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Nonprofiteer
← L C INDUSTRIES FOUNDATION

Form 990 for tax year 2024

Filed by L C INDUSTRIES FOUNDATION.

Totals

Total revenue
$10,841,089
Total expenses
$1,681,371
Contributions and grants received
$2,750,000
Grants paid
$1,400,000
Program service revenue
$0
Investment income
$8,091,089
Other revenue
$0
Total assets, end of year
$81,357,889
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$81,357,889
Program services expenses (Part IX)
$1,412,529
Management and general expenses
$268,842
Fundraising expenses
$0
Program service expenses (Part III)
$1,412,529

Program services were 84.0% 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.

  • 1d · Related organizations

    $2,750,000

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $2,183,113 · excluded $2,183,113

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $5,907,976

  • 7c · Gain or loss

    securities $5,907,976 · other assets $0

  • 7d · Net gain or loss

    total $5,907,976 · excluded $5,907,976

  • 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.

  • 1 · Grants to domestic organizations and governments

    total $1,400,000 · program services $1,400,000

  • 11b · Fees: legal

    total $16,819 · management and general $16,819

  • 11c · Fees: accounting

    total $3,410 · management and general $3,410

  • 11f · Fees: investment management

    total $245,662 · management and general $245,662

  • 11g · Fees: other

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

  • 13 · Office expenses

    total $2,906 · program services $2,906

  • 17 · Travel

    total $9,623 · program services $9,623

  • 24a · Other expenses: Foreign Tax

    total $2,951 · management and general $2,951

  • 24e · All other expenses

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

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $5,468,718 · end of year $6,099,682

  • 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

  • 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 $67,678,607 · end of year $75,258,207

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    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

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $73,147,325 · end of year $81,357,889

Mission and programs · 2024

Mission

TO IMPROVE THE LIVES AND WELL BEING OF PERSONS WHO ARE BLIND, AND TO OFFER SUCH PERSONS OPPORTUNITIES FOR EDUCATION, TRAINING AND JOB RELATED SKILLS.

  • THE FOUNDATION SUPPORTS ITS PARENT ORGANIZATION, LC INDUSTRIES, INC., BY MAKING GRANTS TO CHARITABLE ORGANIZATION THAT SUPPORT INDIVIDUALS WHO ARE BLIND.

    Expenses $1,412,529 · Grants $1,400,000

As filed on the 2024 return.

Listed in Part VII

  • John Janes

    Secretary

    Total calculated
    $0
    Hours/week
    5

  • William Hudson

    President

    Total calculated
    $485,556
    From this org
    $0
    From related orgs
    $485,556
    Other
    $0
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $485,556 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $485,556 related

  • Patrick Lindsey

    Board Member

    Total calculated
    $1,188,854
    From this org
    $0
    From related orgs
    $1,167,567
    Other
    $21,287
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $682,847 related
    Bonus
    $0 + $481,000 related
    Other
    $0 + $3,720 related
    Deferred
    $0 + $12,075 related
    Nontaxable benefits
    $0 + $9,212 related
    Filer's total
    $0 + $1,188,854 related

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

  • 4b · Supplemental nonqualified retirement plan
  • 5b · Pay contingent on a related organization's revenues

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this 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)

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
THE FOLLOWING INDIVIDUALS PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN 457(F): Patrick Lindsey: $9,200
Schedule J, Part I, Line 5b Compensation contingent on revenues of a related organization
THE ANNUAL PROFITS OF THE COMPANY INDIRECTLY INFLUENCE AMOUNTS REWARDED AS ANNUAL BONUSES TO ALL EMPLOYEES INCLUDING OFFICERS. ALL BONUSES ARE APPROVED BY THE BOARD OF DIRECTORS OF RELATED ENTITY, L C INDUSTIRES, INC.

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

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.

  • l c industries inc

    501(c)(3) · to employ and teach the visually handicapped · NC

    Directly controlled by na

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.

  • LCI INVESTMENTS INC

    C Corporation · Investments · NC · 0% owned · share of income $0 · share of assets $0

    Directly controlled by LC INDUSTRIES INC

Provenance

Return type
form_990
Tax year
2024
Filed
13 April 2026
IRS schema version
2024v5.1
Source object
202611039349300106

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