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Domestic Private Foundations and Charitable Trusts,
1999
by Melissa Ludlum
D
omestic private foundations provided $22.8
billion in contributions, gifts, and grants to
charitable organizations and initiatives in
Reporting Year 1999, a 17-percent increase over
1998. These outlays, which generally are awarded to
charitable organizations, communities, or individuals,
contribute to the operation of charitable programs in
such areas as education, arts and humanities, health,
human services, and environmental protection [1].
Foundations, which are tax-exempt under Internal
Revenue Code section 501(c)(3), are annually
required to file the information return, Form 990-PF.
The 62,694 Forms 990-PF filed for 1999 represented
an 11-percent increase over the previous year.
Total fair market value of assets for private
foundations grew by 18 percent to $466.9 billion for
1999, with investment assets, at $444.2 billion, representing the majority of that amount. Investment
assets increased by 17 percent overall, with investments in securities, including Government obligations
and corporate stocks and bonds, growing by 14
percent. The Bill and Melinda Gates Foundation,
which reported 3 percent of the fair market value of
total assets for all foundations, became the largest
domestic filer for 1999 and received significant financial contributions. The contributions, gifts, and grants
made to the Bill and Melinda Gates Foundation represented 30 percent of the total received by all domestic foundations and precipitated a 39-percent increase
in total revenue, which reached $83.3 billion, and an
85-percent rise in total contributions, gifts, and grants
received. Various financial data, including private
foundation asset, revenue, and expense items for
1998 and 1999, are shown in Figure A.
Nonexempt charitable trusts, as described in
Internal Revenue Code section 4947(a)(1), are also
required to file Form 990-PF. The number of domestic charitable trusts that filed Forms 990-PF increased
by 5 percent from 1998, to 2,805 [2]. These trusts
reported fair market value of assets of $5.3 billion,
revenue totaling $0.6 billion, and distributions of $0.2
billion in contributions, gifts, and grants [3].
Melissa Ludlum is an economist with the Special Studies
Special Projects Section. This article was prepared under
the direction of Michael Alexander, Chief.
StatisticsofIncomeStudies
The statistics presented in this article on both private
foundations and charitable trusts are based on sample
data from Form 990-PF, Return of Private Foundation (or Section 4947(a)(1) Charitable Trust
Treated as a Private Foundation), the annual
information return filed by these organizations [4].
Statistics of Income studies on private foundations
have been conducted for Reporting Years 1974,
1979, 1982, 1983, and annually since 1985. Studies
on 4947(a)(1) charitable trusts that are treated as
private foundations have been conducted for Reporting Year 1979 and annually since 1989.
PrivateFoundations
OrganizationalDefinitionsandLegislativeBackground
Under Internal Revenue Code 501(c)(3), private
foundations and publicly-supported organizations,
such as charities, are deemed exempt from the
income taxes outlined in Subtitle A of the Internal
Revenue Code, and are thus referred to as “taxexempt organizations.” Together, tax-exempt filers
represent more than $1.8 trillion in total assets, which
were reported in book value by all types of organizations for 1999. They contribute billions of dollars in
grants and support for charitable operations each
year. A private foundation is distinguished from a
publicly-supported charitable organization, which
receives broad support from diverse sources in the
general public, by its narrow sphere of support and
control, which is generally limited to an individual,
family, or corporation. In most cases, a foundation is
organized in the form of a corporation, association, or
trust, which provides some manner of charitable
support or conducts charitable activities. Due to this
centralization of control, foundations are not directly
accountable to the public, and are thus subject to
greater Federal regulation than publicly-supported
organizations [5]. Initially, all organizations that
receive tax exemption are considered private foundations and are thus required to file Form 990-PF.
Organizations that meet certain requirements will
then be further defined as publicly-supported or
charitable, and will instead file Form 990, Return of
Organization Exempt From Income Tax, or Form
990-EZ, the short version of this information return.
Some publicly-supported exempt organizations,
137
Domestic Private Foundations and Charitable Trusts, 1999
Figure A
Domestic Private Foundations: Selected Financial Items and Percentage Changes,
1998-1999
[Money amounts are in millions of dollars]
Item
1998
1999
Percentage
change,
1998-1999
(1)
(2)
(3)
Number of foundations............................................................................
56,658.0
62,694.0
10.7
Total assets (fair market value)............................................................................
397,084.5
466,863.0
17.6
Cash (non-interest bearing accounts)......................................................................................
2,753.6
3,041.6
10.5
Investments, total.........................................................................................................................
380,530.6
444,151.1
16.7
Savings and temporary cash investments.......................................................................
25,618.4
33,534.1
30.9
Investments in securities, total.............................................................................................
317,900.3
363,442.0
14.3
Government obligations..............................................................................................................
35,726.5
42,703.6
19.5
Corporate stock..............................................................................................................
249,301.6
283,373.8
13.7
Corporate bonds..............................................................................................................
32,872.2
37,364.7
13.7
Other investments ¹.................................................................................................................
37,011.8
47,175.0
27.5
Total revenue.............................................................................................
83,286.0
39.4
Contributions, gifts, and grants received.............................................................................................
20,604.8
38,207.8
85.4
Net gain (less loss) from sales of assets.............................................................................................
26,959.6
30,808.2
14.3
Dividends and interest from securities.............................................................................................
8,624.7
9,334.7
8.2
33,876.3
30.8
22,762.8
17.4
Total expenses..........................................................................................................
59,735.0
25,901.8
Contributions, gifts, and grants paid .............................................................................................
19,394.2
¹ Sum of "Investments in land, buildings, and equipment (less accumulated depreciation)," "Investments in mortgage loans," and "Other investments," as
reported on the Form 990-PF. "Other investments" includes items such as advances; certificates of investment; and investments in art, coins, gold, and gems.
138
138
including churches and organizations with minimal
asset holdings and income, are exempted from filing
any information return.
For 1999, private foundations represented roughly
23 of percent all Forms 990, 990-EZ, and 990-PF
filed. Additionally, they held approximately one-fifth
of total assets, which are reported, in book value only,
by both Form 990 and 990-EZ filers. Private foundations earned only 9 percent of all revenue reported on
the three forms [6].
Depending on the type of charitable support that
a private foundation provides, it may be classified as
either “operating” or “nonoperating.” An operating
foundation is directly involved in the operation of its
own charitable activities [7]. Examples of this type
of organization include certain museums, facilities
providing housing or healthcare, or organizations
conducting scientific research. Although operating
foundations are not legally required to distribute
grants to other organizations, many choose to contribute to other nonprofit programs. A nonoperating
foundation is defined as such because it generally
supports charitable programs indirectly, providing
grants to other nonprofit organizations, rather than
operating programs of its own. These foundations,
the most common Form 990-PF filers, are required to
distribute a minimum amount for charitable purposes,
annually; the required amount is based on 5 percent
of the average monthly fair market value of their
“noncharitable-use (or net investment) assets” [8].
Those organizations that do not meet the required
“distributable amount” in the current year may avoid
paying the undistributed income tax by fulfilling the
requirement by the end of the following year.
Although private foundations are granted exemption from Subtitle A income tax, they may be subject
to certain other taxes. All organizations exempt
under section 501(c)(3) are required to pay taxes on
income earned in a manner that is not substantially
related to the organization’s exempt purpose. Such
income and tax are reported separately on Form 990-T,
Exempt Organization Business Income Tax Return. The Tax Reform Act of 1969 (TRA69) established additional taxes specific to private foundations
and was the basis for sections 4940-4945 of the
Internal Revenue Code. These regulations include an
excise tax on income received only from investments,
or “net investment income,” which is applicable to all
Domestic Private Foundations and Charitable Trusts, 1999
nonoperating and most operating foundations [9].
TRA69 also imposed excise taxes on “prohibited
activities,” which are determined to be contrary to
the public interest. Such activities include business
ventures or investments that in some way jeopardize
the foundation’s charitable purpose, or acts of “selfdealing,” which are defined as financial transactions
with foundation officers, directors, trustees, substantial contributors, or “other disqualified persons.”
TRA69 also provides for the taxation of excess
business holdings, certain high-risk investments, and
various political and legislative activities, such as
participation by a foundation on behalf of, or in opposition to, a candidate for public office, or efforts to
influence legislation by contacting (or encouraging
the public to contact) legislators. Additionally,
TRA69 established the tax on nonoperating foundations that fail to meet the required minimum payout
after the 1-year grace period. Taxes on these
prohibited activities are reported separately on Form
4720, Return of Certain Excise Taxes on Charities
and Other Persons Under Chapters 41 and 42 of
the Internal Revenue Code, and are not included in
this article.
Data for 1999 are based on the returns of domestic private foundations only and do not include
information reported by foreign foundations, also
required to file Form 990-PF [10]. These organizations, which are organized abroad but receive certain
degrees of support from U.S. sources, usually account
for less than 1 percent of Forms 990-PF filed. Foreign private foundations may, but are not required to,
make charitable distributions within the United States.
AProfileofthe1999Form990-PFFilers
Throughout this article, foundations will be discussed
based on size class, as determined by the size of their
end-of-year fair market value of total assets. “Small
foundations” refers to the group holding less than $1
million in fair market value of total assets (including
foundations that either do not report assets or that
report assets equal to zero), “medium-size foundations” refers to the group holding from $1 million to
less than $50 million in assets, and “large foundations” refers to the group holding $50 million or more
in assets.
Small foundations accounted for 66 percent of
the 62,694 returns filed for 1999, but held only 2
percent of assets, as shown in Figure B. In contrast,
large foundations represented fewer than 2 percent
of all returns filed, but accounted for 70 percent of
asset holdings, with 63 percent of total assets held by
those foundations with fair market value of total
assets of $100 million or more. Large foundations
also dominated the revenue category, with those
holding $100 million or more in assets reporting nearly
60 percent of total revenue.
Nearly 94 percent of Forms 990-PF filed for
1999 represented nonoperating foundations, with the
remaining 6 percent made up of operating foundations. Nearly 85 percent of nonoperating and 54
percent of operating foundations were characterized
as grantmaking for 1999, with grantmaking foundations representing 83 percent of all Form 990-PF
filers. Foundations awarded $22.8 billion in contributions, gifts, and grants for 1999. Of those nonoperating foundations that were not classified as
grantmaking, 11 percent reported “no distributable
amount” and, therefore, were not subject to the
distribution requirement, while 37 percent satisfied
the distribution requirement through other types of
charitable disbursements, including administrative and
operational expenses for charitable purposes, excess
distributions from previous years, program-related
investments, acquisition of charitable-purpose assets,
and charitable “set-asides” for future projects. The
majority, 52 percent, opted to meet the 1999 requirement during their 2000 accounting periods or to pay
the tax on undistributed income [11].
TenLargestDomesticFoundations
The largest foundations, those holding $100 million or
more in assets, held 63 percent of all assets but
accounted for fewer than 600 returns, or less than 1
percent of all foundations. Additionally, the largest
organizations were responsible for 50 percent of all
grants paid. Ten foundations alone accounted for
nearly one-third of the total assets held by the largest
domestic foundations. These foundations, along with
data on total assets and grants paid for 1999, are
shown in Figure C. Forms 990-PF are available for
public disclosure under Internal Revenue Code
section 6104(b). Due to the public disclosure requirements, Forms 990-PF differ from most other IRS
return data, since individual return information may
be published.
The Bill and Melinda Gates Foundation, which
reported $15.8 billion in fair market value of total
139
Domestic Private Foundations and Charitable Trusts, 1999
Figure B
Domestic Private Foundations: Selected Financial Items, by Size of Fair Market Value of
Total Assets, 1999
[Money amounts are in millions of dollars]
All foundations
Asset size
Nonoperating foundations only
Number of
Total assets
Total
Number of
Total assets
Total
returns
FMV
revenue
returns
FMV
revenue
(2)
(3)
(4)
(5)
(6)
(1)
Number or amount
Total.........................................................................
62,694
466,863.0
Number or amount
83,286.0
58,840
426,316.5
74,327.3
Small foundations:
Less than $100,000 ...............................................................16,562
562.3
369.4
15,659
539.0
363.1
$100,000 under $1,000,000...............................................................
24,623
9,829.0
3,608.0
23,202
9,126.0
3,130.2
$1,000,000 under $10,000,000...............................................................
16,941
54,507.9
11,803.8
15,762
50,689.0
10,826.2
$10,000,000 under $50,000,000...............................................................
3,472
73,150.3
12,413.1
3,227
67,769.3
11,435.0
Medium foundations:
Large foundations:
$50,000,000 under $100,000,000...............................................................
507
35,194.4
5,826.9
469
32,567.9
5,349.6
$100,000,000 or more............................................................... 567
293,619.1
49,264.8
521
265,625.3
43,223.2
Percentage of total
Total.........................................................................
Percentage of total
100.0
100.0
100.0
100.0
100.0
100.0
26.4
0.1
0.4
26.6
0.1
0.5
$100,000 under $1,000,000...............................................................
39.3
2.1
4.3
39.4
2.1
4.2
$1,000,000 under $10,000,000...............................................................
27.0
11.7
14.2
26.8
11.9
14.6
$10,000,000 under $50,000,000...............................................................
5.5
15.7
14.9
5.5
15.9
15.4
Small foundations:
Less than $100,000...............................................................
Medium foundations:
Large foundations:
140
$50,000,000 under $100,000,000...............................................................
0.8
7.5
7.0
0.8
7.6
7.2
$100,000,000 or more............................................................... 0.9
62.9
59.2
0.9
62.3
58.2
NOTES: Detail may not add to totals because of rounding and processing tolerances. "FMV" is an abbreviation for fair market value.
140
assets, became the largest domestic filer for Reporting Year 1999. The Gates Foundation, along with the
Ford Foundation, David and Lucile Packard Foundation, the J. Paul Getty Trust, and the Lilly Endowment, Inc. were the five largest domestic foundations,
each holding in excess of $10.0 billion. As in previous years, the J. Paul Getty Trust was the only operating foundation included in the top ten.
The Ford Foundation and Lilly Endowment led
the largest foundations in charitable grants paid again
for 1999, disbursing $654 million and $558 million,
respectively. Nine of the ten largest foundations paid
out larger amounts in grants for 1999 than for the
previous year. The largest increase, 385 percent,
was reported by the Bill and Melinda Gates Foundation, which disbursed $549 million for 1999. The
W.K. Kellogg Foundation, which disbursed $187
million for 1999, was the only foundation in the top
ten that reported a decrease in grants paid, down
from $203 million for 1998 [12].
SourcesofFoundationRevenue
The majority of foundation revenue (94 percent) was
gained from contributions received, dividends and
interest from securities, and net gain from sales of
assets. The amount of contributions, gifts, and grants
reported increased by a substantial 85 percent over
the prior year and was the major source of foundation revenue, accounting for 46 percent of the total.
Net gain from sales of assets, which accounted for
37 percent of total revenue, increased by 14 percent.
Of the three major components of revenue, dividends
and interest from securities accounted for the smallest percentage of the total, 11 percent, and
experienced an 8-percent increase. Figure D shows
revenue sources for 1999 for all foundations, by
asset-size class.
All three asset-size categories of private foundations reported contributions received as the major
revenue source, with small foundations reporting
contributions received as 73 percent of total revenue.
