Culp Family Foundation
- Assets
- $13.5m
- Revenue
- $221.6k
- Investments
- $13.4m
- Employees
- 0
- Location
- Mclean, VA
- Founding
- 01/2013
- Data as of
- 12/2023
- EIN
- 45-5394566
Organization Overview
Culp Family Foundation is located in Mclean, VA. The organization was established in 2013. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Culp 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 12/2023, Culp Family Foundation generated $221.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (38.7%) each year. All expenses for the organization totaled $1.8m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Culp Family Foundation has awarded 75 individual grants totaling $10,670,609. 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 |
|---|---|---|---|
H Lawrence Culp Jr President | 1 | $0 | |
Wendy H Culp Secretary | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Northern Trust | 12/30/23 | $19,668 |
Morgan Stanley | 12/30/23 | $81,322 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $136,419 |
| Dividends & Interest | $328,212 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$249,893 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $6,850 |
| Total Revenue | $221,588 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $13,514 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $118,604 |
| Contributions, gifts, grants paid | $1,640,167 |
| Total expenses and disbursements | $1,758,771 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,828 |
| 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 | $4,458,794 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $83,437 |
| Total assets | $13,498,615 |
| 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, Culp Family Foundation has awarded $1,640,167 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
THE POTOMAC SCHOOL PURPOSE: 2023 GRANT FOR GENERAL OPERATING | $107,143 |
CHESAPEAKE BAY FOUNDATION PURPOSE: 2023 GRANT FOR GENERAL OPERATING | $100,000 |
THE ANIMAL SHELTER FOR KENT COUNTY PURPOSE: 2023 GRANT FOR GENERAL OPERATING | $140,000 |
WASHINGTON COLLEGE GE SCHOLARS PURPOSE: 2023 GRANT FOR GENERAL OPERATING | $342,000 |
KENT ATTAINABLE HOUSING INC PURPOSE: 2023 GRANT FOR GENERAL OPERATING | $10,000 |
HARVARD BUSINESS SCHOOL PURPOSE: 2023 GRANT FOR GENERAL OPERATING | $400,000 |