Friends With Benefits Fund
- Assets
- $3.7k
- Revenue
- $377.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Augusta, GA
- Founding
- 07/2017
- Data as of
- 12/2019
- EIN
- 47-5089408
Organization Overview
Friends With Benefits Fund is located in Augusta, GA. The organization was established in 2017. According to its NTEE Classification (A12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends With Benefits Fund 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 12/2019, Friends With Benefits Fund generated $377.2k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $443.1k during the year ending 12/2019. While expenses have increased by 11.4% per year over the past 4 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
FRIENDS WITH BENEFITS IS BUILT ON A SOCIAL MISSION WITH A FOCUS ON COMMUNITY-DRIVEN EVENTS WITH WORLD-CLASS ENTERTAINMENT THROUGH THE LIVE CONCERT EXPERIENCE. OUR CORE BELIEF IS "THE MUSIC WILL GIVE AND BECAUSE OF THAT STRONG BELIEF, WE HAVE CREATED ANNUAL EVENTS THAT BENEFIT WORTHY CHARITIES UNDER FRIENDS WITH BENEFITS FUND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FRIENDS WITH BENEFITS IS BUILT ON A SOCIAL MISSION WITH A FOCUS ON COMMUNITY-DRIVEN EVENTS WITH WORLD-CLASS ENTERTAINMENT THROUGH THE LIVE CONCERT EXPERIENCE. OUR CORE BELIEF IS "THE MUSIC WILL GIVE AND BECAUSE OF THAT STRONG BELIEF, WE HAVE CREATED ANNUAL EVENTS THAT BENEFIT WORTHY CHARITIES UNDER FRIENDS WITH BENEFITS FUND.
FRIENDS WITH BENEFITS IS BUILT ON A SOCIAL MISSION WITH A FOCUS ON COMMUNITY-DRIVEN EVENTS WITH WORLD-CLASS ENTERTAINMENT THROUGH THE LIVE CONCERT EXPERIENCE. OUR CORE BELIEF IS "THE MUSIC WILL GIVE AND BECAUSE OF THAT STRONG BELIEF, WE HAVE CREATED ANNUAL EVENTS THAT BENEFIT WORTHY CHARITIES UNDER FRIENDS WITH BENEFITS FUND.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George F Claussen IV President | OfficerTrustee | 30 | $0 |
Hank Wharton Vice President | OfficerTrustee | 2 | $0 |
Brian Brittingham Secretary | OfficerTrustee | 5 | $0 |
Lisa Taylor Treasurer | OfficerTrustee | 40 | $0 |
Virginia Claussen Board Member | Trustee | 2 | $0 |
Vincent Iwinski Board Member | Trustee | 5 | $0 |
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 | $43,800 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $43,800 |
| Total Program Service Revenue | $333,357 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $377,157 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $20,468 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $27,979 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $833 |
| All other expenses | $0 |
| Total functional expenses | $443,088 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,687 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,687 |
| Accounts payable and accrued expenses | $0 |
| 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 | $70,000 |
| Other liabilities | $0 |
| Total liabilities | $70,000 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | -$66,313 |
| Total liabilities and net assets/fund balances | $3,687 |
Grants Awarded
Over the last fiscal year, Friends With Benefits Fund has awarded $12,600 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Augusta, GA PURPOSE: Support Program Mission of Organization | $9,100 |
Clearwater, SC PURPOSE: Support Program Mission of Organization | $2,500 |
Charleston, SC PURPOSE: Support Program Mission of Organization | $1,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Friends With Benefits Fund has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
The Community Foundation For The Csra Augusta, GA PURPOSE: 2019 APRIL DAF GRANT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Greater Charlotte Cultural Trust Charlotte, NC | $173,742,321 | $2,357,736 |
United Arts Of Central Florida Inc Orlando, FL | $7,262,760 | $11,256,012 |
Etv Endowment Of South Carolina Inc Spartanburg, SC | $31,848,009 | $11,204,274 |
Gwinnett Championship Foundation Inc Duluth, GA | $476,337 | $4,123,025 |
Digital Convergence Alliance Inc Tampa, FL | $2,233,099 | $3,394,790 |
Cobb Community Foundation Inc Atlanta, GA | $18,425,025 | $3,579,591 |
Gaillard Performance Hall Foundation Charleston, SC | $7,942,999 | $750,731 |
Memphis Museums Inc Memphis, TN | $7,243,926 | $3,293,679 |
Artsbuild Chattanooga, TN | $20,819,407 | $7,133,514 |
William R Kenan Jr Fund For The Arts Chapel Hill, NC | $30,178,263 | $1,461,510 |
Creative City Collaborative Of Delray Beach Inc Delray Beach, FL | $1,041,652 | $1,722,998 |
Fuquay-Varina Arts Foundation Inc Fuquayvarina, NC | $0 | $383,560 |