Domestic Private Foundations and Charitable Trusts, 1999
Figure C
Top Ten Domestic Private Foundations, by
Size of Fair Market Value of Total Assets, 1999
[Money amounts are in millions of dollars]
Total
Name and ranking
State
(1)
Total
grants
assets¹
paid
(2)
(3)
1. Bill & Melinda Gates Foundation...........................................................
WA
15,827.1
549.4
2. Ford Foundation...........................................................
NY
14,682.0
653.9
3. David and Lucile Packard
13,151.9
391.6
4. J. Paul Getty Trust ²...........................................................
CA
10,929.8
5. Lilly Endowment, Inc............................................................
IN
10,418.1
Foundation..........................................................
CA
17.3
558.3
6. Robert Wood Johnson Foundation...........................................................
NJ
8,647.2
290.2
7. W.K. Kellogg Foundation Trust
and W.K. Kellogg Foundation ³..........................................................
NY/MI
4,853.1
186.6
8. John D. and Catherine T.
Macarthur Foundation..........................................................
IL
4,629.5
158.6
9. Andrew W. Mellon Foundation...........................................................
NY
4,619.7
161.5
10. Starr Foundation...........................................................
NY
4,486.5
143.8
92,245.0
3,111.2
Total............................................................................
¹ Fair market value.
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 (and does not count the
redistribution as a qualifying distribution of its own). The combined total assets of the
two organizations are shown in the "Total assets" column, but, in order to avoid
duplication, only the grants paid by the W.K. Kellogg Foundation are shown in the
"Total grants paid" column.
NOTE: Detail may not add to totals due to rounding.
Medium and large foundations, which received 48
percent and 43 percent, respectively, of their revenue
from contributions received, remained less dependent
on contributions as a source of revenue than did their
smaller counterparts. However, large foundations
reported greater contributions than in previous years,
due in large part to the sizeable amounts received by
the Bill and Melinda Gates Foundation, which reported nearly half of all contributions received by
large foundations. Net gain from sales of assets
remained a substantial component of revenue for
both medium foundations, at 32 percent, and large
foundations, at 41 percent.
All foundation revenues, other than contributions
received, are assigned to one of three categories on
the “Analysis of Income Producing Activities” schedule of Form 990-PF. The first category, “unrelated
business income” (UBI), was taxable income from a
trade or business that was regularly carried on by the
organization but was not substantially related to the
foundation’s exempt purpose or function, other than
to provide income. Organizations with unrelated
business income were required to file Form 990-T
[13]. Private foundations reported $179 million in
unrelated business income for 1999, less than 1 percent
of total revenue. Unrelated business income was reported by less than 5 percent of all private foundations.
Revenue categorized as “excluded income” was
not directly related to the tax-exempt, charitable
function of the foundation, but was exempted or
excluded from the tax on unrelated business income
by IR Code sections 512, 513, or 514. Included in
this category are dividends, interest, rental income,
and gains from sales of investment assets. Excluded
income totaled $41.4 billion for 1999, 93 percent of
total income as reported on the “Analysis of Income
Producing Activities” schedule.
Income that was directly related to the function
or purpose for which the organization has received
tax-exemption was classified as “related or exempt
function income.” Nearly 7 percent, or $2.9 billion,
of the income reported on the “Analysis of Income
Producing Activities” schedule was categorized as
exempt income.
ExciseTaxonInvestmentIncome
In accordance with TRA69, private foundations pay
excise tax on their investment income each year.
This tax is intended to cover expenses incurred by
the IRS 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 income. Domestic operating foundations
that are able to show a significant amount of public
support and control may be exempt from the tax on
net investment income. For 1999, 15 percent of all
operating foundations met the requirements for
exemption from the tax [14].
Under the Deficit Reduction Act of 1984, a
domestic nonoperating foundation may be eligible for
a reduction of the tax to 1 percent of net investment
income in cases where the foundation is able to show
a specific degree of improvement in the rate at which
it paid out charitable dollars. Specifically, if current
“qualifying distributions” exceeded a 5-year average
141
Domestic Private Foundations and Charitable Trusts, 1999
Figure D
Sources of Domestic Private Foundation Revenue, by Asset-Size Class, 1999
All Foundations
2%
3%
46%
$83.3 Billion
37%
11%
Small Foundations
1
Medium Foundations
2
3
Large Foundations
142
$4.0 Billion
Contributions, gifts, and
grants received
Dividends and interest
from securities
$55.1 Billion
$24.2 Billion
Net gain (less loss)
from sales of assets
Other interest
Other income
1
Small foundations are those holding from zero (including unreported) to less than $1,000,000 in fair market value of total assets.
2
Medium foundations are those holding from $1,000,000 to less than $50,000,000 in fair market value of total assets.
3
4
5
5
4
Large foundations are those holding $50,000,000 or more in fair market value of total assets.
Represents "Interest on savings and temporary cash investments," as reported on Form 990-PF.
Includes "Gross rents and royalties" and "Gross profit (or loss) from business activities" as reported on Form 990-PF, as well as items such as imputed
interest on deferred payments and program-related investment income.
NOTE: Detail may not add to 100 percent because of rounding and processing tolerances.
142
Domestic Private Foundations and Charitable Trusts, 1999
of qualifying distributions plus 1 percent of current
net investment income, a foundation qualified for the
reduced tax rate for 1999.
Data for domestic foundations reporting excise
tax on net investment income for 1999 are presented
in Figure E. Net investment income rose to $57.1
billion, and foundations reported $730 million in excise
tax on net investment income. The majority of domestic foundations, 58 percent, paid this excise tax at
the higher 2-percent rate. However, since 58 percent of large foundations took advantage of the
reduced tax rate compared to only 36 percent of
small foundations, the amount of net investment
income tax reported was nearly equal, at $365 million,
for both the 1- and 2-percent tax rates.
FoundationAssetsandInvestments
Total fair market value of foundation assets reached
$466.9 billion for 1999, increasing 18 percent from
1998. Total investments grew by 17 percent to
$444.2 billion. Foundations held the majority of their
assets, 95 percent, in investments. This category of
assets includes savings and temporary cash investments, securities (corporate stock and bonds and
Government obligations), and “other investments.”
The “other investments” category represents an
aggregation of several line items, and includes such
items as investments in land, buildings, and equip-
ment; mortgage loans; and additional items such as
advances, certificates of investment, and investments
in art, gold, coins, and gems. Slightly less than 78
percent of all assets, $363.4 billion, were held in
securities, investments that increased 14.3 percent
over the prior year. Corporate stock holdings increased 14 percent and accounted for 64 percent of
total investments. Investments in corporate bonds
increased at a rate of 14 percent, while Government
obligations rose 20 percent, rebounding from the prior
year’s decrease.
CompositionofInvestmentAssetsbySizeof
Foundation
Since foundations, in varying degrees, use income
from investments to finance their grants and disbursements, asset growth figures prominently in
creating the financial basis for private foundationcharitable giving. Foundations may choose the
manner in which they manage and invest their assets.
Investments in corporate stock are considered to be
high-risk, but also provide higher returns in the long
run, while short-term investments, such as temporary
cash investments, have little risk but less return.
Large foundations generally invest extensively in
corporate stock and other long-term investments and
relatively little in short-term investments, while small
and medium foundations, though still holding large
Figure E
Domestic Private Foundations Reporting Excise Tax on Investment Income, by Asset-Size Class,
1999
[Money amounts are in millions of dollars.]
Item
Total
Small
foundations ¹
(1)
(2)
Medium
foundations ²
Large
foundations ³
(3)
(4)
Number of foundations reporting excise tax...........................................................................................................
51,221
30,713
Percentage of all foundations...........................................................................................................
82
75
19,480
95
1,029
96
12,816.8
192.5
40,897.7
520.8
4.0
12.5
64.0
128.5
297.1
223.7
36
64
51
49
58
42
4
Net investment income (NII) ...........................................................................................................
54,744.3
1,029.8
Excise tax...........................................................................................................
729.9
16.5
1-percent tax...........................................................................................................
365.2
2-percent tax...........................................................................................................
364.7
Percentage reporting excise tax rate:
1-percent tax...............................................................................................
42
2-percent tax...............................................................................................
58
¹ Small foundations are those holding from zero (including unreported) to less than $1,000,000 in fair market value of total assets.
² Medium foundations are those holding from $1,000,000 to less than $50,000,000 in fair market value of total assets.
³ Large foundations are those holding $50,000,000 or more in fair market value of total assets.
Represents net investment income of foundations reporting excise tax. Total net investment income for all foundations was $57.1 billion.
4
143
Domestic Private Foundations and Charitable Trusts, 1999
portions of their assets in corporate stock, are more
likely than large foundations to hold a significant
amount of their portfolios in short-term investments.
Figure F shows the composition of investment
assets for all foundations, by size of foundation.
Corporate stock was the major investment asset for
each size category of foundation for 1999. Small
foundations held 53 percent of their investment assets
in corporate stock, medium foundations held 61
percent, and large foundations held 65 percent. Savings and temporary cash investments, the category
representing short-term investments, represented 19
percent of investment assets for small foundations
and only 7 percent for large foundations.
144
144
IncomeYieldsandRatesofTotalReturn
An income yield is a measure of the realized investment income that a foundation earns on its
investment assets. Figure G shows median “net
investment income yields” and “rates of total return
on assets” for domestic nonoperating foundations, by
asset-size class, for 1999. Both the mean and the
median, which minimizes the influences of large
outliers in the data and may therefore better represent a typical foundation than the mean value, are
calculated. The net investment income (NII) yield
was calculated by dividing net investment income by
the end-of-year fair market value of investment
assets [15]. As in previous years, large foundations
earned higher median income yields for 1999 than
other size classes, while small foundations earned the
smallest median yields. This may indicate that large
foundations typically invest in higher-risk investment
assets with the potential for greater return, while
smaller foundations invest more cautiously, perhaps
because they have fewer resources to expend
toward investment management.
Further insight into foundation investment return
can be gained by examining data for the rate of total
return on assets. This measure, which represents the
total capital appreciation of the endowment of a
foundation, is a more comprehensive indication of
total investment performance than the NII yield. The
rate-of-total-return formula used here measures the
change in the value of the entire asset base with
consideration for inflows and outflows of money,
such as contributions received and grants paid [16].
It measures the realized income from investments
and other assets, as well as the unrealized apprecia-
tion or depreciation in the fair market value of assets.
Like net investment income yields, rates of total
return generally increase with foundation size, indicating that rates of return on assets increase as asset
holdings grow. Median rates of return for 1999 were
higher than net investment income yields for both
medium and large foundations.
CharitablePayoutRequirementandQualifying
Distributions
The charitable payout requirement applies to nonoperating foundations only and refers to the
requirement, under the Economic Recovery Tax Act
of 1981, that these foundations distribute a specific
amount annually for charitable purposes. Each year,
nonoperating foundations must calculate a “distributable amount,” based on the fair market value of their
investment assets, which must be disbursed by the
end of the next reporting year in order to avoid being
taxed on the undistributed amount. The distributable
amount, or required payout amount, equals 5 percent
of the fair market value of the organization’s net
investment assets (the “minimum investment return”),
after certain allowed or required adjustments [17].
The charitable payout requirement may be fulfilled by
a combination of “qualifying distributions” from the
current year and carryovers (distributions paid in
excess of the minimum required amount) from the
previous 5 years.
Qualifying distributions and their components,
along with distributable amounts, are shown for all
asset-size classes in Figure H. Data on qualifying
distributions for 1999 are presented in more detail
than those published in previous articles. Qualifying
distributions for nonoperating foundations totaled
$25.1 billion for 1999, an 18-percent increase from
1998, and outpaced the required distributable amount,
which rose by 16 percent to $18.3 billion. Small
foundations, which generally concentrate their efforts
on current rather than long-term charitable giving,
exceeded the distributable amount to the greatest
degree, with the smallest foundations surpassing the
requirement by the largest margin. Large foundations increased their qualifying distributions by 24
percent, medium foundations by 19 percent, and small
foundations by 16 percent. For 1999, contributions
and grants composed more than 89 percent of qualifying distributions, followed by operating and administrative expenses, at 8 percent. Additionally, “set-
Domestic Private Foundations and Charitable Trusts, 1999
Figure F
Composition of Domestic Private Foundation Investment Assets, by Asset-Size Class, 1999
All Foundations
11%
8%
8%
$444.2 Billion
10%
64%
Small Foundations¹
Medium Foundations²
Large Foundations³
$9.3 Billion
$120.0 Billion
$314.9 Billion
Corporate stock
Government obligations
Savings and temporary cash investments
Corporate bonds
4
Other investments
¹ Small foundations are those holding from zero (including unreported) to less than $1,000,000 in fair market value of total assets.
² Medium foundations are those holding from $1,000,000 to less than $50,000,000 in fair market value of total assets.
³ Large foundations are those holding $50,000,000 or more in fair market value of total assets.
4
Sum of "Investments in land, buildings, and equipment (less accumulated depreciation)," "Investments in mortgage loans," and "Other investments," as
reported on the Form 990-PF. "Other investments" includes items such as advances; certificates of investment; and investments in art, coins, gold, and gems.
NOTE: Amounts of investment assets are shown in fair market value.
145
Domestic Private Foundations and Charitable Trusts, 1999
Figure G
Domestic Nonoperating Private Foundation Net Investment Income Yields and Rates of
Total Return on Assets, by Size of Fair Market Value of Total Assets, 1999
Asset size
Net investment income yields
Rates of total return
Median
Mean
Median
Mean
(1)
(2)
(3)
(4)
20.3
3.3
5.8
Less than $100,000................................................................................4.4
5.9
-0.3
-4.3
$100,000 under $1,000,000................................................................................
5.6
12.3
4.0
3.8
$1,000,000 under $10,000,000...................................................................................
6.3
40.7
6.9
10.4
$10,000,000 under $50,000,000...................................................................................
7.2
21.8
9.0
12.6
$50,000,000 under $100,000,000......................................................................................
7.9
15.4
10.7
16.2
$100,000,000 or more......................................................................................
9.2
12.5
20.6
Percentages
Total...................................................................................................
5.6
Small foundations:
Medium foundations:
Large foundations:
146
146
asides” for future charitable distributions, programrelated investments, such as loans to other 501(c)(3)
organizations, and amounts paid to acquire buildings,
equipment, supplies or other assets for charitableuse, each accounted for 1 percent of total qualifying
distributions.
Of those foundations with a minimum payout
requirement, 62 percent met or exceeded the requirement for 1999 in that reporting year. Those foundations that did not meet this requirement had until the
end of the following reporting year to distribute the
remaining amount. As the annual payout amount is
not calculated until the end of the reporting year and
is based on the monthly average of investment assets,
many foundations choose to take advantage of the 1year tax-free “grace period” for making these distributions and report these amounts as “undistributed
income.” More than half of all large foundations
chose to wait until the following year to fulfill the
requirement; 46 percent of medium and 33 percent of
small foundations also elected to meet the 1999
distribution requirement in Reporting Year 2000. The
payout rate, which is the amount of (adjusted) qualifying distributions divided by the amount of the average monthly value of net investment assets, provides
insight into the degree to which foundations meet
their charitable payout requirement [18]. Median and
mean payout rates for 1999, by size of foundation,
are displayed in Figure I. The mean payout rates,
11.7
which far exceed the required amount for small
foundations, illustrate the degree to which smaller
foundations exceeded their larger counterparts in
meeting the payout requirement. While median
payout rates were at or near the required 5 percent
for most asset-size classes, the smallest foundations,
with a median rate of 11.5 percent, more than
doubled the required rate.
