Alabama Power Foundation Inc
- Assets
- $164.3m
- Revenue
- $18.8m
- Investments
- $159.6m
- Employees
- 0
- Location
- Birmingham, AL
- Founding
- 01/1990
- Data as of
- 12/2021
- EIN
- 57-0901832
Organization Overview
Alabama Power Foundation Inc is located in Birmingham, AL. The organization was established in 1990. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Alabama Power 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 12/2021, Alabama Power Foundation Inc generated $18.8m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 42.3% each year . All expenses for the organization totaled $17.9m during the year ending 12/2021. While expenses have increased by 9.4% per year over the past 3 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 2019, Alabama Power Foundation Inc has awarded 3,898 individual grants totaling $55,988,420. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2018, THE ALABAMA POWER FOUNDATION, INC. ("THE FOUNDATION"), DETERMINED TO EXTEND ITS FOCUS ON EDUCATION AND RELIEF OF THE POOR AND DISTRESSED AND OF THE UNDERPRIVILEGED THROUGH PARTICIPATION IN STATE AND LOCAL WORKFORCE DEVELOPMENT EFFORTS. THE FOUNDATION'S EFFORTS WERE FOCUSED ON HELPING SCHOOLS, COLLEGES, AND UNIVERSITIES PREPARE GRADUATES FOR TOMORROW'S JOB OPPORTUNITIES, IN ADDITION TO HELPING THE POOR AND DISTRESSED AND THE UNDERPRIVILEGED ACCESS THE STATE'S WORKFORCE EDUCATION AND TRAINING PROGRAMS. THE PURPOSE OF THESE EFFORTS WAS TO INCREASE ACCESS TO EDUCATION, TO PROMOTE SOCIAL WELFARE BY PREVENTING COMMUNITY DETERIORATION, AND TO PROVIDE RELIEF TO THE POOR AND DISTRESSED AND THE UNDERPRIVILEGED. IN ADDITION TO MAKING GRANTS TO ELIGIBLE TAX-EXEMPT ORGANIZATIONS, THE FOUNDATION DEVOTED SOME STAFF AND CONSULTANT TIME TO THESE EFFORTS. THE FOUNDATION ANTICIPATES THAT SUCH EFFORTS WILLCONTINUE IN 2022 AND THEREAFTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Staci Brooks President, Director & Chairman | 0.5 | $0 | |
Celia H Shorts VP & Secretary | 8 | $21,818 | |
Christopher R Blake Treasurer & Director | 2 | $11,254 | |
Desiree L Carmichael Assistant Secretary | 12 | $13,969 | |
Wendy M Hoomes Assistant Treasurer | 1 | $5,233 | |
Anita Allcorn-Walker Director | 0.5 | $5,952 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Starr & Associates Llc | 12/30/22 | $306,020 |
Cayenne Creative Group Inc | 12/30/22 | $196,501 |
Fortif Law Partners Lcc | 12/30/22 | $148,961 |
University Of Alabama | 12/30/22 | $132,523 |
Markstein Consulting Llc | 12/30/22 | $128,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,314 |
| Interest on Savings | $0 |
| Dividends & Interest | $5,501,555 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $13,271,392 |
| Capital Gain Net Income | $13,271,392 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $20,216 |
| Total Revenue | $18,795,477 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $212,400 |
| Other employee salaries and wages | $773,793 |
| Pension plans, employee benefits | $0 |
| Interest | $3,324 |
| Taxes | $281,064 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $18,578 |
| Printing and publications | $0 |
| Other expenses | $225,052 |
| Total operating and administrative expenses | $3,199,498 |
| Contributions, gifts, grants paid | $14,677,610 |
| Total expenses and disbursements | $17,877,108 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,991,574 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $64,576 |
| 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 | $7,943,744 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $1,684,948 |
| Total assets | $164,336,755 |
| Accounts payable and accrued expenses | $274,437 |
| Grants payable | $1,477,993 |
| 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 | $1,752,430 |
Grants Awarded
Over the last fiscal year, Alabama Power Foundation Inc has awarded $17,123,691 in support to 1,195 organizations.
| Grant Recipient | Amount |
|---|---|
1 STEP 2 FITNESS PURPOSE: GENERAL/OPERATING | $2,500 |
A G GASTON BOYS & GIRLS CLUB INC PURPOSE: GENERAL/OPERATING | $70,000 |
A G GASTON BOYS & GIRLS CLUB INC PURPOSE: GENERAL/OPERATING | $30,000 |
A H PENNSYLVANIARKER HIGH SCHOOL PURPOSE: GENERAL/OPERATING | $500 |
A EDUCATION PARTNERSHIP PURPOSE: GENERAL/OPERATING | $2,500 |
A EDUCATION PARTNERSHIP PURPOSE: GENERAL/OPERATING | $35,000 |