Friends Fiduciary Corporation
- Assets
- $693.2m
- Revenue
- $6.4m
- Investments
- $500.0k
- Employees
- 12
- Location
- Philadelphia, PA
- Founding
- 10/1976
- Data as of
- 12/2023
- EIN
- 23-1968136
Organization Overview
Friends Fiduciary Corporation is located in Philadelphia, PA. The organization was established in 1976. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Friends Fiduciary Corporation employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Fiduciary Corporation 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 12/2023, Friends Fiduciary Corporation generated $6.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $5.8m during the year ending 12/2023. While expenses have increased by 5.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Friends Fiduciary Corporation has awarded 302 individual grants totaling $7,077,768. 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
SEE PAGE 2, PART III, LINE 1 FOR THE ORGANIZATION'S MISSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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 2023, OVER 150 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.
PLANNED GIVING:FRIENDS FIDUCIARY CORPORATION PROVIDES PLANNED GIVING ADMINISTRATIVE SERVICES. FRIENDS FIDUCIARY CORPORATION HAS ISSUED 500 CHARITABLE GIFT ANNUITIES TO BENEFIT THE WORK OF QUAKER ORGANIZATIONS WITHIN THE RELIGIOUS SOCIETY OF FRIENDS AND THE CONCERNS OF ITS MEMBERS. IN 2023, GIFTS TOTALING APPROXIMATELY $710,000 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bennett Lomax Chairperson | OfficerTrustee | 10 | $0 |
William Schmidt Chairperson (until June 2023) | OfficerTrustee | 10 | $0 |
Stanley Pelli Vice Chair | OfficerTrustee | 6 | $0 |
Christie Duncan-Tessmer Vice Chair | OfficerTrustee | 6 | $0 |
Joan Countryman Secretary | OfficerTrustee | 2 | $0 |
Bruce Beaton Treasurer | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Boston Common Asset Management Llc Investment Management | 12/30/23 | $371,279 |
Cheetah Inc Back Office Accounting | 12/30/23 | $259,389 |
Boston Trust & Investment Management Co Investment Management | 12/30/23 | $242,751 |
Kayne Anderson Rudnick Inv Mgmt Llc Investment Management | 12/30/23 | $215,859 |
Us Bank Custodial Services | 12/30/23 | $188,043 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $749,574 |
| Noncash contributions included in lines 1a–1f | $174,106 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $749,574 |
| Total Program Service Revenue | $4,655,178 |
| Investment income | $721,204 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $207,964 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,371,357 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $943,386 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $498,673 |
| Compensation of current officers, directors, key employees. | $49,868 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $781,582 |
| Pension plan accruals and contributions | $43,372 |
| Other employee benefits | $40,209 |
| Payroll taxes | $83,457 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,184 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,298,306 |
| Fees for services: Other | $195,887 |
| Advertising and promotion | $8,339 |
| Office expenses | $372,610 |
| Information technology | $52,525 |
| Royalties | $0 |
| Occupancy | $104,456 |
| Travel | $28,243 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,648 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,054 |
| Insurance | $112,684 |
| All other expenses | $169,249 |
| Total functional expenses | $5,756,864 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $723,308 |
| Savings and temporary cash investments | $16,617,194 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $149,101 |
| 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 | $34,323 |
| Net Land, buildings, and equipment | $31,553 |
| Investments—publicly traded securities | $674,710,061 |
| Investments—other securities | $500,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $394,211 |
| Total assets | $693,159,751 |
| Accounts payable and accrued expenses | $1,970,549 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $672,138,835 |
| Total liabilities | $674,109,384 |
| Net assets without donor restrictions | $4,163,705 |
| Net assets with donor restrictions | $14,886,662 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $693,159,751 |
Grants Awarded
Over the last fiscal year, Friends Fiduciary Corporation has awarded $765,498 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
ARCH STREET MEETINGHOUSE PRESERVATION TRUST PURPOSE: A PLACE FOR FRIENDS CAMPAIGN DAF RECOMMENDATION | $100,000 |
AMERICAN FRIENDS SERVICE COMMITTEE PURPOSE: UNRESTRICTED (DAF RECOMMENDATION) | $14,000 |
CABRILLO MUSIC FESTIVAL PURPOSE: UNRESTRICTED (DAF RECOMMENDATION) | $18,330 |
CHEYNEY UNITVERSITY PURPOSE: TUITION AID | $54,000 |
CROSSWICKS MONTHLY MEETING PURPOSE: FOR THE RUNNING EXPENSES | $12,900 |
DOCTORS WITHOUT BORDERS PURPOSE: UNRESTRICTED (DAF RECOMMENDATION) | $20,500 |