Undistributed income for 1998 was generally
taxed at a rate of 15 percent at the end of Reporting
Year 1999 [19]. In some cases, including 5-year
“startup” periods for new foundations and certain
types of organizational transitions or terminations,
1998 undistributed income was not subject to the
excise tax. Figure J shows undistributed income for
1998, as reported on both the 1998 and 1999 returns,
by asset-size class. Of the $5.2 billion in undistributed
income reported for 1998, only $46 million, or 0.9
percent, still had not been distributed by the end of
the grace period. In cases where undistributed income
was subject to the excise tax, private foundations
used Form 4720 to report and pay any amounts due.
Section4947(a)(1)NonexemptCharitableTrusts
DefinitionandOverview
Unlike section 501(c)(3) organizations such as private
foundations, charitable trusts described under Internal
Revenue Code section 4947(a)(1) are not formally
Domestic Private Foundations and Charitable Trusts, 1999
Figure H
Domestic Nonoperating Private Foundations Qualifying Distributions and Distributable Amount,
by Size of Fair Market Value of Total Assets, 1999
[Money amounts are in millions of dollars]
Qualifying distributions
Asset size
Total
Charitable grants
Operating
expenses
(1)
(2)
(3)
(4)
(5)
(6)
22,334.5
2,032.9
181.7
292.8
215.0
Total.............................................................................
25,056.9
Set-asides
Program-related Amounts paid to
investments
acquire assets
Distributable
amount
(7)
18,273.7
Small foundations:
Less than $100,000 ..................................................................................
269.8
246.3
23.5
--
--
--
23.1
$100,000 under $1,000,000..................................................................................
1,540.4
1,288.0
212.7
27.0
12.7
--
411.9
$1,000,000 under $10,000,000..................................................................................
4,092.6
3,674.0
358.3
15.0
39.3
5.9
2,191.6
$10,000,000 under $50,000,000..................................................................................
4,696.0
4,298.8
272.1
18.4
39.0
67.7
2,982.0
Medium foundations:
Large foundations:
$50,000,000 under $100,000,000..................................................................................
1,960.5
1,792.8
124.3
$100,000,000 or more..................................................................................
12,497.6
11,034.6
1,042.0
0.6
15.3
27.4
1,413.4
120.7
186.4
113.9
11,251.8
1.2
0.9
N/A
Percentage of total
Percentage of qualifying distributions.............................................................................
100.0
89.1
8.1
0.7
Small foundations:
Less than $100,000 ..................................................................................
100.0
91.3
8.7
--
--
--
N/A
$100,000 under $1,000,000..................................................................................
100.0
83.6
13.8
1.8
0.8
--
N/A
$1,000,000 under $10,000,000..................................................................................
100.0
89.8
8.8
0.4
1.0
0.1
N/A
$10,000,000 under $50,000,000..................................................................................
100.0
91.5
5.8
0.4
0.8
1.4
N/A
$50,000,000 under $100,000,000..................................................................................
100.0
91.5
6.3
(¹)
0.8
1.4
N/A
$100,000,000 or more..................................................................................
100.0
88.3
8.3
1.0
1.5
0.9
N/A
Medium foundations:
Large foundations:
N/A--Not applicable.
¹ Amount is less than 0.05 percent.
NOTE: Detail may not add to totals due to rounding.
recognized by the Internal Revenue Service as taxexempt. These organizations resemble private
foundations in that they have exclusively charitable
purposes, have narrow bases of support and control,
and are required to file Form 990-PF. Generally,
these types of organizations are supported and
controlled by an individual or family. Any income,
which is not distributed for charitable purposes, is
annually subject to tax and is reported on Form 1041,
Fiduciary Income Tax Return, for which no data
are included in this article.
Also not covered in this article are publiclysupported section 4947(a)(1) charitable trusts and
split-interest trusts. Publicly-supported section
4947(a) (1) charitable trusts, which receive the
majority of their support from public (rather than
private) sources, file Form 990. These trusts typically operate in connection with, and provide support
to, one or more public charities. Entities known as
split-interest trusts, which have both charitable and
noncharitable beneficiaries, complete Form 5227,
Split-Interest Trust Information Return [20]. As
with private foundations, data for charitable trusts
organized abroad but required to file Form 990-PF
are not included in this article.
Section 4947(a)(1) charitable trusts represented
only 4 percent of Forms 990-PF filed for 1999.
These organizations filed 2,805 returns, 5 percent
more than for 1998. Data on the number of returns
filed, as well as asset, revenue, and expense items for
1998 and 1999, are shown in Figure K. Of these
organizations, 96 percent were classified as nonoper147
Domestic Private Foundations and Charitable Trusts, 1999
Figure I
Domestic Nonoperating Private Foundation
Payout Rates, by Size of Fair Market Value of
Total Assets, 1999
Asset size
Median payout
rates
(percentages)
Total.....................................................................................
5.7
Mean payout
rates
(percentages)
88.4
Small foundations:
Less than $100,000.....................................................................................
11.5
305.0
throughout the remainder of this article: “small charitable trusts” refers to the group holding less than $1
million in fair market value of total assets (including
trusts that either do not report assets or that report
assets equal to zero), “medium-size charitable
trusts” refers to the group holding from $1 million to
less than $10 million in assets, and “large charitable
trusts” refers to the group holding $10 million or
more in assets. On average, medium and large-sized
trusts are much smaller than foundations in those
size groups.
$100,000 under $1,000,000.....................................................................................
5.4
23.6
CharitableTrustsRevenueandAssets
Total revenue reported by charitable trusts grew by 5
percent to $609 million for 1999. Contributions
Large foundations:
received, net gain from sale of assets, and dividends
$50,000,000 under $100,000,000.....................................................................................
5.0
9.5
and interest from securities comprised 92 percent of
$100,000,000 or more.....................................................................................
5.0
6.7
that amount. Contributions received fell by 15
percent, while net gain from sales of assets and
dividends and interest from securities gained 13
Figure J
percent and 2 percent, respectively.
Net gain from sales of assets, at 51 percent,
represented the largest component of charitable trust
Domestic Nonoperating Private Foundations:
revenue, as shown in Figure L. Dividends and
1998 Undistributed Income Remaining
interest from securities, at 23 percent, and contribuUndistributed by 1999, by Size of Fair Market
tions, gifts, and grants received, at 18 percent, constiValue of Total Assets
tuted the majority of additional revenue.
[Money amounts are in millions of dollars]
Net investment income totaling $488 million was
1998 Undistributed income
reported for 1999. Like foundations, most charitable
trusts are required to pay an excise tax on their net
1998 return
1999 return
Asset size
investment income. For 1999, $7 million in excise
Number
Number
Amount
Amount
tax were reported by charitable trusts filing Form
of returns
of returns
990-PF. Of the charitable trusts that paid this tax, 37
(1)
(2)
(3)
(4)
percent qualified for the reduced rate of 1 percent,
Total..............................................................
20,211
5,206.2
3,214
45.9
while most others paid tax of 2 percent on net investSmall foundations:
ment income.
Less than $100,000..............................................................
4,028
4.5
1,204
0.8
For 1999, assets held by charitable trusts totaled
$100,000 under $1,000,000..............................................................
7,796
95.9
1,598
6.7
$5.3
billion, a 4-percent increase from 1998. Small
Medium foundations:
charitable
trusts, which accounted for 72 percent of
$1,000,000 under $10,000,000..............................................................
6,558
591.5
370
19.9
returns
filed,
represented only 11 percent of total
$10,000,000 under $50,000,000..............................................................
1,372
827.3
38
5.9
asset
holdings.
In contrast, half of total asset holdLarge foundations:
$50,000,000 under $100,000,000..............................................................
220
455.3
--ings were reported by large trusts, which represented
$100,000,000 or more..............................................................
237
3,231.7
4
12.7
just 3 percent of these organizations.
Like private foundations, charitable trusts hold
ating. Additionally, 86 percent made contributions,
the majority of assets as investments. More than 97
gifts, or grant for 1999 and were thus categorized as
percent of charitable trust assets were held as investgrantmaking.
ments for 1999, the majority of which were investThe following classifications apply, unless otherments in securities. The composition of charitable
wise indicated, to the discussion of charitable trusts
trust investment assets is shown in Figure M. HoldMedium foundations:
$1,000,000 under $10,000,000.....................................................................................
5.2
12.8
$10,000,000 under $50,000,000.....................................................................................
5.1
13.7
148
148
Domestic Private Foundations and Charitable Trusts, 1999
Figure K
Domestic IRC Section 4947(a)(1) Charitable Trusts: Selected Financial Items and Percentage
Changes, 1998-1999
[Money amounts are in millions of dollars]
Percentage
Item
1998
1999
1
change,
1998-1999
(1)
Number of trusts.............................................................................................................................
(2)
2,805
5.2
Total assets (fair market value).............................................................................................................................
5,108.5
Cash (non-interest bearing accounts).............................................................................................................................
27.8
5,326.6
31.9
4.3
14.7
Investments, total............................................................................................................................. 4,988.0
Savings and temporary cash investments.............................................................................................................................
289.8
5,193.1
264.4
4.1
-8.8
Investments in securities, total.............................................................................................................................
4,039.3
Government obligations.............................................................................................................................
503.5
4,195.1
490.2
3.9
-2.6
Corporate stock.............................................................................................................................2,841.6
Corporate bonds............................................................................................................................. 694.1
2,974.1
730.8
4.7
5.3
Other investments ²............................................................................................................................. 658.9
733.6
11.3
Total revenue.............................................................................................................................
2,667
(3)
609.3
4.9
Contributions, gifts, and grants received.............................................................................................................................
128.6
Net gain (less loss) from sales of assets.............................................................................................................................
277.3
108.8
313.7
-15.4
13.1
Dividends and interest from securities.............................................................................................................................
136.2
139.5
2.4
281.5
-9.5
228.3
-11.2
Total expenses.............................................................................................................................
580.8
310.9
Contributions, gifts, and grants paid .............................................................................................................................
257.2
¹ Amounts exclude one large outlier, which was classified as a charitable trust at the time of data collection, but was later reclassified as a private foundation.
² Sum of "Investments in land, buildings, and equipment (less accumulated depreciation)," "Investments in mortgage loans," and "Other investments," as reported on the
Form 990-PF. "Other investments" includes items such as advances and certificates of investment.
ings in corporate stock, which increased 5 percent
from 1998, represented 58 percent of total investment
holdings. Investments in corporate bonds and “other
investments” each composed 14 percent of total
investment assets. The latter category includes
investments in land, buildings, and equipment; investments in mortgage loans; advances; and certificates
of investment.
CharitableTrustDistributions
There were $228 million in contributions, gifts, and
grants paid by section 4947(a)(1) trusts for 1999, 11
percent less than for 1998. Nonoperating charitable
trusts paid out $242 million in qualifying distributions,
94 percent of which consisted of grants. Small and
medium charitable trusts distributed more than the
required distributable amounts, at 19 percent and 2
percent, respectively, while large trusts distributed 5
percent less than the required amount.
DataSourcesandLimitations
The statistics in this article are based on a sample of
Reporting Year 1999 Forms 990-PF that were filed
with the Internal Revenue Service. Organizations
having accounting periods beginning in 1999 (and
therefore ending between December 1999 and
November 2000) were required by IRS to file Form
990-PF. Some part-year returns were included in the
samples for organizations that changed their accounting periods or filed initial or final returns. Some 66
percent of the domestic private foundations in the
sample had accounting periods covering Calendar
Year 1999 or, in some cases, part-year periods that
ended in December 1999. For domestic charitable
trusts, 61 percent filed calendar year returns. The
1999 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 a
4947(a)(1) charitable trust).
Foundation returns were selected at rates that
ranged from approximately 0.3 percent (for the more
numerous but very small asset-size returns) to 100
percent (for the relatively few returns with large
amounts of assets). Charitable trust returns were
selected at rates that ranged from 1.3 percent to 100
percent. The 8,045 returns in the sample (7,039
foundations and 1,006 trusts) were drawn from an
estimated population of 65,254 foundations and 3,113
149
Domestic Private Foundations and Charitable Trusts, 1999
Figure L
Sources of Domestic Charitable Trust Revenue,
1999
4%
4%
18%
foundations in the sample that were incorrectly selected as trusts were ultimately re-classified as foundations (for the statistics) using identification codes
from the IRS Exempt Organization Master File.
However, the weights used for these organizations
Figure M
Composition of Domestic Charitable Trust
Investment Assets, 1999
$609.3 Million
1
14%
23%
5%
51%
9%
$5.2 Billion
150
Contributions, gifts, and
grants received
Net gain (less loss)
from sales of assets
Dividends and interest
from securities
Other interest
Other income
2
3
¹ Total revenue excludes one large outlier, which was classified as a
charitable trust at the time of data collection, but was later reclassified as a
private foundation.
² Represents "Interest on savings and temporary cash investments," as
reported on Form 990-PF.
³ Includes "Gross rents and royalties" and "Gross profit (or loss) from business
activities" as reported on Form 990-PF, as well as items such as imputed
interest on deferred payments and program-related investment income.
trusts. The magnitude of sampling error, measured
by coefficients of variation for selected items, is
shown in Figure N.
The samples were designed to provide reliable
estimates of total assets and total revenue. To accomplish this, 100 percent of foundation returns with
fair market asset value of $10 million or more and
100 percent of charitable trust returns with fair market asset value of $1 million or more were included in
the samples, since these returns represented the vast
majority of financial activity. The populations and
sample rates and sizes for each asset-size class are
shown in Figure O. Efforts were made to verify that
organizations selected for the sample were properly
classified as foundations or trusts. The relatively few
150
58%
14%
Corporate stock
Corporate bonds
Savings and temporary cash
investments
Government
obligations
Other investments¹
¹ Sum of "Investments in land, buildings, and equipment (less accumulated
depreciation)," "Investments in mortgage loans," and "Other investments," as
reported on the Form 990-PF. "Other investments" includes items such as
advances and certificates of investment.
NOTE: Amounts of investment assets are shown in fair market value.
Figure N
Coefficients of Variation for Selected Items, by
Type of Organization, 1999
Item
Private
foundations
Charitable
trusts
Coefficients of variation (percentages)
Total assets (fair market value)...............................................................................................
0.10
0.46
Total revenue...............................................................................................
0.83
0.96
Total expenses...............................................................................................
1.40
2.24
Domestic Private Foundations and Charitable Trusts, 1999
Figure O
Populations, Sample Rates, and Sample Sizes, by Type of Organization and Size of
Fair Market Value of Total Assets, 1999
Asset size
Population ¹
(1)
Grand total............................................................................................................
68,367
Sample rate
Sample
(percentage)
(2)
size
(3)
-Private foundations
Total............................................................................................................ 65,254
Under $125,000............................................................................................................
21,977
$125,000 under $400,000............................................................................................................
11,303
$400,000 under $1,000,000............................................................................................................
10,322
$1,000,000 under $2,500,000............................................................................................................
