Furniture Foundation Inc
- Assets
- $1.2m
- Revenue
- $97.5k
- Investments
- $1.2m
- Employees
- 0
- Location
- High Point, NC
- Founding
- 05/1951
- Data as of
- 12/2022
- EIN
- 56-6044941
Organization Overview
Furniture Foundation Inc is located in High Point, NC. The organization was established in 1951. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Furniture 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 12/2022, Furniture Foundation Inc generated $97.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (9.1%) each year. All expenses for the organization totaled $97.5k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Furniture Foundation Inc has awarded 77 individual grants totaling $479,627. 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
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE OBJECTS AND PURPOSES FOR WHICH THIS CORPORATION IS FORMED ARE TO AID AND PROMOTE, BY FINANCIAL ASSISTANCE AND OTHERWISE, ALL TYPES OF EDUCATION AND RESEARCH IN THE DESIGN, MANUFACTURE AND SALE OF HOME FURNISHINGS AND ARTICLES AND MATERIALS USED IN THE MANUFACTURE OF HOME FURNISHINGS. THE CORPORATION MAY ALSO PROVIDE EDUCATIONAL OPPORTUNITIES TO THOSE ASSOVIATED WITH THE INDUSTRY BY FINANCIAL ASSISTANCE AND OTHERWISE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pat Smith Director | 0.1 | $0 | |
Tommy Tomkins Director | 0.1 | $0 | |
Mike Dugan Director | 0.1 | $0 | |
Bob Duncan Director | 0.1 | $0 | |
Amy Kyle Director | 0.1 | $0 | |
Steve Hodges Director | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $5,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $25,603 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $66,869 |
| Capital Gain Net Income | $66,869 |
| Net ST Capital Gain | $66,869 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $97,472 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,178 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $13,486 |
| Contributions, gifts, grants paid | $84,000 |
| Total expenses and disbursements | $97,486 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $33,709 |
| 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 | $1,200,738 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,234,447 |
| 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, Furniture Foundation Inc has awarded $84,000 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
APPALACHIAN STATE UNIVERSITY PURPOSE: SCHOLARSHIPS | $14,500 |
CVCC FOUNDATION PURPOSE: SCHOLARSHIPS AND EQUIPMENT | $22,000 |
NC STATE UNIVERSITY PURPOSE: SCHOLARSHIPS | $5,000 |
THE FOUNDATION OF CALDWELL COMMUNIT PURPOSE: SCHOLARSHIPS AND EQUIPMENT | $10,000 |
EMORY HENRY COLLEGE PURPOSE: SCHOLARSHIP | $2,500 |
ARIZONA STATE UNIVERSITY PURPOSE: SCHOLARSHIP | $2,500 |