Charlotte Hornets Foundation Inc
- Assets
- $1.9m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 05/2005
- Data as of
- 09/2023
- EIN
- 20-0946449
Organization Overview
Charlotte Hornets Foundation Inc is located in Charlotte, NC. The organization was established in 2005. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Charlotte Hornets Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Charlotte Hornets Foundation Inc generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.4% each year . All expenses for the organization totaled $399.3k during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Charlotte Hornets Foundation Inc has awarded 74 individual grants totaling $2,015,044. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Jordan Director, Chairman | OfficerTrustee | 1 | $0 |
Fred Whitfield Director, Vice Chairman | OfficerTrustee | 1 | $0 |
James Jordan Director, President | OfficerTrustee | 1 | $0 |
James H Dunlevy Director, Treasurer | OfficerTrustee | 2 | $0 |
Betsy Mack Executive Director | Officer | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $582,000 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $969,076 |
| Noncash contributions included in lines 1a–1f | $100,616 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,551,076 |
| Total Program Service Revenue | $0 |
| Investment income | $37,596 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$242,487 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,346,185 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $357,625 |
| Grants and other assistance to domestic individuals. | $30,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,850 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $5,819 |
| Total functional expenses | $399,294 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,836,818 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $73,180 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,909,998 |
| Accounts payable and accrued expenses | $50,311 |
| Grants payable | $0 |
| Deferred revenue | $266,250 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $316,561 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,593,437 |
| Total liabilities and net assets/fund balances | $1,909,998 |
Grants Awarded
Over the last fiscal year, Charlotte Hornets Foundation Inc has awarded $222,710 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
FOUNDATION FOR THE CAROLINAS PURPOSE: COMMUNITY DEVELOPMENT | $50,000 |
THE NEST PURPOSE: EDUCATION | $26,450 |
YMCA OF GREATER CHARLOTTE PURPOSE: WELLNESS | $25,000 |
SECOND HARVEST FOOD BANK - BACKPACKS FOR HUNGER PURPOSE: HUNGER | $15,000 |
INDEPENDENCE FUND PURPOSE: MILLITARY | $20,000 |
ANGELS AND SPARROWS SOUP KITCHEN GRANT PURPOSE: HUNGER | $26,260 |