9,055
$2,500,000 under $10,000,000............................................................................................................
7,975
$10,000,000 under $25,000,000............................................................................................................
2,541
$25,000,000 or more............................................................................................................
2,081
-0.3
0.8
1.9
4.1
21.0
100.0
100.0
8,045
7,039
73
95
200
373
1,676
2,541
2,081
Charitable trusts
Total............................................................................................................ 3,113
Under $100,000............................................................................................................
909
$100,000 under $1,000,000............................................................................................................
1,401
$1,000,000 or more............................................................................................................
803
-1.3
13.6
100.0
1,006
12
191
803
¹ Population figures may not match the data published in other tables and figures because certain returns were rejected or reclassified during data entry.
Refer to the Data Sources and Limitations section for additional information.
were based on the original sample selection classification. These same methods were used for the
trusts that were incorrectly sampled as foundations.
Approximately 7 percent of all foundations,
including those reclassified as foundations, reported
$10 million or more in fair market value of total
assets for 1999. While these foundations 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 percent
depending on asset size: 0.3 percent for returns with
assets zero, unreported, or less than $125,000; 0.8
percent for returns with assets of $125,000 to less
than $400,000; 1.9 percent for returns with assets of
$400,000 to less than $1 million; 4.1 percent for
returns with assets of $1 million to less than $2.5
million; and 21.0 percent for returns with assets of
$2.5 million to less than $10 million.
Approximately 26 percent of all 4947(a)(1)
charitable trusts reported $1 million or more in fair
market value of total assets for 1999. While these
trusts were selected at a rate of 100 percent, the
remaining trust population was randomly selected for
the sample at various rates of less than 100 percent
depending on asset size: 1.3 percent for returns with
assets zero, unreported, or less than $100,000; and
13.6 percent for returns with assets of $100,000 to
less than $1 million.
The population from which the 1999 sample was
drawn consisted of Form 990-PF records posted to
the IRS Business Master File during 1999 and 2000.
Some of the records designated were for organizations that were deemed inactive or terminated and
are not reflected in the 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, audit
procedures, or a taxpayer amendment were not
captured in the statistics. The data were subject to
comprehensive testing and correction procedures in
order to ensure statistical reliability and validity.
Some returns, though initially included in the sample,
were “rejected” during the data entry process for
various reasons, such as duplicate filing or
uncorrectable taxpayer error. A general discussion
of the reliability of estimates based on samples,
methods for evaluating both the magnitude of sampling and non-sampling error, and the precision of
sample estimates can be found in the general Appendix to this issue of the SOI Bulletin.
ExplanationofSelectedTerms
The following explanations describe terms as they
applied to both private foundations and charitable
trusts for 1999. Unless otherwise indicated, all
references to foundations also apply to trusts.
151
Domestic Private Foundations and Charitable Trusts, 1999
152
152
Assets Zero or Unreported.--This asset-size
category included: (1) final returns of liquidating or
dissolving foundations that had disposed of all assets;
(2) returns of those foundations reporting zero endof-year assets that had apparently distributed (or
disposed of) all assets received during the year; and
(3) returns of those foundations that did not report
assets. A liquidating or dissolving foundation is
required to transfer its assets on to another foundation or to a public charity.
Capital Gain Net Income.--This is the amount
of net gains from sales or dispositions of property
used for investment purposes (property used for
charitable purposes was excluded). Capital losses
from the sale or other disposition of property could be
subtracted from capital gains only to the extent of
such gains. Capital gain net income was used in the
computation of “net investment income” (on which
an excise tax generally had to be paid). In contrast,
the net gain (or loss) per the books from the sale of
all assets (other than inventory), including those used
for both investment and charitable purposes, was
reported as “net gain (or loss) from the sale of assets” on Form 990-PF, Part I, line 6, column (a).
This item, capital gain net income, was reported on
Form 990-PF, Part I, line 7, column (b).
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 the same Form 990-PF.
(“Publicly supported” nonexempt charitable trusts are
required to file Form 990, Return of Organization
Exempt From Income Tax, and are, therefore, not
included in these statistics.) 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. Data
from this form are not included in this article.
Disbursements for Exempt Purposes.--These
deductions comprised the largest component of
“qualifying distributions” and included grants paid,
operating expenses, and necessary and reasonable
administrative expenditures for activities that were
directly related to the tax-exempt purposes of the
foundation. These amounts were determined solely
based on the cash receipts and disbursements method
of accounting, as required by law and regulations.
This item 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 one of the types of disqualified
persons described above.
Distributable (Payout) Amount.--This is the
minimum payout amount that was required to be
distributed by nonoperating foundations by the end of
the year following the year for which the return was
filed. Failure to distribute income within this period
resulted in a 15-percent excise tax on the undistributed portion. The distributable amount was computed
as 5 percent of net investment assets, called the
“minimum investment return,” minus the excise tax
on net investment income and the income tax under
Subtitle A, plus or minus other adjustments, either
allowed or required (see Net Adjustments to Distributable Amount in this section).
Excess Distributions Carryover.--This is the
amount distributed, after fulfilling the charitable
payout requirement, which equaled the excess of
qualifying distributions for 1999 over the distributable
amount. If necessary, excess amounts from the
current year could be carried forward to be applied to
the distributable amount for the 5 following years.
This item was reported on Form 990-PF, Part XIII,
line 9.
Grantmaking Foundations (and Charitable
Trusts).--For the statistics in this article, grantmaking
foundations and trusts are those organizations that
reported $1 or more in contributions, gifts, and grants
paid for charitable purposes on Form 990-PF, Part I,
line 25, column (d).
Inventories.--The value of materials, goods, and
supplies purchased or manufactured by the organization and held for sale or use in some future period is
included in this item. This item was reported on
Form 990-PF, Part II, line 8, columns (a) beginning-
Domestic Private Foundations and Charitable Trusts, 1999
of-year book value, (b) end-of-year book value, and
(c) end-of-year fair market value.
Land, Buildings, and Equipment, Charitableuse.--This represents either the book value (less
accumulated depreciation) or fair market value of all
land, buildings, and equipment not held for investment
purposes and used by the organization in conducting
its charitable activities. This item was reported on
Form 990-PF, Part II, line 14, columns (a) beginningof-year book value, (b) end-of-year book value, and
(c) end-of-year fair market value.
Land, Buildings, and Equipment, Investmentuse.--This represents either the book value (less
accumulated depreciation) or fair market value of all
land, buildings, and equipment held for investment
purposes, such as rental properties. This item was
reported on Form 990-PF, Part II, line 11, columns
(a) (beginning-of-year book value), (b) (end-of-year
book value), and (c) (end-of-year fair market value).
Minimum Investment Return.--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. The minimum
investment return was used as the base for calculating the “distributable amount.” This item was reported on Form 990-PF, Part X, line 6.
Net Adjustments to Distributable Amount.-Adjustments that increased the “distributable
amount” consisted of increases attributable to the
income portion (as distinct from the principal portion)
of distributions from split-interest trusts on amounts
placed in trust after May 26, 1969. Trusts with “splitinterests” are those that have both charitable and
noncharitable beneficiaries. These organizations file
Form 5227, Split-Interest Trust Information Return.
Recoveries of amounts previously treated as qualifying distributions also had to be added back to the
distributable amount. Adjustments that decreased the
distributable amount were the result of income required to be accumulated by the terms of an
organization’s governing instrument. These adjustments were allowed only for foundations or trusts
organized before May 27, 1969, whose governing
instrument continued to require such accumulation,
because State Courts would not allow the organization to change its governing instrument. These items
were reported on Form 990-PF, Part XI, lines 4a, 4b,
and 6.
Net Gain (or Loss) from Sales of Assets.-Profits and losses from sales of items such as securities, land, buildings, or equipment are included in this
item. Gain or loss reflected the amount shown on the
books of the foundation and included any amount
from the sale of property used for either investment
or tax-exempt charitable purposes. Most of the gain
or loss was from sales of stocks and bonds. Profit or
loss from the sale of inventory items was not included
in this item, but was rather included in gross profit
(loss) from business activities. This item was reported on Form 990-PF, Part I, line 6, column (a).
Net Investment Assets (Noncharitable-use
Assets).--This item was reported on Form 990-PF,
Part X, line 5 and is the basis for “minimum investment return.” For purposes of calculating the “minimum investment return,” only the average (as calculated monthly), rather than end-of-year, fair market
value of assets that were not used or held for use for
charitable purposes enters into the computation. An
asset was considered an investment asset if it was
not used in carrying out a charitable, educational, or
other similar function which gave rise to the taxexempt status of the foundation. Examples include
the fair market value of securities and rental property
owned by the foundation for investment purposes.
This item differs from the asset amounts reported on
the balance sheet in Part II of Form 990-PF, which
included end-of-year values for both investment and
charitable-use assets.
Net Investment Income.--This is the amount by
which the sum of gross investment income plus
realized capital gain net income exceeds allowable
deductions. Included in investment income were
interest, dividends, capital gain net income, rents,
payments with respect to securities loans (as defined
in Code section 512(a)(5)), and royalties. Any investment income derived from unrelated trade or
business activities that were subject to the “unrelated
business income” tax reported on Form 990-T, Exempt Organization Business Income Tax Return,
was excluded. This item was reported on Form 990PF, Part I, line 27b, column (b).
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 and trusts that engaged in
153
Domestic Private Foundations and Charitable Trusts, 1999
154
154
charitable activities themselves. However, some
nonoperating foundations and trusts were actively
involved in charitable programs of their own, in addition to making grants.
Distributions made by one private nonoperating
foundation or trust to another qualified toward meeting the nonoperating organization’s distribution requirement. (Distributions made by one nonoperating
foundation or trust to another were subject to a
number of conditions and restrictions requiring a
“pass-through” of the distribution, whereby the donor
organization received credit for a qualifying distribution but the donee organization did not.) Nonoperating foundations and trusts were subject to an excise
tax (and possible additional penalties) for failure to
distribute an annual minimum amount for charitable
purposes within a required period. An organization’s
status as a nonoperating foundation or trust was
indicated on Form 990-PF, Part VII, line 9.
Operating Foundations (and Charitable
Trusts).--These organizations generally expended
their incomes for direct, active involvement in a taxexempt activity, such as operating a library or museum, or conducting scientific research. Operating
foundations and trusts were exempted from the
income distribution requirement and related excise
taxes that were applicable to their nonoperating
counterparts. To qualify as an operating foundation
or trust for 1999, 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 or trust could qualify as operating
under the income requirement if it spent at least 85
percent of the lesser of its “adjusted net income” or
“minimum investment return” on the direct, active
conduct of tax-exempt, charitable activities (as opposed to the payout of grants in support of such
programs. To meet the assets test, a foundation or
trust 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 or trust 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 or trust 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.
Contributions made by individual taxpayers to
operating foundations or trusts were deductible on the
donors’ income tax returns, up to 50 percent of their
“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, 15 percent of operating
foundations were exempt from this tax for 1999
under section 4940(d)(2) of the Internal Revenue
Code. In order to be exempt, an operating foundation
was required to meet the following requirements in
any given year: (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 of 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 or
trust was indicated on Form 990-PF, Part VII, line 9.
Other Assets.--This category includes: (1) those
assets not allocable to a specific asset item on the
Form 990-PF balance sheet or not included elsewhere on the return; and (2) certain amounts given
special treatment in the course of statistical processing. The first category included such items as construction reserve land, dividends receivable, escrow
deposits, income tax refunds, interest discounts,
interest-free loans, overdraft protection, and program-related investments. The second category
included atypical amounts reported by the return filer
as “negative liabilities.” These items were reported
on Form 990-PF, Part II, line 15, columns (a) beginning-of-year book value, (b) end-of-year book value,
and (c) end-of-year fair market value.
Other Investments.--Investments reported as
“other” include such items as advances, bank certificates of deposit, cash values of life insurance, certificates of investment, miscellaneous loan income, and
holdings in art, coins, gold, and gems. These items
were reported on Form 990-PF, Part II, line 13,
columns (a) beginning-of-year book value, (b) end-ofyear book value, and (c) end-of-year fair market value.
Private Foundation.--A private foundation is
defined in Internal Revenue Code section 501(c)(3)
as a nonprofit organization with a narrow source of
Domestic Private Foundations and Charitable Trusts, 1999
funds that operated or supported educational, scientific, charitable, religious, and other programs dedicated to improving the general welfare of society. A
private foundation 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 taxexempt 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 a public
charity was the sources of the organization’s funding.
A foundation was typically funded primarily by an
individual, a family, or a corporation, while a public
charity received its 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 could be credited against the
foundation or trust’s obligation to pay out its “distributable amount.” This item was reported on Form
990-PF, Part XII, line 4.
Rate of Total Return.--The formula for the rate
of total return was calculated as follows:
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 G, samples of private foundation information
returns for 1998 and 1999 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
1999 equals the ending fair market value reported on
the 1998 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) were used to compute the rate of return.
In order to obtain an inflation-adjusted real rate of
return, the figure equaling the beginning-of-year fair
market value of assets was indexed, based on the 1996
chain-type price index for Gross Domestic Product
as published by the Bureau of Economic Analysis
Set-Asides.--Amounts set aside for specific
charitable purposes can be treated as qualifying
distributions only if the foundation or charitable trust
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 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 complete a schedule with its annual return for
the year of the set-aside 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.--This is 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-ofyear book value, and (c) end-of-year fair market value.
Total Expenses.--This is the sum of contributions, gifts, and grants paid, plus various operating and
administrative expenses related to both investment
and charitable-purpose activities. Total expense
items were reported as shown on the books and
records of the foundation and were based on either
the cash receipts and disbursement method or the
accrual method of accounting. Total expenses were
reported on Form 990-PF, Part I, line 26, column (a).
155
Domestic Private Foundations and Charitable Trusts, 1999
156
156
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 certain
deferred payments). These other income items were
reported on Form 990-PF, Part I, line 11, column (a).
Total revenue items, which included both investment
and charitable-use items, were reported as shown on
the books and records of the foundation, and were
based on either the cash receipts and disbursements
method or the accrual method of accounting. Total
revenues 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 applying against it the sum of current-year
qualifying distributions and any excess distributions
carried over from prior years. This item was reported
on Form 990-PF, Part XIII, line 6f, column (d).
Sanctions were imposed in the form of excise taxes
on nonoperating private foundations that did not pay
out an amount equal to the “distributable amount” by
the end of the following tax year. The tax on undistributed income, imposed on the initial undistributed
amount at a 15-percent rate, is reported on Form 4720.
Unrelated Business Income (UBI).--This is an
exempt organization’s income from a trade or business that was regularly carried on by the organization
and that was not substantially related to the performance of the organization’s exempt purpose or
function (other than that the organization needed the
profits derived from the unrelated activity). The term
“trade or business” generally comprised any activity
carried on for the production of income from selling
goods or performing services. A tax, as reported on
Form 990-T, Exempt Organization Business Income Tax Return, is imposed on “unrelated business
taxable income (UBTI).” Unrelated business taxable
income is gross unrelated business income, less
deductions directly connected with carrying on the
trade or business, and less certain other deductions.
The unrelated business income tax was determined
based on the corporate or trust tax rates that were in
effect for a given tax year. (Gross) unrelated business income and the associated business codes were
reported on Form 990-PF, Part XVI-A, columns (a)
and (b).
