Lowes Foundation
- Assets
- $18.8m
- Revenue
- $15.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Mooresville, NC
- Founding
- 10/1959
- Data as of
- 01/2023
- EIN
- 56-6061689
Organization Overview
Lowes Foundation is located in Mooresville, NC. The organization was established in 1959. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lowes 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 01/2023, Lowes Foundation generated $15.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $2.5m during the year ending 01/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Lowes Foundation has awarded 145 individual grants totaling $20,279,310. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S PURPOSE IS TO PROVIDE FUNDING FOR NONPROFIT ORGANIZATIONS AND PUBLIC AGENCIES THAT HAVE THE GREATEST IMPACT ON SAFE AND AFFORDABLE HOUSING, SKILLED TRADE EDUCATION, AND COMMUNITY IMPROVEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR ENDED JANUARY 31, 2023, THE ORGANIZATION PROVIDED FUNDING FOR SCHOLARSHIPS FOR HIGHER EDUCATION.
DURING THE YEAR ENDED JANUARY 31, 2023, THE ORGANIZATION HELPED 7 COMMUNITY IMPROVEMENT ORGANZIATIONS. ASSISTANCE WAS GIVEN TO AID IN THE BETTERMENT OF VARIOUS COMMUNITY CENTERS, TO SUPPORT SAFE & AFFORDABLE HOUSING, AND ADVANCE SKILLED TRADE EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janice Dupre Chair | OfficerTrustee | 3 | $0 |
David R Green Trustee & Treasurer | OfficerTrustee | 3 | $0 |
Sandy Felton Trustee | Trustee | 1 | $0 |
Margi Vagell SVP & Vice Chairman | OfficerTrustee | 3 | $0 |
Bill Ellison Secretary | Officer | 2 | $0 |
Vincent Scalese Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $15,820,105 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $47 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,820,152 |
| Total Program Service Revenue | $0 |
| Investment income | $55,808 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,875,960 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,456,849 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,489,474 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $15,465,215 |
| Pledges and grants receivable | $2,855,525 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $481,930 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $18,802,670 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $870,000 |
| 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 | $870,000 |
| Net assets without donor restrictions | $17,932,670 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $18,802,670 |
Grants Awarded
Over the last fiscal year, Lowes Foundation has awarded $2,225,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
CHRISTIAN MISSION PURPOSE: Community Improvement | $300,000 |
GOODWILL INDUSTRIES OF THE SOUTHERN PIEDMONT INC PURPOSE: Skilled Trades | $200,000 |
UNITED WAY OF CENTRAL CAROLINAS INC PURPOSE: Safe Affordable Housing | $500,000 |
SLEEP IN HEAVENLY PEACE PURPOSE: Community Improvement | $275,000 |
FOUNDATION FOR THE CAROLINAS PURPOSE: Community Improvement | $250,000 |
REBUILDING TOGETHER OF GREATER CHARLOTTE INC PURPOSE: Safe Affordable Housing | $350,000 |