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Nonprofiteer
← FRIENDS FIDUCIARY CORPORATION

Form 990 for tax year 2024

Filed by FRIENDS FIDUCIARY CORPORATION.

Totals

Total revenue
$6,638,314
Total expenses
$6,331,719
Contributions and grants received
$606,453
Grants paid
$1,209,007
Program service revenue
$5,106,874
Investment income
$892,963
Other revenue
$32,024
Total assets, end of year
$743,271,598
Total liabilities, end of year
$722,962,544
Net assets or fund balances, end of year
$20,309,054
Program services expenses (Part IX)
$6,003,217
Management and general expenses
$328,502
Fundraising expenses
$0
Program service expenses (Part III)
$6,003,217

Program services were 94.8% 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

    $606,453

  • 1g · Noncash contributions included above

    $409,919

  • 2a · Program service revenue: FEES FOR MANAGED FUNDS

    total $5,106,874 · related or exempt $5,106,874

  • 3 · Investment income

    total $699,313 · excluded $699,313

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $914,334

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

    securities $720,684

  • 7c · Gain or loss

    securities $193,650

  • 7d · Net gain or loss

    total $193,650 · excluded $193,650

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: OTHER INCOME

    total $32,024 · excluded $32,024

  • 11e · Other revenue, total

    $32,024

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,209,007 · program services $1,209,007

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $459,258 · program services $413,332 · management and general $45,926

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $856,799 · program services $771,119 · management and general $85,680

  • 8 · Pension plan contributions

    total $47,387 · program services $42,649 · management and general $4,738

  • 9 · Other employee benefits

    total $42,354 · program services $38,118 · management and general $4,236

  • 10 · Payroll taxes

    total $95,020 · program services $85,518 · management and general $9,502

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $47,467 · program services $45,094 · management and general $2,373

  • 11c · Fees: accounting

    total $60,350 · program services $36,210 · management and general $24,140

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $2,491,968 · program services $2,491,968

  • 11g · Fees: other

    total $24,700 · program services $1,235 · management and general $23,465

  • 12 · Advertising and promotion

    total $10,070 · program services $8,056 · management and general $2,014

  • 13 · Office expenses

    total $40,273 · program services $25,588 · management and general $14,685

  • 14 · Information technology

    total $21,782 · program services $17,746 · management and general $4,036

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $99,721 · program services $79,777 · management and general $19,944

  • 17 · Travel

    total $33,027 · program services $26,780 · management and general $6,247

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $10,186 · program services $8,785 · management and general $1,401

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $12,053 · program services $9,643 · management and general $2,410

  • 23 · Insurance

    total $113,396 · program services $90,717 · management and general $22,679

  • 24a · Other expenses: BACK OFFICE SUPPORT

    total $375,946 · program services $375,946

  • 24b · Other expenses: PROGRAM EXPENSE

    total $74,069 · program services $74,069

  • 24c · Other expenses: ADMINISTRATIVE FEES

    total $72,885 · program services $38,663 · management and general $34,222

  • 24d · Other expenses: EXPENSE OFFSET FROM OTHER PROG

    total $50,207 · program services $45,186 · management and general $5,021

  • 24e · All other expenses

    total $83,794 · program services $68,011 · management and general $15,783

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $723,308 · end of year $772,909

  • 2 · Savings and temporary cash investments

    beginning of year $16,617,194 · end of year $21,811,002

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $149,101 · end of year $175,671

  • 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 $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $34,323 · end of year $65,280

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

    $90,729

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

    $71,230

  • 10c · Land, buildings and equipment, net

    beginning of year $31,553 · end of year $19,499

  • 11 · Investments: publicly traded securities

    beginning of year $674,710,061 · end of year $719,615,584

  • 12 · Investments: other securities

    beginning of year $500,000 · end of year $500,000

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $394,211 · end of year $311,653

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,970,549 · end of year $2,065,702

  • 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 $672,138,835 · end of year $720,896,842

  • 27 · Net assets without donor restrictions

    beginning of year $4,163,705 · end of year $4,416,736

  • 28 · Net assets with donor restrictions

    beginning of year $14,886,662 · end of year $15,892,318

Mission and programs · 2024

Mission

WITHIN THE RELIGIOUS SOCIETY OF FRIENDS ARE MANY ORGANIZATIONS REQUIRING FINANCIAL SERVICES TO SUPPORT THEIR WORK. AMONG THESE ORGANIZATIONS ARE FRIENDS MEETINGS, CHURCHES, SCHOOLS, RETIREMENT COMMUNITIES AND OTHER NON-PROFIT FRIENDS GROUPS WHOSE PURPOSE IS TO ADVANCE SOME ASPECT OF THE WORK AND FAITH OF THE RELIGIOUS SOCIETY OF FRIENDS. FRIENDS FIDUCIARY CORPORATION WAS CREATED TO MEET THIS NEED. MORE SPECIFICALLY, THE PURPOSES OF FRIENDS FIDUCIARY CORPORATION ARE TO PROVIDE QUAKER VALUES ALIGNED INVESTMENT MANAGEMENT, FIDUCIARY AND CHARITABLE GIVING SERVICES FOR TAX-EXEMPT QUAKER ORGANIZATIONS. INVESTMENTS ARE MADE ACCORDING TO OUR QUAKER VALUES ALIGNED INVESTMENT CRITERIA, GUIDED BY FRIENDS TESTIMONIES AND VALUES.

Activities or mission (Part I)

Relying on Quaker testimonies and values, Friends Fiduciary provides prudent, cost-effective investment management and philanthropic services for Friends organizations.

