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Nonprofiteer
← OTHA E HERRING SCHOLARSHIP FUND I

Form 990 for tax year 2022

Filed by OTHA E HERRING SCHOLARSHIP FUND I.

Totals

Total revenue
$794,142
Total expenses
$194,450
Contributions and grants received
$0
Grants paid
$163,821
Program service revenue
$0
Investment income
$793,990
Other revenue
$152
Total assets, end of year
$3,538,068
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$3,538,068
Program services expenses (Part IX)
$177,745
Management and general expenses
$16,705
Fundraising expenses
$0
Program service expenses (Part III)
$177,745

Program services were 91.4% 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.

  • 3 · Investment income

    total $98,135 · excluded $98,135

  • 7a · Gross sales of assets other than inventory

    securities $4,032,420

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

    securities $3,336,565

  • 7c · Gain or loss

    securities $695,855

  • 7d · Net gain or loss

    total $695,855 · excluded $695,855

  • 11d · All other revenue

    total $152 · excluded $152

  • 11e · Other revenue, total

    $152

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $163,821 · program services $163,821

  • 5 · Compensation of officers, directors and key employees

    total $27,848 · program services $13,924 · management and general $13,924

  • 24a · Other expenses: FOREIGN TAXES WITHHELD

    total $210 · management and general $210

  • 24b · Other expenses: REAL ESTATE EXPENSES

    total $209 · management and general $209

  • 24c · Other expenses: REAL ESTATE TAXES

    total $1,627 · management and general $1,627

  • 24d · Other expenses: Outside Investment Management Fee

    total $693 · management and general $693

  • 24e · All other expenses

    total $42 · management and general $42

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $67

  • 2 · Savings and temporary cash investments

    beginning of year $168,578 · end of year $86,980

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

    $11,445

  • 10c · Land, buildings and equipment, net

    beginning of year $11,445 · end of year $11,445

  • 11 · Investments: publicly traded securities

    beginning of year $2,759,135 · end of year $3,439,643

  • 29 · Capital stock, trust principal or current funds

    beginning of year $2,939,225 · end of year $3,538,068

Mission and programs · 2022

Mission

PROVIDE FUNDING FOR SCHOLARSHIPS FOR RESIDENTS OF DUPLIN COUNTY AND THE TOWN OF MOUNT OLIVE, NC WHO ARE FULL OR PART-TIME STUDENTS OF MOUNT OLIVE COLLEGE

  • PROVIDE SCHOLARSHIPS TO STUDENTS WHO ATTEND MT. OLIVE COLLEGE

    Expenses $177,745 · Grants $163,821

As filed on the 2022 return.

Listed in Part VII

  • Tim Woodward

    TRUSTEE

    Total calculated
    $104,000
    From this org
    $0
    From related orgs
    $104,000
    Other
    $0
    Hours/week
    1 + 40 related

  • Brian Blackburn

    TRUSTEE

    Total calculated
    $65,000
    From this org
    $0
    From related orgs
    $65,000
    Other
    $0
    Hours/week
    1 + 40 related

  • Lynne Smith

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mary Drummond

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Clark Drummond

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Ken Buchanan

    TRUSTEE

    Total calculated
    $170,000
    From this org
    $0
    From related orgs
    $170,000
    Other
    $0
    Hours/week
    1 + 40 related

  • Truist Bank

    TRUSTEE

    Total calculated
    $19,310
    From this org
    $19,310
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • First Citizens Bank

    TRUSTEE

    Total calculated
    $7,846
    From this org
    $7,846
    From related orgs
    $0
    Other
    $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

  • UNIVERSITY OF MOUNT OLIVE INC

    $163,821

    PROVIDE FUNDING FOR SCHOLARSHIPS FOR RESIDENTS OF DUPLIN COUNTY AND THE TOWN OF MOUNT OLIVE, NC WHO ARE FULL OR PART-TIME STUDENTS OF MOUNT OLIVE COLLEGE

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
29 March 2024
IRS schema version
2022v5.0
Source object
202401069349301800

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