Private Foundation Information Returns, 1982

Private Foundation Information Returns, 1982

By Margaret Riley*

I

Private foundation giving to philanthropic

organizations rose by $1.6 billion between 1979

and 1982 El 1.

The $4.4 billion in contributions, gifts and grants (hereafter referred to

as "grants") awarded by the 23,306 grantmaking

private foundations represents an inflationadjusted real increase of nearly 25 percent

over grant payouts made in 1979, the last year

for which statistics are available [2].

(See

Table 1 for data on the various categories of

private foundations. )

These grants helped to

support charitable programs and research in the

areas of health, education, science, the arts,

community devel opment,

social

services

and

other causes deemed to serve the public good.

In 'addition to making a small number of

grants, 3,105 "operating" foundations actively

conducted

charitable

programs

and

provided

direct services as a means of carrying out

their

philanthropic

mission.

Operating

foundations, as a condition of such status, are

required to expend substantially all of their

income directly for the active conduct of their

exempt purposes.

In contrast, "nonoperating"

foundations

carry

out

exempt

(charitable)

activities in an indirect manner by making

grants to other organizations that carry out

these activities.

Approximately 3,300, or 13 percent, of the

25,363 nonoperating foundations did not make

any grants for 1982.

However, the majority

were small organizations, and about 75 percent

of them set aside funds eamarked for future

charitable

projects,

made

program-rel ated

investments, or incurred qualifying expenses

for charitable purposes which met or exceeded

the required minimum distribution for 1982.

It

should also be noted that many nonoperating

foundations which do not make

grants were

formerly classified by the Internal Revenue

Service (IRS)

as public charities.

If an

organization fails to meet IRS' requirements

for retaining its public charity status, that

organization is

reclassified

as a

private

foundation.

Most often,

these reclassified

organizations continue to operate as public

charities,

operating

programs

or providing

direct services as opposed to making grants to

accomplish a charitable purpose.

*Foreign Special Projects Section.

Marvin Schwartz, Acting Chief.

For 1982, it is estimated that there were

28,468

ac ti ve

p ri vate

foundations

(both

grantmaking and nongrantmaking), an overall

growth of 1.7 percent over 1979. The growth of

foundations in asset classes of $100,000 and

above increased at successively higher rates

with each graduated asset bracket. This i-s not

Size of

Fair Market

.Value of Assets

Total

Number of

Private

Foundations'

-T_9T9_

1982

Percent

Change,

1979

to 1982

27,980

28,468

1.7

Under $100,0002 ... 15,632

14,752

-5. 6*

$100,000 under

$1,000,000 ......

8,616

9,125

5. 9_

$1,000,000 under

$10,000,000 .....

3,131

3,771

20.4

$10,000,000 under

$50,000,000 .....

486

655

34.8

$50,000,000

or more .........

115

165

43.5

*Estimate should be u-sed with caution because

of the small sample size for this asset bracket.

'Includes fomer public charities reclassified

as private foundations.

21ncludes returns with assets zero or unreported.

surprising as many organizations that were in a

lower asset class in 1979 grew into a higher

class by 1982. In the asset range of less than

$100,000, there appears to be a 5.6-percent

decrease in the number of foundations.

However, because of the small number of returns

studied with assets below $100,000,

this

apparent decline also could be attributed to

sampling variability. (See the coefficients of

variation explained in the "Data Sources and

Limitations" section of this article.) [31

The Ford Foundation clearly maintained its

position- as the front-runner in tems of the

Prepared under the direction of

I

Private Foundations, 1982

2

I

size of asset holdings and amount of grants

awarded [4]. While Ford remained well ahead of

all other foundations, some foundations had

assets in, or near, the billion-dollar range.

Excluding the J. Paul Getty Museum Trust, which

is classified- as an operating foundation and

for 1982 had nearly $2 billion in assets,

Figure A lists foundations which reported fair

market value of assets above $500 million.

Also provided in Figure*A are data on ledger

assets, grants paid, and the 5-year carryover

of distributions made in excess of the amount

required. These 11 largest organizations held

19.2 percent of all assets owned by private

foundations, and were responsible for 8.6

percent of the dollar value of all grants paid.

FIT5-re-W

as,

P.-tiva-09 0.0010-

IN111ro-5

Rank

Name

I Ford Foundation

Excess

FMV Ledger Grants Distribuillons

Assets Assets Paid

Carryover

3,529.2 3,529.2

103.9

8.0

3.9

A310TO

3 Andrew W. Mellon Foundation

1.089.7

774.2

59.3

990.3

707.5

22.3

847.9

211.2

27.0

9 Kresge Foundation

681.5

519.2

8.9

11 Carnegie Corporation of N.Y.

511.3

416.7

13.4

5 The MacArthur Foundation

3.1

The four foundations listed which show no

excess distributions carryover did not distribute the minimum amount required for 1982

because they first had to apply a portion of

amounts

their

1982

distributions

against

remaining undistributed from 1981. Foundations

have unti l the end of thei r next, tax year to

distribute the minimum amount required for the

current year before they are liable for the

excise tax levied on undi stri buted income.

This 1-year grace period provides to foundations the opportunity to plan systematically

their grantmaking activity to correspond with

their investment performance.

To measure private foundation philanthropic

giving, the contributions reported by foundati ons on returns filed with the Internal

Revenue Service (IRS) for 1982 were compared to

those reported to IRS by all other private

sources [5]. Foundations accounted for approximately one dollar out-of every ten contributed

from a private donor.

Type of Donor

Contributions

Billions)

Percent

of Total

45.11

34.05

4.43

2.91

2.25

1.42

100.0%

75.5

9.8

6.5

5.0

3.1

Total

Individuals [61

Foundations [71

Corporations [81

Bequests [91

Trusts & Estates (101

NOTE: Detail may not add to total due to

rounding.

Government social welfare expenditures, a

measure of public philanthropy compiled by the

Social Security Administration [111, can also

be used as a comparative base to show the

magnitude of public versus private support for

The amount of social

philanthropic programs.

welfare expenditures for Fiscal Year 1982,

adjusted to xclude $302.6 bi.llion for social

security insurance benefit payments, was $291.8

billion. These public expenditures were about

6 times greater than total private contributions and about 66 times greater than the

contributions of private foundations~

and

direct

operating

If

administrative

expenses incurred in the conduct of foundations' charitable purposes are added to the

amount of the contributions they paid out, the

resulting total charitable expenditures of all

Comfoundations for 1982 were $5.2 billion.

pared to the Gross National Product (GNP) for

1982, Government social welfare expenditures

(minus the social security pqrtion) comprised

9.5 percent of GNP while private foundation

charitable expenditures were less than 0.2 percent of GNP. However, the nature of systematic

foundation funding provides an opportunity for

initiating innovative research, programs, and

test projects which-the Government cannot undertake because of political, legislative, or

In the wake of recent

budgetary constraints.

many

Government-supported

budget

cuts

in

programs, some foundations are thinking more

Although

about publ ic-pri vate partnerships.

they do not believe their role should be solely

one of filling Federal philanthropic spending

foundations foresee situations

gaps,

these

where the formation of creative public-private

partnerships to devise new approaches to social

needs can produce positive results [121.

CHARACTERISTICS

UNIVERSE

OF

THE

PRIVATE

FOUNDATION

A private foundation is a nonprofit corporation, association or trust with a narrow source

of funds which operates or supports social,

educational, scientific, charitable, religious

I

Private Foundations, 1982

and other programs dedicated to improving the

general welfare of society. By IRS definition,

a private foundation is an organization which

qualifies for tax exempt status under Internal

Revenue Code section 501(c)(3) and is not a

research

church;

school;

hospital; medical

organization; an organization with broad public

support (public charity); an organization which

is operated by, or in connection with, any of

the above described organizations; or an organization which tests for public safety.

The

primary difference between foundations and

public charities lies in the sources of their

funding.

Foundations usually receive their

funds from an individual, a family or a corporation, while, as their name implies, public

charities' funds are derived mainly from a

large number of sources within the general

public.

Another distinction of a private foundation

is that it primarily makes grants to other

nonprofit organizations, such as public charities, rather than directly operating its own

charitable programs.

(An exception is the

operating foundation which is described below.)

As noted earlier, some organizations which are

classified as private foundations were formerly

public charities whose status as such was

revoked because they failed-to maintain the

required minimum of support from public sources.

While classified as private foundations, they

generally

continue

to

operate

as

public

charities.

Foundations form a diverse community distinguished by a wide range of characteristics,

including asset size; sources of support; size

of managing staff; type of control; and grant

size, type, and recipient.

Foundations can be

classified into two broad categories, operating

While the great majority of

and nonoperating.

foundations are nonoperating (generally grantmaking) organizations, some use their funds to

actively operate charitable programs, rarely

making

contributions

or

grants

to

other

organizations.

These are called operating

foundations.

Nonoperating foundations include independent

and company-sponsored foundations.

Independent

foundations can be general-purpose, specialpurpose

or family foundations

[131.

The

general -purpose foundation supports a broad

endeavors

while

the

range

of

charitable

special-purpose

foundation

concentrates

on

limited fields of interest. Family foundations

are established with a gift from a single donor

and are operated or controlled by members of

the donor's family.

Sane large independent

foundations operate with staffs whose members

are unrelated to the foundation's donor(s).

All of the domestic foundations listed in

Figure A are independent foundations.

Company foundations are closely related to

the torporations which sponsor them.

Many of

their grants support charitable activities and

improvement projects in the locality in which

the company is based, or are made to tax-exempt

organizations to conduct charitable research in

areas related to the company's interests.

Although

contributions

to

company-sponsored

foundations usually correspond to the profits

of the corporation, i.e., more corporate giving

in good years and less in poor years, they have

the ability to maintain and control their

endowment in a way to provide a steady flow of

grants, even when corporate profits are down.

Alcoa Foundation, General Motors Foundation,

and Western Electric Fund are three of the

largest company-sponsored foundations.

Community foundations are established to make

grants for nonprofit programs conducted in a

specific community or region [141.

Although

largely publicly supported by the citizens and

businesses of the community, and therefore

excluded from IRS' private foundation definition (and also from the statistics presented

in this report), community foundations account

for a

respectable portion of

grantmaking

philanthropic activity in the private sector.

For example, 234 community foundations for 1982

made grants estimated at $233.8 million, an

amount equal to 5.0 percent of total foundation

giving [151.

It should be noted, however, that

$102.2 million of total community foundation

grants can be attributed solely to the San

Francisco Foundation, the New York Community

Trust,

the Cleveland Foundation,

and

the

Chicago Community Trust.

FINANCIAL DATA AND CHARITABLE DISTRIBUTIONS

The $47.2 billion in market value assets of

the 820 largest private foundations, those with

asset holdings of $10 million or more, comp ri sed 75 percent of all assets held by

foundations for 1982. In contrast, 84 percent

of the foundation population, holding assets

worth less than $1 million, accounted for only

6 percent of the total, or $3.7 billion (see

Figure B).

Assets of all foundations rose by

41

percent between 1979 and 1982.

Total

receipts

increased

by

52

percent,

while

The resulting

deductions rose by 65 percent.

net income (less deficit) for 1982 was $3.3

billion, a growth of 33 percent from 1979

[161.

