PrivateFoundationsandCharitableTrusts,1996
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PrivateFoundationsandCharitableTrusts,1996
by Melissa Whitten
rivate foundations provided more than $15.1
billion in contributions, gifts, and grants for
1996, an 18-percent increase over 1995. These
outlays, which are generally 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 required
annually to file the information return, Form 990-PF.
The 50,811 returns filed for 1996, including both
domestic and foreign foundations, represented an
increase of 6 percent from the prior year.
Total fair market value of assets for private
foundations grew by 19 percent to $312.8 billion for
1996, with investment assets, at $291.1 billion,
representing the majority of that amount. Gains of
23 percent and 10 percent, respectively, in the value
of investments in corporate stock and corporate
bonds contributed to the 18-percent overall increase
in investment assets. Total revenue, at $49.6 billion,
grew by more than 50 percent. The substantial
increase in total revenue was due, in large part, to an
increase of more than 100 percent in contributions
received, which totaled $21.0 billion. This dramatic
rise can be interpreted, in part, as a recovery from the
uncharacteristic 20-percent decrease in contributions
received for 1995. Additionally, two foundations
alone, the David and Lucile Packard Foundation and
the recently-founded California Endowment, reported substantial contributions which accounted for
nearly three-fourths of the total [2]. Additional
increases of 41 percent in net gains from sales of
assets and 4 percent in dividends and interests in
securities were also reported. Various financial data,
including private foundation revenue, asset, and
expense items for 1995 and 1996, are shown in
Figure A.
Form 990-PF is also filed by nonexempt charitable trusts, as described in Internal Revenue Code
section 4947(a)(1). Nearly 2,900 of these organizations filed the return for 1996, 5 percent more than
1995. Nonexempt charitable trusts filing Form 990-
P
Melissa Whitten is an economist with the Special Studies
Special Projects Section. This article was prepared under
the direction of Michael Alexander, Chief.
PF reported fair market value of assets of $4.6 billion, revenue totaling $497.2 million, and distributions of $214.4 million in contributions, gifts, and
grants [3].
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 1985 through 1995. 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
Together, nonprofit organizations tax-exempt under
Internal Revenue Code 501(c)(3), including both
private foundations and publicly-supported organizations, represent more than $1.5 trillion in total assets
(book value) [5]. They contribute billions of dollars
to charitable activities 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 subject to greater
regulation than publicly-supported organizations.
Therefore, for tax purposes, all organizations receiving tax-exemption are initially considered to be
private foundations, 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,
103
Private Foundations and Charitable Trusts, 1996
FigureA
Private Foundations: Selected Financial Items and Percentage Changes, 1995-1996
[Money amounts are in millions of dollars]
Item
1995
1996
Percentage
change,
1995-1996
(1)
Number of foundations.............................................................................................................................
47,983
(2)
(3)
50,811
5.9
Total assets (fair market value).............................................................................................................................
263,386.5
312,815.3
18.8
Investments, total.............................................................................................................................246,118.7
291,068.0
18.3
Savings and temporary cash investments.............................................................................................................................
14,407.0
16,777.1
16.5
Investments in securities, total.............................................................................................................................
206,599.3
243,684.8
18.0
Government obligations.............................................................................................................................
32,864.6
33,045.7
0.6
Corporate stock.............................................................................................................................
153,527.1
188,482.8
22.8
Corporate bonds.............................................................................................................................
20,207.6
22,156.3
9.6
Other investments¹.............................................................................................................................
25,112.4
30,606.0
21.9
Total revenue.............................................................................................................................
49,601.9
53.6
Contributions, gifts, and grants received.............................................................................................................................
9,427.5
20,964.6
122.4
Net gain (or loss) from sales of assets.............................................................................................................................
11,981.9
16,923.2
41.2
Dividends and interest from securities.............................................................................................................................
7,637.7
7,956.7
4.2
20,618.5
14.8
15,122.8
17.6
Total expenses.............................................................................................................................
32,289.7
17,958.1
Contributions, gifts, and grants paid ².............................................................................................................................
12,858.8
¹ Sum of "Investments in land, buildings, and equipment (less accumulated depreciation)," "Investments in mortgage loans," and "Other investments," as reported
on Form 990-PF. "Other investments" include items such as advances; certificates of investment; and investments in art, coins, gold, and gems.
² These data are based on the amount of contributions, gifts, and grants that foundations actually disbursed for charitable purposes for 1996 using the cash receipt
and disbursement method of accounting.
104
104
including churches and organizations with minimal
asset holdings and income, are exempted from filing
any information return. 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.
For 1996, private foundations represented less
than one-quarter of all Forms 990-PF, 990, and 990EZ filed. Additionally, they held 17 percent of total
assets (book value) and earned 7 percent of total
revenue reported [6].
Depending upon 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 annually distribute a minimum
amount for charitable purposes, which is based on 5
percent of the 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 being penalized by fulfilling the requirement by the end of the following year.
In addition to the “distributable amount” requirement, most foundations are required, under the Tax
Reform Act of 1969 (TRA69), to pay an excise tax
on income received only from investments, or “net
investment income.” Certain operating foundations
are exempt from this tax. For a further explanation
of exempt operating foundations, refer to Operating
Foundations (and Charitable Trusts) in the Explanation of Selected Terms section. Additional excise
taxes on “prohibited activities” (those which are
contrary to public interest) were also imposed by
TRA69. Business ventures or investments which in
Private Foundations and Charitable Trusts, 1996
some way jeopardize the foundation’s charitable
purpose, or acts of “self-dealing,” which are defined
as financial transactions with foundation officers,
directors, or trustees, substantial contributors, or
“other disqualified persons,” are considered to be
contrary to public interest and taxable under TRA69.
The Act also penalizes certain 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
penalty, which is imposed on any nonoperating
foundation that fails 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. For 1996, private foundations reported $1.1 million in such taxes on Form
4720.
AProfileofthe1996Form990-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 assets. “Small
foundations” refer to the group holding less than $1
million in fair market value of total assets as of the
end of the year (including foundations that either do
not report assets or that report assets equal to zero),
“medium-size foundations” refer to the group
holding from $1 million to less than $50 million in
assets, and large foundations refer to the group
holding $50 million or more in assets.
Small foundations accounted for 71 percent of
the more than 50,800 returns filed for 1996, but held
only 3 percent of assets, as shown in Figure B. In
contrast, large foundations accounted for less than 2
percent of all returns filed, but accounted for 70
percent of asset holdings, with 62 percent of total
assets held by those foundations with fair market
value of assets of $100 million or more. Large
foundations also dominated the revenue category,
FigureB
Selected Data Items for Private Foundations by Asset Size, 1996
[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
(fair market value)
revenue
returns
(fair market value)
revenue
(1)
(2)
(3)
(4)
(5)
(6)
45,775.3
Amount
Total.......................................................................................................................
50,811
312,815.3
49,601.9
46,101
Amount
286,837.3
Less than $100,000¹ .............................................................. 16,534
440.8
661.2
14,556
386.5
610.8
$100,000 under $1,000,000..............................................................
19,300
7,631.6
2,094.0
17,726
7,011.6
1,797.7
$1,000,000 under $50,000,000..............................................................
14,260
87,286.2
15,852.0
13,164
80,610.7
14,712.6
$50,000,000 under $100,000,000..............................................................
358
25,053.7
3,965.5
328
22,877.4
3,556.2
$100,000,000 or more..............................................................
192,403.0
27,029.2
327
175,951.1
25,098.1
100.0
100.0
Percentage of total
100.0
100.0
359
Percentage of total
Total.......................................................................................................................
100.0
100.0
Less than $100,000¹..............................................................
32.5
0.1
1.3
31.6
0.1
$100,000 under $1,000,000..............................................................
38.0
2.4
4.2
38.5
2.4
1.3
3.9
$1,000,000 under $50,000,000..............................................................
28.1
27.9
32.0
28.6
28.1
32.1
$50,000,000 under $100,000,000..............................................................
0.7
8.0
8.0
0.7
8.0
7.8
$100,000,000 or more..............................................................
61.5
54.5
0.7
61.3
54.8
0.7
¹ Includes returns with zero assets or assets not reported.
NOTE: Detail may not add to totals because of rounding and processing tolerances.
105
Private Foundations and Charitable Trusts, 1996
106
106
with those foundations holding $100 million or more
in fair market value of assets reporting more than
half of total revenue.
As in past years, the number of nonoperating
foundations far outnumbered that of operating foundations for 1996. Nonoperating foundations were
represented by 91 percent of Forms 990-PF filed,
with the remaining 9 percent made up of operating
foundations. Grantmaking foundations filed 40,889
Forms 990-PF, or slightly more than 80 percent of all
foundation returns filed, with 84 percent of nonoperating and 47 percent of operating foundations making
grants. Foundations awarded $15.1 billion dollars in
contributions, gifts, and grants for 1996. According
to Foundation Giving, the largest dollar amount of
grants distributed for 1996 benefited the area of
education, with human services and health also
receiving large proportions of funding [9]. Of those
nonoperating foundations that were not classified as
grantmaking, 42 percent satisfied the distribution
requirement through other types of charitable disbursements, including administrative and operational
expenses for charitable purposes, program-related
investments, acquisition of charitable-purpose assets,
and charitable “set-asides” for future projects. Additionally, 13 percent reported no “distributable
amount” and were, therefore, not subject to the
distribution requirement (see the Explanation of
Selected Terms section for a definition of the required distributable amount), and the remaining 45
percent opted to meet the 1996 requirement in their
1997 accounting periods [10].
In addition to domestic foundations, foreign
organizations receiving certain degrees of support
from U.S. citizens or corporations must also file
Form 990-PF. Foreign foundations are those that are
organized abroad; they do not necessarily choose to
distribute grants within the United States. For 1996,
foreign organizations accounted for less than 0.1
percent of returns filed. Like domestic foundations,
organizations based in foreign countries are required
to pay excise tax on their net investment income
from U.S. sources. For domestic foundations, this
tax equaled 2 percent of their worldwide “net” investment income; it equaled 4 percent of “gross”
investment income derived from U.S. sources for
foreign foundations.
TenLargestDomesticFoundations
Forms 990-PF are available for public disclosure
under Internal Revenue Code section 6104(b).
Currently, a private foundation is required to publish
a public notice stating that it has filed a Form 990-PF
and must make the return available to the public for
180 days from the date that the notice is published.
With the Tax and Trade Relief Extension Act of
1998, Congress directed that foundations furnish
copies of their three most recent annual returns, as
well as their original application for exempt status, to
the public. Final IRS regulations incorporating these
new rules are pending. Due to this public disclosure
requirement, data from Form 990-PF differ from
most other IRS return data, since return information
for individual organizations may be published.
The largest foundations, those holding $100
million or more in assets, held 62 percent of all
assets, but accounted for fewer than 400 returns, or
less than 1 percent of all foundations. Additionally,
the largest organizations were responsible for 46
percent of all contributions paid. Ten foundations
alone accounted for nearly one-third of the total
assets held by the largest foundations, excluding
those organizations organized abroad. These foundations, along with data on total assets and grants paid
for 1996 are shown in Figure C. The Ford Foundation remained the largest, by asset size, of the domestic foundations for 1996, with more than $9.5 billion
in total assets and $390.6 million in grants paid (3
percent of the total for all foundations) [11]. Overall,
the total asset and grants paid amounts for the top ten
domestic foundations were 25 percent and 29 percent
higher, respectively, than the prior year totals.
There were several major changes in the list for
1996, the most dramatic of which was the movement
of the David and Lucile Packard Foundation, which,
driven by an increase in assets of more than 200
percent, rose from tenth to third on the list. This
foundation, which entered the list as the tenth largest
for 1995, replaced the W.K. Kellogg Foundation and
W.K. Kellogg Trust as the third-largest domestic
foundation for 1996. In addition, the Pew Memorial
Trust dropped from the list this year, and the Robert
W. Woodruff Foundation re-entered as the eighthlargest foundation, with assets increasing by 26
percent [12]. Large increases in asset holdings were
Private Foundations and Charitable Trusts, 1996
FigureC
Top Ten Domestic Private Foundations, by
Size of Fair Market Value of Assets, 1996
[Money amounts are in millions of dollars]
Total
Name and ranking
State
Total assets¹
grants
(1)
(2)
(3)
1. Ford Foundation.................................................
NY
9,597.9
390.6
2. J. Paul Getty Trust ².................................................
CA
7,389.6
9.5
7,386.4
102.8
paid
3. David and Lucile Packard
Foundation.................................................
CA
4. W.K. Kellogg Foundation Trust
and W.K. Kellogg Foundation ³.................................................
