Domestic Private Foundations and Charitable Trusts: Tax
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Domestic Private Foundations and Charitable Trusts: Tax
Years 2005 and 2006
by Cynthia Belmonte
P
rivate foundations distribute billions of dollars
to the charitable sector each year. Generally,
these distributions are grants to other taxexempt organizations to assist in funding their charitable programs. Because the activities of private
foundations are primarily charitable, most income
that they receive is exempt from tax under Internal
Revenue Code (IRC) section 501(c)(3). However,
private foundations are subject to a variety of IRS
regulations regarding their activities. Private foundations report compliance with IRS regulations, as
well as detailed financial information, using the
annual information return Form 990-PF, Return
of Private Foundation (or Section 4947(a)(1)
Charitable Trust Treated as a Private Foundation).
Certain nonexempt charitable trusts that are treated
as private foundations for tax purposes are also required to file this return.1
Form 990-PF can provide insight into a wide
range of issues related to private foundations and
nonexempt charitable trusts, such as organizational
and operating characteristics; composition of assets, revenue, and expenditures; and the relationship between charitable contributions and investment return. The total number of Forms 990-PF
filed by private foundations increased by 3 percent
to 79,535 between Tax Years 2004 and 2005, and
increased another 3 percent to 81,850 between Tax
Years 2005 and 2006. The number of returns filed
by nonexempt charitable trusts increased by 3 percent to 3,612 between Tax Years 2004 and 2005, but
decreased by 3 percent to 3,502 between Tax Years
2005 and 2006.
Contributions, gifts, and grants distributed to the
charitable sector by private foundations increased
substantially for Tax Years 2005 and 2006. Private
foundations distributed 15 percent more in contributions, gifts, and grants for Tax Year 2005 than for
the previous year. Contributions, gifts, and grants
distributed for Tax Year 2006 increased another 10
percent over Tax Year 2005. Nonexempt charitable
Cynthia Belmonte is an economist with the Special Studies
Special Projects Section. This data release was prepared
under the direction of Melissa R. Ludlum, Chief.
262
trusts distributed 4 percent more in contributions,
gifts, and grants for Tax Year 2005 than for the previous year, but, for Tax Year 2006, the amount of contributions, gifts, and grants paid decreased 7 percent.
Selected financial data reported on Forms 990-PF by
private foundations and nonexempt charitable trusts
for Tax Years 2004 through 2006, including asset,
revenue, and expense items, are shown in Figure A.2
Often, investment assets provide the basis for
giving by grantmaking foundations and charitable
trusts. The value of investment assets held by private
foundations increased by 7 percent between Tax
Years 2004 and 2005, and increased by 18 percent
between Tax Years 2005 and 2006. For each year,
investment assets represented more than 94 percent
of the fair market value of total assets reported by
private foundations, which also increased by 7 percent to $545.9 billion for 2005, and 18 percent to
$645.8 billion for 2006. The value of investment assets held by nonexempt charitable trusts increased by
4 percent between Tax Year 2004 and Tax Year 2005,
and by 5 percent between Tax Year 2005 and Tax
Year 2006. Nonexempt charitable trusts reported an
aggregate fair market value of total assets of $5.8 billion for Tax Year 2005 and $6.1 billion for Tax Year
2006; for both years, investment assets represented
nearly 98 percent of the total.
Revenue received by private foundations and
nonexempt charitable trusts for Tax Years 2005 and
2006 consisted primarily of income derived from
assets and contributions, gifts, and grants received.
Income derived from assets, including net gains from
sales of assets, interest and dividends from securities, and interest on savings, accounted for more than
half of total revenue reported by private foundations
for Tax Years 2005 and 2006. Contributions, gifts,
and grants received represented an additional 40 percent of total revenue. Overall, private foundations
reported 30 percent more revenue for Tax Year 2005
than for Tax Year 2004, and 23 percent more revenue
for Tax Year 2006 than for Tax Year 2005. Total
revenue reported by nonexempt charitable trusts increased by 15 percent to $579 million between Tax
Year 2004 and Tax Year 2005, and increased 6 percent to $611 million between Tax Year 2005 and Tax
1 These trusts, defined under section 4947(a)(1), have only charitable beneficiaries and pay taxes using Form 1041, U.S. Income Tax Return for Estates and Trusts. However,
they may be able to avoid all tax by deducting charitable expenses; thus, they are subject to the private foundation rules.
2 For complete information on Forms 990-PF filed for Tax Year 2004, see Ludlum, Melissa, “Domestic Private Foundations and Charitable Trusts: Charitable Distributions
and Investment Assets, Tax Year 2004,” Statistics of Income Bulletin, Fall 2007, Volume 27, Number 2.
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Figure A
Domestic Private Foundations and Charitable Trusts: Selected Financial Items and Percentage
Changes, Tax Years 2004-2006
[All figures are estimates based on samples—money amounts are in millions of dollars]
Private foundations
Item
Number of returns
Total assets (fair market value)
Cash (non-interest bearing accounts)
Investments, total
Savings and temporary cash investments
Investments in securities, total
Government obligations
Corporate stock
Corporate bonds
Other investments [1]
Total revenue
Contributions, gifts, and grants received
Net gain (less loss) from sales of assets
Dividends and interest from securities
Interest on savings
Net investment income
Total expenses
Disbursements for charitable purposes
Contributions, gifts, and grants paid
Excise tax on net investment income
2004
2005
2006
(1)
(2)
(3)
76,897
509,924
4,718
481,177
30,449
361,158
37,859
279,921
43,378
89,570
58,668
23,531
21,070
8,815
1,836
34,019
36,552
32,125
27,625
469
79,535
545,938
5,168
515,795
33,836
373,084
37,401
294,779
40,903
108,875
76,365
31,224
29,036
9,863
2,230
44,269
42,822
37,017
31,856
624
81,850
645,810
6,678
609,661
42,304
403,668
38,718
325,759
39,191
163,689
94,107
39,576
35,747
11,401
2,672
54,200
48,797
40,686
34,932
796
Charitable trusts
Percentage
change,
2004-2005
(4)
Percentage
change,
2005-2006
(5)
Percentage
change,
2004-2005
(9)
3.4
7.1
9.5
7.2
11.1
3.3
-1.2
5.3
-5.7
21.6
30.2
32.7
37.8
11.9
21.5
30.1
17.2
15.2
15.3
33.0
2.9
18.3
29.2
18.2
25.0
8.2
3.5
10.5
-4.2
50.3
23.2
26.7
23.1
15.6
19.8
22.4
14.0
9.9
9.7
27.6
Number of returns
Total assets (fair market value)
Cash (non-interest bearing accounts)
Investments, total
Savings and temporary cash investments
Investments in securities, total
Government obligations
Corporate stock
Corporate bonds
Other investments [1]
3,511
5,579
42
5,457
289
4,289
406
3,285
599
879
3,612
5,832
40
5,699
319
4,591
480
3,521
589
789
3,502
6,142
43
6,005
321
4,874
474
3,801
598
810
2.9
4.5
-4.8
4.4
10.4
7.0
18.2
7.2
-1.7
-10.2
Percentage
change,
2005-2006
(10)
-3.0
5.3
7.5
5.4
0.6
6.2
-1.3
8.0
1.5
2.7
Total revenue
Contributions, gifts, and grants received
Net gain (less loss) from sales of assets
Dividends and interest from securities
Interest on savings
Net investment income
Total expenses
Disbursements for charitable purposes
Contributions, gifts, and grants paid
Excise tax on net investment income
502
169
159
130
8
304
369
332
314
5
579
163
230
143
10
383
389
345
325
6
611
109
285
162
13
456
367
322
302
7
15.3
-3.6
44.7
10.0
25.0
26.0
5.4
3.9
3.5
20.0
5.5
-33.1
23.9
13.3
30.0
19.1
-5.7
-6.7
-7.1
16.7
Item
2004
2005
(6)
2006
(7)
(8)
[1] Sum of "investments in land, buildings, and equipment (less accumulated depreciation)," "investments in mortgage loans," and miscellaneous items such as advances;
certificates of investment; and investments in art, coins, gold, and gems.
Year 2006. For Tax Year 2005, more than two-thirds
of revenue reported by nonexempt charitable trusts
were received from net gains from sales of assets,
interest and dividends from securities, and interest
on savings; while for Tax Year 2006, these sources
accounted for 75 percent of total revenue. Contributions, gifts, and grants received accounted for 28
percent of revenue reported by nonexempt charitable
trusts for Tax Year 2005 and only 18 percent of revenue reported for Tax Year 2006.
263
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
The Statistics of Income Study
The Statistics of Income (SOI) Division conducts an
annual study of private foundations, based on information returns filed with the Internal Revenue Service. The SOI data are estimates based on a sample
of Forms 990-PF selected to represent the entire
filing population for a given tax year. The data presented in this article are from a sample of Forms 990PF filed for Tax Years 2005 and 2006 by domestic
private foundations, and from the population of Tax
Years 2005 and 2006 Forms 990-PF filed by domestic nonexempt charitable trusts that were treated as
private foundations. Domestic foundations and trusts
are those that were organized in the United States.
Tax Year 2005 includes all accounting periods beginning in Calendar Year 2005 and thus ending between
December 2005 and November 2006. Tax Year 2006
includes all accounting periods beginning in Calendar Year 2006 and thus ending between December
2006 and November 2007.
Statistics of Income studies based on stratified
random samples of returns filed by private foundations have been conducted for Tax Years 1974, 1979,
1982, 1983, and annually since 1985. Studies based
on sampled Forms 990-PF filed by charitable trusts
have been conducted for Tax Year 1979 and annually since 1989. Beginning with Tax Year 2003, the
population of Forms 990-PF filed by nonexempt
charitable trusts has been included in the SOI study.
Composition of Filers
Under IRC section 501(c)(3), private foundations and
other organizations that conduct activities or provide
financial support for charitable purposes are granted
exemption from the income taxes described in IRC,
Title 26, Subtitle A.3 Foundations represent a minority of tax-exempt organizations; most tax-exempt
organizations are hospitals, schools, churches, and
organizations that receive broad support from the
general public. Many of these types of tax-exempt
organizations file Form 990, Return of Organization
Exempt From Income Tax, or Form 990-EZ, the short
version of this information return.4 Several characteristics distinguish a foundation from other types
of tax-exempt organizations, including its narrow
sphere of support and control. A private foundation
may be organized as a corporation, association, or
Programs termed “charitable” refer to tax-exempt activities that are charitable, educational, scientific, social, literary, or religious in nature.
For an indepth discussion of organizations other than private foundations that are tax-exempt under IRC section 501(c)(3), see Arnsberger, Paul, “Charities, Business
Leagues, and Other Tax-Exempt Organizations, 2006,” Statistics of Income Bulletin, in this issue.
3
264
trust. Typically, a foundation is funded by a small
number of private donors. Additionally, control of
the private foundation is generally limited to an individual, family, or corporation.
Nonexempt charitable trusts that are treated as
private foundations for tax purposes are trusts that
have not obtained tax-exempt status, but they are
funded and operated nearly identically to tax-exempt
private foundations. These trusts have exclusively
charitable interests and have amounts in trust for
which donors are allowed to claim a tax deduction
for charitable contributions. Unlike private foundations, nonexempt charitable trusts are required to pay
an annual tax on income that is not distributed for
charitable purposes, and they must report such income and tax on Form 1041, U.S. Fiduciary Income
Tax Return, in addition to filing Form 990-PF. Nonexempt charitable trusts with no taxable income for a
tax year may file Form 990-PF only.
All private foundations and nonexempt charitable
trusts are classified as one of two operating types—
“nonoperating” or “operating.” Private foundations and
nonexempt charitable trusts that are characterized as
nonoperating primarily contribute grants and other financial support to charitable organizations or activities;
they generally do not operate their own charitable progams. Nonoperating private foundations and charitable
trusts are by far the most common Form 990-PF filers;
for each of Tax Years 2005 and 2006, over 90 percent of
Forms 990-PF filed were filed by nonoperating foundations or trusts.
Private foundations and charitable trusts that principally focus on the operation of their own charitable
programs are known as operating foundations. Private
foundations that operate as museums, housing or healthcare facilities, or organizations that conduct scientific
research are examples of foundations that frequently
receive operating status. In order to qualify as operating, a foundation must meet certain financial criteria
(see “Operating foundations and charitable trusts” in the
Explanation of Selected Terms section for information
on operating foundations).
Figure B shows the number of returns filed, fair
market value of total assets, total revenue, and total
contributions, gifts, and grants paid, for Tax Year
2006 reported by Form 990-PF filers, by organization and operating type. More than 95 percent of
4
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Figure B
Domestic Private Foundations and Charitable Trusts: Selected Financial Items, by Size of End-of-Year
Fair Market Value of Total Assets, Tax Year 2006
[All figures are estimates based on samples—money amounts are in millions of dollars]
Nonoperating foundations
All foundations
Asset size
Number of
returns
(1)
Total FMV
assets
(2)
Total
grants
(4)
Total revenue
(3)
Number of
returns
(5)
Total FMV
assets
(6)
Private foundations, total
81,850
645,810.2
94,107.2
34,932.2
74,364
Less than $1,000,000
52,730
13,402.1
4,789.2
3,933.5
47,121
12,324.5
$1,000,000 under $50,000,000
27,613
173,142.8
31,226.5
12,251.2
25,848
160,945.6
$50,000,000 or more
1,507
459,265.3
58,091.5
Percentage of total
18,747.5
Total
Asset size
1,395
424,438.8
Percentage of total
100.0
100.0
100.0
100.0
100.0
64.4
2.1
5.1
11.3
63.4
2.1
33.7
26.8
1.8
71.1
Nonoperating foundations
33.2
61.7
35.1
34.8
53.7
1.9
Operating foundations
26.9
71.0
Less than $1,000,000
$1,000,000 under $50,000,000
$50,000,000 or more
597,708.9
Total revenue
(7)
Total
grants
(8)
Number of
returns
(9)
Total FMV
assets
(10)
Total
revenue
(11)
100.0
Total
grants
(12)
Private foundations, total
86,195.6
33,850.2
7,486
48,101.4
7,911.6
Less than $1,000,000
3,566.1
3,840.8
5,610
1,077.6
1,223.1
92.8
$1,000,000 under $50,000,000
28,032.6
11,487.5
1,765
12,197.2
3,193.8
763.7
$50,000,000 or more
54,596.9
18,521.9
Percentage of total
112
34,826.6
3,494.6
Percentage of total
225.6
Total
1,082.0
100.0
100.0
100.0
100.0
100.0
100.0
Less than $1,000,000
4.1
11.3
74.9
2.2
15.5
8.6
$1,000,000 under $50,000,000
$50,000,000 or more
32.5
63.3
23.6
1.5
25.4
72.4
Asset size
Number of
returns
(1)
33.9
54.7
All charitable trusts
Total FMV
assets
(2)
Total
grants
(4)
Total revenue
(3)
40.4
70.6
44.2
20.9
Nonoperating charitable trusts
Number of
returns
(5)
Total FMV
assets
(6)
Nonexempt charitable trusts, total
3,502
6,141.6
611.1
302.0
3,469
Less than $1,000,000
2,548
747.0
99.2
58.4
2,521
739.7
$1,000,000 under $10,000,000
860
2,445.5
247.2
107.3
855
2,425.6
$10,000,000 or more
94
2,949.1
264.6
Percentage of total
136.3
Total
Asset size
93
2,932.1
Percentage of total
100.0
100.0
100.0
100.0
100.0
72.8
12.2
16.2
19.3
72.7
12.1
24.6
39.8
2.7
48.0
Nonoperating charitable trusts
40.5
43.3
35.5
24.6
45.1
2.7
Operating charitable trusts
39.8
48.1
Less than $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
6,097.4
Total revenue
(7)
Total
grants
(8)
Number of
returns
(9)
Total FMV
assets
(10)
Total
revenue
(11)
100.0
Total
grants
(12)
Nonexempt charitable trusts, total
606.0
301.2
33
44.2
5.1
0.8
Less than $1,000,000
98.7
58.2
27
7.3
0.5
0.2
$1,000,000 under $10,000,000
243.2
106.9
5
19.9
4.0
0.4
264.1
136.2
Percentage of total
1
0.5
0.2
100.0
$10,000,000 or more
Total
17.0
Percentage of total
100.0
100.0
100.0
100.0
100.0
Less than $1,000,000
16.3
19.3
81.8
16.5
9.8
25.0
$1,000,000 under $10,000,000
40.1
35.5
15.2
45.0
78.4
50.0
$10,000,000 or more
43.6
45.2
3.0
38.5
9.8
25.0
NOTES: Detail may not add to totals because of rounding and processing tolerances. "FMV" is an abbreviation for fair market value.
265
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Tax Year 2006 Forms 990-PF were filed by private
foundations. In terms of financial activity, private
foundations were even more dominant, reporting
99 percent of the fair market value of total assets
held, total revenue, and total contributions, gifts, and
grants distributed by all Form 990-PF filers. For this
reason, the remainder of the article will focus solely
on private foundations. The attached tables, however, include data for nonexempt charitable trusts.
