Drexel Foundation Incorporated in Morganton, North Carolina (NC)
Table of contents:
| Drexel Foundation Incorporated | |
| Employer Identification Number (EIN) | 560579548 |
| Name of Organization | Drexel Foundation Incorporated |
| Address | 233 Westwood Dr, Morganton, NC 28655-8965 |
| Activities | Other recreational activities, Other social activities, Other sports or athletic activities |
| Subsection | Charitable Organization |
| Ruling Date | 04/1954 |
| Deductibility | Contributions are deductible |
| Foundation | Organization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 05/2014 |
| Assets | $100,000 to $499,999 |
| Income | $25,000 to $99,999 |
| Filing Requirement | 990 (all other) or 990EZ return |
| Asset Amount | $103,413 |
| Amount of Income | $82,005 |
| Form 990 Revenue Amount | $82,005 |
| National Taxonomy of Exempt Entities (NTEE) | Philanthropy, Voluntarism and Grantmaking Foundations: Private Independent Foundations |
Non-representatives - add comments:
Amount of income in 2014: $82,005 (it was $91,630 in 2013)
| This organization: | $82,005 |
| Other organizations performing similar types of work: | $120,021 |
Assets in 2014: $103,413 (it was $85,589 in 2013)
| Drexel Foundation Incorporated: | $103,413 |
| Other organizations performing similar types of work: | $470,342 |
Expenses in 2014: $64,181
| Drexel Foundation Incorporated: | $64,181 |
| Other organizations performing similar types of work: | $61,754 |
Income to expenses ratio in 2014: 1.3
| Drexel Foundation Incorporated: | 1.3 |
| Other organizations performing similar types of work: | 2.0 |
Revenue for 2014
| Revenue, Expenses, and Changes in Net Assets or Fund Balances | |||
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Total revenue | $90,330 | $91,630 | $82,005 |
| Contributions, gifts, grants, and similar amounts received | $0 | $0 | $0 |
| Program service revenue including government fees and contracts | $0 | $0 | $0 |
| Membership dues and assessments | $0 | $0 | $0 |
| Investment income | $6 | $3 | $5 |
| Gain/Loss from sale of assets other than inventory | $0 | $0 | $0 |
| Net income/loss from gaming and fundraising events | $0 | $0 | $0 |
| Gross profit/loss from sales of inventory | $0 | $0 | $0 |
| Other revenue | $90,324 | $91,627 | $82,000 |
| Total expenses | $97,762 | $69,645 | $64,181 |
| Total net assets | $63,604 | $85,589 | $103,413 |
| Excess/Deficit for the year | $-7,432 | $21,985 | $17,824 |
| Net assets or fund balances at beginning of year | $71,036 | $63,604 | $85,589 |
| Other changes in net assets or fund balances | $0 | $0 | $0 |
| Net assets or fund balances at end of year | $85,589 | $103,413 | |
| Balance Sheets | |||
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Total assets | $63,604 | $85,589 | $103,413 |
| Total liabilities | $0 | $0 | $0 |
| Net assets or fund balances | $63,604 | $85,589 | $103,413 |
| Other Information | |||
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Did the organization engage in any significant activity not previously reported to the IRS? | No | No | |
| Were any significant changes made to the organizing or governing documents? | No | No | |
| Did the organization have unrelated business gross income of $1,000 or more during the year from business activities | No | No | No |
| Has the organization filed a Form 990-T for the year? | No | No | |
| Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year? | No | No | |
| Amount of political expenditures, direct or indirect | $0 | $0 | |
| Did the organization file Form 1120-POL for this year? | No | No | |
| Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return? | No | No | |
| Total amount involved | $0 | $0 | |
| Initiation fees and capital contributions | $0 | $0 | $0 |
| Gross receipts for public use of club facilities | $0 | $0 | $0 |
| Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ? | No | No | |
| At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? | No | No | |
| Reason for Public Charity Status (for 2014) | |
