Norman H Read 1985 Trust
- Assets
- $68.5m
- Revenue
- $10.3m
- Investments
- $61.5m
- Employees
- 0
- Location
- Amarillo, TX
- Founding
- 10/1996
- Data as of
- 06/2024
- EIN
- 75-2622754
Organization Overview
Norman H Read 1985 Trust is located in Amarillo, TX. The organization was established in 1996. 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. Norman H Read 1985 Trust 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 06/2024, Norman H Read 1985 Trust generated $10.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $7.3m during the year ending 06/2024. While expenses have increased by 6.2% per year over the past 9 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 2015, Norman H Read 1985 Trust has awarded 35 individual grants totaling $47,690,396. 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 |
|---|---|---|---|
Name Not Listed Corporate Tr | 40 | $583,957 | |
Nile L Albright Co-Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $184,766 |
| Dividends & Interest | $1,743,960 |
| Net Rental Income | $145,246 |
| Net Gain on Sale of Assets | $6,942,731 |
| Capital Gain Net Income | $6,942,731 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $971,411 |
| Total Revenue | $10,276,129 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $583,957 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $210,675 |
| Depreciation | $1,162 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $4,378 |
| Printing and publications | $0 |
| Other expenses | $326,234 |
| Total operating and administrative expenses | $1,314,254 |
| Contributions, gifts, grants paid | $6,012,800 |
| Total expenses and disbursements | $7,327,054 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,753,048 |
| 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 | $2 |
| Net Land, buildings, and equipment | $997,521 |
| Other assets | $252,408 |
| Total assets | $68,461,566 |
| 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, Norman H Read 1985 Trust has awarded $6,012,800 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
SALEM PUBLIC SCHOOLS PURPOSE: SCIENCE CENTER, AQUARIUM CTR, READ | $1,257,000 |
ADVANCED MEDICAL RESEARCH PURPOSE: SCIENTIFIC AND MEDICAL RESEARCH | $3,006,400 |
MASS GENERAL BRIGHAM PURPOSE: MEDICAL RESEARCH PROGRAMS | $1,150,000 |
SALEM ACADEMY CHARTER SCHOOL PURPOSE: EDUCATION | $599,400 |