Most foundations were similarly sized, with the
majority of foundations holding assets with fair market values of less than $1,000,000. The median fair
market value of total assets held by foundations for
Tax Year 2006 was $521,035. However, the mean
fair market value of total assets held by private foundations for Tax Year 2006 was $7.9 million, illustrating the presence of a small number of foundations
holding large amounts of assets.
Large private foundations, defined as those with
$50 million or more in fair market value of total assets at the end of Tax Year 2006, accounted for the
majority of financial activity. These organizations
represented less than 2 percent of private foundations for Tax Year 2006, yet held 71 percent of the
aggregate fair market value of total assets reported.
Further, less than 1 percent of private foundations—
those with assets valued at $100 million or more—
held over 63 percent of all assets. Large foundations
also received most of the revenue, 62 percent, and
distributed more than half, 54 percent, of grants reported by all private foundations for Tax Year 2006.
Ten Largest Domestic Foundations
The largest foundations, based on asset size, and the
largest grantmakers, based on the total amount of
contributions, gifts, and grants reported for Tax Year
2006, are shown in Figure C.5 Data obtained from
Forms 990-PF differ from most other IRS return
data, in that individual return information may be
published. In fact, returns are available for public
review under IRC section 6104(b). For Tax Year
266
2006, ten foundations alone held one-fifth of the
total assets reported by the domestic Form 990-PF
filers. With assets valued at $33.0 billion, the Bill
and Melinda Gates Foundation Trust was by far the
largest organization in the domestic top ten. The Bill
and Melinda Gates Foundation, with $29.7 billion in
assets, was the second-largest domestic private foundation.6 For Tax Year 2006, the J. Paul Getty Trust
was the only operating foundation included in the
top ten largest organizations. This foundation, which
operates the J. Paul Getty Museum, reported assets
valued at more than four times those reported by the
second-largest operating foundation, the Washingtonbased Casey Family Programs, which ranked as the
23rd-largest foundation. The Bill and Melinda Gates
and Ford foundations were the leading grantmakers
in Tax Year 2006, distributing $1.6 billion and $0.6
billion in contributions, gifts, and grants for the year,
respectively.
Investment Assets and Income
Investment performance significantly impacts the
ability of private foundations to fund their short- and
long-term grantmaking. Private foundations, particularly those that focus on long-term grantmaking, rely
on growth from investment assets to finance future
charitable distributions. Income derived from investment assets, including sales, dividends, and interest,
provided more than half of all revenue reported by
foundations for Tax Years 2005 and 2006. Figure
D shows inflation-adjusted changes in the values of
total and selected types of investments held by nonoperating foundations, between Tax Years 2004 and
2006.7 The real value of investments increased by
only 4 percent from Tax Year 2004 to Tax Year 2005,
but increased much more dramatically, by 15 percent,
from Tax Year 2005 to Tax Year 2006. Securities,
comprising corporate stocks and bonds and government obligations, represented the largest component
of investment, accounting for 72 percent of total investments for Tax Year 2005 and 66 percent for Tax
5 Seven of the ten largest foundations and seven of the ten biggest grantmakers had calendar year accounting periods, meaning that all of their activity occurred during
the calendar year period. However, three of the ten had other fiscal year accounting periods. For Tax Year 2006, the Ford Foundation had an accounting period ending in
September 2007, the J. Paul Getty Trust in June 2007, and the W.K. Kellogg Foundation and the W.K. Kellogg Foundation Trust in August 2007; therefore, much of their
activity for Tax Year 2006 occurred in Calendar Year 2007. See the Data Sources and Limitations section.
6 In October, 2006, the Bill and Melinda Gates Foundation Trust was created to manage the endowment assets of the Bill and Melinda Gates Foundation (“the foundation”),
which distributes money to grantees. The grants paid reported by the Bill and Melinda Gates Foundation Trust were combined with the amount reported by the Bill and
Melinda Gates Foundation to represent the total grantmaking efforts of the foundation throughout the tax year.
7 Data for investment assets in the text and in Figure D differ from those presented elsewhere in this article because they have been adjusted for inflation. Tax Year 2004
and 2005 investment totals were adjusted based on the 2000 chain-type price index for Gross Domestic Product as reported by the U.S. Department of Commerce, Bureau of
Economic Analysis; 2006 was used as the base year. Unless otherwise noted, all other data are in current dollars.
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Figure C
Top Ten Domestic Private Foundations, by Size of End-of-Year Fair Market Value of Total Assets
and Charitable Grants Paid, Tax Year 2006
[Money amounts are in millions of dollars]
Ten Largest Organizations
State
Name and ranking
(1)
1. Bill and Melinda Gates Foundation Trust [1]
2. Bill and Melinda Gates Foundation [1]
3. The Ford Foundation
4. The J. Paul Getty Trust [2]
5. The Robert Wood Johnson Foundation
1
6. The William & Flora
Hewlett Foundation
7. W.K. Kellogg Foundation [3]
8. Lilly Endowment Inc.
9. The David and Lucile Packard Foundation
10. John D. and Catherine T. Macarthur Foundation
Total
WA
WA
NY
CA
NJ
CA
MI
IN
CA
IL
Ten Biggest Grantmakers
State
Name and ranking
(1)
1. Bill and Melinda Gates Foundation [1]
2. The Ford Foundation
3. Lilly Endowment Inc.
4. The Robert Wood Johnson Foundation
5. Glaxosmithkline Patient Access Programs Foundation
6. W.K. Kellogg Foundation [3]
7. The Annenberg Foundation
8. The David and Lucile Packard Foundation
9. Gordon E. and Betty I. Moore Foundation
10. John D. and Catherine T. Macarthur Foundation
Total
WA
NY
IN
NJ
PA
MI
PA
CA
CA
IL
Total
grants
paid
(3)
Total
FMV
assets
(2)
33,030
29,655
13,799
11,187
10,103
8,516
8,420
7,602
6,354
6,178
134,844
Total
grants
paid
(2)
1,552
617
352
331
324
303
280
238
231
217
4,445
Total
FMV
assets
(3)
0
1,552
617
12
331
212
303
352
238
217
3,834
29,655
13,799
7,602
10,103
27
8,420
2,685
6,354
5,836
6,178
90,659
[1] In October, 2006, the Bill and Melinda Gates Foundation Trust was created to manage the endowment assets of the Bill and Melinda Gates Foundation (“the foundation”),
which distributes money to grantees. The grants paid reported by the Bill and Melinda Gates Foundation Trust were combined with the amount reported by the the Bill and
Melinda Gates Foundation to represent the total grantmaking efforts of the foundation throughout the tax year.
[2] The J. Paul Getty Trust is an operating foundation. All other organizations listed are nonoperating foundations.
[3] The W.K. Kellogg Foundation Trust (classified as a private foundation and not as a section 4947(a)(1) charitable trust) is located in New York and has a "pass-through"
relationship with the W.K. Kellogg Foundation, located in Michigan. Typically, the entire amount of the annual qualifying (charitable) distributions of the W. K. Kellogg
Foundation Trust is made in the form of a grant to the W.K. Kellogg Foundation, which then redistributes the grant for charitable purposes. The combined total assets of the
two organizations
i i
are shown
h
in
i the
h "Total
"T l FMV assets"" column,
l
but,
b in
i order
d to avoid
id duplication,
d li i
only
l the
h grants paid
id by
b the
h W.K.
WK K
Kellogg
ll
F
Foundation
d i are shown
h
iin the
h "T
"Totall
grants paid" column.
NOTES: Detail may not add to totals due to rounding. "FMV" is an abbreviation for fair market value.
Year 2006. Savings and temporary cash investments
represented 7 percent of total investments for Tax
Years 2005 and 2006; while “other investments” represented 21 and 27 percent of total investments, respectively, for Tax Years 2005 and 2006. The “other
investments” category represents an aggregation of
several items, including investments in land, buildings, and equipment (less accumulated depreciation);
mortgage loans; and additional items such as advances, certificates of investment, and investments in art,
gold, coins, and gems.
The value of fixed-income investments, including government obligations and corporate bonds,
held by private foundations each declined, in real
terms, by 4 percent and 9 percent, respectively, for
Tax Year 2005. Holdings of government obligations
were unchanged for Tax Year 2006, while holdings
of corporate bonds declined another 7 percent, in real
terms. However, increases in the respective values of
savings and temporary cash investments, corporate
stocks, and other investments more than offset the
decreases in the values of fixed income investments
for both Tax Years 2005 and 2006.
In real terms, the value of investments held by
medium foundations, defined as those holding from
$1 million to $50 million in fair market value of total
267
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Figure D
Domestic Private Foundations: Investments and Percentage Changes, by Size of End-of-Year Fair
Market Value of Total Assets, in Constant Dollars, Tax Years 2004-2006
[All figures are estimates based on samples—money amounts are in millions of dollars]
Asset size
All foundations
Item
Investments, total (fair market value)
Savings and temporary cash investments
Investments in securities, total
Government obligations
Corporate stock
Corporate bonds
Other investments [1]
2004
2005
2006
(1)
512,935
32,459
384,995
40,358
298,396
46,241
95,482
(2)
532,300
34,918
385,023
38,598
304,212
42,212
112,359
(3)
609,661
42,304
403,668
38,718
325,759
39,191
163,689
Less than $1,000,000
Percentage Percentage
change,
change,
2004-2005 2005-2006
(4)
3.8
7.6
0.0
-4.4
1.9
-8.7
17.7
(5)
14.5
21.2
4.8
0.3
7.1
-7.2
45.7
2004
2005
2006
(6)
12,198
2,344
8,083
605
6,419
1,059
1,771
(7)
11,955
2,333
8,133
619
6,458
1,057
1,488
(8)
11,768
2,342
7,871
628
6,197
1,046
1,555
$1,000,000 under $50,000,000
Item
Investments, total (fair market value)
Savings and temporary cash investments
Investments in securities, total
Government obligations
Corporate stock
Corporate bonds
Other investments [1]
2004
2005
2006
(11)
147,861
13,838
113,108
12,268
86,582
14,258
20,915
(12)
152,282
14,653
114,813
11,939
89,650
13,224
22,815
(13)
160,833
16,364
118,801
11,658
93,952
13,191
25,668
3.0
5.9
1.5
-2.7
3.5
-7.3
9.1
(9)
-2.0
-0.5
0.6
2.3
0.6
-0.2
-16.0
(10)
-1.6
0.4
-3.2
1.5
-4.0
-1.0
4.5
$50,000,000 or more
Percentage Percentage
change,
change,
2004-2005 2005-2006
(14)
Percentage Percentage
change,
change,
2004-2005 2005-2006
(15)
5.6
11.7
3.5
-2.4
4.8
-0.2
12.5
2004
2005
2006
(16)
352,877
16,277
263,804
27,485
205,395
30,924
72,796
(17)
368,063
17,932
262,076
26,040
208,104
27,931
88,056
(18)
437,059
23,598
276,995
26,431
225,610
24,953
136,466
Percentage Percentage
change,
change,
2004-2005 2005-2006
(19)
4.3
10.2
-0.7
-5.3
1.3
-9.7
21.0
(20)
18.7
31.6
5.7
1.5
8.4
-10.7
55.0
[1] Sum of "investments in land, buildings, and equipment (less accumulated depreciation)," "investments in mortgage loans," and miscellaneous items, such as advances; certificates
of investment; and investments in art, coins, gold, and gems.
NOTES: Amounts have been adjusted for inflation based on the 2000 chain-type price index for Gross Domestic Product, as published by the U.S. Department of Commerce, Bureau
of Economic Analysis and may differ from investment amounts in other figures and tables. Tax Year 2006 is the base year. Detail may not add to totals because of rounding and
processing tolerances.
assets, increased by 3 percent from Tax Years 2004 to
2005, and by 6 percent from Tax Years 2005 to 2006.
The value of investments held by large foundations,
those with $50 million or more in fair market value of
total assets, rose by 4 percent from Tax Years 2004 to
2005, and by 19 percent from Tax Years 2005 to 2006.
Total asset values of small foundations, those with
less than $1 million in fair market value of total assets,
declined 2 percent from Tax Years 2004 to 2005, and
declined by the same amount for Tax Year 2006.
The “net investment income yield” and “rate of
total return” are indicators of the annual investment
performance of private foundations and charitable
trusts. Net investment income measures the realized
investment income received from investment assets.
It includes interest, dividends, net income from real-
268
ized capital gains, and other income earned independently of a foundation’s charitable purpose. The net
investment income yield equals net investment income
divided by the value of noncharitable-use assets.8 The
real rate of total return on assets provides a more comprehensive indication of total investment performance
than the net investment income yield. It includes the
realized income from investments and other assets, as
well as the unrealized appreciation or depreciation in
computing the fair market value of assets. The rate,
which is an indicator of the total inflation-adjusted
capital appreciation of a foundation’s assets, equals the
change in the value of the entire asset base (adjusted
for contributions received, grants paid, and certain expenses) divided by the value of the base.9
8 The net investment income amount used in calculating the net investment income yield was obtained from column (b) of the income statement, found in Part I of Form
990-PF.
9 The rate-of-total-return formula used here is the same as that developed and used by Salamon and Voytek in their studies on foundation assets. See Salamon, Lester M.
and Kenneth P. Voytek (1989), Managing Foundation Assets: An Analysis of Foundation Investment and Payout Procedures and Performance, The Council on Foundations,
Washington, DC, p. 32. The formula for this calculation is shown in Appendix A at the end of the article.
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
For Tax Year 2006, larger-sized nonoperating
foundations generally realized higher net investment
income yields, and experienced significantly higher
rates of total return than for the previous tax year.
The median net investment income yield for large
nonoperating foundations for Tax Year 2006 was 8.0
percent, compared to a median 7.2 percent in Tax
Year 2005. Rates of total return for large nonoperating foundations also increased, from 1.7 percent for
Tax Year 2005 to 9.8 percent for Tax Year 2006.
Figure E shows median and mean net investment
income yields and rates of total return on assets for
domestic nonoperating foundations, by size, for Tax
Years 2005 and 2006. The median rates, which minimize the effects of large outliers in the data, provide
an approximate measure of the investment performance of a typical foundation. For all nonoperating
foundations, the median net investment income yield
realized for Tax Year 2005 was higher than the Tax
Year 2004 net investment income yield, and similarly were higher in Tax Year 2006 than in Tax Year
2005, indicating that foundations received larger
rates of income from their investment assets in each
subsequent year. In contrast, the median rate of total
return fell from 3.5 percent for Tax Year 2004 to -0.9
percent for Tax Year 2005, continuing the downward
trend from the prior year. The median rate of total
return increased significantly from Tax Year 2005 to
Tax Year 2006, to 6.5 percent.
Net investment income yields and rates of total
return generally increased with organization size.
Median rates of return for medium foundations
dropped from 5.0 percent for Tax Year 2004 to -0.3
percent for Tax Year 2005. For Tax Year 2006, the
median rate of total return for small foundations was
4.1 percent, up from -1.6 percent for the previous
year. Nevertheless, median rates of total return were
higher for medium and large nonoperating foundations than for small nonoperating foundations.
Excise Tax on Net Investment Income
The realized income from investments, or net investment income, that is reported by private foundations
and nonexempt charitable trusts is subject to an excise tax each year under IRC section 4940. This tax
is intended to cover expenses incurred by the Internal
Revenue Service in the oversight of foundation activities and the enforcement of laws governing their
exempt status. Generally, domestic foundations are
taxed at a rate equal to 2 percent of their worldwide
net investment incomes.10 Domestic private foundations that were able to demonstrate growth in the rate
of their charitable distributions were eligible to pay
the net investment income tax at a reduced 1-percent
rate. Specifically, if total Tax Year 2006 qualifying
distributions were larger than the total of averaged
qualifying distributions made between 2001 and
2005 plus 1 percent of the total amount of current net
Figure E
Domestic Nonoperating Private Foundations: Net Investment Income Yields and Rates of Total Return
on Assets, by Size of Beginning-of-Year Fair Market Value of Total Assets, Tax Years 2005 and 2006
[All figures are estimates based on samples]
2005
Asset size
All nonoperating private foundations
Less than $1,000,000
$1,000,000 under $50,000,000
$50,000,000 or more
2006
Rates of total return
(percentages)
Net investment income
yields
(percentages)
Rates of total return
(percentages)
Mean
Median
Mean
Median
Mean
Median
Mean
(2)
10.4
11.4
8.7
11.9
(3)
-0.9
-1.6
-0.3
1.7
(4)
2.1
2.2
1.8
4.7
(5)
5.2
4.7
6.0
8.0
(6)
17.7
15.8
21.1
11.1
(7)
6.5
4.1
8.1
9.8
(8)
9.0
8.5
9.5
13.2
Net investment income
yields
(percentages)
Median
(1)
4.3
3.6
5.2
7.2
Foreign foundations, which are organized abroad but required to file Form 990-PF and pay excise taxes on net investment income, are subject to a 4-percent tax on the
value of their U.S.-based net investment incomes. Data from returns filed by foreign foundations are not included in this article.
