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Nonprofiteer
← POLK COUNTY COMMUNITY FOUNDATION INC

Form 990 for tax year 2022

Filed by POLK COUNTY COMMUNITY FOUNDATION INC.

Totals

Total revenue
$3,247,757
Total expenses
$2,512,033
Contributions and grants received
$2,079,172
Grants paid
$1,610,706
Program service revenue
$0
Investment income
$902,156
Other revenue
$266,429
Total assets, end of year
$56,500,870
Total liabilities, end of year
$3,867,528
Net assets or fund balances, end of year
$52,633,342
Program services expenses (Part IX)
$1,881,068
Management and general expenses
$495,784
Fundraising expenses
$135,181
Program service expenses (Part III)
$1,881,068

Program services were 74.9% 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

    $750,000

  • 1f · All other contributions, gifts and grants

    $1,329,172

  • 3 · Investment income

    total $897,758 · related or exempt $897,758

  • 7a · Gross sales of assets other than inventory

    securities $5,858,948

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

    securities $5,854,550

  • 7c · Gain or loss

    securities $4,398

  • 7d · Net gain or loss

    total $4,398 · related or exempt $4,398

  • 11a · Other revenue: OTHER INCOME

    total $266,429 · related or exempt $266,429

  • 11e · Other revenue, total

    $266,429

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,335,475 · program services $1,335,475

  • 2 · Grants to domestic individuals

    total $275,231 · program services $275,231

  • 5 · Compensation of officers, directors and key employees

    total $201,250 · program services $80,500 · management and general $80,500 · fundraising $40,250

  • 7 · Other salaries and wages

    total $213,767 · program services $85,507 · management and general $85,507 · fundraising $42,753

  • 8 · Pension plan contributions

    total $92,383 · program services $36,953 · management and general $36,953 · fundraising $18,477

  • 10 · Payroll taxes

    total $168,505 · program services $67,402 · management and general $67,402 · fundraising $33,701

  • 11b · Fees: legal

    total $8,224 · management and general $8,224

  • 11c · Fees: accounting

    total $40,415 · management and general $40,415

  • 13 · Office expenses

    total $58,042 · management and general $58,042

  • 16 · Occupancy

    total $66,583 · management and general $66,583

  • 19 · Conferences, conventions and meetings

    total $5,926 · management and general $5,926

  • 22 · Depreciation, depletion and amortization

    total $22,726 · management and general $22,726

  • 23 · Insurance

    total $23,506 · management and general $23,506

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $200 · end of year $200

  • 2 · Savings and temporary cash investments

    beginning of year $336,153 · end of year $441,925

  • 9 · Prepaid expenses and deferred charges

    beginning of year $160 · end of year $185

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

    $858,342

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

    $531,365

  • 10c · Land, buildings and equipment, net

    beginning of year $331,607 · end of year $326,977

  • 12 · Investments: other securities

    beginning of year $65,950,075 · end of year $55,731,583

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,179 · end of year $2,897

  • 25 · Other liabilities

    beginning of year $4,912,316 · end of year $3,864,631

  • 27 · Net assets without donor restrictions

    beginning of year $27,711,824 · end of year $23,490,317

  • 28 · Net assets with donor restrictions

    beginning of year $33,981,876 · end of year $29,143,025

Mission and programs · 2022

Mission

TO ADMINISTER FUNDS ENTRUSTED TO IT TO SUPPORT CHARITABLE, CULTURAL, EDUCATIONAL AND PUBLICLY BENEFICIAL ACTIVITIES IN THE COMMUNITY CENTERED IN AND AROUND POLK COUNTY, N.C. BOTH BY DIRECTLY EXPENDING SUMS FOR SUCH PURPOSES AND IN COOPERATION WITH INSTITUTIONS QUALIFIED TO CARRY OUT THESE OBJECTIVES MOST EFFICIENTLY. THE FOUNDATION WORKS WITH DONORS (BOTH INDIVIDUALS AND CHARITABLE ORGANIZATIONS) TO ESTABLISH FUNDS TO BENEFIT ONE OR MORE NAMED CHARITIES, TO ACCOMPLISH A CERTAIN OBJECTIVE (PROVIDE FOR CULTURAL EVENTS, ENCOURAGE THE DEVELOPMENT OF AGRICULTURE, PROVIDE FREE ACTIVITIES FOR YOUTH, IMPROVE CLASSROOM TEACHING, ETC.), TO AWARD SCHOLARSHIPS TO LOCAL STUDENTS, AND TO ALLOW THE BOARD OF THE POLK COUNTY COMMUNITY FOUNDATION TO ADDRESS THE NEEDS OF THE COMMUNITY AS THEY CHANGE FROM TIME TO TIME (UNRESTRICTED FUNDS).

