Brownell Foundation
- Assets
- $1.1m
- Revenue
- $38.2k
- Investments
- $841.4k
- Employees
- 0
- Location
- Morgan City, LA
- Founding
- Data as of
- 12/2017
- EIN
- 72-6041231
Organization Overview
Brownell Foundation is located in Morgan City, LA.
For the year ending 12/2017, Brownell Foundation generated $38.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (4.6%) each year. All expenses for the organization totaled $19.6k during the year ending 12/2017. As we would expect to see with falling revenues, expenses have declined by (39.7%) per year over the past 2 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2017
Describe the Organization's Program Activity:
Part 3 - Line 4a
PAYMENT FOR UPKEEP OF PARK TO CITY OF MORGAN CITY. IN THE LATTER PART OF 2017 THE FOUNDATION WAS IN DISCUSSIONS TO TERMINATE ITS PRIVATE FOUNDATION STATUS UNDER SECTION 507(B)(1)(A)BY DISTRIBUTION OF ALL OF ITS ASSETS TO THE CITY OF MORGAN CITY. THE TRANSFER OF THE FOUNDATIONS ASSETS DID NOT TAKE PLACE UNTIL 2018. THE FOUNDATION HAS ANNUALLY GIVEN THE CITY OF MORGAN CITY A $40,000 PAYMENT FOR THE UPKEEP OF THE PARK. IN ACTICIPATION OF THE TRANSFER TAKING PLACE IN 2017 THE FOUNDATION DID NOT MAKE THE PAYMENT. WHEN THE PRESIDENT OF THE FOUNDATION REALIZED THAT THE 2017 PAYMENT WAS NOT MADE, HE IMMEDIATELY MADE THE 2017 PAYMENT IN 2018.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Magee President | 3 | $0 | |
Horace Brownell Chalstrom Jr Director | 0 | $0 | |
Elizabeth Burk Director | 0 | $0 | |
Kellye Rosenheim Secretary | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $18,707 |
| Dividends & Interest | $19,527 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $38,234 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $8,712 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $8,455 |
| Total operating and administrative expenses | $19,632 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $19,632 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $148,814 |
| 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 | $63,778 |
| Other assets | $286 |
| Total assets | $1,054,323 |
| 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 | $2 |
| Total liabilities | $2 |
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