NY/MI
7,107.1
255.3
5. Lilly Endowment, Inc..................................................
IN
6,135.4
168.3
6. Robert Wood Johnson
Foundation.................................................
NJ
5,595.8
210.9
MacArthur Foundation.................................................
IL
3,423.7
137.3
7. John D. and Catherine T.
8. Robert W. Woodruff
2,957.9
253.3
9. Andrew W. Mellon Foundation.................................................
NY
2,826.1
Foundation Inc..................................................
GA
113.7
10. Rockefeller Foundation.................................................
NY
2,738.8
85.0
Total.......................................................................................................................
55,158.7
1,726.6
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.
also reported by the Lilly Endowment, Inc. and the
W.K. Kellogg Foundation, both of which reported
increases of well over 25 percent, and the Ford
Foundation, which reported a 17-percent increase.
For eight of the ten largest foundations, Reporting Year 1996 also included increases in grants paid,
the largest of which were reported by the Robert W.
Woodruff Foundation (249 percent), and the Robert
Wood Johnson Foundation (174 percent). Reductions in grants paid were reported by the Rockefeller
Foundation and by the J. Paul Getty Trust, which,
again for 1996, was the second-largest of all foundations and the only operating foundation to be included in the top ten [13].
SourcesofFoundationRevenue
From 1995 to 1996, total revenue for private foundations increased by 54 percent. Much of this change
is attributable to marked revenue increases among
the largest foundations, as those foundations holding
$100 million or more in fair market value of assets
reported a 67-percent increase over 1996. Medium
foundations also experienced a 36-percent rise in
total revenue.
An examination of the sources of foundation
revenue for 1996 provides greater insight into the
substantial increase in total revenue. The majority of
foundation revenue (92 percent) was gained from
contributions received, dividends and interest from
securities, and net gain from sales of assets. Contributions received, after dropping 20 percent for 1995,
increased by 122 percent for 1996. Additionally, this
item replaced net gain from sales of assets as the
major source of foundation revenue, accounting for
42 percent of the total. Although net gain from sales
of assets represented a smaller percentage of total
revenue for 1996, the category itself experienced an
increase of 41 percent from 1995. Of the three major
components of revenue, dividends and interest from
securities increased at the lowest rate (4 percent) and
made up just 16 percent of total revenue. Figure D
shows revenue sources for 1996 for all foundations,
as well as by asset-size class.
As previously noted, the largest foundations
contributed dramatically to the increase in revenue
overall. Contributions received, the largest revenue
component for 1996, rose to $9.7 billion, an amount
four times larger than the $2.3 billion reported for
1995. Of total contributions received for 1996, more
than $4.7 billion alone were reported by the Packard
Foundation, while the recently-founded California
Endowment reported an additional $1.2 billion.
Medium and small foundations also recovered from
1995’s drop in contributions, reporting increases of
54 percent and 47 percent, respectively.
Despite the overall rise in contributions received,
large foundations remained the least dependent on
contributions as a source of revenue. Large foundations relied more heavily on net gain from sales of
assets than any other component, receiving 40 percent of their revenue from this category. Medium
and small foundations, on the other hand, both depended on contributions received as the major rev107
Private Foundations and Charitable Trusts, 1996
FigureD
Sources of Private Foundation Revenue, by Size of Foundation, 1996
All foundations
5%
3%
42%
$49.6 Billion
34%
16%
1
Small foundations
108
$2.8 Billion
1
2
3
4
5
2
Medium foundations
3
Large foundations
$31.0 Billion
$15.9 Billion
Contributions, gifts, and
grants received
Net gain (less loss)
from sales of assets
Dividends and interest
from securities
Other interest
Other income 5
4
Small foundations are those holding from zero (including unreported) to less than $1,000,000 in fair market value of total assets.
Medium foundations are those holding from $1,000,000 to less than $50,000,000 in fair market value of total assets.
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.
108
Private Foundations and Charitable Trusts, 1996
enue source, with medium foundations reporting
contributions received at 49 percent of total revenue
and small foundations reporting the largest amount,
69 percent.
Excepting contributions, all foundation revenues
are assigned one of three categories on the “Analysis
of Income Producing Activities” schedule of Form
990-PF. “Unrelated business income” (UBI) is
taxable income from a trade or business that was
regularly carried on by the organization but was not
substantially related to the organization’s exempt
purpose or function, other than to provide income to
the organization. Organizations with unrelated
business income must file Form 990-T, Exempt
Organization Business Income Tax Return [14].
Private foundations reported $101.4 million in unrelated business income for 1996, less than 1 percent of
total revenue from the “Analysis of Income-Producing Activities” schedule of Form 990-PF. Just 4
percent of all foundations had income categorized as
unrelated business income.
“Excluded income” represents income that 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 Code sections 512, 513, or 514. Included in this
category are dividends, interest, rental income, and
gains from sales of investment assets. Excluded
income represented 92 percent of total income as
reported on the 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 8 percent of total revenue
reported in this section, or $20.2 billion dollars, was
reported as exempt or excluded income.
ExciseTaxonInvestmentIncome
In accordance with TRA69, private foundations pay
excise tax on their net investment income each year.
This tax is approximated by the Internal Revenue
Service to cover expenses incurred in the oversight
of foundation activities and the enforcement of laws
governing their exempt status. Generally, domestic
foundations are liable to pay taxes equal to 2 percent
of their worldwide net investment income; most
foreign foundations compute this tax based on 4
percent of their gross investment income from U.S.
sources only. All foreign foundations, with the
exception of any foundation based in Canada, are
subject to the excise tax on investment income tax.
Canadian foundations are exempt from this tax as a
result of special treaty provisions with the United
States. Of the foreign foundations that filed Form
990-PF for 1996, 39 percent were based in Canada.
Domestic operating foundations that are able show
extensive public support and control may also be
exempt from the tax. For 1996, 15 percent of all
operating foundations were categorized as exempt.
Domestic nonoperating foundations, under the
Deficit Reduction Act of 1984, 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 of qualifying distributions plus 1 percent of
current net investment income, a foundation qualified
for the reduced tax rate for 1996.
Data for foundations reporting excise tax on net
investment income for 1996 are presented in Figure
E. Net investment income rose to $26.2 billion, a 29percent increase. Foundations reported excise tax on
net investment income totaling $370.3 million, 32
percent more than for 1995. Large foundations
qualified for the 1-percent reduced tax rate at a
greater percentage rate than did small foundations, at
48 and 36 percent, respectively.
FoundationAssetsandInvestments
Total fair market value of foundation assets reached
$312.8 billion this year, a 19 percent increase from
1995. Total investments grew by 18 percent to
$291.1 billion. Foundations held the majority of
their assets, 93 percent, in investments. This latter
category of assets includes savings and temporary
cash investments; securities (corporate stock and
bonds and government obligations); land, buildings,
and equipment held for investment purposes; mortgage loans; and “other investments.” This category
includes items such as non-interest-bearing cash,
charitable-purpose land, buildings and equipment
used in the direct operation of a foundation’s charitable activities, such as artwork displayed in a
museum, various receivables, inventories held for
sale or use, prepaid expenses and deferred charges,
109
Private Foundations and Charitable Trusts, 1996
FigureE
Private Foundations Reporting Excise Tax on Investment Income, by Size of Foundation, 1996
[Money amounts are in millions of dollars]
Medium
Large
foundations
Small
foundations ³
foundations
(2)
(3)
(4)
26,876
13,502
Percentage of all foundations........................................................................................................................
82
76
95
95
5
Net investment income (NII) ........................................................................................................................
25,173.0
776.7
7,782.6
16,613.6
13.0
122.1
235.2
1-percent tax........................................................................................................................
37
36
39
48
2-percent tax........................................................................................................................
63
64
61
51
4-percent tax........................................................................................................................
( )
( )
( )
1
Item
Total ¹
1, 2
(1)
Number of foundations........................................................................................................................
41,056
Excise tax........................................................................................................................
370.3
4
678
Percentage of all foundations reporting:
6
6
6
¹ Includes 337 foundations with assets unreported or equal to zero, which were shown in totals, but not in the "small foundations" category in previous years. These
foundations earned $9.7 million in net investment income and paid excise tax of $0.1 million.
² Small foundations are those holding from zero to less than $1,000,000 in fair market value of total assets.
³ Medium foundations are those holding from $1,000,000 to less than $50,000,000 in fair market value of total assets.
4
110
110
Large foundations are those holding $50,000,000 or more in fair market value of total assets.
5
Represents net investment income of foundations reporting excise tax. Total net investment income for all foundations was $26.2 billion.
6
Less than 0.5 percent.
and “other assets,” including escrow deposits,
interest-free or low-interest loans made for charitable
purposes, and program-related investments.
More than three-fourths of all assets (243.7
billion) were held in securities, investments in which
increased 18 percent over the prior year. Corporate
stock holdings increased 23 percent and accounted
for 77 percent of total investments in securities.
Investments in corporate bonds increased at a rate of
10 percent, while government obligations remained
virtually unchanged from 1995.
CompositionofInvestmentAssetsbySizeofFoundation
Asset growth figures prominently in creating the
financial basis for private foundations’ charitable
giving. Foundations use investment as the basis to
finance their charitable giving, which is made largely
in the form of grants.
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 savings accounts or
CD’s, have little risk but less return. Large founda-
tions generally invest most extensively in corporate
stock and other long-term investments and relatively
little in short-term investments, while small and
medium foundations, while still holding large portions of assets in corporate stock, are more likely
than large foundations to include short-term investments in their portfolios.
Figure F shows the composition of investment
assets for all foundations and by size of foundation.
Corporate stock was the major investment asset for
each size category of foundation for 1996. Small
foundations held slightly less than 50 percent of their
investment assets in corporate stock, medium foundations held 56 percent, and large foundations held
69 percent. Savings and temporary cash investments, the category representing short-term investments, represented 20 percent of investment assets
for small foundations and 4 percent for large foundations.
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
Private Foundations and Charitable Trusts, 1996
FigureF
Composition of Private Foundation Investment Assets, by Size of Foundation, 1996
All foundations
11%
6%
8%
$291.1 Billion
11%
64%
Small foundations¹
Medium foundations²
Large foundations³
7.0 Billion
80.9 Billion
203.1 Billion
Corporate stock
Corporate bonds
Government obligations
Savings and temporary cash
Other investments 4
¹ Small foundations are those holding from zero 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 Form 990-PF. "Other investments" includes items such as advances; certificates of investment; and investments in art, coins, gold, and gems.
111
Private Foundations and Charitable Trusts, 1996
FigureG
rate-of-total-return formula used here measures the
change in the value of the entire asset base with
Nonoperating Foundation Net Investment Income
consideration for inflows and outflows of money
Yields and Rates of Total Return on Assets,
[16]. It measures the realized income from investby Size of Fair Market Value of Assets, 1996
ments and other assets, as well as the unrealized
appreciation or depreciation in the fair market value
Median net
Median rates
Size of fair market value
investment
of total
of assets. Like net investment income yields, rates of
income
return
of total assets
total return generally increase with foundation size,
yields
on assets
indicating that rates of return on assets increase as
(percentages)
(percentages)
asset holdings grow. After a significant increase for
1995, rates of total return fell slightly for 1996 for
All nonoperating foundations.......................................................................................................................
5.9
7.0
every asset-size class. Despite the decrease, the
Small foundations
medians remained much higher than those for years
Less than $100,000................................................. 4.6
1.3
prior to 1995 [17].
$100,000 under $1,000,000.................................................
5.8
7.8
Medium foundations
$1,000,000 under $10,000,000.................................................
6.5
11.8
$10,000,000 under $50,000,000.................................................
7.3
13.3
Large foundations
112
112
$50,000,000 under $100,000,000.................................................
8.7
13.9
$100,000,000 or more................................................. 9.4
14.8
on assets” for nonoperating foundations, by assetsize class, for 1996. The median, rather than the
mean, is calculated, as it minimizes the influences of
large outliers in the data and may, therefore, better
represent a typical foundation. 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]. These data are
presented for nonoperating foundations, as only they
are subject to the charitable payout requirement,
discussed below. As in previous years, large foundations earned higher income yields for 1996 than other
size classes, while small foundations earned much
smaller yields on net income. 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 on 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
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
distributed by the end of the next reporting year in
order to avoid a tax penalty. 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”), plus or minus certain adjustments, either
allowed or required. (See Distributable (Payout)
Amount, Net Investment Assets, Minimum Investment Return, and Net Adjustments to Distributable
Amount in the Explanation of Selected Terms section.)
