Smith-Pettit Foundation
- Assets
- $15.9m
- Revenue
- $633.4k
- Investments
- $12.7m
- Employees
- 0
- Location
- Salt Lake City, UT
- Founding
- 04/2000
- Data as of
- 12/2022
- EIN
- 87-0641442
Organization Overview
Smith-Pettit Foundation is located in Salt Lake City, UT. The organization was established in 2000. According to its NTEE Classification (T23) the organization is classified as: Private Operating 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. Smith-Pettit 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, Smith-Pettit Foundation generated $633.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (12.5%) each year. All expenses for the organization totaled $2.3m during the year ending 12/2022. 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
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVOTED TO SCHOLARSHIP AND EDUCATION CONCERNING MORMON STUDIES. IN MOST CASES, THE RELATED PUBLISHING ACTIVITIES OF THE FOUNDATION WILL BE UNDERTAKEN BY SIGNATURE BOOKS PUBLISHING LLC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George D Smith Jr President & Treasurer | 2 | $0 | |
Gary J Bergera Vice Pres & Secretary | 40 | $1,332,250 | |
David P Wright Director | 2 | $0 | |
Ronald L Priddis Director | 2 | $0 | |
Camilla Smith Director | 2 | $0 | |
Sarah Smith Director | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $400,000 |
| Interest on Savings | $58 |
| Dividends & Interest | $338,157 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$104,779 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $633,436 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,332,250 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $10,262 |
| Interest | $0 |
| Taxes | $132,540 |
| Depreciation | $6,375 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $2,947 |
| Printing and publications | $34,381 |
| Other expenses | $500,847 |
| Total operating and administrative expenses | $2,296,809 |
| Contributions, gifts, grants paid | $17,000 |
| Total expenses and disbursements | $2,313,809 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $303,191 |
| Savings and temporary cash investments | $6 |
| Net Accounts receivable | $17,357 |
| 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 | $9,000 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,439,034 |
| Net Land, buildings, and equipment | $159,484 |
| Other assets | $2,686,672 |
| Total assets | $15,897,023 |
| 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, Smith-Pettit Foundation has awarded $17,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
CLAREMONT GRADUATE UNIVERSITY 95-1664100 PURPOSE: GENERAL SUPPORT | $5,000 |
MORMON HISTORY ASSOCIATION 23-7408475 PURPOSE: GENERAL SUPPORT | $6,500 |
SUNSTONE EDUCATION FOUNDATION INCORPORATED 87-0683974 PURPOSE: GENERAL SUPPORT | $3,000 |
UTAH STATE HISTORICAL SOCIETY 87-6000545 PURPOSE: GENERAL SUPPORT | $2,500 |