The graphic

PtS, depiction of aggregate

recei

assets

(fair

market

foundation

value) , and grants paid in Figure C shows that

constant dollar increases in these financial

data were 19, 11, and 23 percent, respectively.

Sources of Income and Deductions

Dividend and interest income was the largest

source of foundation receipts for 1982. While

Private Foundations, 1982

4

Itigure B

Number of Foundations and Their Assets, By Size

of Total Fair Market Value of Assets, 1982

(Money amou nts are In billions of dollars)

Percent of Total

'

901

Size of Assets

r__l Under $1,000,000

r__J $1,000,000 under $10,000,000

= $10,000,000 under $50,000,000

= $50,000,00.0 or more

$10 million was nearly equally split between

interest and dividend income and contributions. The reliance upon contributions from

outside sources as a major form of support is

more common for small organizations. As thei r

assets increase, foundations usually develop

larger and more diverse investment portfolios,

freeing them from dependence on large amounts

of contributions. Most large foundations have

received a single substantial bequest or

endowment which serves as their primary base

from which to produce income and further

increase their assets. These endowed foundations rely on their investments to produce

income and, therefore, do not need to depend

heavily on the'receipt of contributions.

The most significant shift in the composition

of total income, shown in Figure D, between

1979 and 1982 occurred in sales of capital

assets and in contributions, gifts and grants

received.

The increase in sales of capital

assets possibly indicates that foundations are

beginning to restructure thei r investment

portfolios, a newfound freedom made available

by a 1981 tax law change which eliminated the

requirement for foundations to pay out all of

income

for

charitable

their

investment

purposes.

(The effect of the law change is

explained more fully in- the "Composition of

Assets" section of this article.)

4easure of Total Receipts, Total Assets, and

Grants Paid, 1979 and 1982

1979

1982

1982 in constant

1979 dollars

5

TotAl

Receipts

Fair Market

Vaiup Assets

Grants Paid

these items together also ranked as the numberone income source for the large foundations,

contributions dominated as the leading income

source for organizations with assets under

$1 million. The primary source of receipts for

foundations with assets of $1 million to

Because of a 1981 IRS return fom change in

the method of reporting dividends and inierest,

these income items individually cannot be colnpared between 1979 and 1982. For 1982, total

interest was reported separately either, as

amounts received from securities investments

(which also included dividends received from

savings

received from

stocks)

or amounts

accounts and temporary cash investments, such

as certificates of deposit, money market funds,

and U.S. Treasury bills that mature in less

than one year. 'Taken as an aggregate amount,

receipts

the proportion of total

however,

attributable to dividend and interest income

for 1982 remained virtually unchanged from 1979.

The average annual prime rate charged by banks

was 12.7 percent in 1979, rose erratically to

18.9 percent in 1981, and then steadily deDuring

clined to 14.9 percent in 1982 [171.

the same period, corporate profits (in current

dollars) fell 30 percent to their lowest level

since 1976 [181.

Economic conditions leading

up to, and including, the harsh recession of

1982 contributed to the decline in profits,and

likely resulted in dividends on stocks which

were lower than they would have been in a

Despite the fluctanonrecessionary period.

tions in interest rates and dividends paid on

investments, the amount of foundation dividend

and interest income rose by $1.4 billion

between 1979 and 1982.

Compared to the investment income received by

from

interest

and

dividends,

individuals

Private Foundations, 1982

reported separately from total expenses because

the IRS recognizes, as a qualifying distribution for purposes of meeting the required

minimum payout, only the part of an expense

item allocable to charitable purposes

(as

opposed to the production of income or other

noncharitable purposes).

Effective with Tax

Year 1985, Congress placed a cap on the amount

of administrative expenses incurred in making

grants which a foundation can apply as a

qualifying

distribution.

The Treasury

Department has been mandated to conduct a study

of foundation administrative expenses and to

submit findings to Congress upon its completion.

Figure D

Major Sources of Income, 1979 and 1982

Dividends and

Interest from

Securities

Other

Interest from

Savings and

Temporary

Investments

foundations fared much worse in the rate at

which these items grew from 1979 to 1982.

Foundation income from these sources increased

56 percent, from $2.4 billion to $3.8 billion,

at the same time as the increase for individuals was 94 percent, from $108.9 billion to

$211.1 billion.

The investment outlook for

foundations should improve after 1982 because

of the law change mentioned above which freed

them from the constraint of having to distribute all of their interest and dividend

income each year.

(For an explanation of how

the law change affected the structure of

foundation

investment

portfolios,

see the

discussion of the "total return" philosophy in

the "Composition of Asset" section of this

article.)

Foundations must report both total expenses

as recorded on their books of account, and the

part of those expenses which can be attributed

to the direct conduct of their charitable

mission. Charitable-purpose expenditures are

Depreciation and depletion are allowed as

deductions on a foundation's books, but may not

be treated as a charitable-purpose expenditure

because the entire cost of a charitable-use

asset is treated as a qualifying distribution

when the asset is acquired. Figure E shows

nonoperating foundation expenses as reported on

thei r

books

and

di stributions

for

their

charitable purposes.

The portion of nonoperating

foundations'

expenses which was

directly related to activities which constituted their charitable purposes totalled

$4.7 billion.

For ease of comparison, the

three categories of nonoperati ng foundation

asset sizes shown in the figure are described

as small, medium, and large. Across all three

asset sizes, contributions, gifts and grants

made up the largest single share of total

expenses, reported both on the books and as a

charitable disbursement. More than 93 percent

of aggregate charitable-purpose expenses were

in the fom of grants paid.

A distant second

to grants was "other expenses," at 2.4 pement

of total charitable disbursements.

The remaining eight categories of itemized expenses

accounted altogether for only 4.2 percent of

the total.

The

rati o

of

di rect

charitabl e-purpose

expenditures to expenses reported on the books

reveal s

different

charitable

di stri buti on

patterns for the three foundation sizes. Small

foundations have much lower ratios for the

three categories related to paid staff--officer

compensation,

other salaries, and employee

benefits

(including pension plan contributions).

Since small foundations usually are

operated by volunteers and fund programs of

smaller size, they do not have the personnel

expenses of larger foundations for reviewing

grant proposals, administrative record-keeping

of grant programs, and research and ongoing

involvement

grantmaking

program

in

new

activities.

Medi um si ze foundations claimed a larger

percentage of their interest expense as a

di rect

charitable

expenditure.

This

is

probably due to the fact that, in proportion to

their total assets, medium foundations hold

approximately two-to-three times more land,

Private Foundations, 1982

Expenses Per Books (EPB), Disbursements for Charitable

Figure E.--Nonoperating Foundations:

Purposes (DCP), and Ratio of Charitable Disbursements to Expenses Per Books, by Size of Total Fair

Market Value of Assets, 1982

Monev amounts are in millions of dollars]

Size of Total

Total

Expense Item

Total expenses .................

...

Contributions, gifts, grants

'

Compensation of officers ..............

Other salaries and wages ............

Pension plans, employee benefits ....

Professional services ...............

Interest ............................

Taxes ...............................

Depreciation and depletion ..........

Occupation ..........................

Other expenses ......................

Expense Item

Total expenses ..................

Contributions, gifts, grants ........

Compensation of officers ............

Other salaries and wages ............

Pension plans, employee benefits ....

Professional services ...............

Interest ............................

Taxes ................................

Depreciation and depletion ..........

Occupation ..........................

Other expenses ......................

EPB

DCP

Ratio

5,260.77

4,423.31

89;80

86.37

25.02

122.13

15.31

153.52

29.68

16.41

299.22

4,670.65

4,364.34

49.50

68.52

17.44

35.69

2.66

6.56

N/A

13.47

112.47

88.8

98.7

55.1

79.3

69.7

29.2

17.4

4.3

N/A

82.1

37.6

Fair Market Value of Assets

Less than $J,UUU10T _

DCP

Ratio

___TTB_

923.07

863.88

8.22

2.86

1.17

12.78

1.44

7.32

1.77

0.94

22.69

875.10

854.76

1.42

1.21

0.23

3.86

0.19

0.91

N/A

0.80

14.90

94.8

98.9

17.3

42.3

19.7

30.2

13.2

12.4

N/A

85.1

65.7

Size of Total Fair Market Value of Assets--continued

$1,000,000

$10,000,000 or more

Under $10,000, 00

DEP

Ratio

EPB

DCP

Ratio

EPB

(7)

1,228.61

1,080.82

23.66

12.77

1.34

33.68

2.13

31.77

6.73

2.55

33.18

__T91_ --rrm- _Fl TT_ --TT 21

, 1,174.20

1,118.16

11.23

10.17

1.23

9.55

0.63

2.14

N/A

1.91

19.17

95.6

103.5

47.5

79.7

91.8

28.4

29.6

6.7

N/A

74.9

57.8

3,109.08

2,478.61

57.93

70.74

.22.51

75.66

11.73

114.43

21.18

12.93

243.36

2,618.35

2,391.42

36.85

57.14

16.00

22.28

2.01

3.51

N/A

10.76

78.39

84.2

96.5

63.6

80.8

71.1

29.4

17.1

3.1

N/A

83.2

32.2

9,

- Not Applicable.

'While foundations are required to use the cash method of accounting to report disbursements for

their charitable purposes, they have an option to use either the cash or accrual method in reporting

expenses on their books. Using the accrual method for expenses on the books can result in a ratio

which exceeds 100 percent.

NOTE: Detail may not add to total because of rounding.

buildings and equipment which are used for

charitable purposes than the other foundation

sizes.

charitable-purpose

The

proportion

of

expenditures allocated by large organizations

for taxes was small in comparison to foundaLarge

other two

groups.

tions

in

the

foundations hold more than twice as much

depreciable investment property compared to the

other foundations, so they pay more in real

Since real estate taxes on

estate taxes.

investment property can be reported as a total

expense item, but are not includable as an

exempt purpose expense item, the ratio for

taxes paid by large foundations is lower than

and medi um si ze

the rati o for the smal 1

The excise tax on investment

foundations.

i ncome paid by all three foundation asset

categories is not deductible by nonoperating

foundations as a charitable-purpose expenditure.

Composition of Assets

Total fair market value of foundation assets

for 1982 showed an increase from 1979 of 41

percent.

Investments in securities constituted

the greatest share of market assets held by

foundations, with holdings of cash placing

second.

Holdings in long-term investments

other than in securities accounted for the next

largest portion of assets.

Private Foundations, 1982

For 1982, foundations held a total investment

in stocks and bonds having a fair market value

of $49.8 billion.

These investments earned

dividends and interest totalling $3.0 billion,

a yield of 6.0 percent. It has been argued by

some that foundations fail to obtain a reasonable rate of return on their stock and bond

To test this argument, a

investments [201.

base for comparison was constructed for 1982

using measures of average yield for composite

investments: 1982 dividend yields on common

stocks of the 500 corporations included in the

Standard and Poor's composite average and the

1982 yield for the composite U.S. Treasury

long-term bond average [211.

Had foundations

invested in these composite assets in the same

proportions as they invested in stocks and

bonds in 1979 (stocks and bonds together were

reported as a single amount on the 1982 information return), they -would have enjoyed a

significantly higher return of 8.5 percent.

