Duke Management Company in Durham, North Carolina (NC)

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Duke Management Company
Employer Identification Number (EIN)561748858
Name of OrganizationDuke Management Company
Address406 Blackwell Street, Durham, NC 27701-3983
ActivitiesEndowment fund or financial services
SubsectionCharitable Organization
Ruling Date10/1991
DeductibilityContributions are deductible
FoundationOrganizations operated solely for the benefit of and in conjunction with organizations described in 10 through 16 above
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2010
Assets$1,000,000 to $4,999,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$3,223,618
Amount of Income$337,990
Form 990 Revenue Amount$337,990
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Single Organization Support


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Amount of income in 2010: $337,990
Duke Management Company: 

 $337,990
Other organizations performing similar types of work: 

 $7,370,772

Assets in 2010: $3,223,618
This organization: 

 $3,223,618
Other organizations performing similar types of work: 

 $26,018,213

Expenses in 2011: $491,048
This organization: 

 $491,048
Other organizations performing similar types of work: 

 $2,570,274

Income to expenses ratio in 2011: 0.7
This organization: 

 0.7
Other organizations performing similar types of work: 

 2.5

Expenses allocated to program services in 2006: 100.0%
This organization: 

 100.0%
Other organizations performing similar types of work: 

 84.4%

Employees paid over $50,000 in 2006: 0.0%
Duke Management Company: 

 0.0%
Other organizations performing similar types of work: 

 16.7%

Grants share in income in 2011: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 27.0%

Financial snapshot ($)

