Minnie & Bernard Lane Foundation
- Assets
- $2.9m
- Revenue
- $289.8k
- Investments
- $2.1m
- Employees
- 0
- Location
- Altavista, VA
- Founding
- 02/1959
- Data as of
- 03/2024
- EIN
- 54-6052404
Organization Overview
Minnie & Bernard Lane Foundation is located in Altavista, VA. The organization was established in 1959. 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. Minnie & Bernard Lane 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 03/2024, Minnie & Bernard Lane Foundation generated $289.8k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $316.6k during the year ending 03/2024. While expenses have increased by 1.1% 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 2016, Minnie & Bernard Lane Foundation has awarded 552 individual grants totaling $2,481,611. 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
2024
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 |
|---|---|---|---|
Douglas Lane Trustee | 2 | $0 | |
Rick Lane Trustee | 2 | $0 | |
Lucy Lane Corwin Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $155 |
| Dividends & Interest | $108,183 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $181,424 |
| Capital Gain Net Income | $181,424 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $289,762 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $339 |
| Taxes | $2,067 |
| Depreciation | $0 |
| Occupancy | $3,000 |
| Travel, conferences, and meetings | $216 |
| Printing and publications | $0 |
| Other expenses | $5,017 |
| Total operating and administrative expenses | $28,119 |
| Contributions, gifts, grants paid | $288,500 |
| Total expenses and disbursements | $316,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $97,568 |
| Savings and temporary cash investments | $696,251 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,931,642 |
| 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, Minnie & Bernard Lane Foundation has awarded $288,500 in support to 82 organizations.
| Grant Recipient | Amount |
|---|---|
ALTAVISTA AREA HABITAT FOR HUMANITY PURPOSE: ASSISTANCE FOR HOUSING FOR THE NEEDY IN THE COMMUNITYSUPPORT FOR SAFE, AFFORDABLE HOUSING FOR NEEDY FAMILIES IN COMMUNITY | $5,000 |
ALTAVISTA AREA YMCA PURPOSE: GENERAL FUNDING FOR COMMUNITY SERVICE | $25,500 |
ALLIANCE DEFENDING FREEDOM PURPOSE: PRESERVE, PROMOTE RELIGIOUS FREEDOM, SANCTITY OF LIFE, MARRIAGE, FAMILY IN THE PUBLIC SQUARE | $2,500 |
ALTAVISTA ROTARY CLUB PURPOSE: FOOD FOR NEEDY FAMILIES IN THE COMMUNITY | $500 |
ANTIOCH PARTNERS PURPOSE: SUPPORT FOR LONG-TERM CROSS-CULTURAL MINISTRY | $23,500 |
AMERICAN CENTER FOR LAW AND JUSTICE PURPOSE: PROTECTING RELIGIOUS FREEDOMS | $1,000 |