However, it was only beginning in 1982 that

foundations could restructure their portfolios

to take advantage of the 1981 law change in the

payout rule.

(See the discussion of the law

change below.)

An examination of yield data for various fair

market value asset distributions revealed that

as asset size increased the yield on security

investments decreased, from a high of 8.9 percent earned by foundations holding assets worth

less than $100,000 to a low of 5.3 percent

earned by those holding assets worth $50

million or more.

This may support the theory

that

the

investment

strategies of

larger

foundations (traditionally more heavily invested in securities than smaller foundations)

were significantly affected by a pre-1982

payout rule which required foundations to

distribute for charitable purposes the greater

of their current investment income or 5 percent

of

thei r investment assets

(both amounts

subject to further adjustments).

Because of the decline in the real value of

foundation securities caused by high inflation

rates and the requirement to pay out their

current investment income (if greater than 5

percent of investment assets), many foundations

opted for a "total return" philosophy on stocks

and bonds which takes into account not only

dividends,

but

also

appreciation.

These

foundations were inclined to hold greater

concentrations of securities which had lower

income yields but the potential for higher

appreciation values.

Under the new payout rule, enacted in late

1981, foundations no longer are required to

make distributions out of current income in

excess

of

5

percent

of their investment

assets.

The new law offers foundations an

opportunity to

restructure their investment

7

portfolios to include securities which produce

higher rates of return. In so doing, yields in

excess of 5 percent could be put back into

their endowments.

While the percent yield on

securities held by larger foundations remains

comparatively low for 1982, the increase in

sales of capital assets mentioned in the

"Sources of Income and Deductions" section

tends to suggest a changing trend in foundation

investment practices.

Market Value

Asset Size

Interest

Investments and Dividend

in

Income From

Securities

Securities Percent

(S Millions) ($ Millions) Yield

Total .......

49,822.6

2,970.2

6.0%

Under

$100,0001 ......

176.9

15.7

8.9

$100,000

under

$1,000,000.....

1,975.8

174.1

8.0

$1,000,000

under

$10,000,000....

8,080.0

566.8

7.8

under

$50,000,000....

10,017.1

646.1

6.5

$50,000,000

or more ......

29,572.8

1,567.5

5.3

$10,000,000

'Includes returns with assets zero or

unreported.

Assets in terms of book value rose at nearly

the same rate as market value assets, by 39

per-cent from 1979 to 1982. Since 1981 was the

first year for which foundations were required

to report their asset components at market

value on the Form 990-PF return, comparisons of

1982 data to earlier years must be presented

using amounts reported on the foundations'

books. Also effective with 1981, the reporting

of securities on the information return was not

required to be separated into stocks, bonds,

and Government obligations as in previous

years. Comparison is therefore limited to the

aggregate amount of securities as reported for

1982. Securities, long the most prominent type

of assets in the portfolios of foundations, continued an upward trend increasing by 89 percent

since 1974 [22]. For all 3 years presented in

the table below, holdings of securities in

terms of their proportion to total assets remained constant at 78 percent.

8

Private Foundations, 1982

Percent

Change,

1979

to 1982

Type of

Asset

Income Year

1974 -1979

1982

T$ B i M'on s) 17

Total ........

25.5

34.7

48.2

39%

SecuritieS2. .. ..

Cash, totaT ....

Savings and

interestbearing

accounts .....

Non-i nterestbearing

accounts ......

Depreciable

assets and

land held for

charitable

purposes .......

Accounts and

notes

receivable .....

Other ...........

19.9

1.2

26.9

2.0

37.4

4.6

39

131

0.8

1.4

4.2

190

0.4

0.6

0.5

-15

ties that were 73 percent higher for 1982 than

they were for 1979.

However, as a ratio to

total assets, liabilities for these 2 years

differed by only 1 percent, with liabilities

for 1979 being 4 percent of assets and for

1982, 5 percent. Traditionally, the proportion

of liabilities has remained relatively low from

year-to-year because foundations normally do

not borrow funds but operate principally using

contributions they recei ve and income from

i nvestments.

(Foundation income from investments which were purchased with borrowed funds

are subject to the unrelated business income

tax under the debt-financed provisions of the

Internal Revenue Code.)

Excise Tax on Net Investment Income

0.3

0.6

1.1

77

1.0

3.1

0.8

4.3

0.9

4.1

22

-5

'Assets used were the book value reported._

'Includes corporate stocks, corporate bonds,

and Government obligations.

The large increase in total cash held by

foundations in general

is

attributable to

savings and temporary cash investments, which

rose by 190 percent between 1979 and 1982. For

foundations with assets of $10 million or more,

Even though a

the increase was 338 percent.

downward trend in interest rates began in

mid-1982, the average

*

annual prime rate was

still significantly higher for 1982 than it was

for 1979,

14.86 percent compared to 12.67

percent.

Still

riding

on

the

thrust

of

interest rates which had reached an all-time

high

during

1981,

foundations

evidently

continued to funnel more income into short-term

investments for 1982.

For foundations with less than $100,000 in

book val ue assets,

hol di ngs of cash and

securities switched their positions of. importance, with cash comprising 41 percent of

assets and securities. ranking second at,-37

percent.

The book value of land and depreciable -assets held for charitable purposes (as

opposed to investment purposes)

also rose

significantly between 1979 and 1982, although.

their dollar amount remained small in relation

to total assets.

There was an increase in all components of

liabilities from 1979 to 1982.

The increases

ranged from 42 percent for mortgages and all

other notes payable to 216 percent for accounts

pay abl e.

Foundations reported total liabili-

Approximately - 24,000 -private

foundations

incurred excise taxes totalling $111.4,million

on their net investment income'for 1982.

The

amount of excise tax reported increased by 78

percent between 1979 and 1982.

The excise tax on net investment income is a

type of "audit" tax levied on foundations under

the Tax Reform Act of 1969 to provide funds for

IRS oversight of foundation activities and

enforcement of laws governing their exempt

status. "Since the excise tax is c6moluted as a

specified

percentage

of

income

earned on

investments

(after

allowance

for

certain

expenses), its burden is borne most heavily by

foundations with mo re successful investment

portfolios [231.

As the asset size of a

foundation grows, it relies more on investments

for the production of income. This results in

larger excise tax payments in proportion to

asset size for the larger foundations.

Charitable Distribut-ions

The

following

discussion

of

foundation

charitable

di stri butions

excludes

operating

foundations. Because they disburse their funds

for the active conduct of charitable projects,

operating foundations are not subject to the

distribution requirement.

All references to

foundations in this section on charitable distributions are for nonoperating foundations.

Private

foundations

are

required

to

distribute

annually

a minimum amount for

charitable purposes.

This computed minimum

amount is based on 5 percent of a monthly

average of

thei r investment assets

after

allowances

are

deducted

for

indebtedness

incurred in acquiring the assets and any cash

reserved for charitable activities. The result

of the computation is called the "minimum investment return." Foundations are then allowed

additional adjustments to the minimum investment

return, including deductions for the excise tax

on net investment income and taxes on any "unrelated business income."

The adjusted minimum

investment return, called the "distributable

I

I

Private Foundations, 1982

amount," is the actual amount foundations must

distribute for charitable purposes during their

annual accounting period.

A foundation is

subject to a two-tier system of penalty taxes

for any portion of the distributable amount

which it fails to pay out for charitable causes

by the end of its next accounting period.

I

Amounts which qualify toward meeting the

minimum required distribution include foundation

expenditures

for

accomplishing

its

charitable

purpose;

program-related

investments; amounts paid to acquire assets directly

used, or held for use, in carrying out its

charitable function; and any amounts set aside

for future payment for a specific charitable

project.

These amounts are called "qualifying

distributions."

Foundations may also utilize

carryovers (amounts paid out in excess of the

amount required) from 5 previous years' grantmaking to meet the minimum payout requirement.

As

discussed

earlier,

the

distributable

amount prior to 1981 was defined as the greater

of

"adjusted

net income"

(current income

derived from the ownership of property or from

income-producing activities, whether charitable

or not, less allowable expenses) or the minimum

investment return.

With the enactment of the

Economic Recovery Tax Act of 1981, Congress

changed the definition to limit the computation

of the distributable amount to the minimum investment return without regard to the adjusted

net income. The change was intended to provide

relief to foundations during a period of high

inflation (1981 saw the height of inflation

rates) [241.

High inflation rates tended to

decrease the real value of a foundation's net

income.

If the distributable amount was based

9

on the entire amount of a foundation's adjusted

net income (the real portion plus the inflationproduced portion), the gradual effect would be

an erosion of the real value of its investment

assets [251.

The data presented in Figure F show the

effect of the 1981 tax law change on the amount

foundations

were

required

to

expend

for

charitable purposes for

1982.

Under the

pre-1982 rules, foundations would have been

required to pay out $4 billion, $1.6 billion

more than was requi red for 1982.

Private

nonoperating foundations for 1982 made qualifying distributions of $4.9 billion, over twice

the amount required to be distributed.

The

effect of the revised distribution calculation

is further demonstrated by a comparison of the

distributable -amount for 1979 to that for 1982,

in constant 1979 dollars,

which shows

a

23-percent real decline between the two years.

Although nonoperating foundations collectively

made qualifying distributions for 1982 that

exceeded

the distributable amount required

under both the existing and previous laws,

organizations with $10 million or more in

assets as a group distributed $126.8 million

less than the amount that would have been

required if adjusted net income had still been

a factor in determining the distributable

amount.

This would be expected since the law

change, limiting the required payout to 5 percent of investment assets, was intended to help

most those foundations which relied more heavily

on investments as a principal source of income.

Based on the higher rate by which their

adjusted net income exceeded their minimum

investment return, it appears on the surface

Figure F.--Nonoperating Foundations:

Comparison of Adjusted Net

Investment Return (MIR), by Size of Total Fair Market Value of Assets

Income

(ANI)

with

Minimum

Dioney amounts are in millions of dollars]

Item

Total

Si ze of Total Fai r Market Value

.O1UU,UUU

$1,000,woUnder

under

under

$100,000

M

$1,000,000

TYT-

$10,000,000

(4)

_'

M

.......

25,363

Number of returns with

ANI greater than MIR .........

17,970

7,007

7,314

2,995

654

Greater of ANI or MIR ..........

MIR ............................

4,097.1

.2,458.3

41.1

21.4

256.8

138.2

827.5

466.5

2,971.7

1,832.3

Difference .....................

1,638.8

19.7

118.6

361.0

1,139.5

Difference as percent of MIR ...

66.7

92.1

85.8

77.4

62.2

Number of returns, total

NM :

DetaTiT may not add t6--tota

8,577

$10,000,000

or more

ecause of rounding.

750

Private Foundations, 1982

10

that the smaller foundations benefited the most

f rom

the

new

provi si on.

However,

small

organizations historically have made charitable

distributions that well exceeded their annual

required minimum.

Unlike small foundations,

most of the money distributed by large foundations for charitable purposes comes from their

i nvestment i ncome.

