Polk County Community Foundation Inc
- Assets
- $66.6m
- Revenue
- $2.4m
- Investments
- $66.0m
- Employees
- 6
- Location
- Tryon, NC
- Founding
- 10/1975
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Polk County Community Foundation Inc generated $2.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $2.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Polk County Community Foundation Inc has awarded 85 individual grants totaling $4,396,142. 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
2021
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 |
|---|---|---|---|
Elizabeth Nager President & CEO | Officer | 40 | $269,230 |
Sara Bell President & CEO | Officer | 40 | $20,192 |
Sherry M Carter Chair | OfficerTrustee | 1 | $0 |
A Thomas Jackson Vice Chair | OfficerTrustee | 1 | $0 |
Peter Franklin Treasurer | OfficerTrustee | 1 | $0 |
Carol E Jackson Treasurer | OfficerTrustee | 1 | $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 | $860,045 |
| Noncash contributions included in lines 1a–1f | $14,968 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $860,045 |
| Total Program Service Revenue | $0 |
| Investment income | $1,098,840 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $120,538 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,369,323 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,170,169 |
| Grants and other assistance to domestic individuals. | $316,830 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $289,422 |
| Compensation of current officers, directors, key employees. | $115,769 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $239,760 |
| Pension plan accruals and contributions | $101,887 |
| Other employee benefits | $0 |
| Payroll taxes | $33,215 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,843 |
| Fees for services: Accounting | $46,223 |
| 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 | $22,751 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $44,445 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $638 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,185 |
| Insurance | $21,728 |
| All other expenses | $0 |
| Total functional expenses | $2,308,096 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200 |
| Savings and temporary cash investments | $336,153 |
| 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 | $160 |
| Net Land, buildings, and equipment | $331,607 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $65,950,075 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $66,618,195 |
| Accounts payable and accrued expenses | $12,179 |
| 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 | $4,912,316 |
| Total liabilities | $4,924,495 |
| Net assets without donor restrictions | $27,711,824 |
| Net assets with donor restrictions | $33,981,876 |
| 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 | $66,618,195 |
Grants Awarded
Over the last fiscal year, Polk County Community Foundation Inc has awarded $1,171,341 in support to 25 organizations.
| Grant Recipient | Amount |
|---|---|
Boston, MA PURPOSE: DONOR ADVISED GRANTS | $246,554 |
Columbus, NC PURPOSE: FOOD, HOUSING, MEDICAL, & HOME REPAIR FOR THOSE IN NEED | $175,792 |
Tryon, NC PURPOSE: 400+ ACRE NATURAL FACILITY FOR NATURE AND EQUESTRIAN (SOLAR PANELS, SUSTAINABILITY) | $122,750 |
EPISCOPAL CHURCH OF THE HOLY CROSS PURPOSE: DONOR ADVISED FUND GRANTS AND ENDOWMENT FUND PAYOUTS | $90,500 |
Tryon, NC PURPOSE: PEARSON'S FALLS PARK | $75,573 |
POLK COUNTY SCHOOLS PURPOSE: AFTER SCHOOL PROGRAMS, BAND, MENTORING; TEACHERS' CONFERENCES | $62,456 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Polk County Community Foundation Inc has recieved totaling $18,000.
| Awarding Organization | Amount |
|---|---|
Fidelity Investments Charitable Gift Fund Boston, MA PURPOSE: For grant recipient's exempt purposes | $9,000 |
Fidelity Investments Charitable Gift Fund Boston, MA PURPOSE: For grant recipient's exempt purposes | $9,000 |
Endowment Analysis
| Beg. Balance | $10,698,090 |
| Ending Balance | $10,698,090 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Foundation Of Greenville Inc Greenville, SC | $110,749,055 | $32,278,412 |
Spartanburg County Foundation Spartanburg, SC | $213,613,348 | $29,550,562 |
North Georgia Community Foundation Gainesville, GA | $121,312,465 | $29,287,202 |
The Community Foundation Of Harrisonburg And Rockingham County Harrisonburg, VA | $68,152,988 | $23,085,179 |
Central Carolina Community Foundation Columbia, SC | $200,312,368 | $26,646,536 |
Community Foundation Of The Chattahoochee Valley Inc Columbus, GA | $203,858,921 | $35,593,899 |
High Point Community Foundation High Point, NC | $114,170,503 | $14,778,667 |
Community Foundation Of Central Georgia Inc Macon, GA | $156,226,670 | $20,534,365 |
Community Foundation For Northeast Georgia Inc Duluth, GA | $80,665,782 | $22,483,820 |
Community Foundation Of The Lowcountry Inc Hilton Head Island, SC | $73,666,667 | $27,497,262 |
The Community Foundation For Northern Virginia Inc Oakton, VA | $80,161,408 | $23,451,822 |
National Christian Charitable Foundation Inc Fort Mill, SC | $16,300,322 | $10,862,004 |