The 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 for 1996 consisted
primarily of contributions and grants (92 percent),
with smaller proportions for operating and administrative expenses (5 percent), “set-asides” for future
charitable distributions (1 percent), program-related
investments (e.g., buildings, equipment, or supplies)
(1 percent), and amounts paid to acquire charitableuse assets (e.g., buildings, equipment, or supplies) (1
Private Foundations and Charitable Trusts, 1996
percent).
Qualifying distributions for nonoperating foundations totaled $16.0 billion for 1996, a 17-percent
increase from 1995 and outpaced the required distributable amount, which rose by 13 percent to $11.2
billion. Large foundations increased their qualifying
distributions by 20 percent, medium foundations by
13 percent, and small foundations by 19 percent.
Of those foundations with a minimum payout
requirement, 67 percent met or exceeded the requirement for 1996 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-and-penalty-free “grace period” for making
these distributions. Just under half of all large foundations chose to wait until the following year to
fulfill the requirement; 42 percent of medium and 29
percent of small foundations also elected to meet the
distribution requirement in Reporting Year 1997.
While some foundations do not meet the distribution requirement for a given reporting year and
choose to make those distributions in the following
year, others make distributions which far surpass the
required amount. Small foundations generally make
distributions well over the requirement, and distributed nearly 400 percent more than their required
amounts for 1996. Large foundations, on the other
hand, exceeded the requirement by just 14 percent.
Operating foundations, although not subject to
the same charitable payout requirement as nonoperating foundations, are required to expend a minimum
amount annually on the direct operation of their
charitable activities and programs. These expenditures count as “qualifying distributions” toward
meeting the operating foundation requirements.
PayoutRates
To better analyze the rates at which foundations
fulfill the charitable payout requirement, the actual
payout rates must be examined. To calculate the
payout rate, the amount of (adjusted) qualifying
distributions is divided by the amount of the average
of net investment assets [18]. Median payout rates
for 1996, by size of foundations, are displayed in
Figure H.
FigureH
Nonoperating Private Foundation Payout Rates,
by Size of Fair Market Value of Total Assets, 1996
Median
Size of fair market value
of total assets
payout
rates
(percentages)
All nonoperating foundations.................................................................................................................
5.7
Small foundations
Less than $100,000................................................................................
11.7
$100,000 under $1,000,000................................................................................
5.5
Medium foundations
$1,000,000 under $10,000,000................................................................................
5.1
$10,000,000 under $50,000,000................................................................................
5.0
Large foundations
$50,000,000 under $100,000,000................................................................................
5.0
$100,000,000 or more................................................................................
5.0
For medium and large foundations, payout rates
were at or just above the required 5 percent. Small
foundations, which generally concentrate their efforts
on current rather than long-term charitable giving,
exceeded the required amount. The smallest foundations, in fact, distributed at more than twice the
required rate.
Section4947(a)(1)NonexemptCharitable
Trusts
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 recognized by the Internal Revenue Service
as tax-exempt. 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, Return of
Private Foundation (or Section 4947(a)(1) Charitable Trust Treated as a Private Foundation).
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.
113
Private Foundations and Charitable Trusts, 1996
Also not covered in this article are publiclysupported 4947(a)(1) charitable trusts and splitinterest trusts. Publicly-supported 4947(a)(1) charitable trusts, those which receive the majority of their
support from public (rather than private) sources, file
Form 990, Return of Organization Exempt From
Income Tax. These trusts typically operate in connection with, and provide support to, one or more
public charities. Organizations known as splitinterest trusts, which have both charitable and
noncharitable beneficiaries, complete Form 5227,
Split-Interest Trust Information.
Section 4947(a) charitable trusts represent 5
percent of Forms 990-PF filed for 1996. The 2,891
returns filed for these organizations are 5 percent
more than for 1995. They comprise less than 2
percent of total assets, grants paid, and revenue for
Form 990-PF filers again this year. Data on the
number of returns filed, as well as asset, revenue, and
expense items for 1995 and 1996, are shown in
Figure I. Among these organizations, 99 percent
were classified as nonoperating and 92 percent as
grantmaking.
114
The following classifications apply, unless otherwise indicated, to the discussion of charitable trusts
throughout the remainder of this article: “small
charitable trusts” refer to the group holding less than
$1 million in assets (including trusts that either do
not report assets or that report assets equal to zero);
“medium-size charitable trusts” refer to the group
holding from $1 million to less than $10 million in
assets, and “large charitable trusts” refer to the group
holding $10 million or more in assets. Medium and
large-sized trusts are, on average, much smaller than
foundations in those size groups.
CharitableTrustsRevenueandAssets
Total revenue reached $497.2 million for charitable
trusts in 1996, a 21-percent increase from the prior
year. Contributions received, net gain from sale of
assets, and dividends and interest from securities
comprised 89 percent of that amount. Significant
increases of 50 percent in net gain from sales of
assets and 19 percent in dividends and interest from
securities offset a 26-percent decrease in contributions, gifts, and grants received for 1996, as
FigureI
IRC Section 4947(a)(1) Charitable Trusts Treated as Foundations: Selected Financial Items and
Percentage Changes, 1995-1996
[Money amounts are in millions of dollars]
Percentage
Item
1995
1996
change,
1995-1996
(1)
Number of trusts.......................................................................................................................
2,743
Total assets (fair market value).......................................................................................................................
3,676.1
Investments, total… … … … … … ..........................................................................................................................
3,382.2
Savings and temporary cash investments........................................................................................................................
170.1
Investments in securities, total........................................................................................................................
2,771.4
U.S. and State Government obligations........................................................................................................................
441.2
(2)
(3)
2,891
5.4
4,565.7
24.2
4,330.8
28.0
216.2
27.1
3,372.0
21.7
462.5
4.8
Corporate stock........................................................................................................................
1,903.3
2,359.8
24.0
Corporate bonds........................................................................................................................
426.9
549.7
28.8
Other investments¹........................................................................................................................
440.7
742.6
68.5
497.2
20.7
Contributions, gifts, and grants received........................................................................................................................
106.5
78.7
-26.1
Net gain (or loss) from sales of assets........................................................................................................................
142.1
212.9
49.8
Dividends and interest from securities........................................................................................................................
125.1
148.4
18.6
Total revenue.......................................................................................................................
Total expenses.......................................................................................................................
411.8
262.0
Contributions, gifts, and grants paid ²........................................................................................................................
222.3
269.7
2.9
214.4
-3.5
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" include items such as advances; certificates of investment; industrial development bonds; and investments in art, coins, gold and gems.
114
² These data are based on the amount of contributions, gifts, and grants that charitable trusts actually disbursed for charitable purposes for 1996 using the cash receipt and
disbursement method of accounting.
Private Foundations and Charitable Trusts, 1996
compared to 1995.
Net gain from sales of assets, at 42 percent, was
again the leading component of revenue for charitable trusts, as shown in Figure J. Smaller proportions of revenue included dividends and interest from
securities (30 percent) and contributions received (16
percent).
Net investment income totaling $397.3 million
was reported for 1996. Like foundations, most
charitable trusts are required to pay an excise tax on
their net investment income. For 1996, $6.6 million
in excise tax were reported by charitable trusts filing
Form 990-PF. Of the charitable trusts that paid this
tax, 24 percent qualified for the reduced rate of 1
percent, while the remainder paid tax on 2 percent of
investment income.
For 1996, assets held by charitable trusts totaled
FigureK
Composition of Charitable Trust Investment
Assets, 1996
17%
5%
54%
$4,330.8 Million
11%
13%
FigureJ
Sources of Charitable Trust Revenue, 1996
Corporate stock
8%
16%
Corporate bonds
Government
obligations
4%
Savings and temporary cash
investments
Other investments¹
¹ Sum of "Investments in land, buildings, and equipment (less accumulated
depreciation)," "Investments in mortgage loans," and "Other investments," as
reported on Form 990-PF. "Other investments" includes items such as
advances; certificates of investment; and investments in art, coins, gold, and
gems.
$497.2 Million
30%
42%
Contributions, gifts,
and grants received
Net gain (less loss)
from sales of assets
Dividends and interest
from securities
Other interest¹
Other income²
¹ Represents "Interest on savings and temporary cash investments," as reported
on Form 990-PF.
² 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.
$4.6 billion, a 24-percent increase from 1995. Small
charitable trusts, which accounted for 70 percent of
returns filed, represented only 12 percent of total
asset holdings. In contrast, 37 percent of total asset
holdings were reported by large trusts, which represented 2 percent of these organizations.
Like private foundations, charitable trusts hold
the majority of assets as investments. More than 90
percent of charitable trust assets were held as investments for 1996, the majority of which were investments in securities. The composition of charitable
trust investment assets is shown in Figure K. Holdings in corporate stock, which increased 24 percent
from 1995, represented 54 percent of total investment holdings. “Other investments,” include investments in land, buildings, and equipment, investments
115
Private Foundations and Charitable Trusts, 1996
in mortgage loans, advances, certificates of investments, industrial development bonds, and investments such as art or coins. This category, at 17
percent, constituted the second-largest component of
charitable trust investment assets.
CharitableTrustDistributionsandPayoutRates
There were $214.4 million in contributions, gifts, and
grants paid by section 4947(a)(1) trusts for 1996, 4
percent less than for 1995. Nonoperating charitable
trusts paid out $225.8 million in qualifying distributions, 95 percent of which was made up of grants.
Small charitable trusts distributed 87 percent more
than required distributions; medium trusts, 8 percent
more, while large trusts’ qualifying distributions fell
to 8 percent less than the required amount.
DataSourcesandLimitations
116
116
The statistics in this article are based on a sample of
Reporting Year 1996 Forms 990-PF that were filed
with the IRS. Organizations having accounting
periods beginning in 1996 (and therefore ending
between December 1996 and November 1997) were
required by IRS to file a Form 990-PF. Some partyear returns were included in the samples for
organizations that changed their accounting periods,
or filed initial or final returns. Some 64 percent of
the foundations in the sample had accounting periods
covering Calendar Year 1996 or, in some cases, partyear periods that ended in December 1996. For
charitable trusts, 58 percent filed calendar year
returns. The 1996 sample was stratified based on
both the size of fair market value of total assets and
the type of organization (either a foundation or a
4947(a)(1) charitable trust).
Foundation returns were selected at rates that
ranged from approximately 2.7 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 14.0 percent to 100
percent. The 7,552 returns in the sample (6,261
foundations and 1,291 trusts) were drawn from an
estimated population of 52,297 foundations and
3,018 trusts. The magnitude of sampling error,
measured by coefficients of variation for selected
items, is shown in Figure L.
The samples were designed to provide reliable
estimates of total assets and total revenue. To ac-
FigureL
Coefficients of Variation for Selected Items, by
Type of Organization, 1996
Private
Charitable
foundations
trusts
Item
Coefficients of variation (percentages)
Total assets (fair market value)..................................................................
0.89
3.24
Total revenue..................................................................
1.29
4.27
Total expenses..................................................................
1.52
7.56
complish 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 were the returns that
accounted for the majority of financial activity. The
populations and sample rates and sizes for each
asset-size class are shown in Figure M. Efforts were
made to verify that organizations selected for the
FigureM
Private Foundations and Charitable Trusts:
Population Size, Sample Size, and Sample Rates,
by Size of Fair Market Value of Total Assets, 1996
Size of fair market value of total assets
Population
size
Sample
size
Sample rate
(percentage)
(1)
(2)
(3)
All private foundations and
charitable trusts.......................................................................................................................
55,315
7,552
N/A
Private foundations
Total.......................................................................................................................
52,297
6,261
N/A
545
2.7
$125,000 under $400,000...................................................
9,532
372
Under $125,000...................................................
19,908
3.9
$400,000 under $1,000,000...................................................
7,871
547
6.7
$1,000,000 under $2,500,000...................................................
6,347
606
9.4
$2,500,000 under $10,000,000...................................................
5,523
1,074
19.1
$10,000,000 under $25,000,000...................................................
1,740
1,740
100.0
$25,000,000 or more...................................................
1,377
100.0
1,377
Charitable trusts
Total.......................................................................................................................
3,018
1,291
N/A
Under $100,000...................................................
831
121
14.6
$100,000 under $1,000,000...................................................
1,316
299
22.7
$1,000,000 or more...................................................
871
100.0
N/A--Not applicable.
871
Private Foundations and Charitable Trusts, 1996
sample were properly classified as foundations or
trusts. The relatively small number of foundations in
the sample that were incorrectly selected as trusts
were ultimately reclassified as foundations (for the
statistics) using identification codes from the IRS
Exempt Organization Master File. However, the
weights used for these organizations were based on
the original sample selection classification. These
same methods were used for the trusts that were
incorrectly sampled as foundations.