10
269
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Figure F
Domestic Private Foundations Reporting Excise Tax on Investment Income, by Size of End-of-Year
Fair Market Value of Total Assets, in Constant Dollars, Tax Years 2005 and 2006
[All figures are estimates based on samples--money amounts are in millions of dollars]
Year and asset size
2005
All
Less than $1,000,000
$1,000,000 under $50,000,000
$50,000,000 or more
2006
All
Less than $1,000,000
$1,000,000 under $50,000,000
$50,000,000 or more
Number of
returns
(1)
63,519
37,611
24,629
1,279
65,583
37,575
26,553
1,455
Percentage Net investment
income (NII)
of all
[1]
organizations
(2)
79.9
71.6
95.9
95.9
80.1
71.3
96.2
96.5
(3)
44,138
920
11,744
31,474
52,110
1,134
14,027
36,950
Qualifying
distributions
(4)
36,219
2,903
12,912
20,403
38,935
3,523
13,384
22,027
Percentage of organizations
Excise tax on
reporting:
net investment
income
1-percent tax 2-percent tax
(5)
(6)
644
14
175
456
796
16
215
566
(7)
44.7
42.8
47.2
51.0
44.4
44.6
43.8
48.4
55.3
57.2
52.8
49.0
55.6
55.4
56.2
51.6
[1] Represents net investment income of foundations and charitable trusts reporting excise tax. For Tax Year 2006, total net investment income was $54.2 billion for all foundations.
and $455.7 million for all charitable trusts.
NOTES: Amounts have been adjusted for inflation based on the 2000 chain-type price index for Gross Domestic Product, as published by the U.S. Department of Commerce, Bureau
of Economic Analysis. Tax Year 2006 is the base year. Detail may not add to totals due to rounding.
investment income, a foundation was eligible for the
reduced tax rate for Tax Year 2006.
In addition, certain domestic operating foundations may receive a total exemption from this excise
tax. To qualify for the total exemption, operating
foundations must show a broader sphere of support
and control than other private foundations by maintaining public support through income and contributions received from a broad section of the general
public for a 10-year period. Additionally, they must
have boards of trustees or other governing bodies
that are representative of the general public, rather
than boards composed of a small group of “insiders.”
Boards of trustees can consist of no more than 25
percent “disqualified persons” for the tax year, none
of whom can serve as an officer of the foundation.
A disqualified person is a substantial contributor; a
foundation manager; a person who owns more than
20 percent of a corporation, partnership, trust, or
unincorporated enterprise that is itself a substantial
contributor; or a family member of a disqualified
person. For each of Tax Years 2005 and 2006, only
17 percent of all operating foundations reported
that they had met the exemption requirements and
were exempt from the excise tax on net investment
income.11
270
11
Foundations reported $44.3 billion in net investment income for Tax Year 2005, of which $44.1
billion were subject to the excise tax, which totaled
$644 million. For Tax Year 2006, foundations reported $54.2 billion in net investment income, $52.1
billion of which were subject to the excise tax, which
totaled $796 million. Figure F shows selected information for private foundations that reported excise
tax on net investment income for Tax Years 2005
and 2006. For each of Tax Years 2005 and 2006, 44
percent of foundations reported eligibility for the
reduced 1-percent rate. Generally, large foundations
were more likely to qualify for the reduced tax rate
than smaller foundations; for example, for Tax Year
2006, 48 percent of large foundations were eligible
for the reduction, compared to 45 percent of small
foundations. Despite the lower average tax rates, excise tax on net investment income paid by large foundations accounted for 71 percent of total tax liability
for each of Tax Years 2005 and 2006.
The Private Foundation Rules
The Tax Reform Act of 1969 (TRA69) established
rules specific to private foundations and formed the
basis for sections 4940-4945 of the IRC. Section
4940 describes the excise tax on “net investment in-
The J. Paul Getty Trust, the largest operating foundation, is exempt from the excise tax on net investment income.
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
come,” described in the previous section of this article. Under section 4942, nonoperating private foundations, and nonexempt charitable trusts treated as
private foundations, are required to distribute a minimum annual amount for charitable purposes, known
as the “distributable amount,” or pay an excise tax on
any undistributed portion. The distributable amount
equals approximately 5-percent of the fair market
value of a private foundation’s investment assets.
The remaining private foundation rules detail excise
taxes on a variety of “prohibited activities” that are
considered to be contrary to the public interest. Private foundations and nonexempt charitable trusts report taxes on the activities described in IRC sections
4941-4945 on Form 4720, Return of Certain Excise
Taxes Under Chapters 41 and 42 of the Internal Revenue Code.
Legislation included in the Pension Protection
Act of 2006 increased the excise taxes rate imposed
on private foundations for taxable years beginning
after August 17, 2006. Specifically, for the failure to
distribute income (as described under section 4942),
the initial tax rate on nonoperating private foundations was increased from 15 percent of the undistributed amount to 30 percent of the undistributed
amount. The other excise tax rates for “prohibited
activities,” as described in IRC sections 4941-4945,
were also doubled.
Qualifying Distributions
The required distributable amount, as described
under section 4942, is derived from a foundation’s
minimum investment return, which is calculated
based on the reported value of its net investment, or
“noncharitable-use,” assets. Noncharitable-use assets are those assets held for investment purposes
only and may include such items as securities, investments in art, coins, or other collectables, and investments in real estate. Conversely, assets used directly to conduct charitable activities, such as office
buildings, art held by museums, and computers are
considered “charitable-use” assets and are excluded
from the minimum investment return calculation.
Valuation methods used for assets included in the
minimum investment return calculation are described
under net value of noncharitable-use assets in the
Explanation of Terms section. The minimum investment return is calculated as 5 percent of the net value
of noncharitable-use assets, which equals the value
of noncharitable-use assets, less both the indebtedness incurred to acquire these assets and the amount
of cash held for charitable activities. Cash deemed
held for charitable activities is generally 1.5 percent
of noncharitable-use assets less acquisition indebtedness. Finally, the distributable amount is the minimum investment return reduced by the excise tax on
net investment income and any income taxes paid
plus or minus other adjustments. Additional adjustments are detailed under Net adjustments to distributable amount in the Explanation of Terms section.
Under section 4942, foundations that fail to meet this
distributable amount by the close of a 1-year grace
period are subject to an excise tax equaling 15 percent of the undistributed amount.12
Current-year distributions for charitable purposes
that may be directed toward meeting the distribution
requirement are known as “qualifying distributions.”
Qualifying distributions are primarily the contributions, gifts, and grants disbursed by a foundation
or charitable trust throughout the year. However,
qualifying distributions may also include operating
and administrative expenses related to conducting charitable operations; “set-asides,” which are
amounts earmarked for future charitable distributions; program-related investments, such as loans to
other 501(c)(3) organizations; and amounts paid to
acquire buildings, equipment, supplies, or other assets for charitable use. For Tax Year 2006, contributions, gifts, and grants comprised 82 percent of total
qualifying distributions, followed by operating and
administrative expenses, at 13 percent. Amounts
paid to acquire assets for charitable-use represented
3 percent of total qualifying distributions; and program-related investments and set-asides, combined,
accounted for less than 2 percent of the total.
Figure G shows qualifying distributions and
required distributable amounts for nonoperating private foundations, by end-of-year asset size, for Tax
Year 2006. Qualifying distributions for nonoperating
foundations totaled $37.6 billion, an amount more
than 1.5 times larger than the aggregated required
distributable amount for 2006.
As a result of legislation included in the Pension Protection Act of 2006, some of the private foundations included in the statistics—i.e., foundations with taxable years
beginning after August 17, 2006—were subject to the higher 30-percent tax rate.
12
271
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Figure G
Domestic Nonoperating Private Foundations: Qualifying Distributions and Distributable Amounts,
by Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2006
Billions of dollars
$38
$37.6
$36
$34
$32
$30
$28
$26
$24.8
$24
$22
$20
$17.7
$18
$15.0
$16
$14
$12
$10
$8
$7.0
$5.4
$6
$4
$1.8
$2
$0.1
$0
All foundations,
total
Less than
$100,000
$4.1
$2.9
$2.3
$0.6
$100,000 under $1,000,000 under
$1,000,000
$10,000,000
$10,000,000
under
$50,000,000
$3.5
$2.1
$50,000,000
under
$100,000,000
$100,000,000
or more
Asset size
Qualifying distributions
Distributable amount
NOTE: Detail may not add to totals because of rounding and processing tolerances.
272
While large private foundations provided the
majority of qualifying distributions to charitable
organizations, smaller-sized foundations were more
likely to make distributions in excess of the required
amount. Small foundations, those that held less
than $1,000,000 in fair market value of total assets,
distributed amounts more than 6 times larger than
required. Some small foundations serve as “passthrough” organizations for larger foundations. These
small foundations distribute grants that they receive
from the larger foundations and may thus report
qualifying distributions that are large relative to their
asset size. As aggregate asset size increased for pri-
vate foundations, the percentage by which qualifying
distributions exceeded the distribution requirement
decreased. This may indicate the preference of
larger-sized foundations to focus on long-term,
rather than short-term, giving, by maintaining a more
substantial portion of their asset bases for future
grantmaking.
Excess Distributions and Undistributed
Income
By law, nonoperating foundations and charitable
trusts must meet the distributable amount requirement for the current tax year by the end of the next
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
tax year or pay the section 4942 excise tax on the
undistributed amount. For example, a foundation
must have disbursed the required amount for Tax
Year 2006 before the end of Tax Year 2007 in order
to avoid paying the excise tax. The distributable
amount is calculated at the end of the tax year, and,
because it is based on averaged net investment asset values, could be influenced by late-year changes.
For example, if net investment asset growth is higher
than expected in the closing months of a tax year, a
foundation or charitable trust may be unable to sufficiently increase its contributions to meet the requirement. Foundations and charitable trusts that have not
met the requirement may choose to take advantage
of the 1-year tax-free “grace period” and report all
or any unmet portion of the current-year required
distributable amount as “undistributed income” on
the current-year Form 990-PF. If any portion of this
undistributed income is not paid by the end of the
subsequent tax year, it becomes taxable. Thus, a
nonoperating organization could direct all or part of
its 2006 qualifying distributions toward the 2005 required distributable amount.
Similarly, foundations and charitable trusts also
carry forward excess qualifying distributions and
may apply them to unmet distributable amount requirements for up to 5 subsequent tax years. In other
words, a foundation that did not meet the distributable amount requirement for Tax Year 2006, but had
distributions in excess of the required distributable
amount for any of Tax Years 2001 through 2005,
could have applied those distributions to the distributable amount for Tax Year 2006.
The majority of foundations used current-year
qualifying distributions to satisfy the current-year
distributable amount requirement and thus did not
take advantage of the 1-year grace period. For each
of Tax Years 2005 and 2006, about 35 percent of
foundations that had a minimum distribution requirement reported undistributed income at the end of the
tax year. Small foundations, whose net investment
values are perhaps more predictable than those of
their larger counterparts, were the least likely to require the additional tax year to meet the distribution
requirement. For example, only 30 percent of small
foundations carried Tax Year 2006 undistributed income to Tax Year 2007, compared to 43 percent of
medium and 44 percent of large foundations. For
both Tax Years 2005 and 2006, nonoperating foundations reported that 69 percent of the aggregate
current-year distributable amount was satisfied based
on current-year qualifying distributions.
Figure H provides a breakout of the current-year
distributable amount for nonoperating private foundations, showing the percentage of the distributable
amount that was met by current-year qualifying distributions and excess qualifying distributions from
previous tax years, as well as unpaid amounts carried
forward as undistributed income to the following tax
year. For each of Tax Years 2005 and 2006, large
foundations directed over 70 percent of current-year
qualifying distributions to the distributable amount.
For each of Tax Years 2005 and 2006, about 5
percent of the current-year distribution requirement
for all nonoperating foundations was fulfilled using
carryovers from a previous tax year. The percentage of the distributable amount met using carryovers
decreased with asset size, with small foundations
reporting that 7 percent of their Tax Year 2006 distributable amounts were satisfied using carryovers
from previous years. In contrast, large foundations
paid just 5 percent of the Tax Year 2006 distributable
amount using previous-year carryovers.
Payout Rates
The payout rate captures the relationship between
an organization’s charitable distributions and its investment assets and provides insight into the degree
to which nonoperating foundations and charitable
trusts exceed their charitable payout requirements.
Current-year distributions, along with carryovers, are
adjusted to include certain taxes and deductions and
divided by the total value of noncharitable-use assets to arrive at an organization’s payout rate.13 Tax
Year 2005 and 2006 median payout rates for private
foundations, by asset size, are shown in Figure I.
The figure also shows ranges of payout rates and the
associated percentage of foundations whose payout
rates fell within each range.
The median payout rate for private foundations
remained fairly stable from Tax Year 2004 (5.4 percent) to Tax Year 2006 (5.6 percent), while investment assets of nonoperating foundations grew by 7
The payout rate was calculated by dividing the amount of (adjusted) qualifying distributions by the value of noncharitable-use assets. The numerator is adjusted to account for deductions and additions made in the distributable amount calculation. The payout formula is shown in Appendix A at the end of the article.
13
273
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Figure H
Domestic Nonoperating Private Foundations, Distributions Applied to Distributable Amount,
and Undistributed Income Carried Over, as a Percentage of Distributable Amount,
by Size of End-of-Year Fair Market Value of Total Assets, Tax Years 2005 and 2006
Tax Year 2005
Asset size
23.5
$50,000,000 or more
4.8
71.7
30.6
$1,000,000 under $50,000,000
5.4
Less than $1,000,000
5.7
All nonoperating foundations
5.0
64.0
25.5
68.8
25.7
69.3
0
20
40
60
80
100
Percentage
Tax Year 2005Distributions
undistributed income
Domestic Nonoperating Private Foundations,
Applied to Distributable Amount,
Previous
distributions applied
to Tax Year 2005 Amount,
and Undistributed Income Carried Over,
asexcess
a Percentage
of Distributable
Current-year qualifying distributions applied to 2005 distributable amount
by Size of End-of-Year Fair Market Value of Total Assets, Tax Years 2005 and 2006—Continued
Tax Year 2006
Asset size
23.8
$50,000,000 or more
5.2
$1,000,000 under $50,000,000
5.7
70.9
30.1
Less than $1,000,000
64.2
22.2
7.0
All nonoperating foundations
70.8
25.6
5.4
0
69.0
20
40
60
80
100
Percentage
Tax Year 2006 undistributed income
Previous excess distributions applied to Tax Year 2006
Current-year qualifying distributions applied to 2006 distributable amount
274
percent from Tax Year 2004 to Tax Year 2005, and
by 19 percent from Tax Year 2005 to Tax Year 2006.
Similar to Tax Year 2004, most nonoperating private
foundations, 69 percent, met or exceeded the 5-percent payout requirement for each of Tax Years 2005
and 2006. More than a third of nonoperating private
foundations—approximately 36 percent (in Tax Year
2005) and 38 percent (in Tax Year 2006)—reported
payout rates that were between 4.8 percent and 6.5
percent. One-quarter of private foundations reported
payout rates of 13 percent or more. Approximately
10 percent of nonoperating foundations reported
payout rates of less than 3.3 percent, with 5 percent
of nonoperating private foundations reporting payout
rates of less than 0.2 percent for Tax Year 2005 (and
slightly less, 4 percent, for Tax Year 2006).
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Figure I
Domestic Nonoperating Private Foundations: Median Payout Rates and Selected Percentages, by
Size of End-of-Year Fair Market Value of Total Assets, Tax Years 2004-2006
All foundations
Item
Less than $1,000,000
2004
2005
2006
2004
2005
2006
(1)
(2)
(3)
(4)
(5)
(6)
Median payout rate (percentage)
5.4
5.6
5.6
5.8
6.2
6.3
100.0
4.9
5.4
13.8
11.0
24.4
15.3
15.0
5.1
5.0
100.0
4.7
5.7
10.9
9.8
26.2
15.0
15.8
5.1
6.8
100.0
3.7
6.1
10.6
10.5
27.2
16.7
15.3
5.2
4.7
100.0
6.7
5.6
11.4
10.5
20.4
13.7
17.5
6.8
7.4
100.0
6.3
5.5
8.2
8.7
22.4
13.1
18.6
7.0
10.1
100.0
4.7
6.2
7.0
9.5
23.8
15.7
18.2
7.6
7.2
Percentage of foundations reporting payout rates equaling:
Total
Less than 0.2 percent
0.2 percent under 3.3 percent
3.3 percent under 4.8 percent
4.8 percent under 5.0 percent
5.0 percent under 6.5 percent
6.5 percent under 13.0 percent
13.0 percent under 75.0 percent
75.0 percent under 200.0 percent
200.0 percent or more
Item
Median payout rate (percentage)
$1,000,000 under $50,000,000
$50,000,000 or more
2004
2005
2006
2004
2005
2006
(7)
(8)
(9)
(10)
(11)
(12)
5.2
5.2
5.2
5.1
5.2
5.2
100.0
1.6
5.2
18.3
12.0
31.5
18.4
10.5
1.8
0.6
100.0
1.8
6.3
15.8
11.8
32.9
18.5
10.7
1.5
0.9
100.0
2.2
6.1
16.2
12.3
32.3
18.4
10.7
1.2
0.6
100.0
0.4
3.3
21.4
11.8
39.1
15.2
8.0
0.4
0.4
100.0
0.6
2.5
18.0
13.3
38.7
16.6
9.1
1.1
0.2
100.0
0.7
3.7
20.1
11.2
37.2
17.7
8.4
0.4
0.5
Percentage of foundations reporting payout rates equaling:
Total
Less than 0.2 percent
0.2 percent under 3.3 percent
3.3 percent under 4.8 percent
4.8 percent under 5.0 percent
5.0 percent under 6.5 percent
6.5 percent under 13.0 percent
13.0 percent under 75.0 percent
75.0 percent under 200.0 percent
200.0 percent or more
Small nonoperating private foundations exceeded
the payout requirement far more frequently than did
medium or large foundations, while large foundations were more likely to have payout rates at or near
the required 5 percent. Almost half (49 percent) of
small nonoperating foundations reported payout rates
of 6.5 percent or higher for each of Tax Years 2005
and 2006. Additionally, for Tax Year 2006, 15 percent of small foundations reported payout rates of 75
percent or higher, compared to 2 percent of medium
foundations, and only 1 percent of large foundations.