NotesandReferences
[1] The amount of contributions, gifts, and grants
paid by foundations is based on the amount that
foundations actually disbursed for 1999 using
the cash receipts and disbursements method
of accounting.
[2] All of the charitable trusts data presented, with
the exception of those shown in Figures N and
O, exclude one large outlier. This organization,
which was a charitable trust at the time the data
were collected but was later reclassified as a
private foundation, was included in the 1999 SOI
nonexempt charitable trust sample but was
excluded from this analysis.
[3] For purposes of the analyses, “charitable trusts”
refers only to the section 4947(a)(1) charitable
trusts that file Form 990-PF, while “private
foundations” refers to the section 501(c)(3)
private foundations that file Form 990-PF.
[4] The data presented in this article are from
Forms 990-PF, filed for Reporting Year 1999, by
organizations which had accounting periods
beginning in 1999. Therefore, the statistics
include organizations with accounting periods
that ended sometime during the period December 1999 through November 2000. For a more
detailed discussion, see the Data Sources and
Limitations section.
[5] See “Private Foundation” in the Explanation of
Selected Terms section for a detailed description
of the requirements for Form 990 versus Form
990-PF filers.
[6] For an indepth discussion of organizations other
than private foundations that are tax-exempt
under Internal Revenue Code section 501(c)(3),
see Arnsberger, Paul “Charities and Other TaxExempt Organizations, 1999,” Statistics of
Income Bulletin , Fall 2002, Volume 22, Number 2.
Domestic Private Foundations and Charitable Trusts, 1999
[7] Programs termed “charitable” refer to taxexempt activities that are charitable, educational, scientific, social, literary, or religious in
nature.
[8] The net value of noncharitable-use assets was
reported on Form 990-PF, Part X, line 5. For
more information, see “Net Investment Assets”
in the Explanation of Selected Terms section.
[9] See “Operating Foundations (and Charitable
Trusts)” in the Explanation of Selected Terms
section for a further explanation of exempt
operating foundations.
[10] A foundation or charitable trust is considered
domestic if it is organized in the United States.
However, this does not necessarily imply that
all of its assets, activities, or grant recipients
are domestic.
[11] See “Distributable (Payout) Amount” in the
Explanation of Selected Terms for further
information.
purpose, such as interest, dividends, and net
income from realized capital gains. The net
investment income amount used in calculating
the NII yield was obtained from column (b) of
the income statement, found in Part I of Form
990-PF.
[16] 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
Voytek, Kenneth P., Managing Foundation
Assets: An Analysis of Foundation Investment and Payout Procedures and Performance, Washington, DC: The Council on
Foundations, 1989, p.32. The formula for this
calculation is presented in the Explanation of
Selected Terms section of this article. The
indexed beginning-of-year fair market value of
assets amount is adjusted, based on the 1996
chain-type price index for Gross Domestic
Product as reported by the U.S. Department of
Commerce, Bureau of Economic Analysis.
[12] Seven of the ten largest foundations 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 the
1999 Reporting Year, the Ford Foundation had
an accounting period ending in September 2000,
the J. Paul Getty Trust in June 2000, and the
W.K. Kellogg Foundation and the W.K.
Kellogg Foundation Trust in August; therefore,
much of their activity for Reporting Year 1999
occurred in Calendar Year 2000. See the Data
Sources and Limitations section.
[17] See Distributable (Payout) Amount, Minimum
Investment Return, Net Adjustments to Distributable Amount, and Net Investment Assets in
the Explanation of Selected Terms section.
[13] For more information on the unrelated business
income of exempt organizations, see Riley,
Margaret, “Unrelated Business Income of
Nonprofit Organizations: 1998,” Statistics of
Income Bulletin, Spring 2002, Volume 21,
Number 4.
– Recoveries of Amounts Treated as Distributions and Distributions from Split-Interest Trusts
(Part XI, Line 4c)
[14] The J. Paul Getty Trust, the largest operating
foundation, is exempt from the excise tax on net
investment income.
+ Excess Distributions Applied to 1999 (Part
XIII, Col. A, Line 5)
[15] Net investment income is comprised of income
that is not related to a foundation’s charitable
Net Value of Noncharitable-Use Assets (Part
X, Line 5)
[18] The payout rate was calculated by dividing the
amount of (adjusted) qualifying distributions by
the amount of the monthly average of net
investment (or noncharitable-use) assets. This
payout formula is as follows:
Qualifying Distributions (Part XII, line 4)
+ Taxes (Part XI, line 2c)
+ Deduction from Distributable Amount (Part
XI, Line 6)
DIVIDED BY
157
Domestic Private Foundations and Charitable Trusts, 1999
[19] The excise tax on undistributed income is a
“two-tier” tax, which consists of an initial and
additional tax. If a private foundation has
undistributed income for a tax year that is still
not distributed by the end of the following tax
year, the initial tax of 15 percent is imposed.
Any organization that stills fails to distribute the
required amount may be subject to the additional
tax, which equals 100 percent of the amount of
undistributed income.
[20] For further information on split-interest trusts,
see Belvedere, Melissa, “Charitable Remainder
Trusts, 1999,” Statistics of Income Bulletin,
Summer 2002, Volume 22, Number 1.
SOURCE: IRS, Statistics of Income Bulletin,
Fall 2002, Publication 1136. (Rev. 12-2002)
158
158
Domestic Private Foundations and Charitable Trusts, 1999
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Selected sources of revenue
Type of foundation,
Number
asset size
of
returns
Total revenue
Number
Amount
of returns
(1)
(2)
Contributions, gifts,
Dividends and interest
Net gain (less loss)
and grants received
from securities
from sales of assets
Number
Amount
of returns
Number
Amount
of returns
Number
Amount
of returns
(3)
(4)
(5)
(6)
(7)
(8)
(9)
All foundations
Total............................................................................
62,694
62,003
Zero or unreported...................................................
*602
*602
$1 under $100,000...................................................
15,960
15,358
$100,000 under $1,000,000...................................................
24,623
24,571
$1,000,000 under $10,000,000...................................................
16,941
16,907
$10,000,000 under $25,000,000...................................................
2,524
2,522
$25,000,000 under $50,000,000...................................................
970
968
$50,000,000 under $100,000,000...................................................
507
507
$100,000,000 or more...................................................
567
567
83,286,037
*64,425
304,931
3,608,047
11,803,800
6,901,270
5,511,866
5,826,852
49,264,847
31,688
*602
9,337
12,368
7,339
1,155
419
219
249
38,207,793
*64,960
278,527
2,578,533
6,460,063
3,086,141
2,196,031
2,206,466
21,337,072
46,998
-7,225
19,958
15,453
2,398
921
487
556
9,334,729
-9,104
250,598
1,234,788
881,492
745,855
769,569
5,443,324
35,650
-3,312
14,772
13,427
2,246
886
467
541
30,808,192
-14,598
407,309
3,124,946
2,453,348
2,166,669
2,459,072
20,182,249
Nonoperating foundations
Total............................................................................
58,840
58,150
Zero or unreported...................................................
*602
*602
$1 under $100,000...................................................
15,057
14,455
$100,000 under $1,000,000...................................................
23,202
23,150
$1,000,000 under $10,000,000...................................................
15,762
15,728
$10,000,000 under $25,000,000...................................................
2,323
2,322
$25,000,000 under $50,000,000...................................................
904
902
$50,000,000 under $100,000,000...................................................
469
469
$100,000,000 or more...................................................
521
521
74,327,308
*64,425
298,712
3,130,166
10,826,243
6,318,115
5,116,859
5,349,589
43,223,199
28,565
*602
8,434
11,325
6,443
997
366
189
209
33,484,648
*64,960
272,309
2,345,964
5,844,546
2,838,691
2,059,426
2,030,410
18,028,342
45,119
-7,225
19,137
14,693
2,231
867
454
512
8,632,626
-9,104
243,033
1,180,397
832,262
711,641
722,660
4,933,528
33,945
-3,312
14,105
12,671
2,096
834
431
497
28,270,250
-14,598
402,627
2,965,824
2,340,455
2,104,003
2,303,156
18,139,589
Operating foundations
Total............................................................................
3,854
3,853
Zero or unreported................................................... --$1 under $100,000...................................................
*903
*903
$100,000 under $1,000,000...................................................
1,421
1,421
$1,000,000 under $10,000,000...................................................
1,179
1,179
$10,000,000 under $25,000,000...................................................
201
200
$25,000,000 under $50,000,000...................................................
66
66
$50,000,000 under $100,000,000...................................................
38
38
$100,000,000 or more...................................................
46
46
8,958,730
-*6,218
477,881
977,557
583,155
395,007
477,263
6,041,648
3,123
-*903
1,044
895
158
53
30
40
4,723,145
-*6,218
232,569
615,517
247,450
136,605
176,056
3,308,730
1,879
--821
760
167
54
33
44
702,103
--7,564
54,391
49,230
34,214
46,909
509,796
1,705
--*667
756
150
52
36
44
2,537,941
--*4,682
159,123
112,893
62,666
155,916
2,042,661
Grantmaking foundations
Total............................................................................
52,011
51,960
Zero or unreported...................................................
*602
*602
$1 under $100,000...................................................
10,537
10,537
$100,000 under $1,000,000...................................................
20,984
20,932
$1,000,000 under $10,000,000...................................................
15,613
15,613
$10,000,000 under $25,000,000...................................................
2,332
2,332
$25,000,000 under $50,000,000...................................................
916
916
$50,000,000 under $100,000,000...................................................
482
482
$100,000,000 or more...................................................
546
546
77,075,266
*64,425
194,881
2,268,550
9,978,649
6,051,651
4,875,223
5,458,178
48,183,709
25,056
*602
6,021
10,343
6,279
1,004
377
199
231
33,805,123
*64,960
164,460
1,520,065
5,101,947
2,506,060
1,853,341
2,048,843
20,545,447
42,935
-6,021
18,105
14,670
2,253
883
465
539
9,119,537
-7,947
238,327
1,189,012
836,873
720,911
738,131
5,388,336
33,686
-3,011
13,887
12,841
2,126
852
444
526
30,253,328
-14,594
395,286
3,064,357
2,368,209
2,048,706
2,357,145
20,005,030
Grantmaking-nonoperating foundations
Total............................................................................
49,924
49,873
Zero or unreported...................................................
*602
*602
$1 under $100,000...................................................
10,236
*10,236
$100,000 under $1,000,000...................................................
19,992
*19,940
$1,000,000 under $10,000,000...................................................
14,972
*14,972
$10,000,000 under $25,000,000...................................................
2,265
*2,265
$25,000,000 under $50,000,000...................................................
881
*881
$50,000,000 under $100,000,000...................................................
463
*463
$100,000,000 or more...................................................
514
*514
70,295,831
*64,425
*194,658
*2,170,132
*9,418,856
*5,856,306
*4,727,898
*5,189,969
*42,673,587
23,481
*602
5,720
9,625
5,845
953
350
184
202
30,025,417
*64,960
164,237
1,443,093
4,741,093
2,424,072
1,784,870
1,893,122
17,509,971
41,565
-6,021
17,335
14,207
2,192
852
450
508
8,558,877
-7,947
231,506
1,155,152
820,805
700,705
719,843
4,922,920
32,469
-3,011
13,272
12,373
2,069
822
427
495
28,117,092
-14,594
391,075
2,960,564
2,322,356
2,017,525
2,289,012
18,121,966
Grantmaking-operating foundations
Total............................................................................
2,087
2,087
Zero or unreported................................................... --$1 under $100,000...................................................
*301
*301
$100,000 under $1,000,000...................................................
992
992
$1,000,000 under $10,000,000...................................................
641
641
$10,000,000 under $25,000,000...................................................
67
67
$25,000,000 under $50,000,000...................................................
35
35
$50,000,000 under $100,000,000...................................................
19
19
$100,000,000 or more...................................................
32
32
6,779,434
-*223
98,418
559,793
195,345
147,325
268,209
5,510,122
1,575
-*301
718
434
51
27
15
29
3,779,706
-*223
76,973
360,854
81,988
68,471
155,721
3,035,477
1,370
--770
462
61
31
15
31
560,660
--6,822
33,861
16,068
20,205
18,288
465,417
1,217
--*615
467
57
30
17
31
2,136,236
--*4,212
103,792
45,853
31,181
68,133
1,883,065
Footnotes at end of table.
159
Domestic Private Foundations and Charitable Trusts, 1999
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Excess of revenue
Type of foundation,
Total expenses
asset size
Number
Amount
of returns
(10)
160
Number
Amount
of returns
(11)
(12)
Disbursements
Net investment income
purposes
Number
Amount
of returns
(13)
for exempt
(14)
Number
Amount
of returns
(15)
(16)
(17)
All foundations
Total............................................................................
61,209
33,876,299
Zero or unreported...................................................*602
*81,532
$1 under $100,000...................................................
15,358
256,606
$100,000 under $1,000,000...................................................
23,913
2,035,408
$1,000,000 under $10,000,000...................................................
16,787
5,216,511
$10,000,000 under $25,000,000...................................................
2,511
3,226,287
$25,000,000 under $50,000,000...................................................
965
2,427,945
$50,000,000 under $100,000,000...................................................
507
2,423,627
$100,000,000 or more...................................................
566
18,208,383
61,931
*602
15,358
24,504
16,903
2,523
967
507
567
49,409,738
*-17,107
48,325
1,572,640
6,587,289
3,674,983
3,083,921
3,403,225
31,056,464
51,817
*301
8,429
22,219
16,367
2,480
956
501
564
57,142,092
*17
33,058
1,001,190
5,666,914
3,975,148
3,332,689
3,751,900
39,381,177
56,928
*602
12,644
22,723
16,449
2,488
954
507
561
26,402,195
*70,759
199,547
1,684,410
4,456,631
2,769,302
2,146,469
2,091,735
12,983,341
Nonoperating foundations
Total............................................................................
57,405
31,028,543
Zero or unreported...................................................*602
*81,532
$1 under $100,000...................................................
14,455
251,678
$100,000 under $1,000,000...................................................
22,492
1,642,745
$1,000,000 under $10,000,000...................................................
15,656
4,675,779
$10,000,000 under $25,000,000...................................................
2,312
2,914,462
$25,000,000 under $50,000,000...................................................
899
2,206,281
$50,000,000 under $100,000,000...................................................
469
2,203,745
$100,000,000 or more...................................................
520
17,052,321
58,383
*602
14,756
23,083
15,728
2,323
901
469
521
43,298,765
*-17,107
47,035
1,487,421
6,150,464
3,403,653
2,910,578
3,145,843
26,170,878
49,057
*301
8,429
20,798
15,362
2,290
894
465
518
52,367,146
*17
33,058
983,389
5,408,688
3,745,046
3,198,933
3,458,576
35,539,439
53,524
*602
12,042
21,354
15,353
2,298
891
469
515
24,367,480
*70,759
199,068
1,500,674
4,032,328
2,595,179
1,975,804
1,917,093
12,076,576
Operating foundations
Total............................................................................
3,803
2,847,756
Zero or unreported................................................... --$1 under $100,000...................................................*903
*4,928
$100,000 under $1,000,000...................................................
1,421
392,663
$1,000,000 under $10,000,000...................................................