Approximately 6 percent of all foundations,
including those reclassified as foundations, reported
$10 million or more in fair market value of total
assets for 1996. 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: 2.7 percent for returns with assets
zero, unreported, or less than $125,000; 3.9 percent
for returns with assets of $125,000 to less than
$400,000; 6.7 percent for returns with assets of
$400,000 to less than $1 million; 9.4 percent for
returns with assets of $1 million to less than $2.5
million; and 19.1 percent for returns with assets of
$2.5 million to less than $10 million.
Approximately 29 percent of all 4947(a)(1)
charitable trusts in the sample reported $1 million or
more in fair market value of total assets for 1996.
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: 14.6 percent for
returns with assets zero, unreported, or less than
$100,000; and 22.7 percent for returns with assets of
$100,000 to less than $1 million.
The population from which the 1996 sample was
drawn consisted of Form 990-PF records posted to
the IRS Business Master File during 1996 and 1997.
Some of the records designated were for organizations that were deemed inactive or terminated. Inactive and terminated organizations are not reflected in
the estimates. For the small number of active, large
foundations whose returns were not yet filed or were
otherwise unavailable for the statistics, data were
estimated using other returns having similar characteristics. All data for returns filed by the top ten
foundations are actual. For the unavailable active
trust returns, which were smaller in size than those
for foundations, prior-year data of those trusts were
in most instances used as a substitute.
The data presented were obtained from returns as
originally filed with IRS. The data were subject to
comprehensive testing and correction procedures in
order to ensure statistical reliability and validity. In
most cases, changes made to the original return as a
result of administrative processing, audit procedures,
or a taxpayer amendment were not incorporated. 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 1996. Unless otherwise indicated, all
references to foundations also apply to trusts.
Adjusted Net Income— In general, this is the
amount by which a private foundation’s gross income exceeded the expenses associated with earning
the income. Amounts derived from, or connected
with, property held by the foundation, such as net
short-term capital gain, ordinary investment income
(dividends, interest, rents, and royalties), and income
from amounts set aside for future charitable use,
from all charitable functions, or from unrelated trade
or business activities were included in this calculation. Excluded items were contributions received
and long-term capital gains. Long-term capital
losses could be reported as “other expenses” for the
calculation of adjusted net income. This item is
primarily used to determine if an operating foundation met the required “income test.” This test is used
to determine whether the operating foundation spent
the vast majority of its investment income on the
direct, active conduct of tax-exempt charitable activities. See Operating Foundations and Trusts in this
section. This item was reported on Form 990-PF,
Part I, line 27c, column (c).
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
end-of-year assets that had apparently distributed (or
disposed of) all assets and income received during
117
Private Foundations and Charitable Trusts, 1996
118
118
the year; and (3) returns of those foundations that did
not report assets. A liquidating or dissolving foundation usually passes its assets on to another foundation
or to a public charity.
Capital Gain Net Income— This is the amount of
net gain 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 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 990PF, 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 include 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
on the basis of 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 terms, a disqualified person is a substantial contributor; a foundation manager; 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
time 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, that equaled the excess of qualifying distributions for 1996 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. This item was reported on Form 990-PF,
Part II, line 8, columns (a) (beginning-of-year book
value), (b) (end-of-year book value), and (c)
(end-of-year fair market value).
Land, Buildings, and Equipment, Charitable-
Private Foundations and Charitable Trusts, 1996
use— 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)
(beginning-of-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” consist 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. (A
split-interest trust is a trust that is not exempt from
tax and not all of whose interests are devoted to
charitable, religious, educational, and like purposes,
but that has amounts in trust for which a charitable
contribution deduction was allowed. 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, since 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 such items as securities,
land, buildings, or equipment are included. 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 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)— For purposes of calculating the “minimum
investment return,” only the average, rather than
end-of-year, fair market value of assets that were not
used or held for use for charitable purposes enter 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 tax-exempt status of the foundation.
Examples include the fair market value of securities
and rental property owned by the foundation for
investment purposes. The asset amounts included on
the balance sheet in Part II of Form 990-PF included
both investment and charitable-use assets. This item,
which was reported on Form 990-PF, Part X, line 5,
is not shown separately in the tables of this article.
However, “minimum investment return,” which is
based on net investment assets, is shown in the
tables.
Net Investment Income— This is the amount by
which the sum of gross investment income plus
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 990-PF, Part I, line
27b, column (b).
Nonoperating Foundations (and Nonoperating
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
119
Private Foundations and Charitable Trusts, 1996
120
120
engaged in charitable activities themselves. However, some nonoperating foundations and trusts were
actively involved in charitable programs of their
own, in addition to making grants. 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 time period. An
organization’s status as a nonoperating foundation or
trust was indicated on Form 990-PF, Part VII, line 9.
Operating Foundations (and Operating Charitable Trusts)— These organizations generally expended their income for direct, active involvement in
a tax-exempt activity, such as operating a library or
museum, or conducting scientific research. Operating foundations and trusts were excepted 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 1996, the foundation or trust had to meet
both an “income test” and one of three other tests: an
“assets test,” an “endowment test,” or a “support
test.”
To meet the income test, a foundation or trust
had to spend 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). Simply put, 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.
Distributions made by a private nonoperating
foundation or trust to an operating foundation or trust
qualified toward meeting the nonoperating organiza-
tion’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.) Additionally, contributions to operating foundations or trusts were deductible on the donors’
individual 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, 17 percent of operating foundations were exempt from this tax for 1996
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 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 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,
Private Foundations and Charitable Trusts, 1996
columns (a) beginning-of-year book value, (b)
end-of-year 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
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
tax-exempt activities; (3) an organization that was
operated by, or in connection with, any of the above
described organizations; or (4) an organization that
conducted tests for public safety. The primary difference between a private foundation and 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’s or trust’s obligation to pay out its “distributable amount.” This item was reported on Form
990-PF, Part XII, line 4.
Set-Asides— Amounts set aside for specific
charitable purposes can be treated as qualifying
distributions only if the foundation 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 section 4942(g)(2)(B)(ii), a foundation must
complete a schedule with its annual return showing
how the requirements are met. The foundation must
submit a schedule 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-of-year 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 or the accrual method of
accounting. Total expenses were reported on Form
990-PF, Part I, line 26, column (a).
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 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. Sanctions were imposed in the form of excise taxes on private foundations that did not pay out an amount equal to the
121
Private Foundations and Charitable Trusts, 1996
“distributable amount” by the end of the following
tax year. This item was reported on Form 990-PF,
Part XIII, line 6f, column (d).
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).
122
Notes and References
[1] The amount of contributions, gifts, and grants
paid by foundations is based on the amount that
foundations actually disbursed for 1996 using
the cash receipts and disbursements method of
accounting.
[2] For 1996, the David and Lucile Packard foundation reported $4.68 billion in contributions,
gifts, and grants received and total revenue of
$4.72 billion in total revenue. The California
Endowment reported $1.34 billion in total
revenue, $1.23 billion of which were in the form
of contributions, gifts, and grants.
[3] For purposes of the analyses, “charitable trusts”
refer only to the section 4947(a)(1) charitable
trusts that file Form 990-PF, while “private
foundations” refer 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 1996,
122
by organizations which had accounting periods
beginning in 1996. Therefore, the statistics
include organizations with accounting periods
that ended sometime during the period December 1996 through November 1997. For a more
detailed analysis, see the Data Sources and
Limitations section.
[5] For further information on nonprofit organizations that are tax-exempt under Internal Revenue Code section 501(c), see Meckstroth,
Alicia and Arnsberger, Paul, “A 20-Year
Review of the Nonprofit Sector, 1975-1995,”
Statistics of Income Bulletin, Fall 1998, Volume 18, Number 2.
[6] For an in-depth discussion of organizations
other than private foundations that are taxexempt under Internal Revenue Code section
501(c)(3), see Hilgert, Cecelia and Whitten,
Melissa, “Charities and Other Tax-Exempt
Organizations, 1995,” Statistics of Income
Bulletin, Winter 1998-1999, Volume 18,
Number 3.
[7] Programs termed “charitable” refer to taxexempt activities which 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] Renz, Loren; Mandler, Crystal; and Trieber,
Rikard, Foundation Giving: Yearbook of Facts
and Figures on Private, Corporate, and
Community Foundations, 1998 edition, New
York: The Foundation Center, 1998, Table 58,
p. 70.
[10] Some data in this article are from unpublished
Statistics of Income tabulations.
[11] A foundation 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.
[12] For 1995, the Robert W. Woodruff Foundation
reported fair market value assets of $2.3
Private Foundations and Charitable Trusts, 1996
billion, making it the eleventh-largest domestic
foundation for that year. Additionally, the
foundation reported $72.5 million in grants
paid for 1995.
[13] 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
instance, for the 1996 Reporting Year, the Ford
Foundation had an accounting period ending in
September 1997 and the J. Paul Getty Trust in
June 1997; therefore, much of their activity for
1996 occurred in Calendar Year 1997. See the
Data Sources and Limitations section.
[14] For more information on the unrelated business
income of exempt organizations, see Riley,
Margaret, “Unrelated Business Income of
Nonprofit Organizations: Highlights of 1995
and a Review of 1991-1995,” Statistics of
Income Bulletin, Spring 1999, Volume 18,
Number 4.
[15] Net investment income is comprised of income
not considered to be related to a foundation’s
charitable purpose, such as interest, dividends,
and capital gains net income. 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 990PF.
[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 is as follows:
Rate of Total Return =
[Ending Fair Market Value of Assets
- Beginning Fair Market Value of Assets
- Contributions Received
+ Grants Paid
+ Operating and Administrative Expenses
+ Excise Tax Paid on Net Investment Income]
DIVIDED BY
— — — — — — — — — — — — — — — — — — —
[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 1995 and 1996 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
1996 equals the ending fair market value
reported on the 1996 tax return. Thus, in order
to provide a consistent form of measurement by
which to compare rates of total return among
different years, the ending fair market value of
asset amounts (reported for both the year
subject to the computation and the prior year)
was used to compute the rate of return. In
order to obtain an inflation-adjusted real rate of
return, the figure equaling the beginning-ofyear fair market value of assets was adjusted
using the 1992 chain-type price index for Gross
Domestic Product from the U.S. Department of
Commerce, Bureau of Economic Analysis,
Survey of Current Business, Volume 78,
Number 8, August, 1998, Table 7.1.
[17] For data from previous years, see Arnsberger,
Paul, “Private Foundations and Charitable
Trusts, 1996,” Statistics of Income Bulletin,
Winter 1998-1999, Volume 18, Number 3.
[18] To calculate the payout rate, the amount of
(adjusted) qualifying distributions was divided
by the amount of the monthly average of net
investment (or noncharitable-use) assets. This
payout formula adjusts qualifying distributions
with additions and subtractions that are made to
the required “distributable amount” on Form
990-PF. The numerator of the formula also
includes excess distributions made in the past
and applied to the requirement of the current
filing year.
SOURCE: IRS, Statistics of Income Bulletin, Fall
1999, Publication 1136 (Rev. 12-99)
123
Private Foundations and Charitable Trusts, 1996
Table 1.--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 dollars]
Selected sources of revenue
Type of foundation,
Number
size of fair market value
of
of total assets
returns
Total revenue
Number
Amount
of returns
(1)
124
Number
Amount
of returns
(3)
(4)
Dividends and interest
from securities
Number
Amount
of returns
(5)
(6)
Net gain (or loss)
from sales of assets
Number
Amount
of returns
(7)
(8)
(9)
All foundations
Total...............................................................................
50,811
49,724
49,601,883
Zero or unreported.........................................................................
1,124
1,008
100,847
$1 under $100,000.........................................................................
15,409
14,496
560,356
$100,000 under $1,000,000.........................................................................
19,300
19,274
2,093,997
$1,000,000 under $10,000,000.........................................................................
11,839
11,809
7,195,849
$10,000,000 under $25,000,000.........................................................................
1,765
1,764
4,890,867
$25,000,000 under $50,000,000.........................................................................
656
656
3,765,303
$50,000,000 under $100,000,000.........................................................................
358
358
3,965,465
$100,000,000 or more.........................................................................
359
359
27,029,199
25,490
628
8,564
9,460
5,423
806
295
152
161
20,964,565
98,429
391,625
1,424,398
3,791,871
2,351,981
1,607,870
1,516,746
9,781,643
33,866
*117
5,318
14,837
10,598
1,669
630
345
353
7,956,671
*3,347
9,590
205,645
1,055,498
759,255
600,298
678,563
4,644,475
24,724
*191
2,722
9,880
9,103
1,566
595
336
333
16,923,166
*-3,911
133,670
236,133
1,620,157
1,379,871
1,156,934
1,542,008
10,858,304
Nonoperating foundations
Total...............................................................................
