Kermit G Phillips Ii Charitable Tr, Phillips Kermit Ttee in Greensboro, North Carolina (NC)
Table of contents:
- Overview
- Detailed Reports
- Analysis of Revenue and Expenses
- Balance Sheets
- Capital Gains and Losses for Tax on Investment Income
- Excise Tax Based on Investment Income
- Statements Regarding Activities
- Statements Regarding Activities for Which Form 4720 May Be Required
- Minimum Investment Return
- Distributable Amount
- Undistributed Income
- Private Operating Foundations
- Organizations performing similar types of work
| Kermit G Phillips Ii Charitable Tr, Phillips Kermit Ttee | |
| Employer Identification Number (EIN) | 046977585 |
| Name of Organization | Kermit G Phillips Ii Charitable Tr |
| Secondary Name | Phillips Kermit Ttee |
| Address | 1400 Battleground Ave Ste 201, Greensboro, NC 27408-8028 |
| Subsection | Charitable Organization |
| Ruling Date | 09/2002 |
| Deductibility | Contributions are deductible |
| Foundation | Private non-operating foundation |
| Organization | Trust |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 12/2013 |
| Assets | $50,000,000 to greater |
| Income | $50,000,000 to greater |
| Filing Requirement | 990 - Not required to file (all other) |
| Asset Amount | $55,907,880 |
| Amount of Income | $65,597,948 |
| Form 990 Revenue Amount | $244,712 |
| National Taxonomy of Exempt Entities (NTEE) | Philanthropy, Voluntarism and Grantmaking Foundations: Fund Raising and/or Fund Distribution |
Non-representatives - add comments:
Amount of income in 2013: $65,597,948 (it was $969,462 in 2012)
| Kermit G Phillips Ii Charitable Tr, Phillips Kermit Ttee: | $65,597,948 |
| Other organizations performing similar types of work: | $72,190 |
Assets in 2013: $55,907,880 (it was $9,370,850 in 2012)
| Kermit G Phillips Ii Charitable Tr, Phillips Kermit Ttee: | $55,907,880 |
| Other organizations performing similar types of work: | $42,723 |
Expenses in 2012: $434,649
| Kermit G Phillips Ii Charitable Tr, Phillips Kermit Ttee: | $434,649 |
| Other organizations performing similar types of work: | $42,209 |
Income to expenses ratio in 2012: 150.9
| This organization: | 150.9 |
| Other organizations performing similar types of work: | 0.4 |
Grants share in income in 2012: 11.1%
| Kermit G Phillips Ii Charitable Tr, Phillips Kermit Ttee: | 11.1% |
| Other organizations performing similar types of work: | 4.7% |
Revenue for 2012
Expenses for 2012
Assets for 2012
| Analysis of Revenue and Expenses (for 2012) | ||||
| Revenue and expenses per books | Net investment income | Adjusted net income | Disbursements for charitable purposes (cash basis only) | |
|---|---|---|---|---|
| Total revenue | $456,219 | $405,419 | $277,329 | |
| Contributions, gifts, grants, etc., received | $50,800 | |||
| Interest on savings and temporary cash investments | $47,194 | |||
| Dividends and interest from securities | $211,691 | |||
| Gross rents | $0 | |||
| Gross profit from sales of goods | $0 | |||
| Other income | $0 | |||
| Other | $146,534 | |||
| Total expenses and disbursements | $434,649 | $30,024 | $30,024 | $325,000 |
| Compensation of officers, directors, trustees, etc. | $72,000 | |||
| Total operating and administrative expenses | $109,649 | $30,024 | $0 | |
| Contributions, gifts, grants paid | $325,000 | |||
| Excess of revenue over expenses and disbursements | $21,570 | |||
| Net investment income | $375,395 | |||
| Adjusted net income | $247,305 | |||
| Balance Sheets (for 2012) | ||
| Book Value | Fair Market Value | |
|---|---|---|
| Total assets | $9,370,850 | $9,556,607 |
| Cash - non-interest-bearing | $251,395 | |
| Investments-U.S. and state government obligations | $566,268 | |
| Investments-corporate stock | $5,726,410 | |
| Investments-corporate bonds | $0 | |
| Investments-mortgage loans | $0 | |
| Investments-other | $0 | |
| Other | $2,826,777 | |
| Total liabilities | $1,886 | |
| Mortgages and other notes payable | $0 | |
| Other | $1,886 | |
| Total liabilities and net assets/fund balances | $9,368,964 | |
| Capital Gains and Losses for Tax on Investment Income (for 2012) | |
| Capital gain net income | $146,534 |
| Net capital loss | $0 |
| Excise Tax Based on Investment Income (for 2012) | |
| Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income) | No |
| Tax based on investment income | $7,508 |
| Total credits and payments | $7,578 |
| 2012 estimated tax payments and 2011 overpayment credited to 2012 | $5,978 |
| Exempt foreign organizations-tax withheld at source | $0 |
| Tax paid with application for extension of time to file (Form 8868) | $1,600 |
| Backup withholding erroneously withheld | $0 |
| Any penalty for underpayment of estimated tax | $0 |
| Tax due | $0 |
| Overpayment | $70 |
| Amount to be credited to 2013 estimated tax | $0 |
| Statements Regarding Activities (for 2012) | |
| During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign? | No |
| Was there a liquidation, termination, dissolution, or substantial contraction during the year? | No |
| Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for calendar year 2012 or the taxable year beginning in 2012? | No |