1,131
540,732
$10,000,000 under $25,000,000...................................................
199
311,825
$25,000,000 under $50,000,000...................................................
66
221,665
$50,000,000 under $100,000,000...................................................
38
219,882
$100,000,000 or more...................................................
46
1,156,062
3,547
-*602
1,421
1,174
200
66
38
46
6,110,974
-*1,290
85,219
436,825
271,330
173,342
257,381
4,885,586
2,760
--1,421
1,005
190
62
36
46
4,774,946
--17,801
258,226
230,101
133,756
293,324
3,841,738
3,405
-602
1,369
1,097
190
63
38
46
2,034,714
-479
183,736
424,303
174,124
170,665
174,643
906,765
Grantmaking foundations
Total............................................................................
52,011
32,040,101
Zero or unreported...................................................*602
*81,532
$1 under $100,000...................................................
10,537
188,357
$100,000 under $1,000,000...................................................
20,984
1,513,006
$1,000,000 under $10,000,000...................................................
15,613
4,669,120
$10,000,000 under $25,000,000...................................................
2,332
2,992,413
$25,000,000 under $50,000,000...................................................
916
2,262,028
$50,000,000 under $100,000,000...................................................
482
2,283,352
$100,000,000 or more...................................................
546
18,050,292
52,007
*602
10,537
20,984
15,608
2,332
916
482
546
45,035,164
*-17,107
6,524
755,544
5,309,528
3,059,237
2,613,195
3,174,826
30,133,417
46,510
*301
6,924
19,715
15,328
2,308
910
478
546
55,752,043
*17
31,146
931,535
5,297,425
3,815,877
3,151,812
3,533,044
38,991,187
52,011
*602
10,537
20,984
15,613
2,332
916
482
546
25,309,192
*70,759
182,839
1,402,861
4,132,548
2,637,664
2,023,347
1,979,523
12,879,650
Grantmaking-nonoperating foundations
Total............................................................................
49,924
30,348,707
Zero or unreported...................................................*602
*81,532
$1 under $100,000...................................................
10,236
188,144
$100,000 under $1,000,000...................................................
19,992
1,446,268
$1,000,000 under $10,000,000...................................................
14,972
4,341,791
$10,000,000 under $25,000,000...................................................
2,265
2,877,809
$25,000,000 under $50,000,000...................................................
881
2,185,415
$50,000,000 under $100,000,000...................................................
463
2,189,745
$100,000,000 or more...................................................
514
17,038,003
49,920
*602
10,236
19,992
14,968
2,265
881
463
514
39,947,124
*-17,107
6,514
723,864
5,077,065
2,978,497
2,542,484
3,000,224
25,635,584
44,793
*301
6,924
18,723
14,750
2,243
877
461
514
51,684,594
*17
31,146
916,713
5,137,297
3,702,755
3,072,185
3,433,285
35,391,196
49,924
*602
10,236
19,992
14,972
2,265
881
463
514
23,975,904
*70,759
182,626
1,338,093
3,870,486
2,568,840
1,961,409
1,910,964
12,072,729
Grantmaking-operating foundations
Total............................................................................
2,087
1,691,395
Zero or unreported................................................... --$1 under $100,000...................................................*301
*213
$100,000 under $1,000,000...................................................
992
66,738
$1,000,000 under $10,000,000...................................................
641
327,329
$10,000,000 under $25,000,000...................................................
67
114,605
$25,000,000 under $50,000,000...................................................
35
76,613
$50,000,000 under $100,000,000...................................................
19
93,607
$100,000,000 or more...................................................
32
1,012,289
2,087
-*301
992
641
67
35
19
32
5,088,039
-*10
31,680
232,463
80,740
70,711
174,601
4,497,833
1,717
--992
578
65
33
17
32
4,067,448
--14,822
160,127
113,122
79,627
99,759
3,599,991
2,087
-*301
992
641
67
35
19
32
1,333,288
-*213
64,768
262,063
68,825
61,939
68,560
806,921
Footnotes at end of table.
160
(less loss)
over expenses
Domestic Private Foundations and Charitable Trusts, 1999
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Contributions,
Excise tax
gifts, and
on net investment
Type of foundation,
asset size
grants paid ¹
Number
income
Amount
of returns
(18)
Total
Total assets (book value)
Number
Amount
of returns
(19)
Number
Amount
of returns
investment assets
(book value)
Number
Amount
of returns
(20)
(21)
(22)
All foundations
Total............................................................................
52,011
22,762,811
Zero or unreported...................................................*602
*70,759
$1 under $100,000...................................................
10,537
175,550
$100,000 under $1,000,000...................................................
20,984
1,337,647
$1,000,000 under $10,000,000...................................................
15,613
3,747,585
$10,000,000 under $25,000,000...................................................
2,332
2,481,481
$25,000,000 under $50,000,000...................................................
916
1,864,890
$50,000,000 under $100,000,000...................................................
482
1,800,951
$100,000,000 or more...................................................
546
11,283,948
(23)
(24)
(25)
51,221
*301
8,429
21,982
16,132
2,418
930
484
545
729,874
-488
16,051
84,615
59,017
48,857
51,388
469,458
62,066
-15,960
24,623
16,917
2,523
970
507
566
384,564,594
-555,944
9,232,821
42,975,450
29,937,231
26,066,521
27,428,937
248,367,691
54,079
-9,939
22,992
16,599
2,512
966
506
566
364,021,971
-427,073
8,231,448
39,641,889
27,917,119
24,370,044
25,613,333
237,821,066
Nonoperating foundations
Total............................................................................
49,924
22,334,540
Zero or unreported...................................................*602
*70,759
$1 under $100,000...................................................
10,236
175,535
$100,000 under $1,000,000...................................................
19,992
1,287,969
$1,000,000 under $10,000,000...................................................
14,972
3,673,984
$10,000,000 under $25,000,000...................................................
2,265
2,445,683
$25,000,000 under $50,000,000...................................................
881
1,853,150
$50,000,000 under $100,000,000...................................................
463
1,792,842
$100,000,000 or more...................................................
514
11,034,618
48,811
*301
8,429
20,613
15,314
2,281
892
465
516
686,490
-488
15,806
81,201
55,759
47,347
48,642
437,246
58,212
-15,057
23,202
15,738
2,322
904
469
520
349,131,030
-532,667
8,606,027
39,620,496
27,266,119
24,014,115
25,027,070
224,064,536
51,421
-9,939
21,690
15,584
2,316
903
469
520
336,395,985
-427,073
7,774,058
37,346,673
26,031,585
23,103,633
23,803,346
217,909,617
Operating foundations
Total............................................................................2,087
428,271
Zero or unreported................................................... --$1 under $100,000...................................................*301
*15
$100,000 under $1,000,000...................................................
992
49,678
$1,000,000 under $10,000,000...................................................
641
73,601
$10,000,000 under $25,000,000...................................................
67
35,798
$25,000,000 under $50,000,000...................................................
35
11,740
$50,000,000 under $100,000,000...................................................
19
8,109
$100,000,000 or more...................................................
32
249,329
2,410
--1,369
818
137
38
19
29
43,384
--245
3,414
3,257
1,510
2,746
32,212
3,854
-903
1,421
1,179
201
66
38
46
35,433,564
-23,277
626,793
3,354,954
2,671,112
2,052,406
2,401,867
24,303,155
2,659
--1,302
1,015
196
63
37
46
27,625,986
--457,389
2,295,215
1,885,534
1,266,411
1,809,987
19,911,450
Grantmaking foundations
Total............................................................................
52,011
22,762,811
Zero or unreported...................................................*602
*70,759
$1 under $100,000...................................................
10,537
175,550
$100,000 under $1,000,000...................................................
20,984
1,337,647
$1,000,000 under $10,000,000...................................................
15,613
3,747,585
$10,000,000 under $25,000,000...................................................
2,332
2,481,481
$25,000,000 under $50,000,000...................................................
916
1,864,890
$50,000,000 under $100,000,000...................................................
482
1,800,951
$100,000,000 or more...................................................
546
11,283,948
46,282
*301
6,924
19,649
15,213
2,289
899
472
536
710,920
-463
14,778
78,228
56,878
45,934
49,455
465,184
51,408
-10,537
20,984
15,613
2,331
916
482
546
369,965,518
-426,577
7,622,344
39,277,295
27,386,240
24,404,234
25,834,491
245,014,338
48,228
-8,429
20,036
15,497
2,325
913
481
546
352,956,872
-371,693
6,973,812
37,151,408
26,081,606
23,192,523
24,298,614
234,887,217
Grantmaking-nonoperating foundations
Total............................................................................
49,924
22,334,540
Zero or unreported...................................................*602
*70,759
$1 under $100,000...................................................
10,236
175,535
$100,000 under $1,000,000...................................................
19,992
1,287,969
$1,000,000 under $10,000,000...................................................
14,972
3,673,984
$10,000,000 under $25,000,000...................................................
2,265
2,445,683
$25,000,000 under $50,000,000...................................................
881
1,853,150
$50,000,000 under $100,000,000...................................................
463
1,792,842
$100,000,000 or more...................................................
514
11,034,618
44,732
*301
6,924
18,708
14,712
2,236
877
461
513
673,557
-463
14,566
75,937
55,020
44,854
48,136
434,580
49,321
-10,236
19,992
14,972
2,264
881
463
514
342,996,817
-404,746
7,232,044
37,540,275
26,520,567
23,338,108
24,663,656
223,297,420
46,603
-8,429
19,163
14,895
2,259
880
463
514
331,559,718
-371,693
6,699,591
35,759,020
25,439,361
22,490,029
23,500,201
217,299,822
Grantmaking-operating foundations
Total............................................................................2,087
428,271
Zero or unreported................................................... --$1 under $100,000...................................................*301
*15
$100,000 under $1,000,000...................................................
992
49,678
$1,000,000 under $10,000,000...................................................
641
73,601
$10,000,000 under $25,000,000...................................................
67
35,798
$25,000,000 under $50,000,000...................................................
35
11,740
$50,000,000 under $100,000,000...................................................
19
8,109
$100,000,000 or more...................................................
32
249,329
1,550
--940
501
53
22
11
23
37,363
--213
2,291
1,858
1,079
1,318
30,604
2,087
-*301
992
641
67
35
19
32
26,968,701
-*21,831
390,299
1,737,020
865,673
1,066,126
1,170,835
21,716,918
1,624
--873
602
66
33
18
32
21,397,154
--274,220
1,392,388
642,244
702,494
798,413
17,587,394
Footnotes at end of table.
161
Domestic Private Foundations and Charitable Trusts, 1999
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Investments in securities (book value)
Type of foundation,
Total
asset size
Number
Amount
of returns
(26)
162
Corporate
obligations
stock
Number
Amount
of returns
(27)
(28)
Number
Corporate
bonds
Amount
of returns
(29)
(30)
Number
Amount
of returns
(31)
(32)
(33)
All foundations
Total............................................................................
44,201
291,467,705
Zero or unreported................................................... --$1 under $100,000...................................................
5,424
212,367
$100,000 under $1,000,000...................................................
19,171
5,745,574
$1,000,000 under $10,000,000...................................................
15,277
29,599,625
$10,000,000 under $25,000,000...................................................
2,361
21,822,967
$25,000,000 under $50,000,000...................................................
928
19,006,071
$50,000,000 under $100,000,000...................................................
485
20,398,033
$100,000,000 or more...................................................
555
194,683,069
15,752
-*1,505
4,555
6,981
1,412
582
325
392
42,823,301
-*35,122
645,771
5,040,612
3,776,868
3,176,257
3,398,279
26,750,392
39,529
-3,617
17,448
14,256
2,281
904
475
549
210,906,683
-105,113
4,253,131
19,747,723
14,423,473
12,902,005
13,914,052
145,561,185
18,512
-*2,709
5,488
7,539
1,418
605
331
422
37,737,721
-*72,132
846,672
4,811,289
3,622,626
2,927,809
3,085,702
22,371,491
Nonoperating foundations
Total............................................................................
42,471
270,653,048
Zero or unreported................................................... --$1 under $100,000...................................................
5,424
212,367
$100,000 under $1,000,000...................................................
18,521
5,604,833
$1,000,000 under $10,000,000...................................................
14,488
28,216,609
$10,000,000 under $25,000,000...................................................
2,206
20,564,946
$25,000,000 under $50,000,000...................................................
872
18,093,504
$50,000,000 under $100,000,000...................................................
451
19,121,994
$100,000,000 or more...................................................
510
178,838,795
14,965
-*1,505
4,348
6,582
1,315
545
305
364
39,207,373
-*35,122
613,855
4,745,301
3,558,263
2,977,151
3,116,012
24,161,668
38,082
-3,617
17,003
13,529
2,134
851
443
505
196,089,393
-105,113
4,161,853
18,810,364
13,591,820
12,333,458
13,105,202
133,981,584
17,864
-*2,709
5,384
7,178
1,325
569
306
392
35,356,282
-*72,132
829,125
4,660,944
3,414,864
2,782,895
2,900,780
20,695,543
Operating foundations
Total............................................................................1,730
20,814,658
Zero or unreported................................................... --$1 under $100,000................................................... --$100,000 under $1,000,000...................................................
651
140,741
$1,000,000 under $10,000,000...................................................
789
1,383,016
$10,000,000 under $25,000,000...................................................
155
1,258,021
$25,000,000 under $50,000,000...................................................
56
912,567
$50,000,000 under $100,000,000...................................................
34
1,276,039
$100,000,000 or more...................................................
45
15,844,274
787
--*206
398
97
37
20
28
3,615,929
--*31,916
295,311
218,605
199,106
282,267
2,588,724
1,447
--*444
727
147
53
32
44
14,817,289
--*91,278
937,359
831,654
568,547
808,850
11,579,601
648
--*103
360
93
36
25
30
2,381,440
--*17,547
150,345
207,762
144,914
184,922
1,675,949
Grantmaking foundations
Total............................................................................
40,791
283,915,949
Zero or unreported................................................... --$1 under $100,000...................................................
4,817
170,097
$100,000 under $1,000,000...................................................
17,390
4,979,081
$1,000,000 under $10,000,000...................................................
14,485
28,159,688
$10,000,000 under $25,000,000...................................................
2,215
20,546,352
$25,000,000 under $50,000,000...................................................
886
18,237,630
$50,000,000 under $100,000,000...................................................
462
19,487,305
$100,000,000 or more...................................................
537
192,335,795
14,666
-*1,204
4,297
6,587
1,324
562
310
383
41,742,505
-*32,111
608,418
4,807,211
3,528,894
3,062,541
3,206,134
26,497,196
36,623
-3,312
15,769
13,550
2,141
866
454
532
205,448,195
-74,760
3,597,715
18,705,446
13,607,109
12,344,531
13,311,492
143,807,142
16,950
-*2,408
4,757
7,145
1,330
584
315
411
36,725,249
-*63,226
772,949
4,647,031
3,410,349
2,830,558
2,969,679
22,031,457
Grantmaking-nonoperating foundations
Total............................................................................
39,624
267,561,661
Zero or unreported................................................... --$1 under $100,000...................................................
4,817
170,097
$100,000 under $1,000,000...................................................
16,842
4,852,436
$1,000,000 under $10,000,000...................................................
13,998
27,282,431
$10,000,000 under $25,000,000...................................................