Small foundations that served as passthrough organizations for Tax Year 2006 were likely to have made
charitable distributions that exceeded their asset
values, resulting in notably high payout rates. For
large nonoperating foundations, the median payout
rate was 5.2 percent, and nearly half (48 percent) of
large foundations reported payout rates that were be-
tween 4.8 percent and 6.5 percent for Tax Year 2006.
Of nonoperating foundations in the three asset-size
classes, large foundations were the least likely to report payout rates that were lower than 3.3 percent or
higher than 13 percent.
Summary
There was a 3-percent annual increase in the number of private foundations that filed Form 990-PF
between Tax Years 2004 and 2006. The number of
nonexempt charitable trusts treated as private foundations that filed the return increased by 3 percent
from Tax Year 2004 to Tax Year 2005, but returned to
2004 levels the following year. Nonoperating private
foundations, which provide grants to other charitable
organizations, accounted for the majority of Form
990-PF filers and their financial activity. The newly
organized Bill and Melinda Gates Foundation Trust
275
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
276
was the largest foundation, based on asset size, while
the Bill and Melinda Gates Foundation remained the
biggest grantmaker, based on contributions, gifts, and
grants disbursed, for Tax Year 2006.
Investment assets, the basis for computing the
required distributable amount, are frequently the
cornerstone for giving by grantmaking foundations
and charitable trusts. The value of these investments
increased by 4 percent for private foundations and
only 1 percent for nonexempt charitable trusts, in real
terms, between Tax Years 2004 and 2005. Between
Tax Years 2005 and 2006, the value of these investments increased by 15 percent for private foundations and only 2 percent for nonexempt charitable
trusts, in real terms. In current dollars, investment
assets totaled $515.8 billion for private foundations
and $5.7 billion for nonexempt charitable trusts in
Tax Year 2005, and $609.7 billion for private foundations and $6.0 billion for nonexempt charitable trusts
in Tax Year 2006.
The aggregate amount of net investment income
received increased by 22 percent for private foundations and 19 percent for nonexempt charitable trusts
from Tax Year 2005 to Tax Year 2006. The excise
tax on this income, imposed under IRC section 4940,
was $796 million for private foundations and $7 million for nonexempt charitable trusts. Net investment
income yields and rates of total return for private
foundations suggested that foundations received
higher rates of realized income from investment assets for both Tax Years 2005 and 2006, but experienced a significant decline in unrealized investment
growth for Tax Year 2005 and an increase for Tax
Year 2006. Both net investment income yields and
rates of total return were highest for large private
foundations.
Overall, qualifying distributions, which included
contributions, gifts, and grants and other outlays for
charitable purposes, exceeded the required 2006 distributable amount for nonoperating private foundations. Qualifying distributions totaled $37.6 billion
for Tax Year 2006 for nonoperating private foundations; $33.9 billion of that amount consisted of contributions, gifts, and grants distributed. The majority
of the distributable amount was satisfied based on
current-year qualifying distributions for foundations.
Median payout rates, which measure the relationship between charitable distributions and investment
assets, were around the required 5 percent for nonoperating private foundations. Generally, private foun-
dations reported higher payout rates than nonexempt
charitable trusts. Large private foundations deviated
less from the required 5-percent payout rate than did
smaller foundations. Small foundations were more
likely than their larger counterparts to distribute at
rates of 13 percent or more. However, small foundations also distributed at rates of 3.3 percent or less,
well below the required amount, more frequently
than larger-sized foundations.
Data Sources and Limitations
The statistics presented in this article are based on
two distinct samples of Forms 990-PF that were filed
with the Internal Revenue Service for Tax Years 2005
and 2006. Organizations having accounting periods
beginning in 2005 (and therefore ending between
December 2005 and November 2006) that filed returns in Calendar Years 2006 and 2007 that posted to
the IRS Business Master File during those years were
included in the Tax Year 2005 sample. Likewise,
organizations having accounting periods beginning in
2006 (and therefore ending between December 2006
and November 2007) that filed returns in Calendar
Years 2007 and 2008 that posted to the IRS Business Master File during those years were included in
the Tax Year 2006 sample. Some part-year returns
were also included in the samples for organizations
that changed their accounting periods, or filed initial
or final returns. In each sample, approximately 69
percent of the domestic private foundations had accounting periods covering a calendar-year period
or, in some cases, part-year periods that ended in
December.
Each sample was stratified based on both the size
of fair market value of total assets and the type of organization (either a private foundation or an IRC section
4947(a)(1) nonexempt charitable trust). All returns filed
by nonexempt charitable trusts were selected for inclusion in the study. The private foundation sample was
designed to provide reliable estimates of total assets
and total revenue. To accomplish this, 100 percent of
returns filed for foundations with fair market asset value
of $10 million or more were included in the samples,
since these organizations represented the vast majority of financial activity. For each of Tax Years 2005
and 2006, approximately 7 percent of all foundations
reported $10 million or more in fair market value of
total assets and were selected at a rate of 100 percent.
The remaining foundation population was randomly
selected for the sample at various rates of less than 100
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
For Tax Year 2005, there were 8,244 foundation
returns in the sample selected from a population of
83,137. The population of charitable trusts selected
for Tax Year 2005 was 3,759. For Tax Year 2006,
there were 9,112 foundation returns in the sample selected from a population of 85,257. The population
of charitable trusts selected for Tax Year 2006 was
3,629. The difference between the actual population
of Form 990-PF records that posted to the IRS Business Master File during the designated sampling periods and the estimated population of Forms 990-PF
as published in this article results from sample code
changes and the effects of returns that were “rejected” from the sample as part of the editing process.
For example, foreign returns and duplicate filings by
a single organization were included in the IRS counts
of the actual population of Form 990-PF filed, but
were rejected from the SOI estimates.
The data presented were obtained from returns
as originally filed with IRS. In most cases, changes
made to the original return because of administrative
processing or audit procedures were not captured
in the statistics. Changes made based on taxpayer
amendment were captured, if available. The data
were subject to comprehensive testing and correction
procedures in order to ensure statistical reliability
and validity. A general discussion of the reliability
of estimates based on samples, methods for evaluating both the magnitude of sampling and nonsampling
error, and the precision of sample estimates can be
percent, depending on asset size. The realized sampling
rates for the Tax Year 2005 and 2006 studies, classified
by asset-size category, are included in Figure J. Figure
K shows the magnitude of sampling error, measured by
coefficients of variation, for selected items from the Tax
Year 2005 and 2006 studies.
Efforts were made to verify that organizations
selected into the sample were properly classified as
foundations or trusts. The relatively few foundations
in the sample that were incorrectly selected as trusts
were ultimately treated as foundations for these statistics, and the relatively few trusts incorrectly sampled as foundations were also reclassified. However,
the weights used for these organizations were based
on the original sample selection classification.
Figure J
Realized Sampling Rates for Private Foundation
Returns, Tax Years 2005 and 2006
End-of-year fair market value
of total assets
Realized sampling rate
(percentage)
2005
2006
Less than $125,000
1.0
1.0
$125,000 under $400,000
1.9
1.9
$400,000 under $1,000,000
2.0
2.0
$1 million under $2.5 million
6.2
6.7
$2.5 million under $10 million
10.1
9.9
$10 million or more
100.0
100.0
Figure K
Coefficients of Variation for Domestic Private Foundations, Selected Items, by Size of End-of-Year
Fair Market Value of Total Assets, Tax Years 2005 and 2006
2005
2006
Asset-size class
Asset-size class
Item
Number of returns
Fair market value of total assets
Total investments, fair market value
Total revenue
Net investment income
Total expenses
Contributions, gifts, and grants paid
Qualifying distributions
Distributable amount
All
foundations
Less than
$1,000,000
$1,000,000
under
$50,000,000
$50,000,000
or more [1]
All
foundations
Less than
$1,000,000
$1,000,000
under
$50,000,000
$50,000,000
or more [1]
(1)
0.68
0.31
0.33
1.46
0.55
1.93
1.91
2.03
0.36
(2)
1.07
1.48
1.95
12.76
8.37
16.27
16.54
17.36
4.06
(3)
0.63
1.06
1.16
3.52
2.03
3.10
3.29
3.05
1.18
(4)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
(5)
0.63
0.11
0.12
0.97
0.47
2.46
2.83
2.73
0.29
(6)
0.04
1.51
2.00
15.98
9.76
20.74
24.18
22.11
9.02
(7)
0.08
0.37
0.44
1.58
1.63
1.99
2.14
2.12
0.57
(8)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
[1] Returns in this category are sampled at a 100-percent rate and are not subject to sampling error.
277
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
found in SOI Sampling Methodology and Data Limitations, later in this issue.
Explanation of Terms
278
The following explanations describe terms as they
applied to private foundations:
Charitable trust—A charitable trust, also referred
to as a “nonexempt” charitable trust, is defined in
Internal Revenue Code section 4947(a)(1) as an organization (1) that is not considered tax‑exempt under
section 501(a); (2) that has exclusively charitable
interests; and (3) that has amounts in trust for which
donors are allowed to claim a tax deduction for charitable contributions. Nonexempt charitable trusts that
are not publicly supported are subject to the excise
tax provisions that apply to private foundations and
are required to file Form 990‑PF. (“Publicly supported” nonexempt charitable trusts are required to
file Form 990, Return of Organization Exempt From
Income Tax.) Nonexempt charitable trusts that are
treated as private foundations must pay an annual tax
on income (usually from investments) that is not distributed for charitable purposes, and they must report
such income and tax on Form 1041, U.S. Fiduciary
Income Tax Return.
Disbursements for charitable purposes—These
disbursements are outlays made exclusively in
support of a foundation’s tax-exempt purpose and
include grants paid and operating and administrative expenses. Typically, they represent the largest
component of “qualifying distributions.” The total of
disbursements for charitable purposes was reported
on Form 990‑PF, Part I, line 26, column (d).
Disqualified person—In general, a disqualified
person is a substantial contributor; a foundation manager; a person who owns more than 20 percent of
a corporation, partnership, trust, or unincorporated
enterprise that is itself a substantial contributor; or a
family member of a disqualified person.
Distributable (payout) amount—This is the minimum payout amount that is required to be distributed
by nonoperating foundations by the end of the tax year
that follows the tax year for which the return was filed.
For example, foundations were required to distribute
their Tax Year 2006 amounts before the end of Tax Year
2007. Failure to distribute income within this period
results in an excise tax on the undistributed portion. As
a result of legislation included in the Pension Protection Act of 2006, the excise tax was increased from 15
percent to 30 percent of the undistributed amount for
taxable years beginning after August 17, 2006. The
distributable amount equals 5 percent of the net value of
noncharitable-use assets, called the “minimum investment return,” minus the excise tax on net investment
income, plus or minus other adjustments, either allowed
or required (see Net adjustments to distributable amount
in this section).
Minimum investment return—The minimum
investment return is used as the base for calculating
the “distributable amount.” This is the aggregate fair
market value of assets not used for charitable purposes, less both the indebtedness incurred to acquire
these assets and the cash held for charitable activities, multiplied by 5 percent. Minimum investment
return was reported on Form 990‑PF, Part X, line 6.
Net adjustments to distributable amount—The
“distributable amount” is increased by recoveries
of amounts previously treated as qualifying distributions. Additionally, certain organizations with
governing instruments that require the accumulation
of income are instructed to deduct the accumulated
income from their distributable amounts. These adjustments are allowed only for foundations organized
before May 27, 1969, whose governing instrument
requires such accumulation because State courts
would not allow the organization to change the governing instrument. Recoveries on amounts treated as
qualifying distributions and the deduction for accumulated income were reported on Form 990‑PF, Part
XI, lines 4 and 6, respectively.
Net investment income—This equals gross investment income less allowable deductions. Interest,
dividends, capital gain net income, rents, payments
with respect to securities loans (as defined in Code
section 512(a)(5)), and royalties are included in net
investment income. Any investment income derived
from unrelated trade or business activities, and therefore subject to the “unrelated business income” tax
and reported on Form 990‑T, Exempt Organization
Business Income Tax Return, is excluded. Net investment income was reported on Form 990‑PF, Part
I, line 27b, column (b).
Net value of noncharitable-use assets—An asset is considered a noncharitable-use asset if it is
not used in carrying out a charitable, educational, or
other similar function which relates directly to the
tax-exempt status of the foundation. Examples include the fair market values of securities and rental
property owned by the foundation for investment
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
purposes. For purposes of calculating the “minimum
investment return,” valuation methods for noncharitable-use assets reported in this section differ from
those used to report the end-of-year fair market values for all assets in Part II. The average, rather than
end‑of‑year, fair market values of cash and securities that were not used or held for use for charitable
purposes during the tax year are derived and used in
this calculation. With certain exceptions, other assets included in this calculation are valued annually,
but not necessarily based on the end-of-year value.
The fair market values of noncharitable-use assets
may reflect reductions due to certain characteristics
associated with those assets, such as lack of marketability or blockage. The net value of noncharitableuse assets is reduced by acquisition indebtedness
and cash deemed held for charitable purposes; the
latter reduction is generally limited to 1.5 percent of
noncharitable-use assets less acquisition indebtedness. Thus, the net value of noncharitable-use assets,
which was reported on Form 990‑PF, Part X, line 5
as an element of the “minimum investment return”
calculation, differed from the balance sheet-derived
fair market value of total assets, as reported on Part
II, line 16, column (c), which equaled the total endof-year value for all assets held by the foundation.
Nonoperating foundations and charitable
trusts—These are organizations that generally carried
on their charitable activities in an indirect manner
by making grants to other organizations directly engaged in charitable activities, in contrast to operating foundations that engaged in charitable activities
themselves. However, for Tax Year 2006, some
nonoperating foundations may have been actively
involved in charitable programs of their own, in addition to making grants. For example, a foundation
initially organized as operating that was unable to
meet the operating foundation requirements for Tax
Year 2006 could have continued its direct charitable
activities. Such an organization could have directed
expenditures made for these direct charitable activities, as well as expenditures made for the disbursement of contributions, gifts, and grants and other
indirect charitable activities, toward meeting the
required distribution requirement. An organization’s
status as a nonoperating foundation was indicated on
Form 990-PF, Part VII, line 9.
Operating foundations and charitable trusts—
These organizations generally expended their in-
comes for direct, active involvement in a tax‑exempt
activity, such as operating a library or museum, or
conducting scientific research. Operating foundations were exempted from the income distribution
requirement and related excise taxes that were applicable to their nonoperating counterparts. To qualify
as an operating foundation, the organization had to
meet both an “income test” and one of three other
tests: an “assets test,” an “endowment test,” or a
“support test.”
A foundation could qualify as operating under
the income requirement if it spent at least 85 percent
of the lesser of its “minimum investment return” or
“adjusted net income” on the direct, active conduct
of tax-exempt, charitable activities (as opposed to the
payout of grants in support of such programs). Adjusted net income represented the amount of income
from charitable functions, investment activities, setasides, unrelated business activities, and short-term
capital gains that exceeded the cost incurred in earning the income and was calculated in Part I, column
(c) of Form 990-PF for operating foundations. To
meet the assets test, a foundation had to directly use
65 percent or more of its assets for the active conduct of charitable activities. To meet the endowment
test, a foundation had to regularly make distributions
for the active conduct of charitable activities in an
amount not less than two‑thirds of its “minimum
investment return.” To meet the support test, a foundation had to regularly receive substantially all of its
support (other than from gross investment income)
from the public or from five or more qualifying exempt organizations, and (a) no more than 25 percent
of its support (other than from gross investment income) from any one such qualifying exempt organization; and (b) no more than 50 percent of its support
from gross investment income.
Individual taxpayers could deduct contributions
to operating foundations on their individual income
tax returns; the deduction could not exceed 50 percent of a donor’s “adjusted gross income” (as opposed to 30 percent for contributions to nonoperating
foundations).
While most operating foundations paid the excise tax on net investment income, some operating
foundations were exempt from this tax under section
4940(d)(2) of the Internal Revenue Code. In order to
be exempt from the Tax Year 2006 excise tax on net
investment income, an operating foundation was re279
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
quired to (1) maintain public support for a minimum
of 10 taxable years; (2) maintain a governing body at
all times that is broadly representative of the general
public and that is comprised of no more than 25-percent disqualified individuals; and (3) at no time during the year include a disqualified individual as an
officer of the foundation. An organization’s status as
an operating foundation was indicated on Form 990PF, Part VII, line 9.
