The Irving And Jett Groves Charitable Foundation
- Assets
- $1.5m
- Revenue
- $307.8k
- Investments
- $1.5m
- Employees
- 0
- Location
- Martinsville, VA
- Founding
- 12/1999
- Data as of
- 09/2023
- EIN
- 54-1961867
Organization Overview
The Irving And Jett Groves Charitable Foundation is located in Martinsville, VA. The organization was established in 1999. 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. Irving And Jett Groves Charitable 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 09/2023, Irving And Jett Groves Charitable Foundation generated $307.8k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 37.5% each year . All expenses for the organization totaled $97.8k during the year ending 09/2023. While expenses have increased by 2.0% per year over the past 5 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 2018, Irving And Jett Groves Charitable Foundation has awarded 236 individual grants totaling $378,900. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Irving M Groves III Secretary | 1 | $0 | |
Mattie G Sheppard President | 1 | $0 | |
Jett G Wood Vice-President | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1,314 |
| Dividends & Interest | $34,679 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $271,797 |
| Capital Gain Net Income | $271,797 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $307,790 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $530 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $6 |
| Total operating and administrative expenses | $11,574 |
| Contributions, gifts, grants paid | $86,250 |
| Total expenses and disbursements | $97,824 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,859 |
| Savings and temporary cash investments | $23,441 |
| 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 | $1,312,267 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,506,835 |
| 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, The Irving And Jett Groves Charitable Foundation has awarded $86,250 in support to 49 organizations.
| Grant Recipient | Amount |
|---|---|
AXTON LIFE SAVING CREW PURPOSE: GENERAL OPERATING | $2,000 |
BASSETT HISTORICAL SOCIETY PURPOSE: GENERAL OPERATING | $1,000 |
FIRST UNITED METHODIST CHURCH PURPOSE: GENERAL OPERATING | $15,000 |
BOYS & GIRLS CLUB PURPOSE: GENERAL OPERATING | $1,500 |
FRIENDS OF LIBRARY PURPOSE: GENERAL OPERATING | $500 |
GRACE NETWORK PURPOSE: GENERAL OPERATING | $4,000 |