| The organization is not a private foundation because it is: | An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975 |
| Number of organizations supported | 0 |
| Sum of amounts of support | $0 |
| Support Schedule for Organizations Described in Section 509(a)(2) (for 2010 - 2014) | |
| 2010 - 2014 Total | |
|---|---|
| Public support | $28,424 |
| Subtotal | $28,424 |
| Gifts, grants, contributions, and membership fees received | $0 |
| Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose | $0 |
| Gross receipts from activities that are not an unrelated trade or business under section 513 | $28,424 |
| Tax revenues levied for the organization's benefit and either paid to or expended on its behalf | $0 |
| The value of services or facilities furnished by a governmental unit to the organization without charge | $0 |
| Less | $0 |
| Amounts received from disqualified persons | $0 |
| Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support | $0 |
| Total support | $438,424 |
| Public support | $28,424 |
| Subtotal | $410,000 |
| Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources | $410,000 |
| Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975 | $0 |
| Net income from unrelated business activities, whether or not the business is regularly carried on | $0 |
| Other income | $0 |
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| Organizations performing similar types of work | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | Trust Uwo Estelle Hunter | 1 W 4th St 4th Fl, Winston Salem, NC 27101-3818 | NC | 1972-06 | $4,423,389 |
| 2 | The Sylvester Family Foundation Inc | PO BOX 295, Richlands, NC 28574-0295 | NC | 1996-09 | $2,279,513 |
| 3 | Thomas R & Elizabeth E Mclean Foundation Inc | PO BOX 58329, Fayetteville, NC 28305-8329 | NC | 1996-08 | $2,278,881 |
| 4 | Strickland Family Foundation | 2000 West First Street, Winston Salem, NC 27104-4225 | NC | 1995-01 | $1,736,118 |
| 5 | Rostan Family Foundation | PO BOX 970, Valdese, NC 28690-0970 | NC | 1995-03 | $1,688,837 |
| 6 | The Wilson Family Foundation | PO BOX 2278, High Point, NC 27261-2278 | NC | 1997-10 | $1,336,381 |
| 7 | Thomas H Pitts Trust Uw | 1 W 4th St 4th Fl, Winston Salem, NC 27101-3818 | NC | 1996-02 | $1,109,087 |
| 8 | Russell Wismer Char Tr Christ Ch | 1 W 4th St 4th Fl Mac D4000-041, Winston Salem, NC 27101-3818 | NC | 2001-10 | $1,008,203 |
| 9 | Cape Fear Clinic Inc | 1605 Doctors Cir, Wilmington, NC 28401-7405 | NC | 1997-09 | $942,479 |
| 10 | Ranger Tua Fbo Salvation Army | 1 W 4th St 4th Fl Mac D4000-041, Winston Salem, NC 27101-3818 | NC | 1995-03 | $709,025 |
| 11 | The Carson Family Foundation Inc | PO BOX 26262, Greensboro, NC 27402-6262 | NC | 1996-03 | $548,445 |
| 12 | Wilfred E Mccarthy And Elise Mccarthy Memorial Trust | 1 W 4th St 4th Floor, Winston Salem, NC 27101-3818 | NC | 1995-09 | $513,541 |
| 13 | Tolly Vinik Bascom Palmer Charitable Trust | 1 W 4th St 4th Floor, Winston Salem, NC 27101-3818 | NC | 1996-12 | $419,027 |
| 14 | Thomas And Kate Fonville Account, Fonville Thomas L Et Al Ttee | 1018 Harvey St, Raleigh, NC 27608-2332 | NC | 1995-05 | $413,503 |
| 15 | Ross C Griffith Charitable Remainder Unitrust | 1 W 4th St 4th Fl Mac D4000-041, Winston Salem, NC 27101-3818 | NC | 1997-11 | $399,531 |
| 16 | Raymond And Mary Grace Rogstad Foundation 80131800 | 1 W 4th St 4th Fl, Winston Salem, NC 27101-3818 | NC | 1996-07 | $253,739 |
| 17 | Tom & Elaine Wright Family Foundation Inc | 4315 Galax Trl, Greensboro, NC 27410-8861 | NC | 1995-04 | $244,742 |
| 18 | The Rosenthal Foundation, Norwest Bank Fort Wayne N A | 1 W 4th St 4th Fl, Winston Salem, NC 27101-3818 | NC | 1995-06 | $170,288 |
| 19 | Drexel Foundation Incorporated | 233 Westwood Dr, Morganton, NC 28655-8965 | NC | 1954-04 | $82,005 |
| 20 | William M Gilfillin Foundation | 1 W 4th St 4th Floor, Winston Salem, NC 27101-3818 | NC | 1997-12 | $56,873 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total | 2,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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