Polk County Community Foundation Inc
- Assets
- $56.5m
- Revenue
- $3.2m
- Investments
- $55.7m
- Employees
- 6
- Location
- Tryon, NC
- Founding
- 10/1975
- Data as of
- 12/2022
- EIN
- 51-0168751
Organization Overview
Polk County Community Foundation Inc is located in Tryon, NC. The organization was established in 1975. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2022, Polk County Community Foundation Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Polk County Community Foundation Inc 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, Polk County Community Foundation Inc generated $3.2m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $2.5m during the year ending 12/2022. While expenses have increased by 3.0% 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.
Since 2019, Polk County Community Foundation Inc has awarded 115 individual grants totaling $5,774,602. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ADMINISTER FUNDS ENTRUSTED TO IT TO SUPPORT CHARITABLE, CULTURAL, EDUCATIONAL AND PUBLICLY BENEFICIAL CHARITABLE ACTIVITIES IN THE COMMUNITY CENTERED IN AND AROUND POLK COUNTY, N.C.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COMMUNITY FOUNDATION IMPROVED THE QUALITY OF LIFE IN THE AREA CENTERED IN AND AROUND POLK COUNTY, N.C. BY AWARDING GRANTS FROM UNRESTRICTED FUNDS TO SUPPORT THE WORTHWHILE PROJECTS OF LOCAL NONPROFIT ORGANIZATIONS, GIVING VOCATIONAL AND COLLEGE SCHOLARSHIPS TO LOCAL STUDENTS, DISTRIBUTING ENDOWMENT FUND INCOME IN ACCORDANCE WITH GUIDELINES ESTABLISHED BY DONORS OR NONPROFITS AND MEMORIALIZED IN FUND AGREEMENTS, ADMINISTERING PLANNED GIVING PROGRAMS, PROVIDING A LIBRARY OF RESOURCES AND MEETING SPACES FOR NONPROFITS AND HELPING LOCAL NONPROFIT ORGANIZATIONS AND DONORS MEET THEIR CHARITABLE GOALS. THE FOUNDATION ADMINISTERS OVER 200 CHARITABLE FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sherry M Carter Chair | OfficerTrustee | 1 | $0 |
A Thomas Jackson Vice Chair | OfficerTrustee | 1 | $0 |
Peter Franklin Treasurer | OfficerTrustee | 1 | $0 |
Monica E Jones Secretary | OfficerTrustee | 1 | $0 |
Dr Faith Weathington Director | Trustee | 1 | $0 |
Philip H Burrus III Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $750,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,329,172 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,079,172 |
| Total Program Service Revenue | $0 |
| Investment income | $897,758 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,398 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,247,757 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,335,475 |
| Grants and other assistance to domestic individuals. | $275,231 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $201,250 |
| Compensation of current officers, directors, key employees. | $80,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $213,767 |
| Pension plan accruals and contributions | $92,383 |
| Other employee benefits | $0 |
| Payroll taxes | $168,505 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,224 |
| Fees for services: Accounting | $40,415 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $58,042 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $66,583 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,926 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,726 |
| Insurance | $23,506 |
| All other expenses | $0 |
| Total functional expenses | $2,512,033 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200 |
| Savings and temporary cash investments | $441,925 |
| 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 | $185 |
| Net Land, buildings, and equipment | $326,977 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $55,731,583 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $56,500,870 |
| Accounts payable and accrued expenses | $2,897 |
| 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 | $3,864,631 |
| Total liabilities | $3,867,528 |
| Net assets without donor restrictions | $23,490,317 |
| Net assets with donor restrictions | $29,143,025 |
| 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 | $56,500,870 |
Grants Awarded
Over the last fiscal year, Polk County Community Foundation Inc has awarded $1,378,460 in support to 30 organizations.
| Grant Recipient | Amount |
|---|---|
TRYON CONCERT ASSOCIATION PURPOSE: CONCERTS | $16,500 |
ST LUKE'S HOSPITAL PURPOSE: GENERAL OPERATING EXPENSES FOR THE HOSPITAL | $8,000 |
TRYON GARDEN CLUB INC PURPOSE: PEARSON'S FALLS PARK | $11,946 |
ROTARY CLUB OF TRYON FOUNDATION PURPOSE: GRANT FROM ROTARY'S ENDOWMENT SCHOLARSHIP FUND | $12,500 |
TRYON PRESBYTERIAN CHURCH PURPOSE: DONOR ADVISED FUND GRANTS AND ENDOWMENT FUND PAYOUTS | $6,700 |
STEPS TO HOPE INC PURPOSE: SHELTER FOR DOMESTIC VIOLENCE VICTIMS AND COMMUNITY PROGRAMS | $55,010 |