Private foundation—A private foundation is defined in Internal Revenue Code section 501(c)(3) as a
nonprofit organization with a narrow source of funds
that operated or supported educational, scientific,
charitable, religious, and other programs dedicated
to improving the general welfare of society. A private foundation was an organization that qualified
for tax-exempt status under Code section 501(c)(3)
but was not (1) a church, school, hospital, or medical
research organization; (2) an organization with broad
public support in the form of contributions or income
from tax‑exempt activities; (3) an organization that
was operated by, or in connection with, any of the
above described organizations; or (4) an organization
that conducted tests for public safety. The primary
difference between a private foundation and other organizations exempt under section 501(c)(3) was the
source of the organization’s funding. An individual,
a family, or a corporation typically funded foundations, while most other tax-exempt organizations received funds from a large number of sources among
the general public.
Qualifying distributions—Qualifying distributions include disbursements for charitable purposes
(grants, direct expenditures to accomplish charitable
purposes, and charitable‑purpose operating and
administrative expenses); amounts paid to acquire
assets used directly to accomplish tax‑exempt functions; charitable program‑related investments; and
amounts set aside for future charitable projects.
Qualifying distributions may be credited against a
foundation’s obligation to pay out its “distributable
amount.” Total qualifying distributions were reported on Form 990‑PF, Part XII, line 4.
Set-asides—Amounts set aside for specific charitable purposes can be treated as qualifying distributions only if the foundation establishes to the satisfaction of the IRS that the amount will be paid for the
specific project within 60 months from the date of the
280
first set-aside and if the foundation meets either the
suitability test or the cash distribution test. To meet
the suitability test, a foundation must receive prior
approval from the IRS and must demonstrate that
the project can be better accomplished by a set-aside
than by an immediate payment of funds. To meet the
cash distribution test under IR Code section 4942(g)
(2)(B)(ii), a foundation must attach a distribution
schedule to its annual return for the year of the setaside and for each subsequent year until the set-aside
amount has been distributed. Set-asides were reported on Form 990-PF, Part XII, lines 3a and 3b.
Total assets—Total assets are the sum of all
assets reported in the foundation’s balance sheet,
shown at both book value and fair market value.
Total assets were reported on Form 990‑PF, Part II,
line 16, columns (a) beginning‑of‑year book value,
(b) end‑of‑year book value, and (c) end‑of‑year fair
market value.
Total revenue—This is the sum of gross contributions, gifts, and grants received; interest on savings and temporary cash investments; dividends and
interest from securities; net gain (or loss) from sales
of assets (mostly investment assets, but also charitable‑use assets); gross rents and royalties; gross profit
(or loss) from business activities; and other income
(such as royalty income, program-related investment
income, interest earned on assets used for charitable
purposes, and imputed interest on distribution deferred interest). Total revenue items, which included
both investment and charitable-use items, were reported on Form 990‑PF, Part I, line 12, column (a).
Undistributed income—This is the portion of the
required “distributable amount” still undistributed
after the sum of current‑year qualifying distributions and any excess distributions carried over from
prior years are subtracted. This item was reported on
Form 990‑PF, Part XIII, line 6f, column (d). Under IRC
section 4942, nonoperating private foundations that did
not pay out an amount equal to the Tax Year 2006 “distributable amount” by the end of Tax Year 2007 were
subject to an excise tax on the undistributed amount. As
a result of legislation included in the Pension Protection
Act of 2006, the initial tax on undistributed income was
increased from 15 percent to 30 percent of the undistributed amount for taxable years beginning after August
17, 2006. The tax, which is automatically imposed, is
reported on Form 4720.
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Appendix A
Rate of Total Return =
[Ending Fair Market Value of Assets
‑ Indexed Beginning Fair Market Value of Assets
‑ Contributions Received
+ Grants Paid
+ Operating and Administrative Expenses
+ Excise Tax Paid on Net Investment Income]
DIVIDED BY
-----------------------------------------------[Indexed Beginning Fair Market Value of Assets
+ 50 percent of Contributions Received]
To calculate the rate of total return shown in Figure E, samples of private foundation information returns for 2 consecutive years were matched in order
to analyze both the beginning and end-of-year fair
market value data.
The beginning fair market value of assets for
2006 equals the ending fair market value reported on
the 2005 tax return. Thus, in order to provide a consistent form of measurement by which to compare
rates of total return among different years, the ending fair market value of asset amounts (reported for
both the year subject to the computation and the prior
year) was used to compute the rate of return. In order to obtain an inflation-adjusted real rate of return,
the beginning-of-year fair market value of assets was
indexed based on the 2000 chain-type price index for
Gross Domestic Product as published by the Bureau
of Economic Analysis, using 2006 as the base year.
To maximize comparability between the real rate
of total return and the net investment income yield
formulas, the published net investment income yields
for Tax Year 2006 also exclude organizations for
which returns were not sampled for both Tax Years
2005 and 2006. Similarly, the published net investment income yields for Tax Year 2005 also exclude
organizations for which returns were not sampled for
both Tax Years 2004 and 2005.
Payout Rate =
Qualifying Distributions (Part XII, line 4)
+ Taxes (Part XI, line 2c) –
Recoveries of Amounts Treated as Qualifying
Distributions (Part XI, line 4) +
Deduction from Distributable Amount
(Part XI, line 6) +
Excess Distributions Applied to 2005
(Part XIII, column A, line 5)
DIVIDED BY
-----------------------------------------------Net Value of Noncharitable-Use Assets
(Part X, line 5)
NOTE: Additional data for private foundations and
charitable trusts (including data tables for Tax Year
2005 and prior years) can be found on the SOI Web
site at www.irs.gov/taxstats. (Click on “Private
Foundations.”)
281
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 1. Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation
and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2006
[All figures are estimates based on a sample—money amounts are in thousands dollars]
Type of foundation, asset size
All foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Footnotes at end of table.
282
Number
of returns
Total revenue
Selected sources of revenue
Contributions, gifts,
and grants received
Number
Amount
of returns
Dividends and interest
from securities
Number
Amount
of returns
Number
of returns
Amount
(1)
(2)
(3)
81,850
2,535
20,722
29,473
22,782
3,463
1,368
742
765
79,606
1,731
19,342
29,419
22,782
3,460
1,366
741
765
94,107,195
267,729
1,275,527
3,245,987
13,352,600
9,550,273
8,323,585
8,105,541
49,985,953
36,410
942
10,564
12,630
9,424
1,530
613
346
360
39,575,942
427,928
1,171,569
1,994,906
7,460,581
4,849,812
4,305,934
3,659,361
15,705,852
59,788
* 691
8,483
23,591
21,003
3,284
1,295
703
738
11,400,961
* 6,603
16,880
295,138
1,584,988
1,170,147
1,066,776
1,061,145
6,199,285
74,364
2,437
17,072
27,612
21,375
3,208
1,265
685
710
72,221
1,633
15,790
27,558
21,375
3,207
1,263
684
710
86,195,645
264,019
512,549
2,789,552
12,184,971
8,591,337
7,256,324
7,563,387
47,033,506
31,344
844
8,295
11,372
8,359
1,330
525
302
317
35,250,592
424,218
454,397
1,675,112
6,737,667
4,257,556
3,539,354
3,448,673
14,713,614
56,243
* 691
7,299
22,697
19,913
3,084
1,218
654
686
10,843,984
* 6,603
15,118
282,746
1,516,106
1,116,325
1,028,642
999,901
5,878,544
7,486
* 99
3,650
1,861
1,407
255
103
57
55
7,385
* 99
3,551
1,861
1,407
253
103
57
55
7,911,550
* 3,710
762,978
456,435
1,167,629
958,936
1,067,262
542,154
2,952,447
5,066
* 99
2,269
1,258
1,065
200
88
44
43
4,325,350
* 3,710
717,172
319,794
722,914
592,257
766,579
210,688
992,238
3,546
0
1,184
894
1,089
200
77
49
52
556,977
0
1,763
12,392
68,882
53,822
38,134
61,244
320,742
68,591
1,579
13,719
26,338
20,952
3,261
1,298
703
740
67,700
1,283
13,128
26,338
20,952
3,260
1,296
703
740
87,746,557
265,704
550,254
2,691,106
11,530,460
8,570,185
7,583,735
7,537,185
49,017,927
29,562
* 593
7,210
11,087
8,088
1,371
553
319
341
34,570,127
* 425,960
501,472
1,504,956
5,955,381
4,121,658
3,741,632
3,260,545
15,058,523
54,871
* 691
6,609
22,051
19,746
3,135
1,250
671
718
11,179,896
* 6,603
13,614
282,672
1,532,491
1,134,017
1,044,660
1,020,510
6,145,328
64,468
1,480
11,844
25,091
20,300
3,134
1,246
672
701
63,579
1,184
11,253
25,091
20,300
3,134
1,244
672
701
82,566,720
261,994
466,119
2,527,211
10,834,692
7,978,239
6,869,224
7,224,405
46,404,836
26,701
* 494
5,927
10,290
7,596
1,275
510
295
313
32,142,320
* 422,251
420,011
1,457,250
5,525,350
3,761,846
3,174,597
3,173,216
14,207,799
52,328
* 691
5,621
21,255
19,193
3,030
1,212
644
681
10,760,757
* 6,603
12,329
271,485
1,486,627
1,104,141
1,025,933
983,523
5,870,117
4,123
* 99
1,875
1,247
653
127
52
31
39
4,122
* 99
1,875
1,247
653
126
52
31
39
5,179,837
* 3,710
84,136
163,895
695,768
591,946
714,511
312,779
2,613,091
2,861
* 99
1,283
* 796
492
96
43
24
28
2,427,807
* 3,710
81,461
* 47,706
430,032
359,812
567,035
87,329
850,724
2,542
0
* 987
796
552
105
38
27
37
419,139
0
* 1,285
11,187
45,865
29,877
18,727
36,987
275,212
(4)
(5)
(6)
(7)
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 1. Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation
and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands dollars]
Selected sources of
revenue—continued
Type of foundation, asset size
All foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Net gain (less loss)
from sales of assets
Number
Amount
of returns
(8)
(9)
Total expenses
Excess of revenue
(less loss)
over expenses
Net investment income
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
(10)
(11)
(12)
(13)
(14)
(15)
49,590
* 296
4,942
19,349
19,176
3,154
1,254
687
732
35,746,576
* -179,507
23,588
529,645
3,460,306
2,827,941
2,357,439
2,801,172
23,925,990
79,178
2,027
19,243
29,055
22,541
3,448
1,359
739
765
48,796,817
1,246,336
1,388,316
2,950,836
6,840,521
4,818,086
4,346,579
4,160,764
23,045,378
79,365
1,435
19,539
29,276
22,782
3,460
1,367
741
765
45,310,378
-978,607
-112,789
295,151
6,512,078
4,732,187
3,977,006
3,944,777
26,940,575
69,177
* 843
12,142
27,731
22,197
3,417
1,349
735
763
54,200,020
* 16,191
66,488
1,062,702
5,879,659
4,527,033
3,782,870
4,414,481
34,450,596
47,138
* 296
4,547
18,656
18,192
2,955
1,175
637
681
33,890,773
* -179,507
23,042
521,299
3,306,878
2,705,868
2,270,708
2,611,091
22,631,393
71,892
1,928
15,692
27,293
21,135
3,195
1,256
683
710
43,690,331
1,242,626
656,001
2,470,057
6,037,009
4,136,421
3,648,770
3,861,807
21,637,639
72,178
1,435
16,086
27,415
21,375
3,207
1,265
684
710
42,505,314
-978,607
-143,452
319,494
6,147,961
4,454,915
3,607,554
3,701,581
25,395,868
63,912
* 843
10,268
25,969
21,007
3,181
1,256
681
708
51,308,283
* 16,191
63,055
1,036,358
5,629,850
4,308,509
3,653,893
4,164,706
32,435,721
2,452
0
* 395
693
984
199
79
50
51
1,855,803
0
* 547
8,346
153,428
122,073
86,731
190,081
1,294,598
7,286
* 99
3,551
1,762
1,407
253
103
56
55
5,106,486
* 3,710
732,315
480,779
803,512
681,665
697,809
298,958
1,407,739
7,187
0
3,453
1,861
1,407
253
102
57
55
2,805,063
0
30,663
-24,344
364,117
277,272
369,452
243,196
1,544,707
5,264
0
1,875
1,762
1,190
236
93
54
55
2,891,736
0
3,433
26,344
249,809
218,524
128,977
249,775
2,014,875
47,140
* 296
4,646
18,373
18,221
3,018
1,212
659
716
35,349,220
* -179,507
23,391
524,211
3,361,666
2,753,111
2,319,367
2,725,133
23,821,848
68,591
1,579
13,719
26,338
20,952
3,261
1,298
703
740
46,356,191
1,243,381
715,466
2,648,858
6,449,413
4,499,373
4,135,149
3,995,745
22,668,806
68,194
1,283
13,621
26,338
20,952
3,260
1,297
703
740
41,390,365
-977,677
-165,211
42,248
5,081,047
4,070,812
3,448,586
3,541,440
26,349,121
61,781
* 690
9,084
25,372
20,670
3,237
1,287
701
739
53,443,362
* 16,133
62,176
1,034,304
5,692,618
4,390,763
3,695,749
4,319,067
34,232,552
45,414
* 296
4,251
17,778
17,699
2,911
1,171
630
679
33,750,210
* -179,507
22,844
517,562
3,253,645
2,677,712
2,263,549
2,573,651
22,620,754
64,468
1,480
11,844
25,091
20,300
3,134
1,246
672
701
43,198,827
1,239,672
637,389
2,421,385
5,946,573
4,019,841
3,620,746
3,805,852
21,507,369
64,271
1,283
11,844
25,091
20,300
3,134
1,246
672
701
39,367,893
-977,677
-171,270
105,826
4,888,119
3,958,398
3,248,478
3,418,553
24,897,467
58,814
* 690
8,097
24,223
20,078
3,116
1,240
670
700
50,972,733
* 16,133
59,817
1,012,498
5,514,764
4,245,445
3,617,316
4,135,275
32,371,486
1,726
0
* 395
595
522
107
41
29
37
1,599,009
0
* 547
6,649
108,021
75,400
55,817
151,482
1,201,094
4,123
* 99
1,875
1,247
653
127
52
31
39
3,157,364
* 3,710
78,077
227,473
502,840
479,532
514,403
189,893
1,161,437
3,923
0
1,776
1,247
653
126
51
31
39
2,022,472
0
6,058
-63,577
192,928
112,414
200,108
122,887
1,451,654
2,967
0
987
1,149
593
121
47
31
39
2,470,629
0
2,359
21,806
177,854
145,318
78,434
183,792
1,861,066
Footnotes at end of table.
283
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 1. Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation
and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands dollars]
Type of foundation, asset size
All foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Footnotes at end of table.