Activities or mission (Part I)

TO ADMINISTER FUNDS ENTRUSTED TO IT TO SUPPORT CHARITABLE, CULTURAL, EDUCATIONAL AND PUBLICLY BENEFICIAL CHARITABLE ACTIVITIES IN THE COMMUNITY CENTERED IN AND AROUND POLK COUNTY, N.C.

  • THE COMMUNITY FOUNDATION IMPROVED THE QUALITY OF LIFE IN THE AREA CENTERED IN AND AROUND POLK COUNTY, N.C. BY AWARDING GRANTS FROM UNRESTRICTED FUNDS TO SUPPORT THE WORTHWHILE PROJECTS OF LOCAL NONPROFIT ORGANIZATIONS, GIVING VOCATIONAL AND COLLEGE SCHOLARSHIPS TO LOCAL STUDENTS, DISTRIBUTING ENDOWMENT FUND INCOME IN ACCORDANCE WITH GUIDELINES ESTABLISHED BY DONORS OR NONPROFITS AND MEMORIALIZED IN FUND AGREEMENTS, ADMINISTERING PLANNED GIVING PROGRAMS, PROVIDING A LIBRARY OF RESOURCES AND MEETING SPACES FOR NONPROFITS AND HELPING LOCAL NONPROFIT ORGANIZATIONS AND DONORS MEET THEIR CHARITABLE GOALS. THE FOUNDATION ADMINISTERS OVER 200 CHARITABLE FUNDS.

    Expenses $1,881,068 · Grants $1,610,706 · Revenue $1,168,585

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

Listed in Part VII

  • Sherry M Carter

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • A Thomas Jackson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Peter Franklin

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Monica E Jones

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Dr Faith Weathington

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Philip H Burrus III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dale L McEntire

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Stacey Lindsay

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jay Geddings

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sara Bell

    PRESIDENT & CEO

    Total calculated
    $228,380
    From this org
    $201,250
    From related orgs
    $0
    Other
    $27,130
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,000
    Bonus
    $26,250
    Other
    $0
    Deferred
    $26,788
    Nontaxable benefits
    $342
    Filer's total
    $228,380

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 · Tax indemnification and gross-up payments
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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
YEAR-END BONUSES WERE GROSSED UP TO $4,000 NET.

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

  • FENCE

    $182,229

    400+ ACRE NATURAL FACILITY FOR NATURE AND EQUESTRIAN (SOLAR PANELS, SUSTAINABILITY)

  • ST LUKE'S HOSPITAL FOUNDATION

    $151,733

    TO SUPPORT ST. LUKE'S HOSPITAL FOUNDATION WHICH IN TURN SUPPORTS ST. LUKE'S HOSPITAL AND PROMOTES LOCAL HEALTH

  • TRYON FINE ARTS CENTER

    $126,496

    COMMUNITY ARTS CENTER (ROOF, MAJOR FACILITY EXPANSION)

  • THERMAL BELT OUTREACH MINISTRY INC

    $121,000

    FOOD, HOUSING, MEDICAL, & HOME REPAIR FOR THOSE IN NEED

  • TRYON ARTS AND CRAFTS INC

    $102,340

    COMMUNITY ART FACILITY (SOLAR PANELS, FREE CLASSES, SUSTAINABILITY)

  • EPISCOPAL CHURCH OF THE HOLY CROSS

    $96,500

    DONOR ADVISED FUND GRANTS AND ENDOWMENT FUND PAYOUTS

  • LANIER LIBRARY ASSOCIATION

    $89,237

    LIBRARY AND COMMUNITY CENTER FACILITIES, SUSTAINABILITY AND EVENTS

  • POLK COUNTY SCHOOLS

    $76,388

    AFTER SCHOOL PROGRAMS, BAND, MENTORING; TEACHERS' CONFERENCES

  • UPSTAIRS ARTSPACE

    $71,300

    CONTEMPORARY ART GALLERY & EVENTS

  • STEPS TO HOPE INC

    $55,010

    SHELTER FOR DOMESTIC VIOLENCE VICTIMS AND COMMUNITY PROGRAMS

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.

Provenance

Return type
form_990
Tax year
2022
Filed
21 August 2023
IRS schema version
2022v5.0
Source object
202332369349300028

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

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