46,101
45,198
45,775,344
Zero or unreported.........................................................................
1,124
1,008
100,847
$1 under $100,000.........................................................................
13,432
12,702
509,988
$100,000 under $1,000,000.........................................................................
17,726
17,701
1,797,707
$1,000,000 under $10,000,000.........................................................................
10,932
10,902
6,619,111
$10,000,000 under $25,000,000.........................................................................
1,621
1,620
4,526,521
$25,000,000 under $50,000,000.........................................................................
611
611
3,566,932
$50,000,000 under $100,000,000.........................................................................
328
328
3,556,174
$100,000,000 or more.........................................................................
327
327
25,098,064
22,473
628
7,397
8,469
4,770
690
259
128
132
19,630,356
98,429
341,641
1,231,418
3,454,120
2,251,066
1,562,350
1,278,434
9,412,897
32,082
*117
4,982
14,171
10,031
1,549
586
321
324
7,514,243
*3,347
9,267
197,233
1,006,800
715,756
567,856
637,610
4,376,373
23,617
*191
2,612
9,519
8,674
1,455
553
309
306
15,824,002
*-3,911
136,621
224,358
1,554,457
1,316,173
1,100,996
1,447,507
10,047,800
Operating foundations
Total...............................................................................
4,709
4,527
3,826,538
Zero or unreported.........................................................................
---$1 under $100,000.........................................................................
1,977
1,795
50,368
$100,000 under $1,000,000.........................................................................
1,574
1,574
296,290
$1,000,000 under $10,000,000.........................................................................
907
907
576,738
$10,000,000 under $25,000,000.........................................................................
144
144
364,347
$25,000,000 under $50,000,000.........................................................................
45
45
198,371
$50,000,000 under $100,000,000.........................................................................
30
30
409,290
$100,000,000 or more.........................................................................
32
32
1,931,135
3,016
-1,167
992
653
116
36
24
29
1,334,209
-49,984
192,981
337,751
100,916
45,520
238,312
368,745
1,784
-*336
665
566
120
44
24
29
442,428
-*323
8,412
48,698
43,498
32,442
40,953
268,102
1,107
-*110
362
429
111
42
27
27
1,099,164
-*-2,951
11,775
65,700
63,698
55,939
94,501
810,504
Grantmaking foundations
Total...............................................................................
40,889
40,632
44,920,209
Zero or unreported.........................................................................
613
570
95,287
$1 under $100,000.........................................................................
10,466
10,284
495,191
$100,000 under $1,000,000.........................................................................
16,165
16,139
1,485,007
$1,000,000 under $10,000,000.........................................................................
10,707
10,702
5,967,386
$10,000,000 under $25,000,000.........................................................................
1,644
1,644
4,410,251
$25,000,000 under $50,000,000.........................................................................
618
618
3,423,398
$50,000,000 under $100,000,000.........................................................................
339
339
3,604,870
$100,000,000 or more.........................................................................
337
337
25,438,818
19,295
372
5,731
7,344
4,587
717
265
136
143
17,767,994
93,812
334,091
989,581
2,998,847
2,084,804
1,376,388
1,266,274
8,624,198
30,748
*81
4,347
13,474
10,013
1,574
596
331
332
7,691,855
*3,049
7,846
195,077
1,007,016
726,962
576,189
660,971
4,514,745
22,928
*154
2,356
9,078
8,653
1,487
563
320
317
16,451,869
*-3,989
132,332
206,126
1,536,571
1,329,656
1,129,705
1,488,854
10,632,615
Grantmaking-nonoperating foundations
Total...............................................................................
38,685
38,429
42,626,579
Zero or unreported.........................................................................
613
570
95,287
$1 under $100,000.........................................................................
9,555
9,373
459,198
$100,000 under $1,000,000.........................................................................
15,377
15,351
1,360,416
$1,000,000 under $10,000,000.........................................................................
10,314
10,309
5,750,081
$10,000,000 under $25,000,000.........................................................................
1,583
1,583
4,265,180
$25,000,000 under $50,000,000.........................................................................
599
599
3,353,865
$50,000,000 under $100,000,000.........................................................................
324
324
3,385,185
$100,000,000 or more.........................................................................
321
321
23,957,367
18,081
372
5,302
6,889
4,346
668
251
125
128
17,004,143
93,812
298,846
878,755
2,860,518
2,028,030
1,358,539
1,134,313
8,351,330
29,868
*81
4,194
13,107
9,750
1,522
577
319
318
7,421,134
*3,049
7,688
189,593
986,940
710,097
563,873
636,445
4,323,449
22,331
*154
2,283
8,859
8,442
1,438
546
307
302
15,697,389
*-3,989
135,331
205,393
1,500,077
1,296,397
1,100,356
1,436,876
10,026,950
Grantmaking-operating foundations
Total...............................................................................
2,204
2,204
2,293,630
Zero or unreported.........................................................................
---$1 under $100,000.........................................................................
911
911
35,993
$100,000 under $1,000,000.........................................................................
788
788
124,591
$1,000,000 under $10,000,000.........................................................................
393
393
217,305
$10,000,000 under $25,000,000.........................................................................
61
61
145,071
$25,000,000 under $50,000,000.........................................................................
19
19
69,533
$50,000,000 under $100,000,000.........................................................................
15
15
219,686
$100,000,000 or more.........................................................................
16
16
1,481,451
1,214
-429
455
240
49
14
11
15
763,851
-35,244
110,825
138,329
56,774
17,849
131,961
272,868
879
-*153
366
263
52
19
12
14
270,721
-*158
5,485
20,075
16,865
12,316
24,526
191,296
598
-*73
220
211
49
17
13
15
754,480
-*-3,000
733
36,494
33,259
29,349
51,979
605,666
Footnotes at end of table.
124
(2)
Contributions, gifts,
and grants received
Private Foundations and Charitable Trusts, 1996
Table 1.--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 dollars]
Excess of revenue
Type of foundation,
Total expenses
size of fair market value
of total assets
Number
Amount
of returns
(10)
(less loss)
over expenses
Number
Amount
of returns
(11)
(12)
Disbursements
Net investment income
Number
Amount
of returns
(13)
(14)
for exempt
purposes
Number
Amount
of returns
(15)
(16)
(17)
All foundations
Total...............................................................................
48,819
20,618,510
Zero or unreported.........................................................................
1,015
216,015
$1 under $100,000.........................................................................
14,329
549,822
$100,000 under $1,000,000.........................................................................
18,689
1,215,852
$1,000,000 under $10,000,000.........................................................................
11,657
3,616,367
$10,000,000 under $25,000,000.........................................................................
1,761
2,094,362
$25,000,000 under $50,000,000.........................................................................
652
1,790,798
$50,000,000 under $100,000,000.........................................................................
357
1,520,599
$100,000,000 or more.........................................................................
359
9,614,696
49,555
643
14,752
19,238
11,787
1,764
655
358
359
28,983,373
-115,169
10,535
878,145
3,579,482
2,796,505
1,974,505
2,444,866
17,414,503
43,572
526
10,510
17,981
11,454
1,746
647
352
357
26,230,433
9,728
160,546
611,926
3,433,811
2,437,236
2,078,580
2,472,097
15,026,509
45,905
796
12,665
17,960
11,390
1,735
649
355
356
17,606,143
203,850
497,467
1,048,556
3,013,129
1,835,325
1,537,578
1,254,564
8,215,672
Nonoperating foundations
Total...............................................................................
44,218
18,736,732
Zero or unreported.........................................................................
1,015
216,015
$1 under $100,000.........................................................................
12,425
494,350
$100,000 under $1,000,000.........................................................................
17,130
982,912
$1,000,000 under $10,000,000.........................................................................
10,770
3,267,380
$10,000,000 under $25,000,000.........................................................................
1,617
1,858,161
$25,000,000 under $50,000,000.........................................................................
607
1,666,800
$50,000,000 under $100,000,000.........................................................................
327
1,393,136
$100,000,000 or more.........................................................................
327
8,857,978
44,989
643
12,884
17,683
10,895
1,620
610
328
327
27,038,612
-115,169
15,639
814,795
3,351,731
2,668,359
1,900,132
2,163,038
16,240,086
40,054
526
9,313
16,677
10,677
1,608
603
323
326
24,462,726
9,728
156,031
581,578
3,261,766
2,318,429
1,986,841
2,322,013
13,826,341
41,714
796
10,950
16,575
10,542
1,597
605
325
324
16,170,854
203,850
457,732
897,084
2,732,735
1,670,525
1,452,458
1,160,443
7,596,027
Operating foundations
Total...............................................................................
4,601
1,881,778
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
1,904
55,472
$100,000 under $1,000,000.........................................................................
1,559
232,940
$1,000,000 under $10,000,000.........................................................................
886
348,986
$10,000,000 under $25,000,000.........................................................................
144
236,201
$25,000,000 under $50,000,000.........................................................................
45
123,998
$50,000,000 under $100,000,000.........................................................................
30
127,462
$100,000,000 or more.........................................................................
32
756,718
4,565
-1,868
1,555
892
144
45
30
32
1,944,761
--5,104
63,350
227,752
128,146
74,373
281,828
1,174,417
3,519
-1,196
1,304
776
138
44
29
31
1,767,707
-4,515
30,348
172,045
118,807
91,739
150,084
1,200,169
4,192
-1,715
1,385
848
138
44
30
32
1,435,289
-39,735
151,472
280,394
164,800
85,120
94,121
619,645
Grantmaking foundations
Total...............................................................................
40,888
19,200,288
Zero or unreported.........................................................................
613
203,887
$1 under $100,000.........................................................................
10,466
505,108
$100,000 under $1,000,000.........................................................................
16,165
970,499
$1,000,000 under $10,000,000.........................................................................
10,706
3,061,977
$10,000,000 under $25,000,000.........................................................................
1,644
1,926,155
$25,000,000 under $50,000,000.........................................................................
618
1,701,520
$50,000,000 under $100,000,000.........................................................................
339
1,422,692
$100,000,000 or more.........................................................................
337
9,408,450
40,596
423
10,393
16,136
10,705
1,644
618
339
337
25,719,921
-108,600
-9,917
514,508
2,905,409
2,484,096
1,721,878
2,182,178
16,030,368
37,991
344
8,443
15,724
10,567
1,630
612
335
337
25,289,401
9,092
155,912
544,596
3,179,430
2,327,565
1,999,387
2,402,367
14,671,052
40,889
613
10,466
16,165
10,707
1,644
618
339
337
16,838,175
202,867
476,114
913,773
2,772,034
1,718,101
1,484,761
1,204,676
8,065,849
Grantmaking-nonoperating foundations
Total...............................................................................
38,684
18,190,999
Zero or unreported.........................................................................
613
203,887
$1 under $100,000.........................................................................
9,555
462,590
$100,000 under $1,000,000.........................................................................
15,377
880,914
$1,000,000 under $10,000,000.........................................................................
10,313
2,952,570
$10,000,000 under $25,000,000.........................................................................
1,583
1,842,847
$25,000,000 under $50,000,000.........................................................................
599
1,664,203
$50,000,000 under $100,000,000.........................................................................
324
1,351,987
$100,000,000 or more.........................................................................
321
8,832,001
38,392
423
9,482
15,348
10,312
1,583
599
324
321
24,435,580
-108,600
-3,392
479,502
2,797,511
2,422,332
1,689,662
2,033,198
15,125,367
36,201
344
7,795
15,044
10,210
1,573
594
320
321
24,131,572
9,092
152,447
534,535
3,121,073
2,273,552
1,956,395
2,316,697
13,767,779
38,685
613
9,555
15,377
10,314
1,583
599
324
321
16,022,542
202,867
448,098
831,814
2,677,576
1,664,678
1,452,279
1,153,800
7,591,429
Grantmaking-operating foundations
Total...............................................................................
2,204
1,009,288
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
911
42,518
$100,000 under $1,000,000.........................................................................
788
89,585
$1,000,000 under $10,000,000.........................................................................
393
109,407
$10,000,000 under $25,000,000.........................................................................
61
83,307
$25,000,000 under $50,000,000.........................................................................
19
37,317
$50,000,000 under $100,000,000.........................................................................
15
70,705
$100,000,000 or more.........................................................................
16
576,449
2,204
-911
788
393
61
19
15
16
1,284,342
--6,525
35,006
107,899
61,764
32,216
148,980
905,001
1,791
-648
680
357
57
18
15
16
1,157,830
-3,466
10,060
58,357
54,013
42,992
85,669
903,273
2,204
-911
788
393
61
19
15
16
815,632
-28,016
81,958
94,458
53,423
32,482
50,876
474,421
Footnotes at end of table.
