The Golden L E A F Long-Term Economic Advancement Foundation In
- Assets
- $1.4b
- Revenue
- $79.1m
- Investments
- $817.4m
- Employees
- 30
- Location
- Rocky Mount, NC
- Founding
- 12/2000
- Data as of
- 06/2024
- EIN
- 52-2204473
Organization Overview
The Golden L E A F Long-Term Economic Advancement Foundation In is located in Rocky Mount, NC. The organization was established in 2000. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2024, Golden L E A F Long-Term Economic Advancement Foundation In employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Golden L E A F Long-Term Economic Advancement Foundation In 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 06/2024, Golden L E A F Long-Term Economic Advancement Foundation In generated $79.1m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.9% each year . All expenses for the organization totaled $127.5m during the year ending 06/2024. While expenses have increased by 14.0% per year over the past 9 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 2015, Golden L E A F Long-Term Economic Advancement Foundation In has awarded 968 individual grants totaling $848,128,915. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
SEE PART III, LINE 1
Describe the Organization's Program Activity:
THE PRIMARY PURPOSE FOR WHICH THIS CORPORATION WAS FORMED IS TO PROMOTE THE SOCIAL WELFARE AND LESSEN THE BURDENS OF GOVERNMENT BY RECEIVING AND DISTRIBUTING FUNDS TO BE USED TO PROVIDE ECONOMIC IMPACT ASSISTANCE TO ECONOMICALLY AFFECTED OR TOBACCO-DEPENDENT REGIONS OF NORTH CAROLINA. IN ACCORDANCE WITH THE CONSENT DECREE AND FINAL JUDGMENT IN STATE OF NORTH CAROLINA V. PHILLIP MORRIS INCORPORATED, ET AL., 98 CVS 14377. ACTIVITIES IN WHICH THE CORPORATION MAY ENGAGE IN THE STATE OF NORTH CAROLINA INCLUDE, BUT ARE NOT LIMITED TO, THE FOLLOWING: 1. EDUCATION ASSISTANCE - PROVISION OF FUNDS FOR EDUCATIONAL PROGRAMS FOR TOBACCO FARMERS AND OTHER WORKERS IMPACTED OR PROJECTED TO BE IMPACTED BY THE DECLINE IN DEMAND FOR AND/OR PRODUCTION OF TOBACCO OR TOBACCO PRODUCTS. 2. JOB TRAINING AND EMPLOYMENT ASSISTANCE - PROVISION OF LOANS AND GRANTS, TO BE USED FOR JOB TRAINING AND OTHER EMPLOYMENT-RELATED PROGRAMS TO ORGANIZATIONS ASSISTING TOBACCO FARMERS AND OTHER WORKERS DEPENDENT ON TOBACCO FARMING, PRODUCTION, AND SALES TO TRANSITION TO OTHER SOURCES OF INCOME. 3. SCIENTIFIC RESEARCH - PROVISION OF FUNDING FOR SCIENTIFIC RESEARCH TO DEVELOP NEW USES FOR TOBACCO OR FOR THE DEVELOPMENT OF ALTERNATIVE CASH CROPS. 4. ECONOMIC HARDSHIP ASSISTANCE - PROVISION OF DIRECT GRANTS, LOANS, AND OTHER ASSISTANCE PROGRAMS TO ALLEVIATE ECONOMIC HARDSHIP, POVERTY OR NEED EXPERIENCED BY TOBACCO FARMERS, QUOTA OWNERS, THEIR FAMILIES AND OTHERS AS A RESULT OF DECLINE IN QUOTA AND/OR PRODUCTION OF TOBACCO OR TOBACCO PRODUCTS. 5. PUBLIC WORKS AND INDUSTRIAL RECRUITMENT - PROVISION OF GRANTS AND LOANS TO LOCAL GOVERNMENTS FOR UPGRADING UTILITIES, TRANSPORTATION, AND OTHER PUBLIC SERVICE INFRASTRUCTURE TO ATTRACT NEW BUSINESSES OR FOR MORE GENERAL ECONOMIC DEVELOPMENT PURPOSES. 6. HEALTH AND HUMAN SERVICES - PROVISION OF FUNDING FOR IMPROVED HEALTH CARE AND OTHER SOCIAL SERVICES NEEDED TO MAINTAIN THE STABILITY OF TOBACCO-DEPENDENT COMMUNITIES. 7. COMMUNITY ASSISTANCE - PROVISION OF DIRECT GRANTS AND LOANS TO ECONOMICALLY DEPRESSED AND DETERIORATING TOBACCO-DEPENDENT COMMUNITIES TO BE USED EXCLUSIVELY FOR PUBLIC PURPOSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott T Hamilton President/ceo | Officer | 40 | $286,506 |