284
Disbursements for
exempt purposes
Contributions, gifts,
and grants paid [1]
Excise tax on
net investment income
Total assets
(book value)
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
73,772
1,579
15,988
27,861
22,084
3,412
1,353
735
761
40,685,960
1,163,293
1,308,821
2,557,654
5,985,205
4,110,952
3,816,961
3,594,598
18,148,475
68,591
1,579
13,719
26,338
20,952
3,261
1,298
703
740
34,932,213
1,152,071
582,638
2,198,826
5,275,714
3,632,651
3,342,844
3,148,988
15,598,482
65,583
* 690
9,874
27,011
21,885
3,351
1,317
716
739
796,416
* 164
875
14,903
91,328
68,826
54,808
65,279
500,233
79,315 569,301,990
0
0
20,722
716,834
29,473 11,178,582
22,782 61,169,773
3,463 44,995,808
1,368 40,199,547
742 43,862,038
765 367,179,409
67,135
1,480
12,929
26,149
20,768
3,169
1,254
680
706
36,728,811
1,159,583
616,414
2,249,808
5,399,311
3,618,358
3,247,667
3,352,402
17,085,268
64,468
1,480
11,844
25,091
20,300
3,134
1,246
672
701
33,850,209
1,148,362
564,577
2,127,817
5,116,990
3,372,057
2,998,501
3,083,926
15,437,979
61,544
* 690
8,788
25,352
20,911
3,174
1,249
678
701
773,648
* 164
827
14,447
87,834
66,101
53,639
61,892
488,744
71,928 527,214,678
0
0
17,072
589,631
27,612 10,346,345
21,375 56,832,318
3,208 41,517,650
1,265 37,018,207
685 40,384,849
710 340,525,679
6,637
* 99
3,058
1,712
1,316
243
99
55
55
3,957,149
* 3,710
692,407
307,846
585,894
492,593
569,295
242,196
1,063,207
4,123
* 99
1,875
1,247
653
127
52
31
39
1,082,004
* 3,709
18,061
71,009
158,724
260,594
344,343
65,062
160,502
4,040
0
1,086
1,659
974
177
68
38
38
22,769
0
47
456
3,495
2,725
1,169
3,388
11,489
7,387
0
3,650
1,861
1,407
255
103
57
55
68,591
1,579
13,719
26,338
20,952
3,261
1,298
703
740
39,038,976
1,163,293
685,732
2,351,792
5,792,875
3,951,759
3,692,331
3,478,623
17,922,572
68,591
1,579
13,719
26,338
20,952
3,261
1,298
703
740
34,932,213
1,152,071
582,638
2,198,826
5,275,714
3,632,651
3,342,844
3,148,988
15,598,482
60,010
* 690
7,999
24,858
20,574
3,204
1,271
690
723
786,967
* 164
804
14,414
88,464
66,935
53,673
64,174
498,340
67,012 550,865,674
0
0
13,719
526,451
26,338 10,043,884
20,952 56,253,663
3,261 42,307,038
1,298 38,008,303
703 41,401,002
740 362,325,334
64,468
1,480
11,844
25,091
20,300
3,134
1,246
672
701
36,589,621
1,159,583
612,808
2,237,159
5,381,645
3,589,022
3,231,420
3,315,406
17,062,578
64,468
1,480
11,844
25,091
20,300
3,134
1,246
672
701
33,850,209
1,148,362
564,577
2,127,817
5,116,990
3,372,057
2,998,501
3,083,926
15,437,979
57,436
* 690
7,308
23,709
20,022
3,110
1,234
668
695
767,783
* 164
766
14,023
85,664
64,935
52,966
61,491
487,775
62,988 519,234,486
0
0
11,844
453,476
25,091
9,441,986
20,300 54,340,042
3,134 40,548,290
1,246 36,398,535
672 39,533,666
701 338,518,492
4,123
* 99
1,875
1,247
653
127
52
31
39
2,449,355
* 3,710
72,925
114,633
411,230
362,737
460,911
163,217
859,994
4,123
* 99
1,875
1,247
653
127
52
31
39
1,082,004
* 3,709
18,061
71,009
158,724
260,594
344,343
65,062
160,502
2,574
0
* 691
1,149
552
94
37
22
28
19,184
0
* 38
392
2,800
2,000
706
2,683
10,565
4,024
0
1,875
1,247
653
127
52
31
39
42,087,312
0
127,204
832,237
4,337,455
3,478,158
3,181,339
3,477,189
26,653,730
31,631,188
0
72,975
601,898
1,913,621
1,758,747
1,609,768
1,867,336
23,806,842
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 1. Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation
and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands dollars]
Type of foundation, asset size
All foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Investments in securities
(book value)
Total investment assets
(book value)
Total
Government obligations
Corporate stock
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
69,453 536,162,477
0
0
12,931
529,667
27,874
9,757,249
22,345 56,116,859
3,439 41,744,072
1,360 37,046,795
739 40,756,299
765 350,211,537
52,711 345,864,368
0
0
5,623
235,663
21,530
6,291,827
19,738 40,222,877
3,141 29,863,971
1,255 26,371,983
686 27,424,763
737 215,453,285
16,330
0
1,183
4,873
7,272
1,581
667
353
400
38,297,720
0
17,785
580,814
4,417,785
3,734,333
3,374,998
3,246,572
22,925,432
49,169 268,552,683
0
0
4,637
189,613
20,056
4,719,618
18,849 30,431,782
3,036 22,007,839
1,209 19,398,367
661 21,103,918
722 170,701,545
64,186 505,524,761
0
0
11,155
477,940
26,112
9,114,291
21,070 53,527,853
3,196 39,483,178
1,260 35,067,558
683 38,195,662
710 329,658,279
49,858 329,203,288
0
0
4,833
203,391
20,735
6,054,325
18,829 38,837,386
2,955 28,569,116
1,182 25,256,672
638 26,028,215
686 204,254,183
15,275
0
888
4,618
6,961
1,477
629
326
376
36,618,943
0
8,302
494,919
4,278,522
3,513,630
3,241,127
3,060,648
22,021,795
46,919 255,427,238
0
0
4,143
171,367
19,461
4,584,702
18,015 29,398,548
2,862 21,129,992
1,147 18,552,901
618 20,079,890
672 161,509,838
5,267
0
1,776
1,762
1,275
243
100
56
55
2,852
0
* 790
795
909
186
73
48
51
16,661,080
0
* 32,272
237,502
1,385,490
1,294,855
1,115,311
1,396,549
11,199,102
1,055
0
* 296
* 255
311
104
38
27
24
1,678,776
0
* 9,484
* 85,895
139,262
220,703
133,871
185,924
903,637
2,251
0
* 494
594
833
174
62
43
50
61,340 523,266,008
0
0
9,577
412,995
25,113
8,998,105
20,667 52,918,907
3,249 39,866,030
1,292 35,646,136
702 39,101,008
740 346,322,827
49,225 339,169,101
0
0
4,932
171,410
20,040
5,985,614
18,662 38,373,747
3,005 28,828,033
1,212 25,681,270
656 26,577,191
718 213,551,836
15,626
0
986
4,770
6,985
1,505
648
338
394
37,664,822
0
10,634
575,681
4,279,450
3,572,324
3,285,433
3,143,252
22,798,048
46,010 263,373,637
0
0
4,143
136,484
18,619
4,482,391
17,829 28,860,749
2,907 21,309,379
1,171 18,899,429
636 20,469,218
705 169,215,986
58,332 499,376,407
0
0
8,590
383,077
23,964
8,472,471
20,039 51,495,049
3,124 38,659,430
1,243 34,607,053
671 37,620,106
701 328,139,222
47,331 326,327,074
0
0
4,339
150,665
19,392
5,789,383
18,210 37,665,011
2,907 28,170,964
1,173 25,046,039
628 25,754,196
682 203,750,815
14,889
0
789
4,515
6,810
1,453
626
321
375
36,350,949
0
6,329
489,786
4,179,728
3,458,833
3,210,513
3,026,410
21,979,351
44,562 253,152,208
0
0
3,748
122,675
18,172
4,383,129
17,407 28,395,902
2,817 20,853,974
1,138 18,416,552
611 19,850,870
669 161,129,107
3,008
0
987
1,149
628
125
49
31
39
1,894
0
* 593
648
452
98
39
28
36
738
0
197
* 255
176
52
22
17
19
1,313,872
0
4,305
* 85,895
99,722
113,490
74,921
116,842
818,698
1,448
0
* 395
* 447
422
90
33
25
36
30,637,716
0
51,727
642,958
2,589,006
2,260,894
1,979,237
2,560,636
20,553,258
23,889,601
0
29,918
525,634
1,423,859
1,206,599
1,039,083
1,480,902
18,183,606
12,842,028
0
* 20,744
196,231
708,735
657,070
635,231
822,995
9,801,022
13,125,444
0
* 18,246
134,916
1,033,234
877,847
845,466
1,024,028
9,191,707
10,221,428
0
* 13,808
* 99,263
464,848
455,405
482,877
618,348
8,086,879
Footnotes at end of table.
285
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 1. Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation
and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands dollars]
Investments in securities
(book value)—continued
Type of foundation, asset size
All foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Footnotes at end of table.
286
Corporate bonds
Total assets
(fair market value)
Total investment assets
(fair market value)
Investments in securities
(fair market value)
Total
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
22,452
0
1,381
7,788
9,822
1,820
755
406
480
39,013,966
0
28,265
991,394
5,373,309
4,121,800
3,598,618
3,074,273
21,826,307
79,315 645,810,232
0
0
20,722
661,248
29,473 12,740,859
22,782 71,638,613
3,463 53,637,378
1,368 47,866,790
742 51,823,632
765 407,441,713
69,453 609,660,794
0
0
12,931
479,333
27,874 11,288,873
22,345 66,238,973
3,439 50,054,747
1,360 44,539,430
739 48,408,772
765 388,650,666
52,711 403,667,507
0
0
5,623
209,005
21,530
7,662,374
19,738 49,185,667
3,141 36,978,879
1,255 32,636,375
686 33,451,716
737 243,543,490
21,460
0
1,183
7,641
9,385
1,715
710
378
447
37,157,107
0
23,722
974,703
5,160,316
3,925,494
3,462,645
2,887,677
20,722,550
71,928 597,708,854
0
0
17,072
534,200
27,612 11,790,318
21,375 66,890,956
3,208 49,696,544
1,265 44,358,055
685 47,910,092
710 376,528,689
64,186 574,870,795
0
0
11,155
425,113
26,112 10,582,282
21,070 63,365,630
3,196 47,487,636
1,260 42,351,384
683 45,538,523
710 365,120,226
49,858 385,812,028
0
0
4,833
174,831
20,735
7,362,276
18,829 47,593,082
2,955 35,465,925
1,182 31,424,895
638 31,875,866
686 231,915,153
992
0
* 197
* 147
437
105
45
28
33
1,856,860
0
* 4,543
* 16,691
212,994
196,305
135,973
186,596
1,103,758
7,387
0
3,650
1,861
1,407
255
103
57
55
5,267
0
1,776
1,762
1,275
243
100
56
55
2,852
0
* 790
795
909
186
73
48
51
21,384
0
1,183
7,487
9,385
1,742
727
392
468
38,130,643
0
24,292
927,542
5,233,547
3,946,331
3,496,408
2,964,721
21,537,802
67,012 624,084,344
0
0
13,719
516,023
26,338 11,574,438
20,952 66,255,711
3,261 50,559,983
1,298 45,464,379
703 49,078,729
740 400,635,080
61,340 593,857,857
0
0
9,577
407,869
25,113 10,487,958
20,667 62,727,238
3,249 47,876,155
1,292 43,007,430
702 46,530,511
740 382,820,695
49,225 395,951,881
0
0
4,932
186,536
20,040
7,335,586
18,662 47,070,435
3,005 35,758,901
1,212 31,863,745
656 32,400,054
718 241,336,623
20,883
0
1,085
7,389
9,194
1,692
704
375
444
36,823,916
0
21,661
916,469
5,089,382
3,858,157
3,418,975
2,876,916
20,642,357
62,988 588,696,920
0
0
11,844
443,387
25,091 10,869,506
20,300 64,151,317
3,134 48,582,069
1,246 43,721,748
672 46,993,394
701 373,935,498
58,332 567,761,016
0
0
8,590
375,641
23,964
9,907,140
20,039 61,145,478
3,124 46,539,382
1,243 41,875,976
671 44,899,744
701 363,017,656
47,331 382,586,023
0
0
4,339
164,074
19,392
7,084,244
18,210 46,247,105
2,907 34,998,667
1,173 31,199,580
628 31,508,111
682 231,384,243
502
0
* 99
* 98
* 191
50
23
17
24
1,306,727
0
* 2,631
* 11,073
* 144,165
88,174
77,433
87,805
895,445
4,024
0
1,875
1,247
653
127
52
31
39
3,008
0
987
1,149
628
125
49
31
39
1,894
0
* 593
648
452
98
39
28
36
48,101,378
0
127,049
950,541
4,747,657
3,940,834
3,508,734
3,913,540
30,913,023
35,387,425
0
72,636
704,932
2,104,394
1,977,914
1,742,631
2,085,336
26,699,582
34,789,999
0
54,220
706,590
2,873,342
2,567,111
2,188,046
2,870,249
23,530,440
26,096,840
0
32,228
580,818
1,581,761
1,336,774
1,131,454
1,630,767
19,803,040
17,855,478
0
* 34,175
300,098
1,592,585
1,512,953
1,211,480
1,575,850
11,628,337
13,365,858
0
* 22,462
251,342
823,330
760,235
664,165
891,943
9,952,381
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 1. Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation
and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands dollars]
Investments in securities
(fair market value)—continued
Type of foundation, asset size
All foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Government obligations
Corporate stock
Corporate bonds
Net worth
(book value)
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
16,330
0
1,183
4,873
7,272
1,581
667
353
400
38,717,970
0
17,817
610,654
4,456,204
3,780,047
3,421,835
3,322,005
23,109,409
49,169 325,758,946
0
0
4,637
163,226
20,056
6,033,423
18,849 39,330,142
3,036 29,013,705
1,209 25,608,023
661 27,035,023
722 198,575,404
22,452
0
1,381
7,788
9,822
1,820
755
406
480
39,190,591
0
27,963
1,018,297
5,399,321
4,185,127
3,606,517
3,094,689
21,858,677
79,295 543,696,020
0
0
20,722
533,779
29,473 10,913,615
22,767 59,855,641
3,463 43,901,283
1,365 38,882,200
742 42,418,827
763 347,190,676
15,275
0
888
4,618
6,961
1,477
629
326
376
37,036,066
0
8,341
515,769
4,319,487
3,560,036
3,286,673
3,137,692
22,208,068
46,919 311,442,394
0
0
4,143
143,276
19,461
5,845,225
18,015 38,086,554
2,862 27,918,092
1,147 24,667,229
618 25,830,363
672 188,951,655
21,460
0
1,183
7,641
9,385
1,715
710
378
447
37,333,569
0
23,213
1,001,283
5,187,041
3,987,798
3,470,994
2,907,811
20,755,429
71,909 506,214,522
0
0
17,072
414,087
27,612 10,168,952
21,360 56,052,156
3,208 40,767,248
1,263 36,164,441
685 39,247,737
708 323,399,901
1,055
0
* 296
* 255
311
104
38
27
24
1,681,905
0
* 9,475
* 94,885
136,717
220,011
135,162
184,313
901,341
2,251
0
* 494
594
833
174
62
43
50
14,316,552
0
* 19,949
188,198
1,243,588
1,095,613
940,795
1,204,659
9,623,748
992
0
* 197
* 147
437
105
45
28
33
1,857,022
0
* 4,750
* 17,015
212,280
197,329
135,523
186,878
1,103,248
7,386
0
3,650
1,861
1,407
255
102
57
55
15,626
0
986
4,770
6,985
1,505
648
338
394
38,067,505
0
10,676
605,559
4,320,860
3,618,348
3,331,001
3,199,223
22,981,836
46,010 319,579,242
0
0
4,143
151,986
18,619
5,774,428
17,829 37,488,879
2,907 28,132,306
1,171 25,029,569
636 26,215,402
705 196,786,672
21,384
0
1,183
7,487
9,385
1,742
727
392
468
38,305,134
0
23,874
955,599
5,260,695
4,008,248
3,503,175
2,985,429
21,568,115
67,007 528,404,448
0
0
13,719
356,505
26,338
9,937,434
20,952 55,540,112
3,261 41,573,038
1,295 37,094,978
703 40,369,861
738 343,532,520
14,889
0
789
4,515
6,810
1,453
626
321
375
36,750,638
0
6,372
510,674
4,223,300
3,505,135
3,256,219
3,083,918
22,165,020
44,562 308,836,922
0
0
3,748
136,460
18,172
5,629,209
17,407 36,906,576
2,817 27,573,495
1,138 24,517,242
611 25,527,691
669 188,546,250
20,883
0
1,085
7,389
9,194
1,692
704
375
444
36,998,463
0
21,243
944,361
5,117,228
3,920,038
3,426,119
2,896,502
20,672,972
62,984 499,928,679
0
0
11,844
284,181
25,091
9,342,662
20,300 53,804,098
3,134 39,898,086
1,244 35,700,508
672 38,617,089
699 322,282,056
738
0
197
* 255
176
52
22
17
19
1,316,867
0
4,305
* 94,885
97,560
113,213
74,782
115,306
816,816
1,448
0
* 395
* 447
422
90
33
25
36
502
0
* 99
* 98
* 191
50
23
17
24
1,306,672
0
* 2,631
* 11,238
* 143,467
88,210
77,056
88,927
895,142
4,023
0
1,875
1,247
653
127
51
31
39
10,742,320
0
* 15,526
* 145,219
582,303
558,811
512,327
687,711
8,240,422
37,481,498
0
119,692
744,663
3,803,485
3,134,034
2,717,759
3,171,090
23,790,775
28,475,769
0
72,325
594,772
1,736,014
1,674,952
1,394,471
1,752,772
21,250,464
Footnotes at end of table.
287
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 1. Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation
and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands dollars]
Noncharitable-use assets
Minimum investment return
Distributable amount
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
(48)
(49)
(50)
(51)
(52)
(53)
Type of foundation, asset size
All foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Footnotes at end of table.