Since the distributable

amount is dependent on the size of investment

assets, the reduction in the distributable

amount is more significant to large organizations. This concept is discussed more fully in

the analysis of. Figure G data which follows

below.

of all

Eighty-f i ve

percent

nonoperati ng

foundations made qualifying distributions above

the required 5 percent of net investment assets

(after allowed adjustments), and more than half

of these foundations paid out amounts which

While the

were equal to 10 percent or more.

remaining 15 percent made qualifying distributions which were less than the required

percentage,

they may have exercised their

option to combine all or a portion of their

5-year excess distributions carryover with

their current-year qualifying distributions to

fulfill the required distributable amount for

1982.

As noted earlier, no penalty or tax

would have been imposed on a foundation which

did not pay out the required amount for 1982

unless it failed to do so by the end of its

1983 tax year. A small number of those paying

out-less than 5 percent were allowed to do so

because their IRS return was filed for an

accounting period of less than one year.

Figure G graphically measures, through the

use of ratios to total investment assets, how

various asset size classes stack up in a com-

Figure G

Nonoperating Foundations: Required Distributions, Qualifying Distributions, Undistributed

Income, and Excess Distributions Made for 1982, By Size of Total Fair Market Value of Assets

100

= Required Distributions (Distributable Amount)

95

Actual (Qualifying) Distributions

= Undistributed Income

90

Excess Distributions Made for 1982

85

80

Percent

of

75

Investment

Assets

20

16.5%

15

12.9%

10

7.6%

$100,000

under

$1,000,000

$1,000,000

under

$10,000.000

Fair Market Value of Assets

$10,000,000

or more

Private Foundations, 1982

pari son

of

charitable

distribution

items.

While the smallest foundations made philanthropic di sbursements which were extremely

large in proportion to their investment assets,

the aggregate distributions of the other asset

classes still exceeded the required amount.

It is important to differentiate between

small (assets under $100,000) and large (assets

of $10 million or more) foundations by each

group's principal source of income and how it

affects their qualifying distributions.

When

income sources are considered, the dramatic

decreases in qualifying distribution percentages that accompany increases in asset size are

more understandable.

Since the distributable amount is based on a

percentage of

investment

assets,

and

the

principal source of income for large foundations is their return on investments, it is not

surprising that the amount of their qualifying

is

the

distributions

relatively close to

required distributable amount. Small organizations generally make qualifying distributions

which are much higher than those requi red

because the contributions they receive, which

comprise most of their income, are not taken

into account in computing the distributable

amount. In fact, as a percent of their assets,

contributions received by small organizations

for 1982 equalled 53.4 percent compared to 2.9

percent when calculated for large foundations.

Traditionally,

small

foundations not only

serve as a conduit for all of the contributions

they receive, but they pay out substantially

more of their income as well.

To illustrate

further the effect that the omission of contributions from the distributable amount had on

the required and actual payouts of the two

asset groups, contributions received for 1982

as a percentage of their respective distributable amounts were 806 percent for small

foundations compared to 68 percent for large

foundations.

The 1982 undistributed income (the portion of

the

required

distribution

which

was

not

actually paid out as a qualifying distribution

for 1982) of all asset groups appears to be a

fairly stable proportion of their investment

assets, ranging from 1.1 to 1.5 percent.

As would be expected because of their direct

relationship

to

qualifying

distributions,

excess distributions for 1982 (amounts paid out

which were in excess of the amount required)

were much

higher,

rel ati ve

to

investment

assets, for small foundations than for large

foundations.

After

applying

their

1982

qualifying distributions toward any prior-year

undistributed

income

and the

current-year

distributable amount, foundations made excess

distributions for 1982 of $1.6 billion.

11

Legislative Analysis

Following is a brief analysis of major tax

law changes affecting private foundations from

1969 to 1 984. For a more in-depth account of

private foundation legislation, see the Appendix at the end of this article.

The Tax Reform Act of 1969 was the f i rst

comprehensive piece of legislation affecting

private foundations.

Recommendations for increased Governmental regulation of foundations

from a Treasury Department study (described in

the Appendix to this article) and heightened

public concern over reported controversial

foundation activities culminated in hearings of

the House Ways and Means Committee in early

1969.

The Committee's findings led to the

passage of the 1969 Act. The provisions of the

1969 Act covering foundations were enacted to

correct and prevent any real and potential

abuses of their charitable status.

Enactment of the Economic Recovery Tax Act of

1981 afforded individuals who could not itemize

their deductions the tax benefit of deducting

charitable contributions.

Congress believed

this would stimulate charitable giving and

provide

funds

to

nonprofit

organizations

providing services which the Federal Government

might otherwise need to fund.

This provision

terminates after 1986, so that its effectivebe

ness

in

stimulating contributions can

analyzed. The 1981 Act also changed the method

of computing the minimum payout requirement in

an effort to provide relief to foundations from

the effects of high inflation.

Many of the foundation provisions of the Tax

Reform Act of 1984 provide tax incentives and

remove regulatory restraints in an effort to

encourage the formation of new foundations.

Provisions of the tax bill which are expected

to promote philanthropic giving are increased

deductibility allowances for individuals' gifts

to charities, the 1-percent reduction in the

2-percent excise tax if a 5-year average of the

foundation's qualifying distributions increases

by a like amount, and a change in the minimum

payout rule that limits the amount of administrative expenses incurred in the making of

grants that may be treated as qualifying distributions.

The Treasury Department has been

directed to study the effects of the new payout

requirement, which expires on December 31,

1990, unless Congress acts to continue it.

SUMMARY

For

1982,

approximately

28,500

private

foundations

spent

over

$5.2

billion

for

philanthropic purposes.

Of this expenditure,

$4.4 billion was in the form of grants made to

tax-exempt

organizations

di rectly

operating

charitable programs.

12

Private Foundations, 1982

In 1979 dollars, total fair market value of

assets for 1982 increased by 11 percent over

1979.

Despite erratic shifts in the economy

between 1979 and 1982, foundation interest and

dividend income, the primary aggregate income

source, rose by 56 percent over 1979.

A 1981 tax law change, intended to provide

rel i ef to foundations from high inflation,

effectiv6ly lowered the amount foundations were

The new law

required to distribute for 1982.

seemed to have a positive effect on many

foundations and had no apparent negative impact

on the amount of qualifying distributions made

for-philanthropic purposes.

DATA SOURCES AND LIMITATIONS

The statistics in this article are based on a

sample of 1982 Income Year private foundation

returns, Forms 990-PF, filed with the Internal

Revenue Service and having accounting periods

ending December 1982 through- November 1983.

Forms 990-PF filed by nonexempt charitable

trusts and certain taxable foundations were

The sample was

excluded from the study.

stratified based on size of total book (ledger)

value of assets and selected at rates that

ranged from 0.7-percent to- 100 percent. There

were 1,309 returns in the sample drawn from an

estimated population of 28,468.

The 1982 sample was designed to provide the

most reliable estimates -of total assets and

total income using limited resources (budgetary

constraints necessitated a very small sample

The methodology employed to obtain the

size).

desired results was to include in the sample

all returns with assets (book value) of $10

million or more, the category where the highest

The

634

concentration of assets exists.

returns in this group accounted for approximately 70 percent of total assets and 50

The remaining 675

percent of the sample.

returns in the sample were randomly selected at

various rates, depending on their asset size.

Due to the small number of sample returns

selected to represent the population of returns

with assets worth under $100,000 (99 sample

returns), the statistics presented for this

group are subject to significant sampling

variability and should, therefore, be used with

caution.

The population from which the sample was

drawn consisted of the latest private foundation records on the IRS Business Master File.

Determinations of active filing status were

made regarding the sample records. Some of the

records drawn were deemed inactive (no return

had been filed for at least 3 years), terInactive

minated, or not yet filed for 1982.

and terminated private foundations were not

reflected in the estimates.

Prior-year -returns

were substituted for the small number of large

private foundations for which a 1982 return had

not yet been filed or was unobtainabl'e for inSample weights applied

clusion in the study.

to small organizations were revised upward to

compensate . for missing returns in the latter

category. Asset distributions i)resented in the

1982 tables have been comDressed dup to the

small - numbers of returns with assets less than

$10 million selected for the sample.

Because the data presented in this article

are estimated based on a sample, they are subject to sampling error, as well as nonsampling

error.

'To -.use - the stati stical data properly,

the magnitude of the sampling error should be

Coefficients of variation (CV's) are

known.

used to measure that magnitude.

The table below presents an estimate of the

sampling error, expressed as a coefficient of

variation, for frequency estimates of private

foundation returns with less than $10 million

Returns reporting assets of $10

in assets.

million or more were selected at a rate of 100

is

not

percent;

therefore,

this category

The approximate

subject- to sampling error.

CV's shown here are intended only as a general

indication of the reliability of the data.. For

a number other than those shown below, the

corresponding 'CV's- can be estimated by ihterpolation. ,

Estimated Number of Returns

by Size of Total Assets'

Under

$100,000

$100,000

$1,000,000

or Not

Under

Under

Reported $1,000,000 $10,000,000

Approximated

Coefficient

of Variation

9,683

4,126

1,810

1,010

463

.05

.07

.10

.15

.20

.30

14,584

6,482

3,683

1,620

3,567

1,897

928

412

237

103

'Total assets used were the book value reported.

The uppermost number in each column is

the actual total number of returns in the asset

class.

A discussion of the reliability of estimates

based on samples and the use of coefficients of

variation

for evaluating

the precision of

sample estimates can be found in the general

Appendix to this publication.

EXPLANATION OF TERMS

Non-tec hnical terminology has been used in

this article, wherever possible, to assist in

the understanding of the statistical content.

However, in Tables 1-6, the technical terms are

used as they appear on the tax return form.

Private Foundations, 1982

Therefore, to assist users of these data, explanations of some of these teryns are provided

wi th both thei r technical and nontechnical

meanings.

(The latter are denoted in parenA more comprehensive explanation of

theses.)

terms appears in Statistics of Income--19741978, Private Foundations (see reference L22J).

Adjusted Net Income (Receipts Less Expenses)

item

represented

the gross income

This

derived from, or in connection with, property

held by the foundation or from income-producing

activities reduced by allowable deductions. It

net short-term

included

investment income,

capital gain, repayment of "qualifying disfrom

business

tributions,"

gross

profit

activities, and certain miscellaneous income.

Excluded from income were gross contributions,

gifts, and grants (received); contributions

f rom split-interest trusts; gross dues and

assessments; net long-terTn capital gains; and

net short- and long-term capital losses.

Distributable Amount (Required Minimum

Distribution)

Distributable amount was the foundations'

minimum investment return" less taxes on net

investment

income

and

unrelated

business

The

income,

and

net of a ny

adjustments.

distributable amount represented the minimum

payout which had to be distributed by the end

of the year following the year for which the

return was filed in order to avoid payment of

an

excise

tax

for

failure

to

currently

distribute income.

payouts to other private foundations, if the

recipient foundation agreed to distribute the

same amount for charitable purposes by the end

of the following tax year.

In addition, funds

set aside for major tax-exempt projects were

also included.

Qualifying distributions were

creditable

against

a

private

foundation's

obligation

to

pay

out

its

"distributable

amount."