125
Private Foundations and Charitable Trusts, 1996
Table 1.--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 dollars]
Contributions,
Type of foundation,
size of fair market value
of total assets
Number
(18)
Amount
Number
Amount
of returns
(19)
Number
Foreign
foundations
Amount
of returns
Number
Amount
of returns
(20)
(21)
(22)
(23)
All foundations
Total...............................................................................
40,889
15,122,843
Zero or unreported.........................................................................
613
202,250
$1 under $100,000.........................................................................
10,466
460,315
$100,000 under $1,000,000.........................................................................
16,165
834,184
$1,000,000 under $10,000,000.........................................................................
10,707
2,593,275
$10,000,000 under $25,000,000.........................................................................
1,644
1,590,214
$25,000,000 under $50,000,000.........................................................................
618
1,370,015
$50,000,000 under $100,000,000.........................................................................
339
1,072,488
$100,000,000 or more.........................................................................
337
7,000,101
41,056
337
9,071
17,468
11,188
1,695
620
339
339
370,335
105
3,071
9,861
53,446
37,680
30,948
36,597
198,626
41,039
337
9,071
17,464
11,188
1,694
617
337
332
369,481
105
3,071
9,849
53,446
37,664
30,908
36,593
197,844
17
--*4
-1
3
2
7
854
--*12
-15
40
4
783
Nonoperating foundations
Total...............................................................................
38,685
14,786,651
Zero or unreported.........................................................................
613
202,250
$1 under $100,000.........................................................................
9,555
435,966
$100,000 under $1,000,000.........................................................................
15,377
790,375
$1,000,000 under $10,000,000.........................................................................
10,314
2,560,411
$10,000,000 under $25,000,000.........................................................................
1,583
1,575,270
$25,000,000 under $50,000,000.........................................................................
599
1,360,349
$50,000,000 under $100,000,000.........................................................................
324
1,060,865
$100,000,000 or more.........................................................................
321
6,801,163
38,362
337
8,167
16,392
10,623
1,601
599
320
324
357,922
105
2,989
9,365
51,436
36,496
30,266
34,839
192,424
38,345
337
8,167
16,387
10,623
1,600
596
318
317
357,068
105
2,989
9,354
51,436
36,481
30,226
34,835
191,641
17
--*4
-1
3
2
7
854
--*12
-15
40
4
783
Operating foundations
Total...............................................................................
2,204
336,192
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
911
24,349
$100,000 under $1,000,000.........................................................................
788
43,809
$1,000,000 under $10,000,000.........................................................................
393
32,864
$10,000,000 under $25,000,000.........................................................................
61
14,945
$25,000,000 under $50,000,000.........................................................................
19
9,665
$50,000,000 under $100,000,000.........................................................................
15
11,623
$100,000,000 or more.........................................................................
16
198,937
2,694
-904
1,077
564
94
21
19
15
12,413
-82
495
2,010
1,183
682
1,758
6,202
2,694
-904
1,077
564
94
21
19
15
12,413
-82
495
2,010
1,183
682
1,758
6,202
----------
----------
Grantmaking foundations
Total...............................................................................
40,889
15,122,843
Zero or unreported.........................................................................
613
202,250
$1 under $100,000.........................................................................
10,466
460,315
$100,000 under $1,000,000.........................................................................
16,165
834,184
$1,000,000 under $10,000,000.........................................................................
10,707
2,593,275
$10,000,000 under $25,000,000.........................................................................
1,644
1,590,214
$25,000,000 under $50,000,000.........................................................................
618
1,370,015
$50,000,000 under $100,000,000.........................................................................
339
1,072,488
$100,000,000 or more.........................................................................
337
7,000,101
36,615
*264
7,494
15,504
10,481
1,615
601
329
329
359,720
*93
2,986
8,594
49,494
36,341
30,064
35,687
196,461
36,604
*264
7,494
15,504
10,481
1,614
599
327
323
358,883
*93
2,986
8,594
49,494
36,325
30,024
35,683
195,683
11
----1
2
2
6
837
----15
40
4
778
Grantmaking-nonoperating foundations
Total...............................................................................
38,685
14,786,651
Zero or unreported.........................................................................
613
202,250
$1 under $100,000.........................................................................
9,555
435,966
$100,000 under $1,000,000.........................................................................
15,377
790,375
$1,000,000 under $10,000,000.........................................................................
10,314
2,560,411
$10,000,000 under $25,000,000.........................................................................
1,583
1,575,270
$25,000,000 under $50,000,000.........................................................................
599
1,360,349
$50,000,000 under $100,000,000.........................................................................
324
1,060,865
$100,000,000 or more.........................................................................
321
6,801,163
35,111
*264
6,955
14,923
10,172
1,569
591
319
319
351,743
*93
2,922
8,448
48,721
35,691
29,687
34,789
191,392
35,100
*264
6,955
14,923
10,172
1,568
589
317
313
350,906
*93
2,922
8,448
48,721
35,675
29,647
34,785
190,614
11
----1
2
2
6
837
----15
40
4
778
Grantmaking-operating foundations
Total...............................................................................
2,204
336,192
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
911
24,349
$100,000 under $1,000,000.........................................................................
788
43,809
$1,000,000 under $10,000,000.........................................................................
393
32,864
$10,000,000 under $25,000,000.........................................................................
61
14,945
$25,000,000 under $50,000,000.........................................................................
19
9,665
$50,000,000 under $100,000,000.........................................................................
15
11,623
$100,000,000 or more.........................................................................
16
198,937
1,504
-539
581
309
46
10
10
10
7,977
-64
146
773
650
377
899
5,069
1,504
-539
581
309
46
10
10
10
7,977
-64
146
773
650
377
899
5,069
----------
----------
Footnotes at end of table.
126
Domestic
foundations
Total
of returns
126
Excise tax on net investment income
gifts, and
grants paid¹
(24)
(25)
Private Foundations and Charitable Trusts, 1996
Table 1.--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 dollars]
Total
Type of foundation,
Total assets (book value)
size of fair market value
of total assets
Number
Amount
of returns
(26)
Investments in securities (book value)
investment assets
(book value)
Number
Amount
of returns
(27)
(28)
Total
Number
Government
obligations
Amount
of returns
(29)
(30)
Number
Amount
of returns
(31)
(32)
(33)
All foundations
Total...............................................................................
49,792
256,677,119
Zero or unreported.........................................................................
*111
*26,246
$1 under $100,000.........................................................................
15,409
423,614
$100,000 under $1,000,000.........................................................................
19,300
6,582,956
$1,000,000 under $10,000,000.........................................................................
11,834
29,632,869
$10,000,000 under $25,000,000.........................................................................
1,765
21,384,275
$25,000,000 under $50,000,000.........................................................................
656
17,547,312
$50,000,000 under $100,000,000.........................................................................
358
19,450,438
$100,000,000 or more.........................................................................
359
161,629,408
42,974
*38
9,991
18,202
11,616
1,755
655
358
359
237,003,489
*25,141
309,056
5,631,284
26,708,429
19,829,774
16,304,463
18,306,472
149,888,868
31,502
*1
4,188
13,975
10,358
1,654
622
353
351
193,078,752
*12,606
120,442
3,697,358
19,731,472
15,133,853
12,507,616
15,235,838
126,639,566
14,319
*1
1,203
5,114
5,874
1,134
445
270
278
31,887,527
*3,438
26,142
815,401
4,872,785
3,449,762
2,834,058
3,576,725
16,309,215
Nonoperating foundations
Total...............................................................................
45,082
234,422,176
Zero or unreported.........................................................................
*111
*26,246
$1 under $100,000.........................................................................
13,432
370,289
$100,000 under $1,000,000.........................................................................
17,726
5,996,375
$1,000,000 under $10,000,000.........................................................................
10,927
27,253,862
$10,000,000 under $25,000,000.........................................................................
1,621
19,436,424
$25,000,000 under $50,000,000.........................................................................
611
16,137,479
$50,000,000 under $100,000,000.........................................................................
328
17,704,320
$100,000,000 or more.........................................................................
327
147,497,182
39,625
*38
8,985
16,905
10,818
1,616
610
328
327
221,063,007
*25,141
281,225
5,341,445
25,291,873
18,520,618
15,299,400
16,911,149
139,392,156
29,888
*1
3,888
13,466
9,766
1,545
578
323
322
180,184,812
*12,606
113,538
3,595,090
18,834,934
14,226,769
11,808,940
14,175,780
117,417,156
13,555
*1
1,057
4,968
5,571
1,044
412
249
253
29,480,494
*3,438
22,769
800,520
4,693,375
3,240,940
2,672,350
3,292,926
14,754,176
Operating foundations
Total...............................................................................
4,709
22,254,943
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
1,977
53,326
$100,000 under $1,000,000.........................................................................
1,574
586,581
$1,000,000 under $10,000,000.........................................................................
907
2,379,008
$10,000,000 under $25,000,000.........................................................................
144
1,947,852
$25,000,000 under $50,000,000.........................................................................
45
1,409,834
$50,000,000 under $100,000,000.........................................................................
30
1,746,118
$100,000,000 or more.........................................................................
32
14,132,226
3,349
-1,007
1,297
798
139
45
30
32
15,940,482
-27,831
289,840
1,416,556
1,309,156
1,005,063
1,395,323
10,496,713
1,613
-*299
510
593
109
44
30
29
12,893,941
-*6,904
102,269
896,538
907,084
698,676
1,060,059
9,222,410
764
-*146
146
303
90
33
21
25
2,407,033
-*3,373
14,881
179,410
208,822
161,708
283,799
1,555,040
Grantmaking foundations
Total...............................................................................
40,314
243,737,630
Zero or unreported.........................................................................
*38
*13,305
$1 under $100,000.........................................................................
10,466
323,163
$100,000 under $1,000,000.........................................................................
16,165
5,507,593
$1,000,000 under $10,000,000.........................................................................
10,707
26,784,118
$10,000,000 under $25,000,000.........................................................................
1,644
19,821,528
$25,000,000 under $50,000,000.........................................................................
618
16,373,981
$50,000,000 under $100,000,000.........................................................................
339
18,434,685
$100,000,000 or more.........................................................................
337
156,479,258
36,773
*1
7,633
15,602
10,603
1,640
618
339
337
227,173,632
*12,679
246,060
4,979,340
24,981,189
18,715,532
15,428,483
17,489,672
145,320,678
28,297
*1
3,370
12,405
9,706
1,565
587
334
330
185,821,359
*12,606
101,856
3,329,343
18,758,775
14,361,343
11,851,746
14,644,624
122,761,066
13,139
*1
984
4,619
5,533
1,062
422
258
260
30,477,224
*3,438
22,184
760,402
4,656,877
3,283,160
2,682,609
3,362,177
15,706,376
Grantmaking-nonoperating foundations
Total...............................................................................
38,110
229,311,514
Zero or unreported.........................................................................
*38
*13,305
$1 under $100,000.........................................................................
9,555
296,560
$100,000 under $1,000,000.........................................................................
15,377
5,245,339
$1,000,000 under $10,000,000.........................................................................
10,314
25,828,942
$10,000,000 under $25,000,000.........................................................................
1,583
18,972,794
$25,000,000 under $50,000,000.........................................................................
599
15,809,344
$50,000,000 under $100,000,000.........................................................................
324
17,435,427
$100,000,000 or more.........................................................................
321
145,709,803
35,066
*1
7,101
14,894
10,246
1,580
599
324
321
216,887,282
*12,679
232,286
4,810,412
24,305,388
18,134,330
15,005,070
16,693,675
137,693,443
27,524
*1
3,254
12,107
9,443
1,517
568
319
316
177,152,600
*12,606
98,732
3,264,686
18,351,772
13,968,015
11,578,155
13,960,407
115,918,226
12,819
*1
911
4,575
5,407
1,024
406
247
248
28,853,585
*3,438
19,635
756,037
4,595,206
3,186,194
2,586,502
3,221,461
14,485,113
Grantmaking-operating foundations
Total...............................................................................
2,204
14,426,116
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
911
26,603
$100,000 under $1,000,000.........................................................................
788
262,254
$1,000,000 under $10,000,000.........................................................................
393
955,176
$10,000,000 under $25,000,000.........................................................................
61
848,734
$25,000,000 under $50,000,000.........................................................................
19
564,636
$50,000,000 under $100,000,000.........................................................................
15
999,258
$100,000,000 or more.........................................................................