Edward P Lord Svp/general Counsel | Officer | 40 | $200,676 |
Erica L Smith VP Of Finance | Officer | 40 | $160,967 |
Kasey E Ginsberg Vp/chief Of Staff | Officer | 40 | $158,035 |
Jonathan P Boyd VP Of Investments | Officer | 40 | $141,801 |
Terri Adou-Dy Ended 062024 Dir Of Programs/programs Admin | Officer | 40 | $129,303 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Silchester International Investors Investment Mgmt | 6/29/24 | $544,987 |
Wellington Management Investment Mgmt | 6/29/24 | $368,953 |
Prime Buchholz Associates Inc Invest. Consulting | 6/29/24 | $323,058 |
Fox Rothschild Llc Legal Services | 6/29/24 | $256,424 |
Sit Fixed Income Advisors Llc Investment Mgmt | 6/29/24 | $108,497 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $36,502,210 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,607,998 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $40,110,208 |
| Total Program Service Revenue | $0 |
| Investment income | $22,232,757 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,776,750 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $79,124,718 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $120,711,983 |
| 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. | $1,637,801 |
| Compensation of current officers, directors, key employees. | $678,984 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,219,150 |
| Pension plan accruals and contributions | $120,262 |
| Other employee benefits | $245,044 |
| Payroll taxes | $190,045 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $280,935 |
| Fees for services: Accounting | $100,646 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,749,146 |
| Fees for services: Other | $342,600 |
| Advertising and promotion | $145,054 |
| Office expenses | $77,754 |
| Information technology | $183,356 |
| Royalties | $0 |
| Occupancy | $108,438 |
| Travel | $77,402 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,791 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $19,967 |
| All other expenses | $9,544 |
| Total functional expenses | $127,468,546 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $368,576 |
| Savings and temporary cash investments | $227,721 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,476,351 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,866 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $132,069 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $583,295,597 |
| Investments—other securities | $817,421,985 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,403,937,165 |
| Accounts payable and accrued expenses | $230,414 |
| Grants payable | $245,340,354 |
| 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 | $0 |
| Total liabilities | $245,570,768 |
| 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 | $1,158,366,397 |
| Total liabilities and net assets/fund balances | $1,403,937,165 |
Grants Awarded
Over the last fiscal year, The Golden L E A F Long-Term Economic Advancement Foundation In has awarded $120,708,483 in support to 119 organizations.
| Grant Recipient | Amount |
|---|---|
ALAMANCE COMMUNITY COLLEGE PURPOSE: SEE PART IV | $1,000,000 |
ALLIANCE OF AIDS SERVICES-CAROLINA PURPOSE: SEE PART IV | $89,748 |
APPALACHIAN STATE UNIVERSITY PURPOSE: SEE PART IV | $200,000 |
A TOUCH OF THE FATHER'S LOVE INC PURPOSE: SEE PART IV | $49,472 |
ASHE FOOD PANTRY INC PURPOSE: SEE PART IV | $205,864 |
BEACH FOOD PANTRY INC PURPOSE: SEE PART IV | $89,444 |