Value of Noncharitable Assets (Investment

Assets)

For

purposes

of

calculating

11minimum

investment return," only the assets that were

not used or held for use for exempt purposes

entered into the computation. An asset was not

used directly in carrying out the foundation's

exempt purpose if the asset was not used in the

carrying on of a charitable, educational or

other similar function which gave rise to the

exempt status of the foundation.

NOTES AND REFERENCES (to Article)

[11

Data cited for 1979 are from Petska,

Thomas B., "An Examination of Private

Foundations for 1979, " Statistics of

Income Bulletin, Fall 1982, Volume 2,

Number 2.

E 21

All inflation-adjusted figures cited in

this article have been derived using the

Gross National

Product Implicit Price

Deflator.

See

U.S.

Department

of

Commerce, Bureau of Economic Analysis,

Survey of Current Business, 1974, 1979,

anETM-2-7

[31

Since the returns selected for the 1982

study form a panel to be studied in

successive years, the question of an

actual decline in the foundation birth

rate

will

be

investigated

as

these

foundations are tracked from year to year.

[4]

Under

Internal

Revenue

Code

section

6104(b), the Internal Revenue Service can

disclose to the public the information

which is

required to be reported on

private foundation information returns.

L5J

The

contribution

data

presented

for

i ndi vi dual s,

corporations,

bequests,

trusts and estates were obtained from

income tax returns and are subject to

certain limitations inherent in the use

of administrative records.

The use of

these data is intended here as a general

measure for comparison with foundation

charitable giving, and may not necessarily represent contributions actually

paid or received in a given tax period.

Factors which can affect the amount of

contributions reported on certain tax

returns are a limitation on the amount

01

IExpenditures for Exempt Purposes (Philanthropic

or Charitable Spending)

These deductions represented expenditures for

activities that were directly related to the

tax-exempt

purposes

of

the

foundation.

Included

were

necessary

and

reasonable

administrative expenses paid for charitable,

scientific,

educational,

or

other

similar

purposes.

These amounts were determined solely

on the cash receipts and disbursements method

of accounting.

Minimum Investment

Ts`se_

tsT_

Return

(Fixed

Percent

13

of

This was the aggregate fair market value of

assets not used for charitable purposes less

the sum of indebtedness incurred to acquire

those assets and cash held for charitable

activities, multiplied by 5 percent.

Qualifying Distributions (Actual Distributions)

These were direct expenditures for charitable purposes or for assets used for such

purposes.

They included payouts to public

and

charities

and

operating

foundations,

I

14

Private Foundations, 1982

which can be deducted, allowance of a

disallowed contributions

carryover of

from previous years and, in the case of

fiduciary returns (trusts and estates)

an election to treat contributions mad~

in one taxable year as being paid in the

The charitable

preceding taxable year.

bequest data were obtained from a study

of estate tax returns filed with gross

Had the

estate of $300,000 or more.

bequests of persons- with estates less

than $300,000 been included, it is estimated -that -the amount shown would have

been approximately 10 percent higher.

[61

[71

U.S. Department of the Treasury, Internal

Revenue Service, Statistics of Income-1982, Individual Income Tax Returns, pp.

-54 and 61.

foundations

company-sponsored

Includes

which -filed a Form 990-PF, Return of

Private Foundation, for 1982.

[81

U.S. Department of the Treasury, Internal

Revenue Service, Statistics of Income-1982, Corporation Source Book, p. 8.

[91

U.S. Department -of the Treasury,- Internal

Revenue Service, Statistics of Income

Division, unpublished table of estate tax

returns filed during 1982.

Estep, Gary J., "Fiduciary Income Tax

Statistics of Income

Returns,

19829"

Bulletin, Spring 1985, Volume-4, Number

T,-p`p_._49 and 56.

[101

[151

[161

[171

U.S

Department of Commerce, Bureau of

Eco~omic Analysis, Handbook of Cyclical

Indicators, 1984, p. 99.

[18]

Ibid., p. 143.

1-19]

L

Individual data for 1979 derived from

U.S. Department of the Treasury, Internal

Revenue Service, Statistics of Income-Income Tax Returns1979,

Individual

Data for 1982 were derive~

Table 1.3.

from the same publication, 1982 edition,

Table 1.4.

The Commission on Foundations and Private

Philanthropy, Foundations, Private Giving,

sity

and Public Policy, The Chicago Univ~_rPress, 1970.

Federal Reserve Bulletin, March 1985,

Table 1.

for 1974 are from U.S.

Data cited

Internal

Department of the Treasury,

Revenue Service, Statistics of Income-1974-78, Private Foundations.

[201

21.1

[221

[11

[121

[131

[1 41

Data were derived from The Foundation

Center, National Data Book, 9th Edition,

9-706.

New York: 1985, pp.

For readers who are familiar with the

Return

terminology used on Form 990-PF

',

following

the

of

Private Foundation,

clarification of income statement terms

used in this article and- related tables

is provided. Total "receipts" is comparabl e to total "revenue" (Part I, line 13,

column A); total "deductions" is comparable to total "expenses" (Part I, line 24,

column A); and "net income (less deficit)"

is comparable to "excess of revenue over

expenses" (Part 1, line 25(a), column A).

U.S.

Department of Health and Human

Services, Social Security Administration,

Social Security Bulletin: Annual StatisSocial

tical Supplement, 1983, p. 00.

di rec t

expenditures

include

welfare

Government disbursements to the aged,

and poor,

plus

disabled,. unemployed,

expenditures

for

schools,

Government

hospitals, and other similar facilities.

[231

Hopkins, Bruce R., The Law of Tax-Exempt

Organizations, Third Edition, John Wiley

and Sons, Tnc., 1979, pp. 475-476.

[241

See Joseph, James A., Private Philanthropy and the Making of Public Policy,

D.C.:

The

ounc-iF- on

Washington,

(PresiFoundations, 1985, pp. 24-36.

dent's platform presented at the 36th

on

annual

Conference of the Council

Foundations held on April 24-26, 1985.)

[251

U.S. Congress, Joint Committee on Taxation, General Explanation of the Economic

Recovery Tax Act Of Ml (Public Law

97-34), U.S. GoverniFe-ntPrinting Office,

December 31, 1981, pp. 366-367.

For detailed discussions of the effect on

foundations of the pre-1981 requirement

to distribute their actual income if it

was higher than their minimum investment

return, see Steuerle, Eugene, "Pay-out

Requirements for. Foundations," in Research Papers Sponsored by The Commission

a n a7-Pu-5T1c

Philanathropy

on

Private

Needs, Volume III, Special Behaviorial

and Co~

orat~

ions,

Studies, FounUati ons

U.S. Department of the Treasury, pp. lbbJ78, and Williamson, J. Peter, "Inflation

and the Foundation Payout Rate," Foundation News, March-April 1981, Volume

Numbe

pp. 18-24.

Nason, John W., Trustees and the Future

of Foundations, New York, Council on

Foundations. T979, p. 3.

Sugarman, Norman A., "Community Foundations," Research Papers Sponsored by the

Commission on Private Philanthropy and

Public Needs, Volume 111, Special BeFoundations,

Na-v-1 or-aT-- 5 t Ud 1 e s ,

U.S.

Department of TFe

Co rporati ons,

Treasury, 1977, pp. 1692-1693.

Private Foundations, 1982

APPENDIX:

HIGHLIGHTS IN FOUNDATION LEGISLATIVE HISTORY

Since this study is the first in an annual

Statistics of Income (SOI) series designed to

track and report on private foundation trends

and changes in reporting patterns, it seems

appropriate to provide, as background information for future SOI reports on foundation data,

a historical review of major private foundation

legislation [11 [2].

Foundations, which (as we know them today) had

their beginnings around the late 1800's [31,

have had their share of proponents and opponents

alike

throughout

their

existence.

Some

question their qualification for tax-exempt

status because of their narrow base of support

and the advantageous tax treatment given to

their usually wealthy donors.

Others see

foundations as playing a key role in meeting

public needs by funding continuing non-profit

projects or by supporting innovative or risky

undertakings which could not be funded by more

conventional

sources.

Throughout foundation

history, Congress has recognized the need for

Government

regulation and public accountability, yet has maintained that foundation

philanthropic activities are deserving of tax

exemption.

The following historical account

summarizes major legislative events affecting

private foundations.

1917

Individuals allowed deductions

charitable contributions.

1934

Law passed prohibiting tax-exempt

-charitable organizations from lobbying.

Corporations allowed deductions for

charitable contributions.

1943

Passage of the Revenue Act of 1943.

Required certain tax-exempt organizations, including foundations, to

file annual information returns.

s 1947-48

Hearings held by the House Ways and

Means and the Senate Interstate and

Foreign

Commerce

Committees

on

foundation activities. No legislative outcome.

1952-62

taining their findings and recommendations but no legislative action

was taken.

- House Select Committee to Investigate and Study Educational and

Philanthropic

Foundations

and

other

Comparable

Organizations

Which are Exempt from Federal

Taxation, Chaired by Rep. Eugene

E. Cox. (Established in 1952.)

- House Special Committee to Investigate Tax-Exempt Foundations and

Comparable Organizations, chaired

by Rep. Carroll B. Reece.

(Established in 1953.)

- House Select Committee on Small

Business, Chaired by Rep. Wright

Patman.

(Establ i shed in 1962;

last installment of eight reports

issued in 1972.)

e 1965

U.S. Treasury Department Report on

Private Foundations issued. Treasury concluded that while private

foundations play an important role

in our society and generally operate

free of abuse, serious problems did

exist among a small number of them.

The study resulted in extensive

recommendations for dealing with

six categories of major abuses. No

immediate legislation was passed.

1969

Passage of Tax Refonn Act of 1969.

The 1969 Act for the first time

defined private foundations in the

Internal Revenue Code,

subjected

foundations to an excise tax on

investment income (to cover the

cost of IRS oversight), and imposed

a two-tier system of penalty taxes

foundations

that engage

in

on

11prohibited

acts."

Provisions

taxes

on

dealing

with

penalty

prohibited

acts

included

the

following:

for

1935

e 1950

is

Passage of the Revendb Act of 1950.

Imposed regulations on foundations

regarding unrelated business income,

excessive accumulation of income,

prohibited activities, and public

disclosure of annual

information

returns.

Several

Congressional

committees

established to investigate alleged

abusive foundation activities. The

committees each issued reports con-

- taxes

on

self-dealing

(transactions between a foundation and

a disqualified

person.

E.g.,

lending money; sale, exchange or

leasing of property; transfer of

foundation income or assets to

disqualified persons).

- taxes on undistributed income (the

amount required to be distributed

in a given tax year for charitable purposes which the foundation fails to pay out by the end

of the following tax year).

16

Private Foundations, 1982

- taxes on excess business holdings

(amount by which stockholdings or

other interest in a

business

enterprise exceeds the amount of

permitted holdings).

1981

- taxes on investments which jeopa rdi ze the carrying out of a

foundation's exempt purpose (the

lack of ordinary care and prudence

in

making

investment

decisions).

- taxes on taxable expenditures

includes engaging- in nonexempt,

political, or legislative activities; and disbursements of

funds to other organizations or

i ndi vi dual s, without sufficient

oversight to ensure the funds are

used exclusively for exempt purposes).