2,161
20,128,931
$25,000,000 under $50,000,000...................................................
854
17,733,001
$50,000,000 under $100,000,000...................................................
446
18,951,061
$100,000,000 or more...................................................
506
178,443,704
14,216
-*1,204
4,142
6,375
1,292
540
302
361
38,771,400
-*32,111
582,340
4,646,961
3,452,876
2,934,906
3,109,674
24,012,532
35,642
-3,312
15,376
13,082
2,094
837
439
502
193,811,433
-74,760
3,514,695
18,081,668
13,319,999
12,057,680
12,952,610
133,810,022
16,563
-*2,408
4,654
6,942
1,303
562
304
390
34,978,828
-*63,226
755,402
4,553,802
3,356,057
2,740,415
2,888,777
20,621,151
Grantmaking-operating foundations
Total............................................................................1,167
16,354,288
Zero or unreported................................................... --$1 under $100,000................................................... --$100,000 under $1,000,000...................................................
*548
*126,645
$1,000,000 under $10,000,000...................................................
487
877,258
$10,000,000 under $25,000,000...................................................
54
417,420
$25,000,000 under $50,000,000...................................................
32
504,629
$50,000,000 under $100,000,000...................................................
16
536,245
$100,000,000 or more...................................................
31
13,892,091
450
--*155
211
32
22
8
22
2,971,105
--*26,078
160,250
76,017
127,635
96,460
2,484,664
981
--*393
467
47
29
15
30
11,636,762
--*83,020
623,778
287,111
286,851
358,882
9,997,121
387
--*103
202
27
22
11
21
1,746,420
--*17,547
93,230
54,292
90,143
80,903
1,410,306
Footnotes at end of table.
162
Government
Domestic Private Foundations and Charitable Trusts, 1999
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Type of foundation,
Total assets
Total
(fair market value)
investment assets
asset size
Investments in securities (fair market value)
Total
Government
(fair market value)
Number
Amount
of returns
(34)
Number
Amount
of returns
(35)
(36)
obligations
Number
Amount
of returns
(37)
(38)
Number
Amount
of returns
(39)
(40)
(41)
All foundations
Total............................................................................
62,092
466,863,029
Zero or unreported...................................................
--$1 under $100,000...................................................
15,960
562,304
$100,000 under $1,000,000...................................................
24,623
9,829,008
$1,000,000 under $10,000,000...................................................
16,941
54,507,882
$10,000,000 under $25,000,000...................................................
2,524
39,277,974
$25,000,000 under $50,000,000...................................................
970
33,872,334
$50,000,000 under $100,000,000...................................................
507
35,194,449
$100,000,000 or more...................................................
567
293,619,079
53,755
-9,638
22,940
16,623
2,514
967
506
567
444,151,101
-432,607
8,887,447
50,954,710
37,053,106
31,962,866
33,249,152
281,611,213
44,388
-5,424
19,290
15,341
2,363
929
485
557
363,442,034
-225,129
6,366,606
40,300,198
30,386,542
26,010,402
27,205,111
232,948,046
15,872
-*1,505
4,674
6,982
1,411
582
326
392
42,703,603
-*33,764
657,714
5,034,413
3,802,526
3,160,758
3,395,986
26,618,442
Nonoperating foundations
Total............................................................................
58,238
426,316,475
Zero or unreported...................................................
--$1 under $100,000...................................................
15,057
539,027
$100,000 under $1,000,000...................................................
23,202
9,126,023
$1,000,000 under $10,000,000...................................................
15,762
50,689,032
$10,000,000 under $25,000,000...................................................
2,323
36,246,143
$25,000,000 under $50,000,000...................................................
904
31,523,122
$50,000,000 under $100,000,000...................................................
469
32,567,868
$100,000,000 or more...................................................
521
265,625,259
51,147
-9,638
21,690
15,608
2,317
904
469
521
412,420,144
-432,607
8,367,064
48,297,489
34,897,382
30,488,633
31,207,990
258,728,980
42,658
-5,424
18,640
14,551
2,208
873
451
512
340,942,128
-225,129
6,172,557
38,657,588
28,911,733
24,943,822
25,772,444
216,258,856
15,085
-*1,505
4,467
6,583
1,314
545
306
364
39,101,854
-*33,764
626,089
4,728,836
3,585,644
2,962,989
3,109,014
24,055,518
Operating foundations
Total............................................................................3,854
40,546,554
Zero or unreported...................................................
--$1 under $100,000................................................... *903
*23,277
$100,000 under $1,000,000...................................................
1,421
702,986
$1,000,000 under $10,000,000...................................................
1,179
3,818,849
$10,000,000 under $25,000,000...................................................
201
3,031,831
$25,000,000 under $50,000,000...................................................
66
2,349,211
$50,000,000 under $100,000,000...................................................
38
2,626,580
$100,000,000 or more...................................................46
27,993,820
2,608
--1,250
1,015
197
63
37
46
31,730,957
--520,382
2,657,221
2,155,725
1,474,233
2,041,163
22,882,234
1,730
--651
789
155
56
34
45
22,499,906
--194,049
1,642,610
1,474,809
1,066,581
1,432,668
16,689,190
787
--*206
398
97
37
20
28
3,601,748
--*31,624
305,577
216,882
197,769
286,972
2,562,924
Grantmaking foundations
Total............................................................................
51,409
449,745,657
Zero or unreported...................................................
--$1 under $100,000...................................................
10,537
435,338
$100,000 under $1,000,000...................................................
20,984
8,442,723
$1,000,000 under $10,000,000...................................................
15,613
50,107,588
$10,000,000 under $25,000,000...................................................
2,332
36,321,701
$25,000,000 under $50,000,000...................................................
916
31,991,359
$50,000,000 under $100,000,000...................................................
482
33,395,942
$100,000,000 or more...................................................
546
289,051,006
48,230
-8,429
20,036
15,497
2,326
914
481
546
430,862,039
-380,406
7,855,966
47,888,946
34,871,353
30,611,688
31,733,823
277,519,857
40,953
-4,817
17,509
14,524
2,217
887
462
538
354,624,590
-184,467
5,844,740
38,390,387
28,806,657
25,101,935
26,222,795
230,073,610
14,786
-*1,204
4,416
6,588
1,323
562
311
383
41,628,878
-*30,819
620,384
4,804,475
3,555,150
3,048,469
3,204,418
26,365,162
Grantmaking-nonoperating foundations
Total............................................................................
49,322
419,513,351
Zero or unreported...................................................
--$1 under $100,000...................................................
10,236
413,508
$100,000 under $1,000,000...................................................
19,992
8,004,089
$1,000,000 under $10,000,000...................................................
14,972
48,181,613
$10,000,000 under $25,000,000...................................................
2,265
35,337,335
$25,000,000 under $50,000,000...................................................
881
30,723,653
$50,000,000 under $100,000,000...................................................
463
32,127,889
$100,000,000 or more...................................................
514
264,725,264
46,605
-8,429
19,163
14,895
2,260
881
463
514
406,963,292
-380,406
7,541,435
46,307,154
34,147,733
29,773,076
30,828,281
257,985,208
39,786
-4,817
16,961
14,037
2,163
855
446
507
337,375,362
-184,467
5,681,302
37,359,105
28,322,825
24,502,167
25,596,853
215,728,643
14,336
-*1,204
4,261
6,376
1,291
540
303
361
38,669,344
-*30,819
594,597
4,633,931
3,480,148
2,921,391
3,102,781
23,905,676
Grantmaking-operating foundations
Total............................................................................2,087
30,232,305
Zero or unreported...................................................
--$1 under $100,000................................................... *301
*21,831
$100,000 under $1,000,000...................................................
992
438,633
$1,000,000 under $10,000,000...................................................
641
1,925,975
$10,000,000 under $25,000,000...................................................
67
984,366
$25,000,000 under $50,000,000...................................................
35
1,267,705
$50,000,000 under $100,000,000...................................................
19
1,268,052
$100,000,000 or more...................................................32
24,325,742
1,624
--873
602
66
33
18
32
23,898,746
--314,531
1,581,792
723,620
838,612
905,542
19,534,649
1,167
--*548
487
54
32
16
31
17,249,227
--*163,438
1,031,282
483,832
599,767
625,941
14,344,967
450
--*155
211
32
22
8
22
2,959,533
--*25,787
170,544
75,002
127,078
101,638
2,459,486
Footnotes at end of table.
163
Domestic Private Foundations and Charitable Trusts, 1999
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--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 foundation,
Corporate
Corporate
asset size
stock
bonds
Number
Amount
of returns
(42)
164
Amount
of returns
(43)
(44)
Number
Amount
of returns
(45)
(46)
Noncharitable-use assets
Number
Amount
of returns
(47)
(48)
(49)
All foundations
Total............................................................................
39,623
283,373,751
Zero or unreported................................................... --$1 under $100,000...................................................3,617
121,113
$100,000 under $1,000,000...................................................
17,448
4,850,827
$1,000,000 under $10,000,000...................................................
14,343
30,522,645
$10,000,000 under $25,000,000...................................................
2,284
22,983,614
$25,000,000 under $50,000,000...................................................
905
19,938,004
$50,000,000 under $100,000,000...................................................
474
20,730,037
$100,000,000 or more...................................................
552
184,227,511
18,493
-*2,709
5,488
7,524
1,420
601
331
420
37,364,681
-*70,252
858,065
4,743,140
3,600,402
2,911,640
3,079,088
22,102,092
62,065
-15,960
24,623
16,917
2,523
970
506
566
369,305,559
-555,215
8,727,940
41,855,739
29,225,500
25,353,645
26,507,242
237,080,277
60,563
*301
14,154
24,623
16,917
2,524
970
507
567
407,219,742
*7,010
497,345
9,219,483
48,058,889
34,971,979
29,922,365
30,881,367
253,661,303
Nonoperating foundations
Total............................................................................
38,176
266,831,034
Zero or unreported................................................... --$1 under $100,000...................................................3,617
121,113
$100,000 under $1,000,000...................................................
17,003
4,705,452
$1,000,000 under $10,000,000...................................................
13,616
29,331,855
$10,000,000 under $25,000,000...................................................
2,137
21,929,641
$25,000,000 under $50,000,000...................................................
852
19,213,827
$50,000,000 under $100,000,000...................................................
442
19,768,469
$100,000,000 or more...................................................
508
171,760,676
17,850
-*2,709
5,384
7,169
1,327
565
306
390
35,009,240
-*70,252
841,016
4,596,897
3,396,448
2,767,006
2,894,960
20,442,661
58,211
-15,057
23,202
15,738
2,322
904
468
520
337,524,399
-531,938
8,129,877
38,823,814
26,770,548
23,634,253
24,296,640
215,337,329
57,335
*301
13,853
23,202
15,762
2,323
904
469
521
382,027,999
*7,010
496,189
8,760,093
45,518,556
33,069,478
28,675,398
29,072,229
236,429,045
Operating foundations
Total............................................................................1,447
16,542,717
Zero or unreported................................................... --$1 under $100,000................................................... --$100,000 under $1,000,000...................................................
*444
*145,375
$1,000,000 under $10,000,000...................................................
727
1,190,790
$10,000,000 under $25,000,000...................................................
147
1,053,973
$25,000,000 under $50,000,000...................................................
53
724,177
$50,000,000 under $100,000,000...................................................
32
961,568
$100,000,000 or more...................................................44
12,466,834
643
--*103
356
93
36
25
30
2,355,441
--*17,050
146,243
203,954
144,635
184,128
1,659,432
3,854
-*903
1,421
1,179
201
66
38
46
31,781,160
-*23,277
598,064
3,031,924
2,454,952
1,719,392
2,210,602
21,742,948
3,228
-*301
1,421
1,155
201
66
38
46
25,191,743
-*1,156
459,390
2,540,333
1,902,501
1,246,967
1,809,138
17,232,257
Grantmaking foundations
Total............................................................................
36,692
276,642,486
Zero or unreported................................................... --$1 under $100,000...................................................3,312
92,081
$100,000 under $1,000,000...................................................
15,769
4,446,900
$1,000,000 under $10,000,000...................................................
13,613
29,007,836
$10,000,000 under $25,000,000...................................................
2,144
21,859,408
$25,000,000 under $50,000,000...................................................
867
19,239,754
$50,000,000 under $100,000,000...................................................
453
20,054,566
$100,000,000 or more...................................................
534
181,941,941
16,941
-*2,408
4,757
7,140
1,332
580
315
409
36,353,226
-*61,567
777,456
4,578,076
3,392,098
2,813,711
2,963,810
21,766,507
51,407
-10,537
20,984
15,613
2,331
916
481
546
356,342,456
-426,127
7,193,083
38,761,957
26,875,869
23,989,692
25,110,345
233,985,383
50,807
*301
9,634
20,984
15,613
2,332
916
482
546
394,939,715
*7,010
397,296
8,200,750
45,407,236
33,053,863
28,740,425
29,666,436
249,466,699
Grantmaking-nonoperating foundations
Total............................................................................
35,710
264,079,197
Zero or unreported................................................... --$1 under $100,000...................................................3,312
92,081
$100,000 under $1,000,000...................................................
15,376
4,326,298
$1,000,000 under $10,000,000...................................................
13,146
28,236,904
$10,000,000 under $25,000,000...................................................
2,097
21,503,286
$25,000,000 under $50,000,000...................................................
838
18,855,738
$50,000,000 under $100,000,000...................................................
438
19,610,691
$100,000,000 or more...................................................
504
171,454,199
16,554
-*2,408
4,654
6,937
1,305
558
304
388
34,626,821
-*61,567
760,407
4,488,270
3,339,391
2,725,038
2,883,382
20,368,767
49,320
-10,236
19,992
14,972
2,264
881
462
514
332,157,799
-404,296
6,820,512
37,142,440
26,070,583
23,010,291
24,030,107
214,679,571
49,021
*301
9,634
19,992
14,972
2,265
881
463
514
376,419,622
*7,010
397,296
7,835,891
43,921,043
32,402,361
28,076,183
28,864,849
234,914,989
Grantmaking-operating foundations
Total............................................................................ 981
12,563,289
Zero or unreported................................................... --$1 under $100,000................................................... --$100,000 under $1,000,000...................................................
*393
*120,602
$1,000,000 under $10,000,000...................................................
467
770,932
$10,000,000 under $25,000,000...................................................
47
356,122
$25,000,000 under $50,000,000...................................................
29
384,016
$50,000,000 under $100,000,000...................................................
15
443,875
$100,000,000 or more...................................................30
10,487,741
387
--*103
202
27
22
11
21
1,726,405
--*17,050
89,806
52,708
88,673
80,428
1,397,740
2,087
-*301
992
641
67
35
19
32
24,184,657
-*21,831
372,571
1,619,518
805,286
979,401
1,080,238
19,305,812
1,786
--992
641
67
35
19
32
18,520,093
--364,859
1,486,193
651,502
664,242
801,587
14,551,710
Footnotes at end of table.
164
Number
Net worth (book value)
Domestic Private Foundations and Charitable Trusts, 1999
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Type of foundation,
Minimum investment return
Distributable amount
Qualifying distributions
asset size
Number
Amount
of returns
(50)
Number
Amount
of returns
(51)
Number
Amount
of returns
Undistributed income for
1999
Number
Amount
of returns
Excess distributions
carryover to 2000
Number
Amount
of returns
(52)
(53)
(54)
(55)
(56)
(57)
(58)
(59)
All foundations
Total............................................................................
