The Edward J Phillips Family Foundation
- Assets
- $24.2m
- Revenue
- $2.4m
- Investments
- $20.8m
- Employees
- 0
- Location
- Wayzata, MN
- Founding
- 06/2005
- Data as of
- 12/2021
- EIN
- 20-2041201
Organization Overview
The Edward J Phillips Family Foundation is located in Wayzata, MN. The organization was established in 2005. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, 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. Edward J Phillips Family Foundation 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 12/2021, Edward J Phillips Family Foundation generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 27.3% each year . All expenses for the organization totaled $1.6m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Edward J Phillips Family Foundation has awarded 53 individual grants totaling $3,413,000. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tyler J Phillips President | 2 | $0 | |
Jay J Phillips Secretary | 2 | $0 | |
Hutton Phillips Treasurer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $250,000 |
| Interest on Savings | $54,759 |
| Dividends & Interest | $479,750 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,588,688 |
| Capital Gain Net Income | $1,588,688 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $65,416 |
| Total Revenue | $2,438,613 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $20,041 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $25 |
| Total operating and administrative expenses | $223,088 |
| Contributions, gifts, grants paid | $1,378,000 |
| Total expenses and disbursements | $1,601,088 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,327,507 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $3,091,841 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $8 |
| Total assets | $24,165,666 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, The Edward J Phillips Family Foundation has awarded $1,378,000 in support to 30 organizations.
| Grant Recipient | Amount |
|---|---|
MAYO FOUNDATION PURPOSE: GENERAL SUPPORT | $475,000 |
Minneapolis, MN PURPOSE: GENERAL SUPPORT | $200,000 |
MULTIPLE MYELOMA RESEARCH FOUNDATION PURPOSE: GENERAL SUPPORT | $200,000 |
Minneapolis, MN PURPOSE: GENERAL SUPPORT | $100,000 |
Minneapolis, MN PURPOSE: GENERAL SUPPORT | $50,000 |
LEUKEMIA AND LYMPHOMA SOCIETY PURPOSE: GENERAL SUPPORT | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Goodman Family Operating Foundation Chaska, MN | $298,216,479 | $15,439,155 |
Robert And Adele Schiff Family Foundation Inc Milwaukee, WI | $226,331,394 | $18,541,997 |
Wca Foundation C/O The Minneapolis Foundation Minneapolis, MN | $0 | $1,050,329 |
Esther And Harold Mertz Foundation Sioux Falls, SD | $674,132,608 | $21,835,940 |
Larson Foundation Sioux Falls, SD | $23,259,212 | -$633,184 |
John T Vucurevich Foundation Rapid City, SD | $151,565,692 | $20,798,188 |
Fund For Wisconsin Scholars Inc Madison, WI | $273,321,225 | $22,010,196 |
Pohlad Family Foundation Minneapolis, MN | $102,001,164 | $18,381,775 |
Roy J Carver Charitable Tr Muscatine, IA | $235,043,756 | $22,231,044 |
F R Bigelow Foundation Trust 555 St Paul, MN | $202,026,485 | $23,166,449 |
Lewis W Hyer Trust 098310c Milwaukee, WI | $167,937,358 | $18,090,828 |
Charles E Lakin Foundation Inc Council Bluffs, IA | $146,415,136 | $18,758,116 |