1973-74. Hearings on a variety of private

issues

foundation

held

by

the

following Congressional committees,

but no legislation enacted.

- Subcommittee on -Domestic Finance

of the House Committee on Banking

and Currency (on compliance of

private

foundations

wi th. provisions of the Tax Reform Act of

1969).

- House Ways and Means Committee

(on

tax

treatment

of

private

foundations).

- Subcommittee

on Foundations of

the

Senate

Finance

Committee

(1973. hearings on the role of

foundations in society and the

impact of the provisions of the

Tax Reform Act of 1969; 1974

hearings to determine the influence of private foundations on

public

broadcasting;

additional

1974 hearings on the impact of

the economy on private foundations and their grant recipients).

1976

Legislation enacted to change the

required minimum payout to charity

from 6 percent to 5 percent of

market value investment assets for

accounting

periods

beginning in

1976.

Passage of the Economic Recovery

Tax Act of 1981.

Allowed individuals who could not itemize their

deductions to deduct part of their

charitable

contributions

anyway;

provided favorable tax treatment

for corporate charitable donations

of scientific equipment; and restricted the minimum payout computation base to investment assets,

without regard to the amount of the

foundation's income for the year.

1983

Hearings held by House Subcommittee

on Oversight of the Ways and Means

Committee on the impact of the Tax

Reform Act of 1969 on ' p ri vate

foundations.

1984

Passage of the Tax Reform Act of

1984. Its major private foundation

provisions include the following:

Limitation on the amount of grant

administrative expenses which can

be applied toward meeting the

minimum payout requirement.

The

Act also directed the Treasury

-Department to- conduct -a study of

foundation

administrative

ex.pens6s.

This

provision

terminates on December 31, 1990.

- Waiver 'of the 2-percent excise

tax for a

new classification

called "exempt operating foundations" and reduction in the tax

to 1 percent for nonoperating

foundations if a 5-year average

of their qualifying distributions

increases by a like amount.

- Extension

of

the

divestiture

period for excess business holdings under certain circumstances.

- Authority granted to IRS to abate

the first-tier penalty tax on

prohibited, foundation activities

(except self-dealing) when reasonable cause for the violation

can be proven. .

e 1978

Legislation enacted to change the

excise tax on net investment income

from 4 percent to 2 percent for

domestic foundations.-

- Definition of "family members" of

a substantial contributor modified

to treat as a "disqualified person"

only

those

descendents

through the great grandchildren

level.

Substantial

contributor

status is terminated if no connection with the foundation can

be demonstrated for a 10-year

period.

1980

Legislation enacted to simplify IRS

reporting

requirements placed on

private foundations.

- Directive issued to the Treasury

Department to review the expenditu re

re sp ons i bi 1 i ty

regulations

I

Private Foundations, 1982

(requiring oversight of certain

organizations to which grants are

made) to determine if they are

overly burdensome; to extend to 5

years the advance ruling period

during which a new organization

is treated as a public charity;

and to permit donor foundations

greater reliance an IRS rulings

for making grants to such new

organizations.

Increase in the deductible portion

of an individual's gift to a private foundation from 20 percent

to 30 percent of adjusted gross

income, except for donations of

appreciated property (which remain deductible up to 20 per-cent).

Appreciated publicly-traded stock

17

can now be deducted at fair market

value, subject to a limitation of

not more than 10 percent of all

the stock of a given company.

REFERENCES (to Appendix)

[I]

"Philanthropy Goes to Congress," Foundation News, May-June 1983, pp. 12-21.

[21

Feller, Nancy, "1984 Tax Reform Act,"

Non-Profit Organizations: Current Issues

and Developments, Practicing Law Institute, Course Ra-n-dbook Series Number 217,

December 1984.

[31

The Foundation Center,

Directory, 8th Edition,

p. xiv.

The Foundation

New-York, T98%

18

Private Foundation Information Returns, 1982

Table I.-Number of Foundations, Total Receipts and Total Deductions, Net Investment Income and Tax, Total Assets, Net

Worth, and Distributions, by Type of Foundation and Size of Total Fair Market Value of Assets

[money amounts are in thousands of dollars]

Total receipts

Numbe

Size of tot al

fair market value of assets

of

return

Number of

returns

Amount

Number of

rettims

"m

(1)

(2)

(3)

(4)

(5)

All foundations, total .................................

28,468

27,603 9,126,529

Zero. negative or unreported ............................

$11 under $100, 000 .........................................

$ DO ,000 under $1,000.000 .............................

$1 ,000.000

nder $10,000,000 .........................

$25000000 ........................

$10 ,000.OU

$25 .D00. 000 under $50:000:000 ........................

$50 .0D0. 000 under $100,000.DDO ......................

$100,000,001) or more ....................................

1.515

13,237

9,125

3,771

493

162

85

80

Nonoperating foundations, total .............

25,363

Zero. negative or unreported ...........................

$1 under $100 ,000 ...................... .................

$100,000 under $1 , 000 ,000 ..............................

$1 ,000 ,000 under $10,000 ,000 .........................

$10,000 ,000 under $25,000,000 ........................

$25,000 ,000 under $50,000,000 ........................

$50,000 ,000 under $100,000,000 ... ...................

$100,000,000 or more ....................................

1,515

11,175

8577

3:346

459

143

75

73

1,368

12,6D6

6,906

264,945

9,040

3.771

492

161

85

80

662,390

2.097,182

1.010,618

767,421

1,165,244

3,151,824

24,540 8,077,449

1,368

10,543

- 8,535

3,346

458

142

75

73

6,906

235,993

631,152

1,695.040

'915,955

677,744

1.055,625

2,859, 034

_

Numbw Of

raturns

27,645 5,834,328

1.515

12,500

9,D40

3.771

492

161

85

80

Ouafitying contributions,

gifts. and grants paid

Disbursements for

exempt purposes

Total deductions

1,515

10,438

8,535

3,346

458

142

75

73

6,721

425,797

490,555

1.228,612

693,288

423.874

487,175

1,504,744

(7)

(8)

26,410 5,156,993

6.721

458,142

524.324

1,515.561

746,510

473,535

527,937

1,581.598

24,582 5,260,767

Amount

Number of

retums

* 1.073

11.869

8.914

-6,280

444.940

483,780

3,741

490

159

84

80

1,431,404

664,048

406,261

474,789

1,245,491

23,599 4,670,649

-

Net income

(less; deficit)

Amount

Number

r'b'of

Amount

(9)

(10)

(11)

-

23,306 4,429,979

.111,

9,659

8,577

3.419

462

ISO

78

77

-5,621

406,020

455,477

1.142,658

585,549

339,597

413,269

1,081.789

22,044 4,364,340

-5,621

401,734

447.407

27,108 3,292,200

* 1.073

12,50()

8,956

3,761

491

161

85

80

-6,280

414,887

456,935

1,174.197

619,961

362,808

446,331

1,189,250

*884

8,923

81198

3,305

449

139

74

73

410,608

1,070,826

*1,073

10,585

8,451

3,336

457

142

75

73

2,811

486,344

1,262

-

-189,805

140,596

466,428

222,668

253.870

568,450

1,354,290

3,105

3,063 1,049,080

3,063

573,561

65,639

2,916

475,619

-

-

-

-

-

-

-

-

-

-

-

$50, 000,000 under $100,000,000 ......................

$100,000,000 or more ....................................

2,062

547

425

34

119

0

7

2,062

505

425

34

9

1

10

7

28,952

31,238

402,141

94,662

89677

109:619

292,791

2,062

505

425

34

9

1

10

7

32,345

33.769

286,949

53,222

49,660

40,762

76.854

1.915

421

405

34

19

10

7

30,053

26.845

257,207

"'088

43,453

28,458

56,240

114

13

11

4

4

24,501

12,869

2,291

2,661

10,962

1.915

505

425

34

19

10

7

-3,393

-2,531

115,193

41,440

40,017

68,857

215,937

Grantmaking foundations, total ..............

23,306

Operating foundations, total ...................

Zero. negative or unreported ...........................

$1 under $100,000 ........................................

$lDO, 000 under $1,000,000 .............................

$1 , 000 ,000 under $10,000,000 .........................

$10, 000,000 under $25.000,000 ........................

$25. 000,000 under $50,000,000 ........................

Zero, negative or unreported ..............

; .......

$1 under $100 ,000 .........................................

$100,000 under $1 . 000,000 ..............................

$10

,

000,000

..........................

$1 ,000 ,000 under

$10,000 ,000 under $25,000,000

$25,000 .000 under $50,000,000 .............. * ... -* ...

.......................

***.......

$50,000 ,000 under $100,000,DOO...............

$100,000,000 or more .....................................

9,659

8,577

3,419

462

150

78

77

Grantmaking-nonoperating

foundations, total ........................ E: ............

22,044

23,159 8,441,654

.884

9,512

8,577

3,419

462

ISO

78

77

220.764

632,560

1,764,636

937,335

702,732

1,116.349

3,062,314

21-1897 7,982,283

.(M

$100,000,000 or more ...................................

8 ,923

198

0

':

33

5

"g

139

74

73

8,775

8198

3305

449

139

74

73

*5.064

216 .694

607,200

1,686,370

894,052

670,383

1,043.484

2,859,034

Nongrantmakin nonoperating

foundations, Io

-tal ..................................

3,318

2,643

95,167

."I"

- 1,1142

19,299

'23,951

-8,670

21,903

7,361

12,141

Zero, negative or unreported ..........................

$1 under $100,000 .......................................

$1 DO ,000 , under $1 ,000,000 ............................

$1 ,000, 000 under $10 ,000,000 ........................

$10 ,000, 000 under $25,000 ,000 .......................

$25 .000, 000 under $50,000 ,000 .......................

$50 ,000, 000 under V00,000,000 ................ ....

Zero, negative or unreported ...........................

$1 under $100.000 ........................................

$100.000 under $1,000,000 .............................

$1 ,000,000 under $10 ,000 ,000 .........................

$10,000,000 under $25,000,000 ........................

$25,000.000 under $50,000,000 ........................

$50,000.000 under $100,000,000 ......................

$100,000,000 or more .................................... .

