Southern Bank Foundation
- Assets
- $14.9m
- Revenue
- $884.4k
- Investments
- $14.7m
- Employees
- 0
- Location
- Mount Olive, NC
- Founding
- 10/1997
- Data as of
- 12/2020
- EIN
- 56-2002871
Organization Overview
Southern Bank Foundation is located in Mount Olive, NC. The organization was established in 1997. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. Southern Bank 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 12/2020, Southern Bank Foundation generated $884.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (7.9%) each year. All expenses for the organization totaled $827.5k during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Southern Bank Foundation has awarded 171 individual grants totaling $1,562,800. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David L Sauls Treasurer | 0 | $0 | |
John L Heeden Secretary | 0 | $0 | |
Genetta B Goodman Assistant Treasurer | 0 | $0 | |
Lisa R Sanderson Assistant Secretary | 0 | $0 | |
Drew M Covert President & Director | 0 | $0 | |
Dan R Ellis Vice President & Investment Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $833,857 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $43,006 |
| Capital Gain Net Income | $43,006 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $7,523 |
| Total Revenue | $884,386 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $7,032 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $7,185 |
| Contributions, gifts, grants paid | $820,350 |
| Total expenses and disbursements | $827,535 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,196 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $110,503 |
| 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 | $8,431,186 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $14,881,321 |
| 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 | $525,000 |
| Other liabilities | $0 |
| Total liabilities | $525,000 |
Grants Awarded
Over the last fiscal year, Southern Bank Foundation has awarded $742,450 in support to 85 organizations.
| Grant Recipient | Amount |
|---|---|
OUTER BANKS HOSPITAL DEVELOPMENT COUNCIL PURPOSE: DONATION | $50,000 |
COLLEGE OF THE ALBEMARLE PURPOSE: DONTAION | $35,000 |
Cary, NC PURPOSE: DONATION | $35,000 |
Middlesex, NC PURPOSE: DONATION | $25,000 |
Chesapeake, VA PURPOSE: DONATION | $25,000 |
Rocky Mount, NC PURPOSE: DONATION | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Arthur M Blank Family Foundation Atlanta, GA | $365,187,486 | $84,889,977 |
Pyramid Peak Foundation Memphis, TN | $230,284,852 | $119,724,559 |
John Bulow Campbell Foundation Atlanta, GA | $793,659,742 | $103,345,098 |
The Rosser Foundation A Pure Charitable Trust And Public Charit Hampton, VA | $12,195,900 | $36,359,396 |
Darla Moore And Richard Rainwater Foundation Lake City, SC | $538,432,800 | $34,322,461 |
Poplar Foundation Memphis, TN | $149,801,224 | $18,419,294 |
John M Belk Endowment Charlotte, NC | $344,527,989 | $19,824,991 |
Plough Foundation Memphis, TN | $29,124,366 | $7,604,937 |
C D Spangler Foundation Inc Charlotte, NC | $547,764,463 | $34,692,558 |
The Henry W Grady Health System Foundation Inc Atlanta, GA | $41,862,389 | $12,481,516 |
Haslam Family Foundation Inc Knoxville, TN | $7,594,271 | $428,205 |
The Ezrah Charitable Trust Charlotte, NC | $259,414,844 | $89,054,665 |