16
10,769,455
1,707
-532
708
357
60
19
15
16
10,286,350
-13,774
168,928
675,801
581,202
423,412
795,997
7,627,235
773
-*116
298
263
48
19
15
14
8,668,759
-*3,125
64,657
407,003
393,329
273,591
684,216
6,842,840
320
-*73
*44
126
38
16
11
12
1,623,639
-*2,550
*4,365
61,671
96,966
96,107
140,716
1,221,264
Footnotes at end of table.
127
Private Foundations and Charitable Trusts, 1996
Table 1.--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 dollars]
Investments in securities (book value)--continued
Type of foundation,
Corporate
stock
size of fair market value
of total assets
Number
Corporate
bonds
Amount
of returns
(34)
128
Amount
of returns
(35)
(36)
Total
investment assets
Number
Amount
of returns
(37)
(38)
(fair market value)
Number
Amount
of returns
(39)
(40)
(41)
All foundations
Total...............................................................................
27,165
139,407,314
Zero or unreported.........................................................................
*1
*4,528
$1 under $100,000.........................................................................
2,904
66,160
$100,000 under $1,000,000.........................................................................
11,882
2,326,853
$1,000,000 under $10,000,000.........................................................................
9,530
11,892,557
$10,000,000 under $25,000,000.........................................................................
1,577
9,338,574
$25,000,000 under $50,000,000.........................................................................
586
7,760,443
$50,000,000 under $100,000,000.........................................................................
342
9,706,784
$100,000,000 or more.........................................................................
344
98,311,415
12,554
*1
1,094
4,334
5,191
1,019
410
240
265
21,783,912
*4,639
28,140
555,104
2,966,130
2,345,517
1,913,116
1,952,330
12,018,936
49,686
-15,409
19,300
11,839
1,765
656
358
359
312,815,324
-440,769
7,631,624
37,041,294
27,493,693
22,751,247
25,053,671
192,403,025
43,019
-10,065
18,202
11,626
1,755
655
358
359
291,067,990
-325,187
6,683,898
33,861,977
25,760,881
21,308,348
23,798,793
179,328,906
Nonoperating foundations
Total...............................................................................
25,944
130,277,278
Zero or unreported.........................................................................
*1
*4,528
$1 under $100,000.........................................................................
2,788
64,020
$100,000 under $1,000,000.........................................................................
11,475
2,267,598
$1,000,000 under $10,000,000.........................................................................
9,025
11,322,136
$10,000,000 under $25,000,000.........................................................................
1,475
8,791,842
$25,000,000 under $50,000,000.........................................................................
550
7,343,113
$50,000,000 under $100,000,000.........................................................................
314
9,125,807
$100,000,000 or more.........................................................................
316
91,358,235
11,830
*1
1,057
4,073
4,910
940
383
220
246
20,427,039
*4,639
26,748
526,972
2,819,423
2,193,987
1,793,477
1,757,047
11,304,745
44,977
-13,432
17,726
10,932
1,621
611
328
327
286,837,299
-386,479
7,011,636
34,221,100
25,277,022
21,112,595
22,877,380
175,951,087
39,629
-9,021
16,905
10,823
1,616
610
328
327
272,803,451
-296,959
6,354,444
32,137,031
24,267,720
20,159,401
22,014,709
167,573,188
Operating foundations
Total...............................................................................
1,221
9,130,036
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*116
*2,140
$100,000 under $1,000,000.........................................................................
406
59,255
$1,000,000 under $10,000,000.........................................................................
504
570,422
$10,000,000 under $25,000,000.........................................................................
102
546,733
$25,000,000 under $50,000,000.........................................................................
36
417,329
$50,000,000 under $100,000,000.........................................................................
28
580,977
$100,000,000 or more.........................................................................
28
6,953,180
723
-*37
261
281
79
27
20
19
1,356,872
-*1,392
28,132
146,707
151,530
119,639
195,283
714,190
4,709
-1,977
1,574
907
144
45
30
32
25,978,025
-54,290
619,988
2,820,194
2,216,671
1,638,652
2,176,291
16,451,938
3,390
-1,043
1,297
803
139
45
30
32
18,264,539
-28,228
329,454
1,724,946
1,493,162
1,148,947
1,784,084
11,755,718
Grantmaking foundations
Total...............................................................................
24,681
134,915,691
Zero or unreported.........................................................................
*1
*4,528
$1 under $100,000.........................................................................
2,452
55,639
$100,000 under $1,000,000.........................................................................
10,563
2,046,877
$1,000,000 under $10,000,000.........................................................................
8,966
11,241,876
$10,000,000 under $25,000,000.........................................................................
1,491
8,883,876
$25,000,000 under $50,000,000.........................................................................
558
7,394,294
$50,000,000 under $100,000,000.........................................................................
327
9,476,981
$100,000,000 or more.........................................................................
324
95,811,619
11,561
*1
838
3,946
4,952
953
388
230
253
20,428,444
*4,639
24,033
522,064
2,860,021
2,194,307
1,774,843
1,805,465
11,243,071
40,276
-10,466
16,165
10,707
1,644
618
339
337
296,306,137
-348,878
6,473,924
33,546,107
25,685,276
21,407,489
23,698,503
185,145,961
36,845
-7,706
15,602
10,603
1,640
618
339
337
278,874,545
-271,160
5,941,122
31,676,375
24,468,681
20,316,392
22,664,370
173,536,443
Grantmaking-nonoperating foundations
Total...............................................................................
24,066
128,602,867
Zero or unreported.........................................................................
*1
*4,528
$1 under $100,000.........................................................................
2,409
55,064
$100,000 under $1,000,000.........................................................................
10,310
2,009,775
$1,000,000 under $10,000,000.........................................................................
8,734
10,976,142
$10,000,000 under $25,000,000.........................................................................
1,448
8,638,658
$25,000,000 under $50,000,000.........................................................................
543
7,248,040
$50,000,000 under $100,000,000.........................................................................
312
9,055,597
$100,000,000 or more.........................................................................
310
90,615,062
11,183
*1
838
3,758
4,821
924
379
218
243
19,696,148
*4,639
24,033
498,875
2,780,424
2,143,163
1,743,613
1,683,349
10,818,052
38,072
-9,555
15,377
10,314
1,583
599
324
321
280,712,898
-322,217
6,184,381
32,442,056
24,704,759
20,708,498
22,587,264
173,763,723
35,133
-7,174
14,894
10,241
1,580
599
324
321
268,080,379
-257,381
5,751,279
30,851,022
23,796,236
19,811,168
21,776,010
165,837,283
Grantmaking-operating foundations
Total...............................................................................615
6,312,824
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*43
*575
$100,000 under $1,000,000.........................................................................
253
37,102
$1,000,000 under $10,000,000.........................................................................
232
265,734
$10,000,000 under $25,000,000.........................................................................
43
245,218
$25,000,000 under $50,000,000.........................................................................
15
146,254
$50,000,000 under $100,000,000.........................................................................
15
421,384
$100,000,000 or more.........................................................................
14
5,196,557
379
--188
131
29
9
12
10
732,296
--23,189
79,597
51,145
31,229
122,116
425,019
2,204
-911
788
393
61
19
15
16
15,593,239
-26,660
289,543
1,104,051
980,517
698,991
1,111,239
11,382,237
1,712
-532
708
362
60
19
15
16
10,794,165
-13,779
189,842
825,354
672,445
505,224
888,360
7,699,160
Footnotes at end of table.
128
Number
Total assets
(fair market value)
Private Foundations and Charitable Trusts, 1996
Table 1.--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 dollars]
Investments in securities (fair market value)
Type of foundation,
Total
Government
obligations
size of fair market value
of total assets
Number
Amount
of returns
(42)
Number
Corporate
stock
Amount
of returns
(43)
(44)
Number
Corporate
bonds
Amount
of returns
(45)
(46)
Number
Amount
of returns
(47)
(48)
(49)
All foundations
Total...............................................................................
31,432
243,684,817
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
4,188
142,120
$100,000 under $1,000,000.........................................................................
13,896
4,678,003
$1,000,000 under $10,000,000.........................................................................
10,368
26,313,438
$10,000,000 under $25,000,000.........................................................................
1,654
20,713,799
$25,000,000 under $50,000,000.........................................................................
623
17,053,046
$50,000,000 under $100,000,000.........................................................................
352
20,271,533
$100,000,000 or more.........................................................................
352
154,512,877
14,313
-1,203
5,100
5,883
1,134
445
269
279
33,045,728
-27,122
845,196
4,969,254
3,524,505
2,877,721
3,688,335
17,113,595
27,085
-2,904
11,802
9,529
1,577
586
342
345
188,482,810
-87,059
3,258,710
18,275,606
14,811,668
12,203,914
14,599,856
125,245,996
12,568
-1,094
4,370
5,175
1,015
410
239
265
22,156,278
-27,939
574,096
3,068,578
2,377,626
1,971,410
1,983,343
12,153,286
Nonoperating foundations
Total...............................................................................
29,813
229,118,583
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
3,888
134,969
$100,000 under $1,000,000.........................................................................
13,386
4,548,182
$1,000,000 under $10,000,000.........................................................................
9,771
25,154,951
$10,000,000 under $25,000,000.........................................................................
1,545
19,651,419
$25,000,000 under $50,000,000.........................................................................
579
16,252,028
$50,000,000 under $100,000,000.........................................................................
322
18,917,743
$100,000,000 or more.........................................................................
322
144,459,291
13,548
-1,057
4,953
5,580
1,044
412
248
253
30,619,819
-23,644
830,391
4,786,394
3,312,966
2,709,202
3,404,223
15,552,998
25,858
-2,788
11,395
9,020
1,475
550
314
316
177,714,171
-84,851
3,172,809
17,447,819
14,116,088
11,691,635
13,728,678
117,472,290
11,843
-1,057
4,109
4,894
936
383
219
245
20,784,593
-26,474
544,981
2,920,737
2,222,364
1,851,191
1,784,842
11,434,003
Operating foundations
Total...............................................................................
1,619
14,566,233
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*299
*7,151
$100,000 under $1,000,000.........................................................................
510
129,821
$1,000,000 under $10,000,000.........................................................................
598
1,158,488
$10,000,000 under $25,000,000.........................................................................
109
1,062,380
$25,000,000 under $50,000,000.........................................................................
44
801,018
$50,000,000 under $100,000,000.........................................................................
30
1,353,790
$100,000,000 or more.........................................................................
30
10,053,586
765
-*146
*146
303
90
33
21
26
2,425,909
-*3,478
*14,805
182,859
211,539
168,520
284,112
1,560,597
1,227
-*116
406
509
102
36
28
29
10,768,638
-*2,209
85,901
827,787
695,579
512,279
871,177
7,773,706
724
-*37
261
281
79
27
20
20
1,371,686
-*1,465
29,114
147,841
155,262
120,219
198,501
719,283
Grantmaking foundations
Total...............................................................................
28,253
234,838,273
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
3,407
122,916
$100,000 under $1,000,000.........................................................................
12,325
4,236,674
$1,000,000 under $10,000,000.........................................................................
9,706
24,977,720
$10,000,000 under $25,000,000.........................................................................
1,564
19,771,498
$25,000,000 under $50,000,000.........................................................................
588
16,330,953
$50,000,000 under $100,000,000.........................................................................
333
19,426,015
$100,000,000 or more.........................................................................
331
149,972,497
13,133
-984
4,605
5,542
1,062
422
257
261
31,609,151
-23,110
789,694
4,750,467
3,354,884
2,726,054
3,451,834
16,513,107
24,627
-2,489
10,483
8,955
1,490
558
327
325
182,441,701
-76,245
2,906,444
17,267,024
14,193,403
11,771,977
14,137,989
122,088,618
11,539
-838
3,946
4,936
949
388
229
253
20,787,421
-23,562
540,536
2,960,229
2,223,210
1,832,921
1,836,191
11,370,772
Grantmaking-nonoperating foundations
Total...............................................................................
27,474
225,609,114
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
3,290
119,753
$100,000 under $1,000,000.........................................................................
12,027
4,151,153
$1,000,000 under $10,000,000.........................................................................
9,438
24,435,353
$10,000,000 under $25,000,000.........................................................................
1,516
19,310,356
$25,000,000 under $50,000,000.........................................................................
569
15,988,146
$50,000,000 under $100,000,000.........................................................................
318
18,681,148
$100,000,000 or more.........................................................................