288
79,600
* 690
20,525
29,325
22,732
3,458
1,365
740
765
536,437,710
* 416,982
799,126
11,885,968
63,504,933
47,171,147
41,909,809
44,980,061
325,769,684
78,967
* 690
20,032
29,226
22,692
3,458
1,365
739
765
26,691,923
* 20,849
39,745
586,111
3,145,672
2,348,268
2,088,442
2,241,034
16,221,802
71,018
* 690
16,086
27,205
21,185
3,201
1,262
680
708
24,809,620
* 20,685
34,872
590,029
2,931,163
2,177,755
1,963,661
2,098,851
14,992,605
72,490
* 690
17,072
27,514
21,350
3,205
1,264
684
710
508,977,586
* 416,982
716,958
11,197,492
60,770,809
44,984,869
40,191,994
42,644,361
308,054,122
71,882
* 690
16,579
27,415
21,335
3,205
1,264
683
710
25,328,194
* 20,849
35,715
551,988
3,009,711
2,239,087
2,002,692
2,124,249
15,343,902
71,018
* 690
16,086
27,205
21,185
3,201
1,262
680
708
24,809,620
* 20,685
34,872
590,029
2,931,163
2,177,755
1,963,661
2,098,851
14,992,605
7,110
0
3,453
1,811
1,382
253
101
56
55
27,460,124
0
82,168
688,476
2,734,124
2,186,279
1,717,815
2,335,700
17,715,563
7,085
0
3,453
1,811
1,356
253
101
56
55
1,363,729
0
4,029
34,123
135,961
109,181
85,749
116,785
877,900
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
67,371
* 690
13,522
26,240
20,922
3,258
1,295
703
740
525,293,421
* 416,982
692,011
11,023,462
60,642,107
45,455,787
40,808,386
43,448,011
322,806,676
67,173
* 690
13,325
26,240
20,922
3,258
1,295
703
740
26,175,076
* 20,849
34,420
548,301
3,022,651
2,267,923
2,036,465
2,169,178
16,075,291
62,928
* 690
11,450
24,885
20,159
3,131
1,244
669
699
24,603,944
* 20,685
31,303
555,907
2,869,432
2,148,076
1,952,658
2,077,032
14,948,849
63,612
* 690
11,844
25,042
20,285
3,133
1,245
672
701
504,077,598
* 416,982
643,699
10,468,513
59,120,584
44,289,825
39,906,073
42,105,075
307,126,846
63,415
* 690
11,647
25,042
20,285
3,133
1,245
672
701
25,122,383
* 20,849
32,083
520,553
2,946,575
2,209,625
1,991,491
2,102,031
15,299,177
62,928
* 690
11,450
24,885
20,159
3,131
1,244
669
699
24,603,944
* 20,685
31,303
555,907
2,869,432
2,148,076
1,952,658
2,077,032
14,948,849
3,759
0
1,678
1,198
638
125
50
31
39
21,215,823
0
48,312
554,949
1,521,522
1,165,962
902,313
1,342,935
15,679,830
3,759
0
1,678
1,198
638
125
50
31
39
1,052,693
0
2,337
27,748
76,076
58,298
44,974
67,147
776,114
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 1. Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation
and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands dollars]
Qualifying distributions
Type of foundation, asset size
All foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-nonoperating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Grantmaking-operating foundations
Total
Zero or unreported
$1 under $100,000
$100,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Undistributed income
for 2006
Excess distributions
carryover to 2007
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
(54)
(55)
(56)
(57)
(58)
(59)
74,130
1,579
16,185
27,968
22,129
3,417
1,356
735
761
42,392,332
1,163,293
1,317,266
2,575,213
6,129,248
4,243,475
3,928,327
3,781,376
19,254,135
24,969
* 99
3,550
9,745
9,006
1,435
522
289
323
6,341,126
* 293
4,610
138,739
896,891
666,368
565,499
583,757
3,484,970
47,647
1,693
12,733
17,563
12,359
1,773
745
394
387
51,938,352
2,410,068
2,311,260
5,012,984
11,278,250
7,002,018
5,577,712
5,842,811
12,503,249
67,467
1,480
13,127
26,256
20,793
3,170
1,255
680
706
37,635,450
1,159,583
620,541
2,257,880
5,449,416
3,678,589
3,281,870
3,460,874
17,726,696
24,969
* 99
3,550
9,745
9,006
1,435
522
289
323
6,341,126
* 293
4,610
138,739
896,891
666,368
565,499
583,757
3,484,970
47,647
1,693
12,733
17,563
12,359
1,773
745
394
387
51,938,352
2,410,068
2,311,260
5,012,984
11,278,250
7,002,018
5,577,712
5,842,811
12,503,249
6,663
* 99
3,058
1,712
1,336
247
101
55
55
4,756,882
* 3,710
696,725
317,333
679,832
564,886
646,457
320,502
1,527,439
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
68,591
1,579
13,719
26,338
20,952
3,261
1,298
703
740
40,297,902
1,163,293
692,196
2,352,690
5,868,050
4,040,540
3,762,940
3,561,653
18,856,540
21,241
* 99
1,874
8,449
8,321
1,388
510
282
319
6,249,148
* 293
3,563
125,715
865,480
649,736
559,914
575,677
3,468,770
43,197
1,382
9,971
16,593
11,993
1,748
738
390
382
50,974,858
2,277,846
2,112,654
4,902,050
11,062,618
6,866,395
5,523,281
5,745,999
12,484,014
64,468
1,480
11,844
25,091
20,300
3,134
1,246
672
701
37,417,968
1,159,583
615,819
2,237,548
5,423,057
3,642,573
3,264,384
3,374,284
17,700,720
21,241
* 99
1,874
8,449
8,321
1,388
510
282
319
6,249,148
* 293
3,563
125,715
865,480
649,736
559,914
575,677
3,468,770
43,197
1,382
9,971
16,593
11,993
1,748
738
390
382
50,974,858
2,277,846
2,112,654
4,902,050
11,062,618
6,866,395
5,523,281
5,745,999
12,484,014
4,123
* 99
1,875
1,247
653
127
52
31
39
2,879,934
* 3,710
76,377
115,142
444,993
397,968
498,556
187,369
1,155,820
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A—Not applicable.
* Estimate should be used with caution because of the small number of sample returns on which it is based.
[1] The data shown in columns 18 and 19 are based on the amount of contributions, gifts, and grants that foundations actually disbursed for charitable purposes for 2006 using the cash
receipts and disbursement method of accounting. These amounts differ somewhat from those reported as contributions, gifts, and grants paid shown in the income statement because
foundations may use either the cash receipts and disbursement or the accrual method of accounting.
NOTE: Detail may not add to totals because of rounding.
289
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 2. Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2006
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Selected sources of revenue
Type of trust, asset size
All charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Footnotes at end of table.
290
Number
of returns
Total revenue
Number
of returns
(2)
(1)
Amount
(3)
Contributions, gifts,
and grants received
Number
Amount
of returns
(4)
(5)
Dividends and interest
from securities
Number
Amount
of returns
(6)
(7)
3,502
111
687
1,167
583
860
94
3,470
98
674
1,163
583
858
94
611,063
1,556
7,716
47,986
41,961
247,196
264,649
250
8
72
72
25
62
11
108,856
59
4,276
15,077
6,641
49,430
33,374
3,290
81
586
1,117
574
840
92
161,763
198
965
8,656
11,469
63,428
77,047
3,469
110
676
1,158
577
855
93
3,437
97
663
1,154
577
853
93
605,984
1,554
7,625
47,849
41,647
243,198
264,111
241
7
68
71
25
59
11
108,061
58
4,222
15,068
6,641
48,699
33,374
3,265
81
581
1,108
569
835
91
161,376
198
955
8,597
11,366
63,253
77,008
33
1
11
9
6
5
1
33
1
11
9
6
5
1
5,078
2
91
136
314
3,997
538
9
1
4
1
0
3
0
795
2
54
10
0
730
0
25
0
5
9
5
5
1
387
0
11
59
103
175
39
3,287
100
602
1,105
559
830
91
3,269
93
594
1,102
559
830
91
577,443
1,532
7,353
38,905
39,015
229,967
260,671
206
4
59
57
21
54
11
87,198
35
4,092
6,958
4,806
37,932
33,374
3,123
81
524
1,063
551
815
89
156,810
198
889
8,254
11,112
61,762
74,595
3,263
100
594
1,097
555
827
90
3,245
93
586
1,094
555
827
90
574,315
1,532
7,291
38,807
38,816
227,736
260,133
201
4
57
56
21
52
11
86,430
35
4,054
6,949
4,806
37,212
33,374
3,104
81
520
1,055
548
812
88
156,582
198
878
8,203
11,048
61,699
74,556
24
0
8
8
4
3
1
24
0
8
8
4
3
1
3,128
0
61
98
199
2,231
538
5
0
2
1
0
2
0
768
0
38
10
0
720
0
19
0
4
8
3
3
1
228
0
10
51
65
63
39
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 2. Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and
Selected Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total
Assets, Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Selected sources of
revenue—continued
Type of trust, asset size
All charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Net gain (less loss)
from sales of assets
Number
Amount
of returns
(8)
(9)
Total expenses
Number
of returns
(10)
Amount
(11)
Excess of revenue
(less loss)
over expenses
Number
of returns
(12)
Amount
(13)
Net investment income
Number
of returns
(14)
Amount
(15)
3,095
76
504
1,056
561
809
89
285,249
1,543
1,219
12,574
20,653
115,547
133,713
3,473
108
674
1,159
582
856
94
366,893
9,343
8,510
22,831
27,822
135,266
163,121
3,481
106
679
1,162
582
858
94
244,170
-7,787
-794
25,155
14,138
111,930
101,528
3,371
80
620
1,143
580
855
93
455,697
1,711
2,201
21,491
30,736
182,917
216,641
3,077
76
501
1,050
557
804
89
284,584
1,543
1,211
12,516
20,536
115,064
133,713
3,440
107
663
1,150
576
851
93
363,182
9,342
8,442
22,709
27,568
133,030
162,091
3,451
105
668
1,156
576
853
93
242,803
-7,787
-817
25,140
14,078
110,169
102,020
3,342
80
611
1,134
574
850
93
454,696
1,711
2,183
21,389
30,470
182,302
216,641
18
0
3
6
4
5
0
665
0
8
58
117
483
0
33
1
11
9
6
5
1
3,711
1
68
121
254
2,236
1,030
30
1
11
6
6
5
1
1,367
[2]
23
15
60
1,761
-492
29
0
9
9
6
5
0
1,002
0
19
102
266
614
0
2,963
76
460
1,011
540
789
87
281,062
1,543
1,151
12,110
19,983
113,976
132,300
3,284
100
600
1,104
559
830
91
362,370
9,304
8,370
22,515
27,370
133,407
161,404
3,275
100
596
1,101
558
829
91
215,073
-7,772
-1,017
16,390
11,646
96,560
99,267
3,192
79
553
1,085
557
828
90
446,438
1,711
2,075
20,715
29,871
179,044
213,022
2,950
76
457
1,006
538
786
87
280,678
1,543
1,143
12,082
19,940
113,670
132,300
3,260
100
592
1,096
555
827
90
359,817
9,304
8,337
22,409
27,183
132,209
160,374
3,254
100
588
1,096
554
826
90
214,498
-7,772
-1,045
16,397
11,633
95,527
99,759
3,169
79
545
1,077
553
825
90
445,788
1,711
2,057
20,648
29,712
178,638
213,022
13
0
3
5
2
3
0
384
0
8
28
43
306
0
24
0
8
8
4
3
1
2,553
0
33
105
186
1,198
1,030
21
0
8
5
4
3
1
575
0
28
-7
13
1,033
-492
23
0
8
8
4
3
0
650
0
19
66
159
406
0
Footnotes at end of table.
291
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 2. Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Type of trust, asset size
All charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Footnotes at end of table.
292
Disbursements for
exempt purposes
Number
of returns
(16)
Amount
(17)
Contributions, gifts,
and grants paid [1]
Number
of returns
(18)
Amount
(19)
Excise tax on
net investment income
Number
of returns
(20)
Amount
(21)
Total assets
(book value)
Number
of returns
(22)
Amount
(23)
3,407
102
646
1,140
576
850
93
322,069
10,659
8,014
19,731
23,822
115,036
144,807
3,287
100
602
1,105
559
830
91
302,044
10,542
7,293
18,358
22,211
107,317
136,323
3,250
69
586
1,112
553
838
92
7,067
21
32
327
486
3,018
3,183
3,391
0
687
1,167
583
860
94
5,079,489
0
31,376
299,186
363,709
2,021,265
2,363,953
3,378
102
638
1,131
570
845
92
318,945
10,659
7,995
19,625
23,617
113,140
143,909
3,263
100
594
1,097
555
827
90
301,230
10,542
7,278
18,271
22,070
106,913
136,156
3,225
69
579
1,103
549
833
92
7,049
21
32
325
481
3,006
3,183
3,359
0
676
1,158
577
855
93
5,056,214
0
30,953
297,422
359,642
2,007,753
2,360,445
29
0
8
9
6
5
1
3,124
0
19
106
205
1,896
898
24
0
8
8
4
3
1
814
0
15
87
141
403
167
25
0
7
9
4
5
0
19
0
[2]
2
5
12
0
32
0
11
9
6
5
1
23,274
0
423
1,764
4,067
13,513
3,508
3,287
100
602
1,105
559
830
91
320,803
10,656
7,978
19,650
23,698
114,186
144,636
3,287
100
602
1,105
559
830
91
302,044
10,542
7,293
18,358
22,211
107,317
136,323
3,088
69
528
1,056
533
813
89
6,896
21
30
312
470
2,952
3,111
3,187
0
602
1,105
559
830
91
4,897,044
0
28,429
286,265
349,451
1,954,784
2,278,115
3,263
100
594
1,097
555
827
90
318,520
10,656
7,959
19,557
23,552
113,059
143,738
3,263
100
594
1,097
555
827
90
301,230
10,542
7,278
18,271
22,070
106,913
136,156
3,067
69
521
1,048
530
810
89
6,883
21
30
311
467
2,944
3,111
3,163
0
594
1,097
555
827
90
4,880,556
0
28,027
284,679
346,609
1,946,633
2,274,607
24
0
8
8
4
3
1
2,283
0
19
92
146
1,128
898
24
0
8
8
4
3
1
814
0
15
87
141
403
167
21
0
7
8
3
3
0
12
0
[2]
1
3
8
0
24
0
8
8
4
3
1
16,488
0
402
1,585
2,842
8,151
3,508
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 2. Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Type of trust, asset size
All charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Total investment assets
(book value)
Number
of returns
(24)
Amount
(25)
Investments in securities
(book value)
Total
Number
of returns
(26)
Government obligations
Amount
(27)
Number
of returns
(28)
Amount
(29)
Corporate stock
Number
of returns
(30)
Amount
(31)
3,331
0
646
1,155
580
856
94
4,980,344
0
29,867
289,639
354,542
1,971,487
2,334,810
2,916
0
485
1,005
531
809
86
3,989,390
0
21,214
199,502
282,976
1,671,163
1,814,535
847
0
94
237
150
314
52
441,176
0
1,842
16,135
23,480
162,778
236,941
2,794
0
434
959
524
793
84
2,950,603
0
16,317
151,889
214,511
1,247,829
1,320,056
3,303
0
639
1,146
574
851
93
4,964,768
0
29,594
287,936
351,194
1,963,279
2,332,765
2,893
0
482
996
526
804
85
3,978,351
0
21,076
198,142
281,266
1,665,218
1,812,648
838
0
93
234
147
312
52
439,660
0
1,827
16,030
22,939
161,924
236,941
2,773
0
431
952
519
788
83
2,943,169
0
16,259
150,905
213,342
1,244,420
1,318,242
28
0
7
9
6
5
1
15,577
0
273
1,703
3,348
8,208
2,045
23
0
3
9
5
5
1
11,039
0
138
1,360
1,710
5,945
1,886
9
0
1
3
3
2
0
1,516
0
15
105
542
854
0
21
0
3
7
5
5
1
7,434
0
58
984
1,168
3,409
1,814
3,147
0
574
1,096
558
828
91
4,811,851
0
27,093
278,835
341,952
1,914,998
2,248,973
2,783
0
439
961
512
788
83
3,864,732
0
19,484
192,653
273,584
1,635,122
1,743,889
813
0
81
232
143
306
51
429,494
0
1,548
15,884
22,446
159,638
229,978
2,671
0
395
917
506
772
81
2,852,740
0
15,226
146,150
208,042
1,218,033
1,265,289
3,125
0
568
1,088
554
825
90
4,801,366
0
26,832
277,264
339,828
1,910,514
2,246,927
2,765
0
436
953
509
785
82
3,857,698
0
19,346
191,320
272,975
1,632,055
1,742,003
807
0
80
229
142
305
51
429,290
0
1,533
15,779
22,396
159,604
229,978
2,655
0
392
911
503
769
80
2,847,159
0
15,168
145,192
207,483
1,215,841
1,263,475
22
0
6
8
4
3
1
10,486
0
261
1,571
2,124
4,484
2,045
18
0
3
8
3
3
1
7,034
0
138
1,333
609
3,067
1,886
6
0
1
3
1
1
0
204
0
15
105
50
34
0
16
0
3
6
3
3
1
5,581
0
58
958
559
2,192
1,814
Footnotes at end of table.
293
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 2. Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Investments in securities
(book value)—continued
Type of trust, asset size
All charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Footnotes at end of table.