Foomotes at end of table:

2,252

10

4

1,768

*337

*41

9

3

1

23,306 5,398,386

9,659

8,577

3,419

462

150

78

77

-5,901

. 413,997

511,847

1,269,654

698,857

443,303

499,798

1.555,030

22,044 5,197,952

*884

8 ,923

8,198

3,305

449

139

74

73

-5,901

409,157

485,278

1.220,806

672,619

416,495

482,954

1,504,744

2,538

62,815

1,515

*337

*41

9

3

1

16,641

-5, 277

-7.807

20,668

7,380

4,222

23,306 4,825,580

.1w

9,659

8,577

3,419

462

150

78

77

*5.900

409,736

479,618

1,215,777

631.492

385.641

461,036

1.236,380

22,044 -4,640,110

23,306 4,429,979

*884

9.659

8,577

3,419

462

150

78

77

-5,621

406,020

455,477

1,142,658

585.549

339,597

413,269

1,081,789

22,044 4,364,340 7

23,063 3,043,267

9,659

8,493

3,409

461

150

78

77

837

-193,233

120.712

494,882

238,478

259,429

616,551

1.507,284

21,802 2,784,329

8,923

8,198

3,305

449

139

74

73

-5,900

405,415

454,917

1,168,107

608,343

361,847

"(5,331

1,189,250

8,923

8,198

3,305

449

139

74

73

401,734

447,407

1,118,157

572,680

337.306

410,608

1,070,826

8,923

8,114

3,294

448

139

74

73

837

-192,463

121,922

465,565

221,433

253,889

560.531

1,354,290

1,554

30,540

-

-

2,390

32,352

1 ,663

*337

-1,022

2, 658

18,674

9

3

1

1,234

-19

7 ,919

- 1,031

*295

*31

7

1

-

-9 ,472

-2,018

-6,090

11,618

961

-

I

24,192 2,816,681

-1,073

9,954

8,493

3.336

456

140

74

73

1,118,157

572,680

337,306

-193,198

138,065

581,621

264.108

293,886

637,306

1.570,226

i

Private Foundation Information Returns, 1982

Table I.-Number of Foundations, Total Receipts and Total Deductions, Net Investment Income and Tax, Total Assets, Net

Worth, and Distributions, by Type of Foundation and Size of Total Fair Market Value of Assets - Continued

19

(Money amounts are in thousands of dollars)

Net,mvestmemt

noome

Net income

Size of total

fair market value of assets

N u mb er of

returns

Amount

(t 3)

16,044 4,Y7-4 ,832

(12)

All foundations, total .................................

Zero, negative or unreported ............................

$1 under $100,000 ........................................

$10o,000 under $1,000,000 .............................

$1.000,ODO under $10,000.000 .........................

$10,000,000 under $25,0D0.000 ........................

$25.000.000 under $50,000,000 ........................

$50,000,000 under $100,000,000 ......................

$100,DOO,000 or more ....................................

Nonoperating foundations, total ............

Zero, negative or unreported ...........................

$1 under $100.000 ........................................

$100,000 under $1,000,000 .............................

$1.000.000 under $10.000,000 .........................

$10.000,000 under $25,000,000 ........................

$25,000,000 under $50,000,000 ........................

$50,000,000 under $100,000.000 ......................

$100,000,000 or more ....................................

Operating foundations, total ...................

Zero, negative or unreported ...........................

$1 under $100,000 ........................................

$100,000 under $1,000,000 .............................

$1,000,000 under $10,000,1300 .........................

$10,000,000 under $25,000,000 ........................

$25,000,000 under $50,000.000 ........................

$50.000,ODO under $100,000,000 ......................

$100,000,000 or more ....................................

Grantmaking foundations, total ..............

Zero, negative or unreported ...........................

$1 under $100,000 ........................................

$100,000 under $1,000,000 .............................

$1,000.000 under $10,000.000 .........................

$10,000,000 under $25,000.000 ........................

$25,000.000 under $50,000,000 ........................

$50,000.000 under $100,000,000 ......................

$100,000.000 or more ....................................

Grantmaking-nonoperating

foundations, total ..................................

Zero, negative or unreported ...........................

$1 under $100,000 ........................................

$100.000 under $1,000,000 .............................

$1,000,000 under $10.000,000 .........................

$10,000,000 under S25,000,000 ........................

$25,000,000 under $50,000,000 ........................

$50,000,000 under $100,000,000 ......................

$100,000,000 or more ....................................

Nongrantmaking-nonoperating

foundations, total ..................................

Zero, negative or unreported ...........................

$1 under $100,000 ........................................

$100,000 under $1,000,000 .............................

$1,000,000 under $10,000,000 .........................

$10,000,000 under $25,000,000 ........................

$25,DOO,000 under $50,000,000 ........................

$50.000,000 under $100,000,000 ......................

$100.000,DDO or more ....................................

Footnotes at end of table.

6,376

6,041

2,547

341

123

71

61

-1,048

41.734

246,205

775,798

373.r.46

366.377

674,890

1,795,134

14,714 3,773,644

.411

5,640

5.788

2,266

308

109

62

56

-1,048

37,928

242,921

655,270

331,917

322,544

605,529

1,576,487

1,330

-

Number of

returns

Amount

(14)

(15)

25,442

5,590,700

9,954

8,788

3,699

488

160

84

80

44,233

308.285

1,095,371

657,514

544,544

578,577

2.361,743

21,496 5,090,322

39,394

296,574

1,002,737

619,800

479,874

526,118

2,125,392

1,947 500,378

-1,031

-4,839

463

11,711

384

92,634

33

37.714

19

64.670

9

52,459

7

236,352

21,052 5,357,394

12,727 3,733,303

* 147

4.314

34,258

5.494

224,003

2,246

653,352

302

326,017

107

321,550

61

597,610

56

1,576,487

19,949 5,064,645

7,744

8,030

3,294

448

138

74

73

37,418

286,004

999,689

613,287

477,718

525,118

2.125,392

1,987

1,547

25,677

*41 5

-1,975

'10,570

*3,048

6.513

2,156

1,000

.1

'3

.295

'21

6

2

1

-

*18.919

-1.918

5.900

993

7,919

-

8,334

8.409

3.399

460

149

78

77

.1 1 178

.295

*21

7

3

1

41,071

295,330

1,019.060

632,769

502,684

555,274

2,311,186

Excise tax on net investment income

Num ber o f

returns

Amount

(16)

(17)

Domestic onganizations

Total

amount

5,513 11,79_4,i_67~

Foreign organizations

Number of

returns

Amount

Number of

returns

Amount

(18)

(19)

(20)

(21)

(22)

:F1 1,440

23,385

110,651

54

789

.9

-

40

89

112

502

-

.9

-1,885

65.742

244,538

171,373

141.992

202.586

926,549

881

6,187

21,907

13,187

10,876

11,628

46,767

9,954

8,746

3.699

482

155

82

78

881

6,141

21,907

13,147

10,787

11,515

46,265

'42

5

4

2

1

4,827 1,561,047

102,138

*737

2,210

2,02

32,,1

102

58

62

21,440

101,349

54

789

-

.9

.9

63,278

217,863

163,075

112,371

175,756

828,606

8,923

8.283

3,315

450

136

73

72

786

5,907

20,054

12,376

9,494

10,466

42,257

'42

5

-

2,084

1,803

302

91

50

56

786

5,953

20,054

12,416

9,583

10,578

42,759

685

*295

193,618

-

9,302

'94

234

1,853

771

1,293

1,049

4.008

107,459

T)

816

5.928

20.381

12,682

10,034

11,142

46.475

1,945

1,031

463

384

32

19

9

6

21,001

*147

8.334

8,367

3,399

456

146

77

76

9,302

234

1.853

771

1,293

1.049

4.008

106,739

T)

818

5.882

20,381

12,661

9,955

11,069

45,973

101,590

T)

747

5,741

19,993

12,276

9,535

10,539

42,759

19,899

*147

7,744

7,988

3,294

445

135

73

72

548

.8

*39

1,542

140

48

40

5

1

-

8.923

8,325

3,315

455

141

75

73

501,188

-3,805

*3.284

280

120,528

32

41,729

14

43,834

9

69,361

218,647

5

13,309 4,007,419

'26

4.609

35,374

5,704

227,202

684,919

2,298

314

343,168

113

330,907

65

653,631

58

1,732,192

40,341

-1,022

Net capital gain

-2,464

218

26,675

21

8,298

11

29,621

8

26,830

6

97,943

6,084 1,665,730

*737

-1,885

1,999

63,992

1,834

226,095

302

163,033

98

118,628

54

194,096

60

898.000

4,654 1,557,408

1,915

1,803

297

91

50

56

61,541

217,863

161.173

112.371

175,756

828,606

* 173

*166

5

-

* 3,639

-1,737

1,902

-

2

1

40

89

112

502

-

-

*49

-

*720

-

3

2

1

1

21

79

72

502

100,870

T)

747

5,696

19,993

12.255

9.455

10,466

42,257

*49

-

*720

-

479

.8

.5

121

38

-

2

3

2

1

1

-

21

79

72

502

*69

-

-1,178

19

10

40

20

Private Foundation Information Returns, 1982

Table 1.-Number of Foundations, Total Receipts and Total Deductions, Net Investment Income and Tax, Total Assets, Net

Worth, and Distributions, by Type of Foundation and Size of Total Fair Market Value of Assets- Continued

[Money amounts are in thousands of dollars]

!nvewo-ts

rn sewities

(book vabie)

Total assets

(book value)

Size of total

fair market vak* of assets

All foundations, total ..............................

Zero. negative or unreported .........................

$1 under $100,000 .....................................

$100.000 under $1,000,000 ..........................

$1,0D0.000 under $10,000,000 ......................

$10,000,DDO under $25,DDO.000 ....................

$25.000,DDO under $50,0D0,000 ....................

$50.ODO,000 under $1D0,000,000 .... ..............

$100,000,000 or more .................................

I-estmerrts

in som'sties

air market valm)

Total ~ts

(fair market valtie)

Not worth

Number

rebm~of

Amount

Numbw

f

retumso

Amount

N.mber Of

rettnns

Amotint

Number

f

retumso

Amotmt

Number of

rettam

Ammmt

(23)

(24)

(25)

(26)

(27)

(28)

(29)

(30)

(31)

(32)

27,584 48,227,043

13.237

9.125

3.771

493

162

85

80

. 408901

2 981:00

10.096.084

5,967,814

4,751,234

4,639,926

19.375,972

16,815 37,418,07i

'42

5.535

7.104

3,348

470

154

83

80

-3,814

155.798

1,770.325

6,579.417

4,466,902

3.534.173

3.652.311

17,255,330

26,953 62,886,606

17,025 49,822,624

-

-

-

-

13,237

9.125

3.771

493

162

85

so

416.696

3,262.919

11.981.973

7.543,920

5.816.852

6,035,403

27,828,a43

5.935

6.967

3,347

461

155

at

80

176,924

1.975.788

8.080,023

5,571,440

4,445.653

4.657,527

24,915.268

2T5-84 45,633,124

13.237

9,125

3,771

493

162

85

80

184.547

2,920,886

9,658,355

5.749.762

4,527.953

4.258.569

18,326,964

Nonoperating foundations, total ..........

24,479 42,542,775

15,461 33,846,950

Zero, negative or unreported ........................

$1 under $100,000 .....................................

$100,0DO under $1,000,000 ..........................

$1,000,000 under $10,000,000 ......................

$10.000,000 under $25.000,000 ....................

$25,000.000 under $50,000,000 ....................

$50.000.000 under $100,000,000 ...................

$100,000.000 or more .................................

-

-

-

4,945

6.725

3,026

441

136

74

73

-3,814

133,425

1,711,118

5,980,040

. 4,246,382

3,157,498

3,311,863

.15,302,810

-

11,175

8,577

3,34

45

143

75

73

-6,107

336,980

2,806,744

8,821,517

5,517,225

4,215,273

4,101,952

16,736,978

11,175

8,577

3,346

459

143

75

73

344,575

3,071,767

10,527,069

7,018,752

5.138.036

5,337,882

24,779.239

5,345

6.588

3,025

430

137

72

73

153,985

1,911,122

7,361,064

5,313,359

3,961,093

4,228,604

22.938,726

11,175

8,577

3.346

459

143

75

73

129.092

2,755,104

8,672,335

5,306,778

4,018,709

3,796.866

15.809.002

Operating foundations, total ................

