Petters Family Foundation
- Assets
- $25.2m
- Revenue
- $4.8m
- Investments
- $23.8m
- Employees
- 0
- Location
- Newport News, VA
- Founding
- 01/2012
- Data as of
- 12/2022
- EIN
- 45-2323642
Organization Overview
Petters Family Foundation is located in Newport News, VA. The organization was established in 2012. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Petters 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, Petters Family Foundation generated $4.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.4%) each year. All expenses for the organization totaled $2.4m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Petters Family Foundation has awarded 114 individual grants totaling $14,060,540. 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 |
|---|---|---|---|
C Michael Petters Secretary/treasurer | 4 | $0 | |
Nancy B Petters President | 1 | $0 | |
Sarah Fletcher Vice President | 1 | $0 | |
Caroline G Sauer Vice President | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,364,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $1,233,711 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,153,606 |
| Capital Gain Net Income | $1,153,606 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $17,544 |
| Total Revenue | $4,768,861 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $21,429 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $106,884 |
| Contributions, gifts, grants paid | $2,338,000 |
| Total expenses and disbursements | $2,444,884 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,387,757 |
| 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 | $160 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $12,076,056 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $25,166,609 |
| 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, Petters Family Foundation has awarded $2,338,000 in support to 17 organizations.
| Grant Recipient | Amount |
|---|---|
AN ACHIEVABLE DREAM PURPOSE: GENERAL FUND SUPPORT | $200,000 |
BOYS & GIRLS CLUBS OF THE VIRGINIA PENINSULA PURPOSE: GENERAL SUPPORT | $100,000 |
COLLEGE OF WILLIAM & MARY FOUNDATION PURPOSE: SPONSORSHIP OF CAMP LAUNCH PROGRAM AND GENERAL SUPPORT | $1,000,000 |
EDMARC HOSPICE FOR CHILDREN PURPOSE: GENERAL SUPPORT | $2,500 |
HAMPTON EDUCATION FOUNDATION PURPOSE: GENERAL SUPPORT | $5,000 |
HILTON PRESBYTERIAN CHURCH PRESCHOOL PURPOSE: HILTON PRESBYTERIAN PRESCHOOL MINISTRY | $2,500 |