| Statements Regarding Activities for Which Form 4720 May Be Required (for 2012) | |
| During the year did the foundation (either directly or indirectly): | |
| Engage in the sale or exchange, or leasing of property with a disqualified person? | No |
| Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person? | No |
| Furnish goods, services, or facilities to (or accept them from) a disqualified person? | No |
| Pay compensation to, or pay or reimburse the expenses of, a disqualified person? | No |
| Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)? | No |
| Agree to pay money or property to a government official? | No |
| At the end of tax year 2012, did the foundation have any undistributed income for tax year(s) beginning before 2012? | No |
| Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year? | No |
| Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes? | No |
| During the year did the foundation pay or incur any amount to: | |
| Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? | No |
| Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive? | No |
| Provide a grant to an individual for travel, study, or other similar purposes? | No |
| Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)? | No |
| Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals? | No |
| Minimum Investment Return (for 2012) | |
| Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes | $9,629,728 |
| Net value of noncharitable-use assets | $9,485,280 |
| Minimum investment return | $474,264 |
| Distributable Amount (for 2012) | |
| Distributable amount | $466,756 |
| Undistributed Income (for 2012) | |
| Distributable amount for 2012 | $466,756 |
| Undistributed income for 2012. This amount must be distributed in 2013 | $0 |
| Private Operating Foundations (for 2012) | |||||
| 2012 | 2011 | 2010 | 2009 | Total | |
|---|---|---|---|---|---|
| The lesser of the adjusted net income or the minimum investment return | $0 | $0 | $0 | $0 | $0 |
| Qualifying distributions made directly for active conduct of exempt activities | $0 | $0 | $0 | $0 | $0 |
| Value of all assets | $0 | $0 | $0 | $0 | $0 |
| Value of assets qualifying under section 4942(j)(3)(B)(i) | $0 | $0 | $0 | $0 | $0 |
| 2/3 of minimum investment return | $0 | $0 | $0 | $0 | $0 |
| Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) | $0 | $0 | $0 | $0 | $0 |
| Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii) | $0 | $0 | $0 | $0 | $0 |
| Gross investment income | $0 | $0 | $0 | $0 | $0 |
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| Organizations performing similar types of work | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | Rotary International, South Hill Rotary Club | PO BOX 922, South Hill, VA 23970-0922 | VA | 2008-06 | $70,044 |
| 2 | Troon Foundation | 104 Troon Pl, Elon, NC 27244-9264 | NC | 2012-02 | $4,552,721 |
| 3 | Chiquita For Charities | 550 S Caldwell St Ste 1515, Charlotte, NC 28202-2685 | NC | 2014-08 | $2,653,906 |
| 4 | Magic Cabinet Foundation Tua | 1 W 4th St 4th Fl, Winston Salem, NC 27101-3818 | NC | 2011-04 | $1,294,141 |
| 5 | W Rudolph & Helen Jacobs Carter Endowment Fund Fbo Bethel United | PO BOX 1465, Wilson, NC 27894-1465 | NC | 2003-06 | $757,660 |
| 6 | Sharp Healthcarefuller Trust Wells Fargo Bank Na Trustee, San Diego Trust & Savings Bank Tr | 1 W 4th St 4th Fl, Winston Salem, NC 27101-3818 | NC | 2000-06 | $603,837 |
| 7 | Benham Foundation Inc | 8410 Pit Stop Ct Nw Ste 140, Concord, NC 28027 | NC | 2010-02 | $416,779 |
| 8 | Sallie Clark Tr Fbo Averett College, Branch Banking & Trust Co Va Ttee | PO BOX 2907, Wilson, NC 27894-2907 | NC | 2001-09 | $392,465 |
| 9 | Ruth Harbison Carr Fam Foundation Tr | 106 River View Dr, Morganton, NC 28655-8000 | NC | 2000-12 | $323,588 |
| 10 | Tilla Harmon Tr Uw Fbo For Miss Soc Of Mor Ch Etal | 1 W 4th St 4th Fl, Winston Salem, NC 27101-3818 | NC | 2007-08 | $240,625 |
| 11 | Mission Servants Ministries | 4001 Trehurst Ct, Charlotte, NC 28269-8361 | NC | 2010-02 | $191,579 |
| 12 | Ms Events | PO BOX 30414, Raleigh, NC 27622-0414 | NC | 2009-04 | $130,203 |
| 13 | Cobras Inc | 101 N Tryon St Ste 1900, Charlotte, NC 28246-0103 | NC | 2013-06 | $120,984 |
| 14 | Neuse River Bridge Run | Po Box 234, New Bern, NC 28563 | NC | 2007-09 | $117,923 |
| 15 | Jennifer Rose Cernuto Family Foundation Inc | 132 Joe V Knox Avenue No 105, Mooresville, NC 28117 | NC | 2012-05 | $106,826 |
| 16 | Wallburg Elementary School Pto | 205 Motsinger Rd, Winston Salem, NC 27107-1943 | NC | 2002-11 | $85,117 |
| 17 | Ghana Rock | 8307 Laurel Run Dr, Charlotte, NC 28269 | NC | 2012-12 | $66,238 |
| 18 | Golf 912 | 5605 Carnegie Blvd Suite 110, Charlotte, NC 28209 | NC | 2010-06 | $54,533 |
| 19 | Halifax Helps Inc | PO BOX 667, Enfield, NC 27823-0667 | NC | 2009-04 | $54,395 |
| 20 | Showing Our Hearts For Kids Inc | 12 Terrapin Trl, Flat Rock, NC 28731-9633 | NC | 2007-11 | $45,857 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total | 3,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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