60,563
20,083,983
Zero or unreported...................................................
*301
*350
$1 under $100,000...................................................
14,154
23,181
$100,000 under $1,000,000...................................................
24,623
446,992
$1,000,000 under $10,000,000...................................................
16,917
2,374,001
$10,000,000 under $25,000,000...................................................
2,524
1,732,598
$25,000,000 under $50,000,000...................................................
970
1,485,945
$50,000,000 under $100,000,000...................................................
507
1,543,100
$100,000,000 or more...................................................
567
12,477,815
56,791
*301
13,552
23,031
15,700
2,319
900
469
519
18,273,718
*350
22,742
411,887
2,191,571
1,588,468
1,393,539
1,413,371
11,251,790
57,000
*602
12,644
22,775
16,464
2,492
955
507
562
27,603,547
*70,759
199,547
1,736,874
4,548,193
2,880,687
2,287,315
2,167,067
13,713,104
21,430
-4,521
7,708
7,179
1,098
420
231
273
5,998,630
-5,962
100,675
678,523
505,588
432,328
503,071
3,772,484
36,418
*602
9,935
15,153
8,554
1,218
477
236
244
26,110,708
*317,768
782,245
4,533,663
6,481,289
3,783,099
2,528,430
2,269,922
5,414,292
Nonoperating foundations
Total............................................................................
57,335
18,834,548
Zero or unreported...................................................
*301
*350
$1 under $100,000...................................................
13,853
23,137
$100,000 under $1,000,000...................................................
23,202
424,023
$1,000,000 under $10,000,000...................................................
15,762
2,248,312
$10,000,000 under $25,000,000...................................................
2,323
1,639,180
$25,000,000 under $50,000,000...................................................
904
1,423,639
$50,000,000 under $100,000,000...................................................
469
1,452,610
$100,000,000 or more...................................................
521
11,623,298
56,791
*301
13,552
23,031
15,700
2,319
900
469
519
18,273,718
*350
22,742
411,887
2,191,571
1,588,468
1,393,539
1,413,371
11,251,790
53,536
*602
12,042
21,354
15,362
2,300
891
469
516
25,056,879
*70,759
199,068
1,540,358
4,092,594
2,661,454
2,034,584
1,960,454
12,497,608
21,430
-4,521
7,708
7,179
1,098
420
231
273
5,998,630
-5,962
100,675
678,523
505,588
432,328
503,071
3,772,484
36,418
*602
9,935
15,153
8,554
1,218
477
236
244
26,110,708
*317,768
782,245
4,533,663
6,481,289
3,783,099
2,528,430
2,269,922
5,414,292
Operating foundations
Total............................................................................
3,228
1,249,435
Zero or unreported...................................................
--$1 under $100,000...................................................
*301
*45
$100,000 under $1,000,000...................................................
1,421
22,970
$1,000,000 under $10,000,000...................................................
1,155
125,689
$10,000,000 under $25,000,000...................................................
201
93,418
$25,000,000 under $50,000,000...................................................
66
62,306
$50,000,000 under $100,000,000...................................................
38
90,490
$100,000,000 or more...................................................
46
854,517
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
3,464
-*602
1,421
1,102
192
64
38
46
2,546,668
-*479
196,517
455,599
219,233
252,731
206,612
1,215,496
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
Grantmaking foundations
Total............................................................................
50,807
19,526,734
Zero or unreported...................................................
*301
*350
$1 under $100,000...................................................
9,634
19,532
$100,000 under $1,000,000...................................................
20,984
404,781
$1,000,000 under $10,000,000...................................................
15,613
2,262,297
$10,000,000 under $25,000,000...................................................
2,332
1,643,840
$25,000,000 under $50,000,000...................................................
916
1,431,755
$50,000,000 under $100,000,000...................................................
482
1,482,549
$100,000,000 or more...................................................
546
12,281,629
48,862
*301
9,634
19,873
14,939
2,261
879
463
513
18,051,782
*350
19,164
374,094
2,136,251
1,560,876
1,370,567
1,403,738
11,186,741
52,011
*602
10,537
20,984
15,613
2,332
916
482
546
26,250,129
*70,759
182,839
1,441,340
4,199,693
2,678,098
2,086,665
2,035,032
13,555,704
16,782
-*2,408
5,808
6,596
1,065
406
229
270
5,868,071
-*3,663
85,448
645,363
494,772
418,289
499,638
3,720,897
32,947
*602
7,827
14,013
8,367
1,193
471
232
241
24,845,556
*317,768
743,262
4,072,741
5,947,521
3,688,049
2,440,409
2,246,019
5,389,787
Grantmaking-nonoperating foundations
Total............................................................................
49,021
18,602,976
Zero or unreported...................................................
*301
*350
$1 under $100,000...................................................
9,634
19,532
$100,000 under $1,000,000...................................................
19,992
386,538
$1,000,000 under $10,000,000...................................................
14,972
2,187,987
$10,000,000 under $25,000,000...................................................
2,265
1,611,265
$25,000,000 under $50,000,000...................................................
881
1,398,543
$50,000,000 under $100,000,000...................................................
463
1,442,470
$100,000,000 or more...................................................
514
11,556,291
48,862
*301
9,634
19,873
14,939
2,261
879
463
513
18,051,782
*350
19,164
374,094
2,136,251
1,560,876
1,370,567
1,403,738
11,186,741
49,924
*602
10,236
19,992
14,972
2,265
881
463
514
24,552,193
*70,759
182,626
1,376,572
3,915,374
2,598,903
2,000,505
1,942,838
12,464,617
16,782
-*2,408
5,808
6,596
1,065
406
229
270
5,868,071
-*3,663
85,448
645,363
494,772
418,289
499,638
3,720,897
32,947
*602
7,827
14,013
8,367
1,193
471
232
241
24,845,556
*317,768
743,262
4,072,741
5,947,521
3,688,049
2,440,409
2,246,019
5,389,787
Grantmaking-operating foundations
Total............................................................................
1,786
923,757
Zero or unreported...................................................
--$1 under $100,000...................................................
--$100,000 under $1,000,000...................................................
992
18,243
$1,000,000 under $10,000,000...................................................
641
74,310
$10,000,000 under $25,000,000...................................................
67
32,575
$25,000,000 under $50,000,000...................................................
35
33,212
$50,000,000 under $100,000,000...................................................
19
40,079
$100,000,000 or more...................................................
32
725,338
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
2,087
-*301
992
641
67
35
19
32
1,697,936
-*213
64,768
284,319
79,195
86,160
92,193
1,091,086
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 1999 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.
165
Domestic Private Foundations and Charitable Trusts, 1999
Table 2.--Domestic IRC Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and
Selected Financial Data, by Type of Charitable Trust and Size of Fair Market Value of Total Assets
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Selected sources of revenue
Type of trust,
Number
asset size
of
returns
Total revenue
Number
Amount
of returns
(1)
(2)
Contributions, gifts,
Dividends and interest
Net gain (less loss)
and grants received
from securities
from sales of assets
Number
Amount
of returns
(3)
(4)
Number
Amount
of returns
(5)
(6)
Number
Amount
of returns
(7)
(8)
(9)
All charitable trusts
Total............................................................................ 2,805
2,722
609,302
442
108,788
2,487
139,453
2,079
--
--
--
--
--
--
--
--
--
$1 under $100,000................................................... *682
*606
*6,004
*227
*4,379
*455
*995
*227
*611
$100,000 under $500,000...................................................
932
925
27,910
88
4,516
881
7,987
756
12,539
$500,000 under $1,000,000...................................................
404
404
40,247
*44
*10,566
389
9,627
367
18,675
$1,000,000 under $10,000,000...................................................
700
700
259,433
69
52,130
680
60,232
645
132,621
$10,000,000 or more................................................... 87
87
275,708
14
37,197
83
60,613
84
149,213
313,276
Zero or unreported...................................................
313,658
Nonoperating charitable trusts
Total............................................................................ 2,704
2,621
600,645
356
103,431
2,463
138,117
2,064
--
--
--
--
--
--
--
--
--
$1 under $100,000................................................... *606
*530
*4,731
*152
*3,106
*455
*995
*227
*611
$100,000 under $500,000...................................................
925
918
27,494
81
4,194
873
7,935
756
12,539
$500,000 under $1,000,000...................................................
396
396
39,921
*44
*10,566
382
9,346
360
18,647
$1,000,000 under $10,000,000...................................................
691
691
253,405
66
48,368
671
59,571
638
132,333
$10,000,000 or more................................................... 86
86
275,093
14
37,197
82
60,270
83
149,146
Zero or unreported...................................................
Operating charitable trusts
166
Total............................................................................
100
100
8,657
86
5,356
25
1,336
15
381
Zero or unreported...................................................
--
--
--
--
--
--
--
--
--
$1 under $100,000...................................................
*76
*76
*1,273
*76
*1,273
--
--
--
--
$100,000 under $500,000...................................................
*7
*7
*416
*7
*322
*7
*52
--
--
$500,000 under $1,000,000...................................................
*7
*7
*326
--
--
*7
*281
*7
*28
$1,000,000 under $10,000,000...................................................
9
9
6,028
3
3,762
9
661
7
287
$10,000,000 or more...................................................
1
1
615
--
--
1
342
1
66
Total............................................................................ 2,401
307,840
Grantmaking charitable trusts
2,394
577,421
330
86,921
2,259
137,107
2,017
--
--
--
--
--
--
--
--
--
$1 under $100,000................................................... *379
*379
*4,413
*152
*3,106
*303
*686
*227
*611
$100,000 under $500,000...................................................
866
859
25,772
66
3,635
829
7,599
719
11,943
$500,000 under $1,000,000...................................................
389
389
35,023
*37
*5,668
382
9,346
360
18,647
$1,000,000 under $10,000,000...................................................
683
683
240,473
63
37,726
664
59,183
629
130,601
$10,000,000 or more................................................... 84
84
271,741
13
36,787
81
60,293
82
146,038
307,382
Zero or unreported...................................................
Grantmaking-nonoperating charitable trusts
Total............................................................................ 2,388
2,380
571,925
322
82,899
2,246
136,356
2,013
--
--
--
--
--
--
--
--
--
$1 under $100,000................................................... *379
*379
*4,413
*152
*3,106
*303
*686
*227
*611
$100,000 under $500,000...................................................
859
851
25,356
*59
*3,313
822
7,547
719
11,943
$500,000 under $1,000,000...................................................
389
389
35,023
*37
*5,668
382
9,346
360
18,647
$1,000,000 under $10,000,000...................................................
678
678
236,007
62
34,026
659
58,826
626
130,210
$10,000,000 or more................................................... 83
83
271,126
13
36,787
80
59,951
81
145,971
Zero or unreported...................................................
Grantmaking-operating charitable trusts
Total............................................................................
13
13
5,496
*8
*4,022
13
751
4
458
Zero or unreported...................................................
--
--
--
--
--
--
--
--
--
$1 under $100,000...................................................
--
--
--
--
--
--
--
--
--
$100,000 under $500,000...................................................
*7
*7
*416
*7
*322
*7
*52
--
--
$500,000 under $1,000,000...................................................
--
--
--
--
--
--
--
--
--
$1,000,000 under $10,000,000...................................................
5
5
4,466
1
3,700
5
357
3
391
$10,000,000 or more...................................................
1
615
--
--
1
342
1
66
Footnotes at end of table.
166
1
Domestic Private Foundations and Charitable Trusts, 1999
Table 2.--Domestic IRC Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and
Selected Financial Data, by Type of Charitable Trust and Size of Fair Market Value of Total Assets
--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Excess of revenue
Type of trust,
Total expenses
Disbursements
(less loss)
Net investment income
for exempt
over expenses
asset size
Number
Amount
of returns
(10)
Number
purposes
Amount
Number
of returns
(11)
(12)
Amount
of returns
(13)
(14)
Amount
Number
of returns
(15)
(16)
(17)
All charitable trusts
Total............................................................................
2,636
281,501
2,727
327,800
2,550
487,704
2,532
Zero or unreported...................................................
--
--
--
--
--
--
--
244,017
--
$1 under $100,000...................................................
*530
*4,885
*606
*1,118
*455
*1,479
*455
*2,184
$100,000 under $500,000...................................................925
19,702
932
8,208
918
24,102
903
17,568
$500,000 under $1,000,000...................................................
396
15,781
404
24,466
396
30,501
396
13,033
$1,000,000 under $10,000,000...................................................
699
113,255
698
146,178
696
200,179
693
96,144
$10,000,000 or more...................................................
86
127,877
87
147,831
86
231,443
85
115,087
Total............................................................................
2,536
276,178
2,626
324,467
2,526
485,703
2,433
240,340
Zero or unreported...................................................
--
--
--
--
--
--
--
--
$1 under $100,000...................................................
*455
*3,854
*530
*877
*455
*1,479
*379
*1,154
$100,000 under $500,000...................................................918
19,636
925
7,858
910
24,053
895
17,512
$500,000 under $1,000,000...................................................
389
15,595
396
24,326
389
30,183
389
12,855
$1,000,000 under $10,000,000...................................................
690
110,716
689
142,689
687
198,831
686
94,906
$10,000,000 or more...................................................
85
126,376
86
148,717
85
231,157
84
113,914
Total............................................................................
*100
*5,324
100
3,333
25
2,002
98
3,677
Zero or unreported...................................................
--
--
--
--
--
--
--
--
$1 under $100,000...................................................
*76
*1,031
*76
*242
--
--
*76
*1,031
$100,000 under $500,000................................................... *7
*66
*7
*349
*7
*49
*7
*56
$500,000 under $1,000,000...................................................*7
*186
*7
*140
*7
*318
*7
*178
$1,000,000 under $10,000,000...................................................
9
2,539
9
3,489
9
1,348
7
1,239
$10,000,000 or more...................................................
1
1,501
1
-887
1
286
1
1,173
Total............................................................................
2,401
277,960
2,399
299,461
2,315
478,727
2,401
241,870
Zero or unreported...................................................
--
--
--
--
--
--
--
--
$1 under $100,000...................................................
*379
*3,829
*379
*584
*303
*1,161
*379
*1,154
$100,000 under $500,000...................................................866
19,487
866
6,284
859
22,739
866
17,487
$500,000 under $1,000,000...................................................
389
15,595
389
19,428
389
30,183
389
12,855
$1,000,000 under $10,000,000...................................................
683
111,245
681
129,228
680
196,730
683
95,303
$10,000,000 or more...................................................
84
127,804
84
143,938
84
227,913
84
115,072
Total............................................................................
2,388
275,553
2,386
296,372
2,301
477,517
2,388
240,167
Zero or unreported...................................................
--
--
--
--
--
--
--
--
$1 under $100,000...................................................
*379
*3,829
*379
*584
*303
*1,161
*379
*1,154
$100,000 under $500,000...................................................859
19,421
859
5,935
851
22,690
859
17,430
$500,000 under $1,000,000...................................................
389
15,595
389
19,428
389
30,183
389
12,855
$1,000,000 under $10,000,000...............................
This text is long and has been trimmed here. Open the source document for the complete record.
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