Hollingsworth Funds Inc
- Assets
- $415.9m
- Revenue
- $16.2m
- Investments
- $100.9m
- Employees
- 8
- Location
- Greenville, SC
- Founding
- 12/1994
- Data as of
- 12/2021
- EIN
- 57-1003814
Organization Overview
Hollingsworth Funds Inc is located in Greenville, SC. The organization was established in 1994. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Hollingsworth Funds Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hollingsworth Funds 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, Hollingsworth Funds Inc generated $16.2m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $15.6m 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 2020, Hollingsworth Funds Inc has awarded 150 individual grants totaling $30,071,617. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
HOLLINGSWORTH FUNDS IS A SUPPORTING ORGANIZATION TO WHICH APPROXIMATELY 45% OF THE ANNUAL DISTRIBUTIONS ARE AWARDED TO FURMAN UNIVERSITY, APPROXIMATELY 10% TO THE GREENVILLE YMCA, AND THE REMAINDER TO PUBLIC CHARITIES THAT OPERATE OR CONDUCT AFFAIRS FOR THE BENEFIT OF GREENVILLE COUNTY.
Describe the Organization's Program Activity:
A CASH GRANT OF 4,902,981 WAS MADE TO FURMAN UNIVERSITY AND WAS DESIGNATED TO BE USED FOR THE HOLLINGSWORTH SCHOLARS PROGRAM AND TO BE USED FOR VARIOUS EXPENSES OF THE DEPARTMENT OF BUSINESS AND ECONOMICS.A CASH GRANT OF 1,169,205 WAS MADE TO THE YMCA OF GREENVILLE COUNTY TO BE USED TO SUPPORT THE ACTIVITIES OF THE ORGANIZATION. THE REMAINING FUNDS OF 4,769,324 WERE DISTRIBUTED TO DIFFERENT TAX-EXEMPT CHARITABLE ORGANIZATIONS TO MEET VARIOUS UNFUNDED NEEDS IN GREENVILLE COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Minor M Shaw Director | Trustee | 2 | $5,000 |
William E Henderson Director | Trustee | 5 | $5,000 |
Sam Erwin Secretary | OfficerTrustee | 3 | $5,000 |
Anthony Mcdade Vice Chairman | OfficerTrustee | 2 | $5,000 |
Anne S Ellefson Board Chair | OfficerTrustee | 2 | $5,000 |
Brenda Thames Director | Trustee | 3 | $5,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Verdae Development Inc Real Estate Advisory | 12/30/22 | $845,390 |
Coldwell Caine Commercial Property Mang & Commissions | 12/30/22 | $148,267 |
Blue Wall Real Estate Real Estate Advisory | 12/30/22 | $144,000 |
Fox Rothschild Llp Legal Services | 12/30/22 | $143,612 |
Alex Brownraymond James Investment Advisory | 12/30/22 | $101,099 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $6,432,659 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,435,284 |
| Net Gain/Loss on Asset Sales | $6,886,389 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,217,811 |
| Statement of Expenses | |
|---|---|
| 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. | $727,031 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $294,234 |
| Pension plan accruals and contributions | $128,161 |
| Other employee benefits | $87,517 |
| Payroll taxes | $63,478 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $114,042 |
| Fees for services: Accounting | $82,332 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $584,340 |
| Fees for services: Other | $1,097,591 |
| Advertising and promotion | $0 |
| Office expenses | $32,371 |
| Information technology | $53,277 |
| Royalties | $0 |
| Occupancy | $73,108 |
| Travel | $373 |
| 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 | $7,652 |
| Insurance | $35,466 |
| All other expenses | $0 |
| Total functional expenses | $15,626,643 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,408,442 |
| Savings and temporary cash investments | $18,522,554 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $270,555 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,841,777 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $307 |
| Investments—publicly traded securities | $193,094,940 |
| Investments—other securities | $100,856,697 |
| Investments—program-related | $0 |
| Intangible assets | $4,103 |
| Other assets | $2,906,565 |
| Total assets | $415,865,709 |
| Accounts payable and accrued expenses | $1,309,671 |
| Grants payable | $0 |
| 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 | $101,455 |
| Other liabilities | $0 |
| Total liabilities | $1,411,126 |
| Net assets without donor restrictions | $414,454,583 |
| 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 |
| Total liabilities and net assets/fund balances | $414,454,583 |
Grants Awarded
Over the last fiscal year, Hollingsworth Funds Inc has awarded $10,841,510 in support to 52 organizations.
| Grant Recipient | Amount |
|---|---|
ABUNDANCE CAPITAL PURPOSE: OPERATING EXPENSES | $25,000 |
BARBARA STONE FOUNDATION PURPOSE: GENERAL OPERATING SUPPORT FOR GREENVILLECAN | $75,000 |
CENTER FOR COMMUNITY SERVICES PURPOSE: PROJECT SUPPORT FOR FINANCIAL STABILITY PROGRAM | $50,000 |
COMMUNITY FOUNDATION OF GREENVILLE PURPOSE: OPERATING SUPPORT FOR GREENVILLE HOMELESS ALLIANCE | $50,000 |
COMMUNITIES IN SCHOOLS PURPOSE: PROJECT SUPPORT FOR AFTER SCHOOL PROGRAMMING FOR TITLE I ELEMENTARY SCHOOLS | $50,000 |
COMMUNITY FOUNDATION OF GREENVILLE PURPOSE: OPERATING SUPPORT FOR GREENVILLE CONNECTS | $200,000 |