  • INVESTMENT MANAGEMENT SERVICES: FRIENDS FIDUCIARY CORPORATION PROVIDES PRUDENT, COST EFFECTIVE, INSTITUTIONAL INVESTMENT SERVICES FOR OVER 460 FRIENDS MEETINGS, CHURCHES, SCHOOLS AND ORGANIZATIONS. OUR SOCIALLY RESPONSIBLE INVESTMENT ACTIVITIES INCLUDE SCREENING COMPANIES, ACTIVE VOTING OF PROXIES AND SHAREHOLDER ADVOCACY, SUCH AS SHAREHOLDER RESOLUTIONS AND COMPANY DIALOGUES - ALL GUIDED BY OUR QUAKER TESTIMONIES, VALUES AND CONCERNS.

    Expenses $3,964,588 · Revenue $4,573,145

  • GRANTMAKING: FRIENDS FIDUCIARY CORPORATION SERVES AS FIDUCIARY/TRUSTEE FOR OVER 100 FUNDS RECEIVED UNDER WILL OR GIFT AGREEMENT. THESE FUNDS MAY BENEFIT SPECIFIC FRIENDS ORGANIZATIONS OR BE AVAILABLE FOR GRANTS TO FURTHER THE WORK OF FRIENDS. IN 2024, OVER 120 GRANTS WERE MADE TO CHARITIES. THESE GRANTS SUPPORTED THE WORK OF FRIENDS SCHOOLS, RETIREMENT COMMUNITIES, MEETINGS, AND OTHER CHARITABLE PURPOSES OF CONCERN TO THE RELIGIOUS SOCIETY OF FRIENDS.

    Expenses $1,580,032 · Grants $1,209,007 · Revenue $232,393

  • PLANNED GIVING: FRIENDS FIDUCIARY CORPORATION PROVIDES PLANNED GIVING ADMINISTRATIVE SERVICES. FRIENDS FIDUCIARY CORPORATION HAS ISSUED APPROXIMATELY 500 CHARITABLE GIFT ANNUITIES TO BENEFIT THE WORK OF QUAKER ORGANIZATIONS WITHIN THE RELIGIOUS SOCIETY OF FRIENDS AND THE CONCERNS OF ITS MEMBERS. IN 2024, GIFTS TOTALING APPROXIMATELY $2.2 Million WERE RECEIVED TO ESTABLISH CHARITABLE GIFT ANNUITIES, WHICH WILL EVENTUALLY BENEFIT A VARIETY OF QUAKER ORGANIZATIONS WORKING IN AREAS OF EDUCATION, PEACE, SOCIAL JUSTICE AND OTHER CHARITABLE PURPOSES OF IMPORTANCE TO FRIENDS.

    Expenses $458,597 · Revenue $301,336

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Richard Kent

    CHIEF INVESTMENT OFFICER

    Total calculated
    $201,925
    From this org
    $190,482
    From related orgs
    $0
    Other
    $11,443
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,482
    Bonus
    $0
    Other
    $0
    Deferred
    $11,214
    Nontaxable benefits
    $229
    Filer's total
    $201,925

  • Eston Griffin

    DIR OF BUS DEV & CONSTIUENT RE

    Total calculated
    $195,037
    From this org
    $182,558
    From related orgs
    $0
    Other
    $12,479
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,558
    Bonus
    $0
    Other
    $0
    Deferred
    $11,211
    Nontaxable benefits
    $1,268
    Filer's total
    $195,037

  • Ethan Birchard

    EXECUTIVE DIRECTOR EFF 4/24

    Total calculated
    $194,823
    From this org
    $187,419
    From related orgs
    $0
    Other
    $7,404
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,419
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $7,404
    Filer's total
    $194,823

  • Sandy Quinn

    CONTROLLER

    Total calculated
    $175,874
    From this org
    $155,671
    From related orgs
    $0
    Other
    $20,203
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,671
    Bonus
    $0
    Other
    $0
    Deferred
    $9,501
    Nontaxable benefits
    $10,702
    Filer's total
    $175,874

  • Jeffery W Perkins

    EXECUTIVE DIRECTOR TERM 3/24

    Total calculated
    $85,689
    From this org
    $80,605
    From related orgs
    $0
    Other
    $5,084
    Hours/week
    40

  • Bennett Lomax

    DIR EFF 10/24; CHAIR TERM 9/24

    Total calculated
    $0
    Hours/week
    10

  • Christie Duncan-Tessmer

    CHAIR EF 10/24;V-CHAIR TM 9/24

    Total calculated
    $0
    Hours/week
    10

  • Stanley Pelli

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    6

  • Christina Repoley

    SEC EFF 12/24; DIR TERM 12/24

    Total calculated
    $0
    Hours/week
    6

  • Joan Countryman

    SECRETARY TERM 12/24

    Total calculated
    $0
    Hours/week
    2

  • Bruce Beaton

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Beth Henricks

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Carl Butler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Daniel Isaacs

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Doug Costa

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Elizabeth Widdicombe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • John Helding

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jonathan Brown

    DIRECTOR EFF 9/24

    Total calculated
    $0
    Hours/week
    2

  • Margaret Plank

    DIRECTOR EFF 9/24

    Total calculated
    $0
    Hours/week
    2

  • Mark Myers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Michael Homans

    DIRECTOR EFF 9/24

    Total calculated
    $0
    Hours/week
    2

  • Robert Hayden Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Takashi Moriuchi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Terry Nance

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Tom Wright

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Tommy Wrenn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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.

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2025
IRS schema version
2024v5.1
Source object
202521899349301347

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