Iversen Family Foundation
- Assets
- $18.7m
- Revenue
- $267.0k
- Investments
- $17.7m
- Employees
- 0
- Location
- Six Mile, SC
- Founding
- 09/2019
- Data as of
- 12/2023
- EIN
- 84-2849461
Organization Overview
Iversen Family Foundation is located in Six Mile, SC. The organization was established in 2019. 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. Iversen 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 12/2023, Iversen Family Foundation generated $267.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (48.0%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bernt G Iversen II President, Secretary, Treasurer | 1 | $0 | |
Bonnie Iversen Vice-President | 1 | $0 | |
Chloe Iversen Director | 1 | $0 | |
Mackenzie Iversen Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $83,697 |
| Interest on Savings | $0 |
| Dividends & Interest | $483,139 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$299,841 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $266,995 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $3,793 |
| Taxes | $3,818 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $217,857 |
| Contributions, gifts, grants paid | $992,806 |
| Total expenses and disbursements | $1,210,663 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $933,640 |
| 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 | $4,757,286 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $18,660,511 |
| 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, Iversen Family Foundation has awarded $992,806 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE MILL CHURCH PURPOSE: GENERAL OPERATING SUPPORT | $492,806 |
CLEVELAND CLINIC FOUNDATION PURPOSE: GENERAL OPERATING SUPPORT | $500,000 |