294
Corporate bonds
Number
of returns
(32)
Amount
(33)
Total assets
(fair market value)
Number
of returns
(34)
Amount
(35)
Total investment assets
(fair market value)
Number
of returns
(36)
Amount
(37)
Investments in securities
(fair market value)
Total
Number
of returns
(38)
Amount
(39)
1,303
0
134
410
251
458
50
597,611
0
3,055
31,477
44,985
260,556
257,537
3,391
0
687
1,167
583
860
94
6,141,604
0
32,918
298,913
415,174
2,445,519
2,949,080
3,331
0
646
1,155
580
856
94
6,004,718
0
31,425
289,061
404,968
2,377,023
2,902,242
2,916
0
485
1,005
531
809
86
4,874,059
0
23,078
226,298
326,700
2,019,184
2,278,798
1,295
0
133
408
251
454
49
595,522
0
2,990
31,207
44,985
258,874
257,466
3,359
0
676
1,158
577
855
93
6,097,395
0
32,510
296,662
410,488
2,425,641
2,932,093
3,303
0
639
1,146
574
851
93
5,970,167
0
31,136
286,871
401,260
2,364,183
2,886,717
2,893
0
482
996
526
804
85
4,848,192
0
22,931
224,640
324,714
2,011,855
2,264,053
8
0
1
2
0
4
1
2,089
0
65
271
0
1,682
72
32
0
11
9
6
5
1
44,209
0
408
2,251
4,686
19,878
16,987
28
0
7
9
6
5
1
34,552
0
289
2,190
3,708
12,840
15,524
23
0
3
9
5
5
1
25,867
0
148
1,658
1,986
7,330
14,745
1,252
0
118
396
241
449
48
582,498
0
2,710
30,619
43,095
257,452
248,622
3,187
0
602
1,105
559
830
91
5,928,717
0
29,868
284,468
398,062
2,361,349
2,854,970
3,147
0
574
1,096
558
828
91
5,810,492
0
28,549
276,793
389,890
2,307,129
2,808,131
2,783
0
439
961
512
788
83
4,731,854
0
21,332
218,417
316,233
1,975,994
2,199,879
1,245
0
117
394
241
446
47
581,249
0
2,645
30,348
43,095
256,610
248,550
3,163
0
594
1,097
555
827
90
5,897,089
0
29,482
282,620
394,956
2,352,049
2,837,983
3,125
0
568
1,088
554
825
90
5,784,835
0
28,272
274,959
387,502
2,301,495
2,792,607
2,765
0
436
953
509
785
82
4,710,359
0
21,184
216,820
315,444
1,971,777
2,185,134
7
0
1
2
0
3
1
1,249
0
65
271
0
842
72
24
0
8
8
4
3
1
31,628
0
387
1,848
3,106
9,300
16,987
22
0
6
8
4
3
1
25,657
0
277
1,834
2,388
5,633
15,524
18
0
3
8
3
3
1
21,496
0
148
1,597
789
4,217
14,745
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 2. Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Investments in securities
(fair market value)—continued
Type of trust, asset size
All charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Government obligations
Number
of returns
(40)
Amount
(41)
Corporate stock
Number
of returns
(42)
Amount
(43)
Corporate bonds
Number
of returns
(44)
Amount
(45)
Net worth
(book value)
Number
of returns
(46)
Amount
(47)
847
0
94
237
150
314
52
474,240
0
1,823
16,072
23,553
165,162
267,630
2,794
0
434
959
524
793
84
3,801,392
0
18,185
178,880
258,192
1,592,890
1,753,245
1,303
0
134
410
251
458
50
598,427
0
3,070
31,346
44,955
261,132
257,923
3,391
2
685
1,167
583
860
94
5,048,928
-12
31,221
298,438
362,373
2,013,377
2,343,531
838
0
93
234
147
312
52
472,717
0
1,808
15,967
23,004
164,308
267,630
2,773
0
431
952
519
788
83
3,779,077
0
18,114
177,599
256,755
1,588,108
1,738,501
1,295
0
133
408
251
454
49
596,397
0
3,009
31,073
44,955
259,439
257,921
3,359
2
674
1,158
577
855
93
5,026,832
-12
30,798
296,700
358,326
2,000,535
2,340,485
9
0
1
3
3
2
0
1,523
0
15
104
550
854
0
21
0
3
7
5
5
1
22,314
0
71
1,281
1,437
4,782
14,743
8
0
1
2
0
4
1
2,029
0
62
273
0
1,694
2
32
0
11
9
6
5
1
22,096
0
423
1,738
4,047
12,842
3,046
813
0
81
232
143
306
51
462,361
0
1,546
15,817
22,519
161,774
260,706
2,671
0
395
917
506
772
81
3,686,069
0
17,059
172,100
250,648
1,556,159
1,690,103
1,252
0
118
396
241
449
48
583,424
0
2,727
30,501
43,066
258,061
249,070
3,186
1
600
1,105
559
830
91
4,883,093
-12
28,295
285,527
348,145
1,948,045
2,273,093
807
0
80
229
142
305
51
462,159
0
1,531
15,712
22,469
161,741
260,706
2,655
0
392
911
503
769
80
3,665,950
0
16,988
170,880
249,909
1,552,814
1,675,360
1,245
0
117
394
241
446
47
582,249
0
2,665
30,228
43,066
257,222
249,069
3,162
1
592
1,097
555
827
90
4,867,783
-12
27,893
283,968
345,322
1,940,565
2,270,048
6
0
1
3
1
1
0
202
0
15
104
50
33
0
16
0
3
6
3
3
1
20,119
0
71
1,220
739
3,345
14,743
7
0
1
2
0
3
1
1,175
0
62
273
0
839
2
24
0
8
8
4
3
1
15,310
0
402
1,559
2,823
7,480
3,046
Footnotes at end of table.
295
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 2. Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Type of trust, asset size
All charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Footnotes at end of table.
296
Noncharitable-use assets
Minimum investment return
Number
of returns
(48)
Number
of returns
(50)
Amount
(49)
Amount
(51)
Distributable amount
Number
of returns
(52)
Amount
(53)
3,473
87
684
1,166
583
859
94
5,840,627
12,429
33,663
285,233
396,178
2,301,565
2,811,559
3,467
86
681
1,165
583
858
94
290,959
616
1,681
14,211
19,797
114,616
140,039
3,428
81
670
1,155
576
853
93
281,464
595
1,634
13,886
19,113
111,635
134,601
3,442
87
674
1,157
577
854
93
5,803,276
12,429
33,286
283,324
391,816
2,287,173
2,795,247
3,436
86
671
1,156
577
853
93
289,091
616
1,662
14,116
19,579
113,896
139,223
3,428
81
670
1,155
576
853
93
281,464
595
1,634
13,886
19,113
111,635
134,601
31
0
10
9
6
5
1
37,351
0
377
1,908
4,362
14,392
16,312
31
0
10
9
6
5
1
1,868
0
19
95
218
720
816
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3,269
84
601
1,104
559
830
91
5,642,016
12,422
30,948
273,027
380,740
2,231,349
2,713,530
3,266
83
600
1,104
559
829
91
281,322
615
1,547
13,631
19,025
111,366
135,137
3,234
78
591
1,095
554
826
90
272,511
594
1,504
13,311
18,423
108,898
129,781
3,245
84
593
1,096
555
827
90
5,615,755
12,422
30,580
271,333
377,730
2,226,472
2,697,219
3,242
83
592
1,096
555
826
90
280,009
615
1,529
13,546
18,874
111,122
134,321
3,234
78
591
1,095
554
826
90
272,511
594
1,504
13,311
18,423
108,898
129,781
24
0
8
8
4
3
1
26,261
0
367
1,694
3,010
4,877
16,312
24
0
8
8
4
3
1
1,313
0
18
85
151
244
816
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 2. Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Type of trust, asset size
All charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-nonoperating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Grantmaking-operating charitable trusts
Total
Zero or unreported
$1 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $10,000,000
$10,000,000 or more
Qualifying distributions
Number
of returns
(54)
Amount
(55)
Undistributed income
for 2006
Number
of returns
(56)
Excess distributions
carryover to 2007
Number
of returns
(58)
Amount
(57)
Amount
(59)
3,409
102
647
1,140
576
850
94
325,754
10,659
8,020
20,048
23,891
116,013
147,122
2,215
2
374
789
418
583
49
107,442
146
691
6,571
9,446
49,710
40,879
1,244
104
298
368
159
271
44
284,036
12,151
31,495
24,716
81,767
62,203
71,705
3,380
102
639
1,131
570
845
93
322,629
10,659
8,001
19,942
23,686
114,117
146,224
2,215
2
374
789
418
583
49
107,442
146
691
6,571
9,446
49,710
40,879
1,244
104
298
368
159
271
44
284,036
12,151
31,495
24,716
81,767
62,203
71,705
29
0
8
9
6
5
1
3,125
0
20
106
205
1,896
898
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3,287
100
602
1,105
559
830
91
322,449
10,656
7,979
19,836
23,715
115,034
145,230
2,081
2
328
741
402
562
46
100,838
146
618
6,178
9,013
47,564
37,319
1,181
98
265
356
153
265
44
214,058
11,974
30,932
24,137
16,892
58,418
71,705
3,263
100
594
1,097
555
827
90
320,166
10,656
7,959
19,744
23,570
113,906
144,332
2,081
2
328
741
402
562
46
100,838
146
618
6,178
9,013
47,564
37,319
1,181
98
265
356
153
265
44
214,058
11,974
30,932
24,137
16,892
58,418
71,705
24
0
8
8
4
3
1
2,284
0
20
92
146
1,128
898
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A—Not applicable.
[1] The data shown in columns 18 and 19 are based on the amount of contributions, gifts, and grants that charitable trusts actually disbursed for charitable purposes for 2006 using the
cash receipts and disbursement method of accounting. These amounts differ somewhat from those reported as contributions, gifts, and grants paid shown in the income statement
because charitable trusts may use either the cash receipts and disbursement or the accrual method of accounting.
[2] Less than $500.
NOTE: Detail may not add to totals because of rounding.
297
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 3. Domestic Private Foundations: Income Statements and Balance Sheets, by Size of End-of-Year Fair
Market Value of Total Assets, Tax Year 2006
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Item
Total
(1)
Number of returns
298
$1
under
$100,000
(3)
Asset size
$100,000 $1,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000
under
under
under
under
under
or
$1,000,000 $10,000,00 $25,000,000 $50,000,000 $100,000,00
more
(4)
(5)
(6)
(7)
(8)
(9)
2,535
20,722
22,782
3,463
1,368
742
765
Total revenue
Contributions, gifts, and grants received
Interest on savings and temporary cash investments
Dividends and interest from securities
Gross rents and royalties
Net gain (less loss) from sales of assets
Gross profit (less loss) from business activities
Other income
94,107,195
267,729
39,575,942
427,928
2,671,795
* 12,656
11,400,961
* 6,603
655,558
* 54
35,746,576 * -179,507
109,143
0
3,947,219
* -4
1,275,527
1,171,569
10,720
16,880
0
23,588
* 39
52,731
3,245,987 13,352,600
1,994,906 7,460,581
101,304
366,364
295,138 1,584,988
64,171
70,063
529,645 3,460,306
* 13,058
6,544
247,764
403,753
9,550,273
4,849,812
210,779
1,170,147
63,982
2,827,941
56,309
371,303
8,323,585
4,305,934
164,643
1,066,776
60,136
2,357,439
9,134
359,523
8,105,541
3,659,361
195,667
1,061,145
74,245
2,801,172
3,784
310,167
49,985,953
15,705,852
1,609,663
6,199,285
322,907
23,925,990
20,274
2,201,982
Total expenses
Contributions, gifts, and grants paid [1]
Compensation of officers
Other salaries and wages
Pension plans and employee benefits
Legal fees
Accounting fees
Other professional fees
Interest
Taxes
Depreciation and depletion
Occupancy
Travel, conferences, and meetings
Printing and publications
Other expenses
48,796,817
37,446,046
952,491
1,564,277
527,819
197,078
225,447
2,427,971
289,130
1,173,467
407,898
450,064
290,639
91,040
2,753,449
1,246,336
1,205,445
* 310
0
0
* 2,720
* 16,609
* 1,776
* 91
* 366
* 199
* 1,230
* 1,032
* 14
16,542
1,388,316
580,087
29,299
* 5,719
* 572
6,480
11,784
90,229
* 522
2,772
2,234
11,204
17,542
3,225
626,648
2,950,836
2,202,136
106,878
117,957
16,360
17,036
35,982
120,615
6,499
26,578
8,452
38,716
37,027
10,427
206,173
6,840,521
5,282,340
213,110
232,748
45,553
41,757
64,349
308,053
36,914
113,945
46,066
82,282
47,498
12,253
313,652
4,818,086
3,672,433
125,529
187,935
46,207
27,469
26,949
197,098
27,518
95,556
41,134
45,733
22,122
5,886
296,519
4,346,579
3,400,639
91,256
142,025
30,322
18,091
19,121
165,357
34,977
93,647
46,265
48,027
19,275
5,525
232,055
4,160,764
3,312,665
87,214
114,800
42,409
13,617
16,387
229,229
25,685
91,119
41,526
33,876
18,548
5,372
128,315
23,045,378
17,790,300
298,896
763,092
346,397
69,907
34,266
1,315,613
156,925
749,483
222,023
188,996
127,595
48,339
933,546
Excess of revenue (less loss) over expenses
Excess of revenue
Loss
45,310,378
52,398,153
-7,087,775
-978,607
* 154
-978,761
-112,789
295,151
125,871 1,375,140
-238,660 -1,079,990
6,512,078
7,735,026
-1,222,948
4,732,187
5,528,141
-795,954
3,977,006
4,567,610
-590,604
3,944,777
4,725,775
-780,999
26,940,575
28,340,436
-1,399,861
Total assets (fair market value)
Cash (non-interest bearing accounts)
Savings and temporary cash investments [2]
Accounts receivable, net
Pledges receivable, net
Grants receivable
Receivables due from disqualified persons
Other notes and loans receivable
Inventories
Prepaid expenses and deferred charges
Investments, total (non-cash)
Securities, total
Government obligations
Corporate stock
Corporate bonds
Land, buildings, and equipment (less accumulated
depreciation)
Mortgage loans
Other investments
Charitable-purpose land, buildings, and equipment
(less accumulated depreciation)
Other assets
645,810,232
6,678,243
42,304,175
1,488,399
871,850
576,643
82,974
2,755,128
246,245
298,473
567,356,619
403,667,507
38,717,970
325,758,946
39,190,591
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
661,248 12,740,859
147,841
800,391
219,279 2,122,421
* 4,650
36,930
2,219
* 19,482
0
* 28,644
* 283
* 2,840
0
196,568
* 2,437
* 4,581
* 545
25,959
260,054 9,166,452
209,005 7,662,374
17,817
610,654
163,226 6,033,423
27,963 1,018,297
71,638,613
1,807,898
7,501,547
169,503
87,200
48,598
* 43,309
550,942
92,713
24,837
58,737,426
49,185,667
4,456,204
39,330,142
5,399,321
53,637,378
813,626
4,869,491
72,387
82,459
92,317
21,919
353,621
15,383
17,652
45,185,256
36,978,879
3,780,047
29,013,705
4,185,127
47,866,790
541,253
3,993,227
115,122
122,081
159,877
67
361,421
97,735
51,348
40,546,203
32,636,375
3,421,835
25,608,023
3,606,517
51,823,632
763,707
3,884,504
138,578
60,475
83,479
62
254,102
3,002
34,056
44,524,268
33,451,716
3,322,005
27,035,023
3,094,689
407,441,713
1,803,527
19,713,706
951,229
497,934
163,728
14,495
1,038,473
30,395
144,075
368,936,960
243,543,490
23,109,409
198,575,404
21,858,677
7,615,932
1,113,181
154,959,999
0
0
0
* 618
* 5,303
45,128
118,346
* 71,059
1,314,672
1,088,210
247,925
8,215,623
863,692
145,464
7,197,222
615,364
110,648
7,183,815
918,561
4,011,140
108,691
424,091
10,045,300 120,958,239
11,857,504
11,293,979
0
0
16,876
7,064
217,075
119,515
2,010,783
563,857
1,452,728
660,538
1,321,823
556,633
1,336,092
741,306
Footnotes at end of table.
81,850
Assets
zero or
unreported
(2)
29,473
5,502,127
8,645,064
Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006
Statistics of Income Bulletin | Fall 2009
Table 3. Domestic Private Foundations: Income Statements and Balance Sheets, by Size of End-of-Year Fair
Market Value of Total Assets, Tax Year 2006—Continued
[All figures are estimates based on a sample—money amounts are in thousands of dollars]
Assets
zero or
unreported
$1
under
$100,000
Asset size
$100,000 $1,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000
under
under
under
under
or
under
more
$1,000,000 $10,000,00 $25,000,000 $50,000,000 $100,000,00
0
0
(4)
(5)
(6)
(7)
(8)
(9)
Item
Total
Total assets (book value)
Cash (non-interest bearing accounts)
Savings and temporary cash investments [2]
Accounts receivable, net
Pledges receivable, net
Grants receivable
Receivables due from disqualified persons
Other notes and loans receivable
Inventories
Prepaid expenses and deferred charges
Investments, total (non-cash)
Securities, total
Government obligations
Corporate stock
Corporate bonds
Land, buildings, and equipment (less accumulated
depreciation)
Mortgage loans
Other investments
Charitable-purpose land, buildings, and equipment
(less accumulated depreciation)
Other assets
Total liabilities (book value)
Net worth (book value)
Total assets, beginning-of-year (book value)
Cash (non-interest bearing accounts)
Savings and temporary cash investments [2]
Accounts receivable, net
Pledges receivable, net
Grants receivable
Receivables due from disqualified persons
Other notes and loans receivable
Inventories
Prepaid expenses and deferred charges
Investments, total (non-cash)
Securities, total
Government obligations
Corporate stock
Corporate bonds
Land, buildings, and equipment (less accumulated
depreciation)
Mortgage loans
Other investments
569,301,990
6,670,652
42,168,619
1,485,855
871,850
563,215
82,347
2,771,649
233,049
282,881
493,993,858
345,864,368
38,297,720
268,552,683
39,013,966
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
716,834 11,178,582
147,841
799,588
2
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