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Nonprofiteer
← CHARLOTTE HORNETS FOUNDATION INC

Form 990 for tax year 2022

Filed by CHARLOTTE HORNETS FOUNDATION INC.

Totals

Total revenue
$1,346,185
Total expenses
$399,294
Contributions and grants received
$1,551,076
Grants paid
$387,625
Program service revenue
$0
Investment income
$37,596
Other revenue
-$242,487
Total assets, end of year
$1,909,998
Total liabilities, end of year
$316,561
Net assets or fund balances, end of year
$1,593,437
Program services expenses (Part IX)
$387,625
Management and general expenses
$5,850
Fundraising expenses
$5,819
Program service expenses (Part III)
$387,625

Program services were 97.1% 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.

  • 1c · Fundraising events

    $582,000

  • 1f · All other contributions, gifts and grants

    $969,076

  • 1g · Noncash contributions included above

    $100,616

  • 3 · Investment income

    total $37,596 · excluded $37,596

  • 8a · Fundraising events: gross income

    $177,990

  • 8a · Fundraising events: contributions included on line 1c

    $582,000

  • 8b · Fundraising events: direct expenses

    $420,477

  • 8c · Net income from fundraising events

    total -$242,487 · excluded -$242,487

  • 10a · Gross sales of inventory

    $38,106

  • 10b · Cost of goods sold

    $38,106

  • 10c · Net income from sales of inventory

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $357,625 · program services $357,625

  • 2 · Grants to domestic individuals

    total $30,000 · program services $30,000

  • 13 · Office expenses

    total $5,850 · management and general $5,850

  • 24a · Other expenses: MISCELLANEOUS EXPENSE

    total $5,819 · fundraising $5,819

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $875,252 · end of year $1,836,818

  • 9 · Prepaid expenses and deferred charges

    beginning of year $55,824 · end of year $73,180

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,780 · end of year $50,311

  • 19 · Deferred revenue

    beginning of year $277,750 · end of year $266,250

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $646,546 · end of year $1,593,437

Mission and programs · 2022

Mission

THROUGH THE INVESTMENT OF TIME, TALENTS, AND TREASURE, THE CHARLOTTE HORNETS FOUNDATION WILL SUPPORT, PROMOTE, AND ENHANCE IMPORTANT COMMUNITY EFFORTS THAT ENRICH THE QUALITY OF LIFE FOR THOSE IN NEED, ESPECIALLY CHILDREN AND YOUTH (CONTINUED IN SCH O)IN THE CHARLOTTE AREA. THE FOUNDATION WILL SUPPORT ELIGIBLE 501(C)(3) ORGANIZATIONS THAT DELIVER PROGRAMS THAT IMPACT LITERACY AND EDUCATION, THE MILITARY, FITNESS AND WELLNESS, AND HUNGER, AND RUN PROGRAMS THAT HAVE THE SAME AIM.

Activities or mission (Part I)

THE FOUNDATION SUPPORTS THE ENRICHMENT OF THOSE IN NEED, ESPECIALLY (CONTINUED IN SCH O) CHILDREN, IN THE CHARLOTTE AREA THROUGH COMMUNITY OUTREACH AND SUPPORTING OTHER ORGS WITH SIMILAR GOALS.

  • GENERALLY, THE FOUNDATION USED ITS RELATIONSHIP WITH THE PLAYERS, COACHES, AND MANAGEMENT OF THE CHARLOTTE HORNETS NBA TEAM AS A PLATFORM TO RAISE FUNDS AND DRIVE AWARENESS ABOUT THE IMPORTANCE OF EDUCATION, HEALTH AND FITNESS, MILITARY CARE AND HUNGER. GRANT MAKINGGRANT MAKING WAS THE FOUNDATION'S WAY OF DEMONSTRATING AND DISPLAYING THE FOUNDATION'S COMMITMENT TO THE PRIORITIES OF THE ORGANIZATION AND COMMUNITY IT SERVES. THE FOUNDATION USES ITS COMMUNITY CONTACTS TO IDENTIFY PROGRAMS THAT HAVE THE LARGEST IMPACT TO THE FOUNDATION'S MISSION. GRANTS TO THE FOUNDATION FOR THE CAROLINAS, THE MILITARY'S INDEPENDENCE FUND, THE ANGELS AND SPARROWS' (CONTINUED IN SCH O)FOOD ASSISTANCE PROGRAM, THE NEST ACADEMY, AND THE YMCA.

    Expenses $387,625 · Grants $387,625

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

Listed in Part VII

  • MICHAEL JORDAN

    DIRECTOR, CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 18 related

  • FRED WHITFIELD

    DIRECTOR, VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 39 related

  • JAMES JORDAN

    DIRECTOR, PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 39 related

  • JAMES H DUNLEVY

    DIRECTOR, TREASURER

    Total calculated
    $0
    Hours/week
    2 + 38 related

  • BETSY MACK

    EXECUTIVE DIRECTOR

    Total calculated
    $189,024
    From this org
    $0
    From related orgs
    $178,157
    Other
    $10,867
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $131,259 related
    Bonus
    $0 + $46,667 related
    Other
    $0 + $231 related
    Deferred
    $0 + $4,138 related
    Nontaxable benefits
    $0 + $6,729 related
    Filer's total
    $0 + $189,024 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

None.

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
8 August 2024
IRS schema version
2022v5.0
Source object
202402219349301020

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