The Edward J Phillips Family Foundation
- Assets
- $24.5m
- Revenue
- $1.9m
- Investments
- $22.6m
- Employees
- 0
- Location
- Wayzata, MN
- Founding
- 06/2005
- Data as of
- 12/2022
- 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 12/2022, Edward J Phillips Family Foundation generated $1.9m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 10.0% each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Edward J Phillips Family Foundation has awarded 71 individual grants totaling $4,298,000. 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 | $2,090 |
| Dividends & Interest | $572,265 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,062,841 |
| Capital Gain Net Income | $1,062,841 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $61,050 |
| Total Revenue | $1,948,246 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $28,817 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $5,877 |
| Total operating and administrative expenses | $248,748 |
| Contributions, gifts, grants paid | $885,000 |
| Total expenses and disbursements | $1,133,748 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,837,726 |
| 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 | $2,485,238 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $326 |
| Total assets | $24,486,071 |
| 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 $885,000 in support to 18 organizations.
| Grant Recipient | Amount |
|---|---|
BLAKE SCHOOL PURPOSE: GENERAL SUPPORT | $5,000 |
EAU CLAIRE COMMUNITY FOUNDATION PURPOSE: STORY BUILDER CAPITAL CAMPAIGN | $20,000 |
EVERY MEAL PURPOSE: GENERAL SUPPORT | $30,000 |
CONSTELLATION FUND PURPOSE: GENERAL SUPPORT | $50,000 |
LTSC COMMUNITY DEVELOPMENT CORPORATION PURPOSE: GENERAL SUPPORT | $30,000 |
EMPOWERS AFRICA PURPOSE: LUPANI BOARDING HOSTEL | $25,000 |