316
142,923,206
12,812
-911
4,560
5,417
1,024
406
246
248
29,973,916
-20,591
785,418
4,687,694
3,257,452
2,623,258
3,310,486
15,289,017
24,005
-2,445
10,230
8,718
1,447
543
312
310
175,589,093
-75,600
2,849,138
16,866,851
13,881,927
11,563,545
13,659,510
116,692,521
11,159
-838
3,758
4,805
920
379
217
242
20,046,105
-23,562
516,597
2,880,808
2,170,976
1,801,342
1,711,151
10,941,668
Grantmaking-operating foundations
Total...............................................................................779
9,229,159
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*116
*3,163
$100,000 under $1,000,000.........................................................................
298
85,521
$1,000,000 under $10,000,000.........................................................................
268
542,368
$10,000,000 under $25,000,000.........................................................................
48
461,142
$25,000,000 under $50,000,000.........................................................................
19
342,808
$50,000,000 under $100,000,000.........................................................................
15
744,867
$100,000,000 or more.........................................................................
15
7,049,290
321
-*73
*44
126
38
16
11
13
1,635,235
-*2,519
*4,276
62,774
97,432
102,796
141,348
1,224,090
622
-*43
253
237
43
15
15
15
6,852,608
-*644
57,306
400,173
311,476
208,432
478,479
5,396,097
380
--188
131
29
9
12
11
741,317
--23,939
79,421
52,234
31,579
125,040
429,103
Footnotes at end of table.
129
Private Foundations and Charitable Trusts, 1996
Table 1.--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 dollars]
Type of foundation,
Net worth (book value)
Noncharitable-use assets
Minimum investment return
Distributable amount
size of fair market value
of total assets
Number
Amount
of returns
(50)
130
Amount
(51)
(52)
Number
Amount
of returns
(53)
(54)
Number
Amount
of returns
(55)
(56)
(57)
All foundations
Total...............................................................................
49,629
247,088,764
Zero or unreported.........................................................................
*147
*-57,532
$1 under $100,000.........................................................................
15,227
351,186
$100,000 under $1,000,000.........................................................................
19,300
6,372,262
$1,000,000 under $10,000,000.........................................................................
11,819
28,608,147
$10,000,000 under $25,000,000.........................................................................
1,765
20,784,276
$25,000,000 under $50,000,000.........................................................................
655
16,964,188
$50,000,000 under $100,000,000.........................................................................
358
19,049,325
$100,000,000 or more.........................................................................
359
155,016,913
49,870
497
15,154
19,271
11,828
1,763
651
355
352
246,321,620
89,679
467,610
6,538,137
31,616,234
23,542,253
19,494,379
21,629,080
142,944,247
49,552
497
14,862
19,246
11,828
1,763
651
355
352
12,248,242
4,484
21,257
320,966
1,565,732
1,169,409
969,958
1,079,972
7,116,465
44,651
497
12,811
17,595
10,884
1,616
604
325
319
11,215,168
4,386
17,902
295,030
1,446,215
1,079,102
924,049
982,766
6,465,718
Nonoperating foundations
Total...............................................................................
44,993
226,238,359
Zero or unreported.........................................................................
*147
*-57,532
$1 under $100,000.........................................................................
13,323
302,063
$100,000 under $1,000,000.........................................................................
17,726
5,878,479
$1,000,000 under $10,000,000.........................................................................
10,911
26,447,640
$10,000,000 under $25,000,000.........................................................................
1,621
18,982,882
$25,000,000 under $50,000,000.........................................................................
610
15,788,931
$50,000,000 under $100,000,000.........................................................................
328
17,360,876
$100,000,000 or more.........................................................................
327
141,535,018
45,262
497
13,249
17,726
10,920
1,619
606
325
320
230,466,064
89,679
429,178
6,154,722
29,917,432
22,228,585
18,539,120
20,284,630
132,822,718
45,043
497
13,030
17,726
10,920
1,619
606
325
320
11,455,691
4,484
19,343
301,803
1,480,837
1,103,786
922,195
1,012,854
6,610,389
44,651
497
12,811
17,595
10,884
1,616
604
325
319
11,215,168
4,386
17,902
295,030
1,446,215
1,079,102
924,049
982,766
6,465,718
Operating foundations
Total...............................................................................
4,636
20,850,405
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
1,904
49,122
$100,000 under $1,000,000.........................................................................
1,574
493,783
$1,000,000 under $10,000,000.........................................................................
907
2,160,507
$10,000,000 under $25,000,000.........................................................................
144
1,801,394
$25,000,000 under $50,000,000.........................................................................
45
1,175,257
$50,000,000 under $100,000,000.........................................................................
30
1,688,449
$100,000,000 or more.........................................................................
32
13,481,894
4,608
-1,904
1,545
907
144
45
30
32
15,855,556
-38,432
383,415
1,698,802
1,313,668
955,259
1,344,450
10,121,529
4,509
-1,831
1,519
907
144
45
30
32
792,551
-1,914
19,163
84,895
65,623
47,763
67,118
506,076
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...............................................................................
40,235
235,503,373
Zero or unreported.........................................................................
*74
*-70,474
$1 under $100,000.........................................................................
10,357
257,450
$100,000 under $1,000,000.........................................................................
16,165
5,433,540
$1,000,000 under $10,000,000.........................................................................
10,702
26,329,967
$10,000,000 under $25,000,000.........................................................................
1,644
19,385,554
$25,000,000 under $50,000,000.........................................................................
617
15,990,543
$50,000,000 under $100,000,000.........................................................................
339
18,131,188
$100,000,000 or more.........................................................................
337
150,045,604
40,614
387
10,430
16,165
10,706
1,642
615
337
332
236,604,097
80,995
395,184
5,891,657
29,634,547
22,412,856
18,669,224
21,007,310
138,512,323
40,504
387
10,320
16,165
10,706
1,642
615
337
332
11,813,693
4,050
17,750
292,675
1,479,469
1,115,235
931,090
1,048,883
6,924,542
38,169
387
9,373
15,300
10,298
1,581
594
322
315
11,088,771
3,958
15,401
275,174
1,406,449
1,064,816
909,589
978,994
6,434,389
Grantmaking-nonoperating foundations
Total...............................................................................
38,031
221,719,832
Zero or unreported.........................................................................
*74
*-70,474
$1 under $100,000.........................................................................
9,446
233,378
$100,000 under $1,000,000.........................................................................
15,377
5,192,261
$1,000,000 under $10,000,000.........................................................................
10,309
25,403,274
$10,000,000 under $25,000,000.........................................................................
1,583
18,574,738
$25,000,000 under $50,000,000.........................................................................
598
15,462,309
$50,000,000 under $100,000,000.........................................................................
324
17,164,266
$100,000,000 or more.........................................................................
321
139,760,080
38,410
387
9,519
15,377
10,313
1,581
596
322
316
226,965,429
80,995
375,646
5,672,842
28,872,107
21,882,972
18,290,544
20,208,183
131,582,139
38,337
387
9,446
15,377
10,313
1,581
596
322
316
11,331,872
4,050
16,780
281,735
1,441,346
1,088,741
912,156
1,009,031
6,578,033
38,169
387
9,373
15,300
10,298
1,581
594
322
315
11,088,771
3,958
15,401
275,174
1,406,449
1,064,816
909,589
978,994
6,434,389
Grantmaking-operating foundations
Total...............................................................................
2,204
13,783,541
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
911
24,072
$100,000 under $1,000,000.........................................................................
788
241,279
$1,000,000 under $10,000,000.........................................................................
393
926,692
$10,000,000 under $25,000,000.........................................................................
61
810,816
$25,000,000 under $50,000,000.........................................................................
19
528,235
$50,000,000 under $100,000,000.........................................................................
15
966,922
$100,000,000 or more.........................................................................
16
10,285,525
2,204
-911
788
393
61
19
15
16
9,638,668
-19,538
218,816
762,440
529,884
378,679
799,127
6,930,184
2,167
-875
788
393
61
19
15
16
481,821
-969
10,941
38,122
26,494
18,934
39,852
346,509
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
Footnotes at end of table.
130
Number
of returns
Private Foundations and Charitable Trusts, 1996
Table 1.--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 dollars]
Type of foundation,
Qualifying distributions
Undistributed income for 1996
Excess distributions carryover to 1997
size of fair market value
of total assets
Number
Amount
of returns
(58)
Number
Amount
of returns
(59)
(60)
Number
Amount
of returns
(61)
(62)
(63)
All foundations
Total...............................................................................
46,106
Zero or unreported.........................................................................
796
$1 under $100,000.........................................................................
12,738
$100,000 under $1,000,000.........................................................................
18,051
$1,000,000 under $10,000,000.........................................................................
11,426
$10,000,000 under $25,000,000.........................................................................
1,739
$25,000,000 under $50,000,000.........................................................................
650
$50,000,000 under $100,000,000.........................................................................
354
$100,000,000 or more.........................................................................
353
18,021,749
203,850
508,366
1,067,716
3,107,185
1,905,409
1,570,061
1,334,801
8,324,360
14,735
-2,845
6,045
4,551
733
247
155
159
3,040,501
-2,790
68,383
386,584
309,203
246,129
319,858
1,707,553
30,518
832
10,185
11,601
6,329
880
359
171
161
19,605,544
934,538
1,440,832
2,366,863
5,649,364
2,747,826
2,270,003
1,348,660
2,847,457
Nonoperating foundations
Total...............................................................................
41,840
Zero or unreported.........................................................................
796
$1 under $100,000.........................................................................
11,023
$100,000 under $1,000,000.........................................................................
16,615
$1,000,000 under $10,000,000.........................................................................
10,557
$10,000,000 under $25,000,000.........................................................................
1,600
$25,000,000 under $50,000,000.........................................................................
605
$50,000,000 under $100,000,000.........................................................................
324
$100,000,000 or more.........................................................................
321
15,993,916
203,850
466,766
907,570
2,764,739
1,694,228
1,463,884
1,181,075
7,311,803
14,735
-2,845
6,045
4,551
733
247
155
159
3,040,501
-2,790
68,383
386,584
309,203
246,129
319,858
1,707,553
30,518
832
10,185
11,601
6,329
880
359
171
161
19,605,544
934,538
1,440,832
2,366,863
5,649,364
2,747,826
2,270,003
1,348,660
2,847,457
Operating foundations
Total...............................................................................
4,266
Zero or unreported.........................................................................
-$1 under $100,000.........................................................................
1,715
$100,000 under $1,000,000.........................................................................
1,436
$1,000,000 under $10,000,000.........................................................................
869
$10,000,000 under $25,000,000.........................................................................
139
$25,000,000 under $50,000,000.........................................................................
45
$50,000,000 under $100,000,000.........................................................................
30
$100,000,000 or more.........................................................................
32
2,027,833
-41,600
160,146
342,446
211,181
106,177
153,726
1,012,557
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...............................................................................
40,882
Zero or unreported.........................................................................
613
$1 under $100,000.........................................................................
10,466
$100,000 under $1,000,000.........................................................................
16,165
$1,000,000 under $10,000,000.........................................................................
10,706
$10,000,000 under $25,000,000.........................................................................
1,642
$25,000,000 under $50,000,000.........................................................................
618
$50,000,000 under $100,000,000.........................................................................
338
$100,000,000 or more.........................................................................
334
17,048,667
202,867
476,987
919,937
2,818,918
1,742,411
1,497,453
1,238,523
8,151,569
11,373
-1,210
4,744
4,154
714
240
154
157
2,975,031
-1,429
58,512
368,156
302,502
239,921
319,211
1,685,301
27,230
613
8,309
10,618
6,145
862
356
169
159
18,378,474
606,644
1,321,207
2,142,117
5,252,792
2,713,580
2,263,694
1,232,878
2,845,563
Grantmaking-nonoperating foundations
Total...............................................................................
38,678
Zero or unreported.........................................................................
613
$1 under $100,000.........................................................................
9,555
$100,000 under $1,000,000.........................................................................
15,377
$1,000,000 under $10,000,000.........................................................................
10,313
$10,000,000 under $25,000,000.........................................................................
1,581
$25,000,000 under $50,000,000.........................................................................
599
$50,000,000 under $100,000,000.........................................................................
323
$100,000,000 or more.........................................................................
318
15,817,200
202,867
448,216
836,152
2,706,022
1,683,541
1,461,154
1,174,433
7,304,815
11,373
-1,210
4,744
4,154
714
240
154
157
2,975,031
-1,429
58,512
368,156
302,502
239,921
319,211
1,685,301
27,230
613
8,309
10,618
6,145
862
356
169
159
18,378,474
606,644
1,321,207
2,142,117
5,252,792
2,713,580
2,263,694
1,232,878
2,845,563
Grantmaking-operating foundations
Total...............................................................................
2,204
Zero or unreported.........................................................................
-$1 under $100,000.........................................................................
911
$100,000 under $1,000,000...............
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