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Nonprofiteer
← BIRMINGHAM-SOUTHERN COLLEGE FOUNDATION

Form 990 for tax year 2024

Filed by BIRMINGHAM-SOUTHERN COLLEGE FOUNDATION.

Totals

Total revenue
$305,813
Total expenses
$34,515
Contributions and grants received
$17,500
Grants paid
$0
Program service revenue
$0
Investment income
$288,313
Other revenue
$0
Total assets, end of year
$3,725,477
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$3,725,477
Program services expenses (Part IX)
$0
Management and general expenses
$34,515
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% 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

    $17,500

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $102,468 · excluded $102,468

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $4,394,341

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

    securities $4,208,496

  • 7c · Gain or loss

    securities $185,845 · other assets $0

  • 7d · Net gain or loss

    total $185,845 · excluded $185,845

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 11b · Fees: legal

    total $34,515 · management and general $34,515

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $245,683 · end of year $3,454,055

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $271,422

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $4,208,496 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $0

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year -$1,099 · end of year -$35,439

  • 28 · Net assets with donor restrictions

    beginning of year $4,455,278 · end of year $3,760,916

Mission and programs · 2024

Mission

THE FOUNDATION'S PURPOSE IS PHILANTHROPIC IN NATURE. AT THE TIME OF ITS FORMATION, ITS SCOPE WAS LIMITED TO THE SUPPORT OF THE BIRMINGHAM-SOUTHERN COLLEGE THROUGH THE ALLOCATION OF FUNDS COMPRISED OF DONOR CONTRIBUTIONS AND INCOME PRODUCED THROUGH PRUDENT INVESTMENTS OF ENDOWMENT. AS OF MAY 31, 2024, BIRMINGHAM-SOUTHERN CEASED ITS NORMAL OPERATIONS DUE TO FINANCIAL CONDITIONS. THE COLLEGE IS CURRENTLY NEGOTIATING THE SALE OF ITS REAL PROPERTY. UPON THE SUCCESSFUL CLOSING OF THE SALE, EXCESS PROCEEDS WILL BE TRANSFERRED TO ITS ENDOWMENT. UNDER ALABAMA LAW, THE COLLEGE AND THE FOUNDATION IS REQUIRED TO SUBMIT A PLAN TO THE STATE ATTORNEY GENERAL FOR USE OF THESE FUNDS. IT IS EXPECTED THAT THE PROPOSED PLAN WILL INCLUDE PROVISIONS FOR THE ISSUANCE OF SCHOLARSHIPS TO STUDENTS WHO WILL ATTEND OTHER LIBERAL ARTS COLLEGES.

Activities or mission (Part I)

THE FOUNDATION'S PURPOSE IS PHILANTHROPIC IN NATURE. IT WAS FORMED TO SUPPORT BIRMINGHAM-SOUTHERN COLLEGE, WHICH CEASED ITS NORMAL OPERATIONS DUE TO FINANCIAL CONDITIONS.

  • THE FOUNDATION'S PURPOSE IS PHILANTHROPIC IN NATURE. AT THE TIME OF ITS FORMATION, ITS SCOPE WAS LIMITED TO THE SUPPORT OF THE BIRMINGHAM-SOUTHERN COLLEGE THROUGH THE ALLOCATION OF FUNDS COMPRISED OF DONOR CONTRIBUTIONS AND INCOME PRODUCED THROUGH PRUDENT INVESTMENTS OF ENDOWMENT. AS OF MAY 31, 2024, BIRMINGHAM-SOUTHERN CEASED ITS NORMAL OPERATIONS DUE TO FINANCIAL CONDITIONS. THE COLLEGE IS CURRENTLY NEGOTIATING THE SALE OF ITS REAL PROPERTY. UPON THE SUCCESSFUL CLOSING OF THE SALE, EXCESS PROCEEDS WILL BE TRANSFERRED TO ITS ENDOWMENT. UNDER ALABAMA LAW, THE COLLEGE AND THE FOUNDATION IS REQUIRED TO SUBMIT A PLAN TO THE STATE ATTORNEY GENERAL FOR USE OF THESE FUNDS. IT IS EXPECTED THAT THE PROPOSED PLAN WILL INCLUDE PROVISIONS FOR THE ISSUANCE OF SCHOLARSHIPS TO STUDENTS WHO WILL ATTEND OTHER LIBERAL ARTS COLLEGES.

As filed on the 2024 return.

Listed in Part VII

  • Daniel B Coleman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Donald E Hess

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Hillery Head

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John P Watts

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keith D Thompson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Michael Straus

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • William A Terry

    CHAIR

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
13 April 2026
IRS schema version
2024v5.1
Source object
202631039349301013

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