Functional expenses for 2011

Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$280,668
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$0
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$280,668
Gross amount from sales of assets other than inventory (Securities / Other)$0 / $260,668
Less: cost or other basis and sales expenses (Securities / Other)$0 / $0
Gain or (loss) (Securities / Other)$0 / $260,668
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2011)
Total functional expenses$491,048
Compensation of current officers, directors, trustees, and key employees$428,225
Other salaries and wages$0
Payroll taxes$0
Professional fundraising services$0
Other$62,823
Balance Sheet (for 2011)
Total assets$3,013,238
Total liabilities$0
Total net assets or fund balances$3,013,238
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2)
Revenue, Expenses, and Changes in Net Assets or Fund Balances
2000200120022003200420052006
Total revenue$6,106,843$6,481,417$6,327,315$6,806,748$8,329,994$9,990,805$11,611,398
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0$0$0
Contributions to donor advised funds$0
Direct public support$0$0$0$0$0$0$0
Indirect public support$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$0$0$0$0$0$0$0
Membership dues and assessments$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$0$0$0$0$0$0$0
Dividends and interest from securities$0$0$0$0$0$0$0
Net rental income or (loss)$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$454,772$366,092$314,523$314,941$1,031,475$559,984$1,313,060
Gross amount from sales of assets other than inventory$454,772$366,092$314,523$314,941$1,031,475$559,984$1,313,060
Less: cost or other basis and sales expenses$0$0$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0
Other revenue$5,652,071$6,115,325$6,012,792$6,491,807$7,298,519$9,430,821$10,298,338
Total expenses$7,087,301$6,326,129$6,363,641$6,631,372$7,621,476$8,642,109$12,331,909
Program services$7,087,301$6,326,129$6,363,641$6,631,372$7,621,476$8,642,109$12,331,909
Management and general$0$0$0$0$0$0$0
Fundraising$0$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0$0
Net assets or fund balances at end of year$2,702,577$2,173,235$2,241,026$3,241,849$3,948,491$5,933,549$5,626,420
Excess or (deficit) for the year$-980,458$155,288$-36,326$175,376$708,518$1,348,696$-720,511
Net assets or fund balances at beginning of year$4,580,275$2,702,577$2,173,235$2,241,026$3,241,849$3,948,491$5,933,549
Other changes in net assets or fund balances$-897,240$-684,630$104,117$825,447$-1,876$636,362$413,382
Statement of Functional Expenses (for 2006)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$12,331,909$12,331,909$0$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$5,375,223$5,375,223$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$0$0$0$0
Legal fees$645,399$645,399$0$0
Supplies$142,012$142,012$0$0
Telephone$66,497$66,497$0$0
Postage and shipping$10,954$10,954$0$0
Occupancy$279,096$279,096$0$0
Equipment rental and maintenance$100,373$100,373$0$0
Printing and publications$247$247$0$0
Travel$423,973$423,973$0$0
Conferences, conventions, and meetings$27,031$27,031$0$0
Interest$19,196$19,196$0$0
Depreciation, depletion, etc.$59,325$59,325$0$0
Other expenses not covered above$5,182,583$5,182,583$0$0
Balance Sheets
2000200120022003200420052006
Total assets$9,946,597$9,271,780$8,513,487$9,112,036$7,512,085$8,677,301$7,497,560
Cash - non-interest-bearing$150,396$211,189$1,114,281$327,299$429,663$236,440$0
Savings and temporary cash investments$0$0$0$0$0$0$0
Accounts receivable less allowance for doubtful accounts$245,553$75,728$127,797$256,290$198,089$198,560$135,455
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0$0
Inventories for sale or use$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$24,005$64,827$73,395$115,717$138,660$126,737$88,228
Investments - publicly-traded securities$0
Investments - other securities$9,393,998$8,832,306$7,148,284$8,383,922$6,516,984$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$7,894,446$7,112,084
Land, buildings, and equipment less accumulated depreciation$132,645$87,730$49,730$28,808$228,689$221,118$161,793
Other assets, including program-related investments$0$0$0$0$0$0$0
Total liabilities$7,244,020$7,098,545$6,272,461$5,870,187$3,563,594$2,743,752$1,871,140
Accounts payable and accrued expenses$4,839,922$88,240$143,047$247,672$214,392$272,984$481,043
Grants payable$0$0$0$0$0$0$0
Deferred revenue$2,404,098$7,010,305$6,129,414$5,622,515$3,349,202$2,470,768$1,390,097
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0
Mortgages and other notes payable$0$0$0$0$0$0$0
Other liabilities$0$0$0$0$0$0$0
Total liabilities and net assets/fund balances$9,946,597$9,271,780$8,513,487$9,112,036$7,512,085$8,677,301$7,497,560
Total net assets or fund balances$2,702,577$2,173,235$2,241,026$3,241,849$3,948,491$5,933,549$5,626,420
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2000200120022003200420052006
Total revenue$6,106,843$6,481,417$6,327,315$6,806,748$8,329,994$0$0
Total revenue, gains, and other support per audited financial statements$5,209,603$5,796,787$6,431,432$7,632,195$8,328,118$0$0
Other expenses$-897,240$-684,630$104,117$825,447$-1,876$0$0
Net unrealized gains on investments$-897,240$-684,630$104,117$825,447$-1,876$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2000200120022003200420052006
Total expenses$7,087,301$6,326,129$6,363,641$6,631,372$7,621,476$0$0
Total expenses and losses per audited financial statements$7,087,301$6,326,129$6,363,641$6,631,372$7,621,476$0$0
Other revenue$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings10
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200619
Analysis of Income-Producing Activities (for 2006)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$1,313,060$10,298,338
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$1,313,060$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$10,298,338
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2006)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2006)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2006)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isNot controlled by disqualified persons/supports non private foundation
Type of supporting organizationType I
Support Schedule
1999200020012002200320042005
Total$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2006)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Number of organizations performing similar types of work
Alaska1
Alabama13
Arkansas8
Arizona5
California78
Colorado11
Connecticut7
District of Columbia6
Delaware5
Florida38
Georgia18
Hawaii2
Iowa15
Idaho6
Illinois33
Indiana13
Kansas16
Kentucky17
Louisiana12
Massachusetts19
Maryland10
Maine2
Michigan15
Minnesota17
Missouri7
Mississippi4
Montana5
North Carolina30
North Dakota4
Nebraska5
New Hampshire2
New Jersey12
New Mexico6
Nevada2
New York42
Ohio32
Oklahoma11
Oregon7
Pennsylvania19
Rhode Island6
South Carolina8
South Dakota2
Tennessee8
Texas52
Utah4
Virginia29
Washington10
Wisconsin15
West Virginia6
Wyoming2
International4
Total701

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