The Ray Charles Foundation
- Assets
- $40.4m
- Revenue
- $3.1m
- Investments
- $4.9m
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 07/1986
- Data as of
- 12/2021
- EIN
- 95-4047622
Organization Overview
The Ray Charles Foundation is located in Los Angeles, CA. The organization was established in 1986. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Ray Charles 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 12/2021, Ray Charles Foundation generated $3.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $5.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Ray Charles Foundation has awarded 52 individual grants totaling $9,959,558. 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 |
|---|---|---|---|
V Ervin President | 40 | $319,749 | |
J Sun Controller | 40 | $117,928 | |
D Thiel Property Mgr. | 40 | $82,218 | |
T Denson Exec. Assistant | 40 | $62,230 | |
R C Davidson Jr Chairman | 1 | $0 | |
C Daniels Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Angeles Investment Advisors Llc | 12/30/21 | $62,500 |
Hutchinson & Bloodgood Llp | 12/30/21 | $111,525 |
Loeb & Loeb Llp | 12/30/21 | $70,979 |
Home Remodeling Inc | 12/30/21 | $99,715 |
Mitchell Silberberg & Knupp Llp | 12/30/21 | $259,868 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $74,151 |
| Dividends & Interest | $0 |
| Net Rental Income | $191,616 |
| Net Gain on Sale of Assets | -$20,855 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $2,438,632 |
| Total Revenue | $3,144,514 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $319,749 |
| Other employee salaries and wages | $306,736 |
| Pension plans, employee benefits | $16,127 |
| Interest | $0 |
| Taxes | $72,376 |
| Depreciation | $295,526 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $15,701 |
| Printing and publications | $0 |
| Other expenses | $2,332,783 |
| Total operating and administrative expenses | $3,983,590 |
| Contributions, gifts, grants paid | $1,125,000 |
| Total expenses and disbursements | $5,108,590 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,106,201 |
| Savings and temporary cash investments | $22,524,289 |
| 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 | $82,385 |
| Net Investments - land, buildings, equipment | $5,718,621 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $2,178,652 |
| Other assets | $3,863,898 |
| Total assets | $40,365,367 |
| 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 | $62,070 |
| Total liabilities | $62,070 |
Grants Awarded
Over the last fiscal year, The Ray Charles Foundation has awarded $1,125,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
New Orleans, LA PURPOSE: EDUCATION | $1,000,000 |
TRIUMPH FOUNDATION PURPOSE: CHARITABLE PURPOSES | $25,000 |
Indianapolis, IN PURPOSE: EDUCATIONAL PURPOSES | $25,000 |
San Marino, CA PURPOSE: CHARITABLE PURPOSES | $25,000 |
Pasadena, CA PURPOSE: EDUCATION | $22,500 |
New Brunswick, NJ PURPOSE: EDUCATIONAL PURPOSES | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mimi And Peter Haas Fund San Francisco, CA | $0 | $22,825,724 |
William K Bowes Jr Foundation San Francisco, CA | $0 | $15,233,813 |
Collins Foundation Portland, OR | $249,591,840 | $5,256,313 |
Walter And Elise Haas Fund San Francisco, CA | $290,773,419 | $45,613,238 |
Lisa And Douglas Goldman Fund San Francisco, CA | $314,443,125 | $25,968,602 |
Wood-Claeyssens Foundation Santa Barbara, CA | $112,450,224 | $19,490,467 |
The Saban Family Foundation Los Angeles, CA | $4,126,107 | $4,076,196 |
Freeport-Mcmoran Copper & Gold Foundation Phoenix, AZ | $2,326,146 | $18,600,000 |
California Winegrowers Foundation Napa, CA | $3,681,527 | $16,676,626 |
Multi-Union Security Trust Fund Glendale, CA | $14,944,884 | $16,888,135 |
Helen And Wil Webster Foundation Arcadia, CA | $240,695,845 | $9,736,121 |
Dart-L Foundation Los Angeles, CA | $255,386,011 | $40,281,490 |