCRIMINATION BY PROMOTING THE PROVISION OF LOANS AND INVESTMENTS, INCLUDING CONSUMER LOANS AND MICRO AND SMALL BUSINESS LOANS, AND DEPOSITORY SERVICES FOR DISADVANTAGED COMMUNITIES AND COMMUNITY SERVICE ORGANIZATIONS, AND BY ANY OTHER MEANS DETERMINED TO BE APPROPRIATE BY THE BOARD.

    Expenses $2,277,708 · Revenue $43,006

  • SUPPORT CLEAN VEHICLE ASSISTANCE PROGRAM, INCLUDING, BUT NOT LIMITED TO, PROGRAMS AND GRANTS TO HELP LOWER-INCOME CALIFORNIA RESIDENTS PURCHASE A NEW OR USED HYBRID OR ELECTRIC VEHICLE. IN PARTNERSHIP WITH CALIFORNIA CLIMATE INVESTMENTS (A PROGRAM OF THE CALIFORNIA AIR RESOURCES BOARD), THE COLLECTIVE GOAL IS TO MAKE ENVIRONMENTALLY FRIENDLY VEHICLES ACCESSIBLE AND AFFORDABLE TO ALL.

    Expenses $4,254,748 · Grants $2,741,062

As filed on the 2023 return.

Listed in Part VII

  • ROBERT WILKINS

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • ELMY BERMEJO

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • ANGELA GLOVER DAVIS

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • JANIECE EVANS-PAGE

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • KAT TAYLOR

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • ERIN KILMER NEEL

    EXECUTIVE DIRECTOR

    Total calculated
    $213,216
    From this org
    $200,146
    From related orgs
    $0
    Other
    $13,070
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $196,266
    Bonus
    $1,000
    Other
    $2,880
    Deferred
    $12,009
    Nontaxable benefits
    $1,061
    Filer's total
    $213,216

  • ANNIE BAKKE CLAYBAUGH

    SECRETARY/TREAS./VP, OPS & FINANCE

    Total calculated
    $176,668
    From this org
    $142,085
    From related orgs
    $0
    Other
    $34,583
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $138,205
    Bonus
    $1,000
    Other
    $2,880
    Deferred
    $8,826
    Nontaxable benefits
    $25,757
    Filer's total
    $176,668

  • DARNELL GRISBY

    SVP, CLEAN VEHICLE ASST. PROGRAM

    Total calculated
    $204,806
    From this org
    $192,490
    From related orgs
    $0
    Other
    $12,316
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $181,110
    Bonus
    $8,500
    Other
    $2,880
    Deferred
    $0
    Nontaxable benefits
    $12,316
    Filer's total
    $204,806

  • WILLIAM AARON KRISTIN

    STRATEGIC COMMUNICATION DIRECTOR

    Total calculated
    $145,624
    From this org
    $136,634
    From related orgs
    $0
    Other
    $8,990
    Hours/week
    43.34

  • FRANCIS DENNIS JANES

    INDUSTRY RELATIONS/PARTNERSHIPS DIR.

    Total calculated
    $154,362
    From this org
    $127,935
    From related orgs
    $0
    Other
    $26,427
    Hours/week
    43.34

    Schedule J breakdown matched by us

    Base
    $124,055
    Bonus
    $1,000
    Other
    $2,880
    Deferred
    $7,914
    Nontaxable benefits
    $18,513
    Filer's total
    $154,362

  • QUINNTAVIOUS WILLIAMS

    DIRECTOR, EQUITABLE BANK STANDARDS

    Total calculated
    $138,601
    From this org
    $124,104
    From related orgs
    $0
    Other
    $14,497
    Hours/week
    43.34

  • RODRIGO SANDOVAL

    OPERATIONS DIRECTOR

    Total calculated
    $141,127
    From this org
    $122,869
    From related orgs
    $0
    Other
    $18,258
    Hours/week
    43.34

  • EMILY ELLICKSON-BROWN

    ASSOCIATE DIRECTOR, FINANCE

    Total calculated
    $145,593
    From this org
    $114,406
    From related orgs
    $0
    Other
    $31,187
    Hours/week
    43.34

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 · 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 · 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

The filer's explanations (Part III)

PART I, LINE 1A
FRINGE BENEFITS WERE PROVIDED MONTHLY TO ALL STAFF TO OFFSET WELLNESS & COMMUTE-RELATED EXPENSES. ALL STAFF RECEIVED THE SAME AMOUNT IN FRINGE BENEFITS. THE BENEFITS WERE TREATED AS TAXABLE COMPENSATION TO THE EMPLOYEES.

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

No itemized grants to organizations on this return.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
4 November 2024
IRS schema version
2023v5.1
Source object
202443189349300429

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