Lipscomb Family Foundation
- Assets
- $13.3m
- Revenue
- $247.1k
- Investments
- $13.1m
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 10/1979
- Data as of
- 12/2022
- EIN
- 58-1368915
Organization Overview
Lipscomb Family Foundation is located in Minneapolis, MN. The organization was established in 1979. 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. Lipscomb Family 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 12/2022, Lipscomb Family Foundation generated $247.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (16.7%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Lipscomb Family Foundation has awarded 460 individual grants totaling $5,374,030. 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 |
|---|---|---|---|
Marshall Foster President | 2 | $5,000 | |
Christopher Cheek Vice President | 2 | $5,000 | |
Savannah Tracy Secretary | 2 | $0 | |
Georgia L Cheek Treasurer | 2 | $5,000 | |
Louise L Howell Trustee | 2 | $5,000 | |
Elizabeth L Tracy Trustee | 2 | $5,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $103,867 |
| Dividends & Interest | $217,241 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$74,085 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $70 |
| Total Revenue | $247,093 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $156,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $10,092 |
| Interest | $0 |
| Taxes | $69,725 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $20,388 |
| Printing and publications | $0 |
| Other expenses | $122,719 |
| Total operating and administrative expenses | $388,624 |
| Contributions, gifts, grants paid | $683,670 |
| Total expenses and disbursements | $1,072,294 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $252,994 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $13,331,525 |
| 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, Lipscomb Family Foundation has awarded $683,670 in support to 60 organizations.
| Grant Recipient | Amount |
|---|---|
BLACK MT SWANNANOA CENTER FOR THE ARTS PURPOSE: OPERATIONAL SUPPORT | $6,000 |
BOUNTY & SOUL PURPOSE: OPERATIONAL SUPPORT | $13,000 |
BOY SCOUTS INDIAN WATERS COUNCIL PURPOSE: OPERATIONAL SUPPORT | $10,000 |
BOYS AND GIRLS CLUB OF THE MIDLANDS PURPOSE: OPERATIONAL SUPPORT | $10,000 |
BOYS FARM PURPOSE: OPERATIONAL SUPPORT | $10,000 |
CALHOUN COUNTY ECONOMIC DEVELOPMENT CORP PURPOSE: OPERATIONAL SUPPORT | $7,000 |