3o'105

5,684,268

1,354

3,571,121

3,105

6,669,286

1,355

3,954,671

3,105

5,139,150

Zero, negative or unreported ........................

$1 under $100,000 .....................................

$100,000 under $1,000,0D0 ..........................

$1,000.000 under $10,000,000 ......................

$10,000,000 under S25,000,000 ....................

$25,000,000 under $50,000,000 ....................

$50,000,000 under $100,000.000 ...................

$100,000,000 or more .............................

-

-

-

-

-

-

-

-

-

-

2.06

54

42

3

19

10

7

71.922

174,262

1,274.567

450,589

535,961

.

537.974

2,638,993

322

29

18

9

7

'22,373

'59,207

599.377

220,520

376,675

340,448

1,952.521

2.062

547

425

34

19

10

7

72.120

191,152

1,454,904

525,168

678,816

697,521

3,049,604

322

30

18

9

7

22.940

64,667

718,959

258,081

484,560

428,923

1,976,542

2,062

547

42

34

19

10

7

55,455

165,782

986,020

442,983

509,245

461,703

2,517,963

Grantmaking foundations, total ...........

Zero, negative or unreported .........................

$1 under $100,0DO ................................

$100,000 under $1,000,ODO ...........................

-$1.000,000 under $10,DOO,000 .......................

$10,000,000 under $25,ODO,000 .....................

$25,000,000 under $50,000.000 .....................

$50,000,000 under $100,000,000 ....................

$100,000,000 or more ..................................

Grantmakingznon'operating

foundations, total ................................

22,864 45,462,726

9.659

8,5 7

3,419

462

150

78

77

343,928

2,818,775

9,054,558

5,546,119

4,411,650

4,290,338

18,996,782

21,602 41,946,501

15,679 36,114,133

23,847 56,217,321

22,422 59,429,355

15,670 45,867,953

15,825 48,248,839

-

-

-

-

-

-

5.051

6.809

3,078

443

145

77

77

140.369

1,687,649

6,062,852

4,274,580

3,368,556

3,507,336

17,072,790

9,659

8,577

3,419

462

150

78

77

355,844

3,073,946

10,754,371

7,058,159

5,385,686

5,578,857

27,222,492

5,345

6,672

3,077

433

145

75

77

164,575

1.884,883

7,449,804

5,337,881

4,208,735

4.468,426

24.734,534

14,704 33,642,880

21,160 55,535,910

14,848 45,618,008

24,479 40,1493,974

22,864 43,283,312

9,659

8,577

3,419

462

150

78

77

135.903

2.768,229

8.779.479

5.410,414

4,230,565

3,979,898

17,978,268

21,602 40,024,466

Zero, negative or unreported ........................

$1 under $100,000 .....................................

$100,000 under $1,000,000 ..........................

$1,000,000 under $10,000,000 ......................

$10.000,000 under $25.000,000 ....................

$25,000,000 under $50.000,000 ....................

$50,000,000 under $100,000,000 ...................

$100,000,000 or more .................................

8,923

8,198

3,305

449

139

74

73

305,527

2,688,326

8,728,573

5,355,018

4,102,936

4,028,566

16,736,978

4,461

6,514

3,015

433

134

73

73

117,997

1.646,541

5.976,347

4,175,348

3,131,213

3.292,625

15,302,810

8,923

8,198

3,305

"9

139

74

73

316.876

2,933,759

10,407,120

6,844,371

4,990,047

5,264,496

24,779.239

4,756

6,378

3,014

422

134

71

73

141,636

1.842.527

7,357,444

5,229,121

3,899,189

4.209,366

22,938.726

8,923

8,198

3,305

449

139

74

73

97,663

2,645.982

8,587,101

5,223,688

3~936,992

3,723,481

15,809,002

Nongrantmaking-nonoperating

foundations, total ................................

2,876

596,274

758

204,070

2,687

681,411

822

249,945

2,876

469,508

Zero. negative or unreported .......................

$1 under $100,000 .....................................

$100,GOO under $1,000,000 ..........................

$1.000,000 under $10,000,000 ..................

$10,000,000 under $25,000,000 ....................

$26,000,000 under $50,000,000 ....................

$50,000,000 under $100,000,000 ...................

$JDO,000,000 or more .................................

189

2,252

*379

*41

10

4

1

-

-5,530

31,453

-118,418

*92,944

162.207

112,338

73,386

-

-

-

-

-

27,699

: 1138 DOB

19:949

174.381

147,989

73,386

-

-589

:12 349

68:595

8

3

1

-

84,238

61.904

19,238

-

252

379

*41

10

4

1

-

31,429

109,123

*85,234

83,090

81,717

73,386

-

Footnotes at and of table.

*484

*211

'15,428

-64,577

8

2

1

-

71,034

26,285

19,238

-

1

514

79

141

Private Foundation Information Returns, 1982

Table I.-Number of Foundations, Total Receipts and Total Deductions, Net Investment Income and Tax, Total Assets, Net

Worth, and Distributions, by Type of Foundation and Size of Total Fair Market Value of Assets- Continued

21

[money amounts are in thousands of dollars)

Size of total

fair market value of assets

All foundations, total ............................. .

Zero, negative or unreported ......................... .

$1 under $100,000 ...................................... .

$100.000 under $1.000.000 ............................

$1,000,000 under $10,000,000 ........................

$10.000,000 under $25,000.000 .....................

$25,000,000 under $50,000,000 .....................

$50,000,000 under $100,000,000 ....................

$100,000,000 or more ..................................

Nonoperating foundations, total ..........

Zero, negative or unreported .........................

$1 under $100,000 ......................................

$100,000 under $1,000,000 ...........................

$1,000,000 under $10,000,000 .......................

$10,000,000 under $25,000,000 .....................

$25,000.000 under $50,000,000 .....................

$50,000,000 under $100,000,000 ....................

$100.000,000 or more ..................................

Operating foundations, total ................

Zero, negative or unreported .........................

$1 under $100,000 ......................................

$100,000 under $1,000,000 ...........................

$1,000,000 under $10,000,000 .......................

$10.000,000 under $25.000,000 .....................

$25,000,000 under $50,000,000 .....................

$50,000,000 under $100,000,000 ....................

$100,000,000 or more ..................................

Grantmaking foundations, total ...........

Zero, negative or unreported .........................

$1 under $100,000 ......... ............................

$100,000 under $1,000,000 ...........................

$1,000,000 under $10,000,000 .......................

$10.000,000 under $25,000,000 .....................

$25.000,000 under $50,000,000 .....................

$50,000,000 under $100,000,000....................

$100,000,000 or more ..................................

Grantmaking-nonoperating

foundations, total ................................

Zero, negative or unreported .........................

$1 under $100,000 ......................................

$100,000 under $1,000,000 ...........................

$1,000,000 under $10,000,000 .......................

$10,000,000 under $25,000,000 .....................

$25,000,000 under $50,000,000 .....................

$50,000,000 under $100,000,000 ....................

$100,000,000 or more ..................................

Nongrantmaking-nonoperating

fo u nd a tions, to tal ................................

Zero, negative or unreported .........................

$1 under $100,000 ......................................

$100,000 under $1,000,000 ...................... ....

$1.000,000 under $10,000,000 .................. ....

$10,000,000 under $25,000,000 ................ ....

$25,000,000 under $50,000,000 ................ ....

$50,000,000 under $100,000,000 ............... ....

$100,000,000 or more ............................. ....

Minimum investment

return

Number of

Amount

returns

(33)

(34)

24,788 2,658,490

Distributable

amount

Number f

Amount

eturnso

(35)

(36)

23,278

2,397,587

787

10,291

24,092

8.451

134791

3.315

460:36

453

291,771

138

212,690

74

222,042

73

1,051,046

23,278 2,397,587

Number of

returns

(37)

26,429

* 1,073

11,869

8, 914

3,761

489

159

84

80

Amount

Undis buted

inommo'f~cr 1982

Number

Amoun t

raturnsof

(39)

j46)_

6,52~ -663,503

2.652

4,724

2.189

29,35C

1,354

135.379

19

86,153

5

59,800

3

71.428

4

276,668

6,52

663,503

2,65

4,724

2,189

29,35C

1 , 354

135 ,379

19C

86 ,153

59

59, 800

35

71,428

40

276,668

N/A

N/A

N/A

NIA

N/A

N/A

NIA

N/A

NIA

N/A

NIA

N/A

N/A

N/A

N/A

N/A

N/A

N/A

5,754

658,464

2,062

4,303

2,021

25,964

1,344

135, 246

194

85,611

58

59,244

35

71,428

40

276.668

200,206

-2,164

5,438

35,589

13,144

22,707

19,695

101.450

2,575,722

10,291

8,451

3,315

453

138

74

73

N/A

N/A

N/A

N/A

NIA

N/A

N/A

N/A

N/A

21934

24,092

134, 791

460,368

291,771

212,690

222,042

1,051,046

N/A

NIA

NIA

N/A

N/A

N/A

N/A

N/A

N/A

2,382,725

23,555

-1,073

9,954

8 ,451

3,336

455

140

74

73

2,874

1,915

463

425

34

19

10

7

23,263

(38)

5,529,765

-6.495

"9,158

48290

97 '78

6

1,4

6

429,72

508,213

1.474,322

4,872,48

; 6,495

4 5,276

455, 6 90

1 , 204, 782

633,950

364,203

457,964

1.334,123

657,282

33,882

27,217

277,096

63.115

65.524

50,248

140,199

5,113,738

9,217

8 ,451

3.368

455

148

78

77

21,033

137 .215

469,337

301,811

231,308

237.124

1,177,856

8,775

8, 114

3,284

448

137

74

73

22,936

129,224

457,056

289,660

210.723

222,042

1,051,046

9.65G

8, 535

3,419

461

ISO

78

77

410,125

477 ,368

1,251,174

648,450

389,429

476,720

1.454,571

21,359

'442

8,775

8,114

3,294

448

138

74

73

2,443,838

21,347

2,382o725

22,001

4,830,312

5,754

19,403

133,278

463,091

296,837

217,859

225,881

1,087,450

8,775

8,114

3,284

448

137

74

73

22,936

129,224

457,056

289.660

210,723

222,042

1.051,046

8.923

8,156

3,305

448

139

74

73

405,803

452,518

1,198,603

612,609

362,792

457,964

1,334,123

2,062

2.021

1,344

194

58

35

40

1,636

14,446

1,931

'42

1,515

14,862

1,554

42,171

1,155

-5,567

-3,312

2,111

1,967

-

-1,031

-9,472

7

1

-

21.341

1 , 412

11,027

8,872

3.606

479

156

83

80

22,995

22,770

143 .612

502,053

312,213

242,572

245,575

1,188.900

2,458,286

9,996

8 ,451

3,325

453

139

74

73

1,793

-1,031

421

281

26

17

9

7

22,235

20,586

138 , 174

466,465

299.069

219,865

225,881

1,087,450

-1,221

5

1

-

-4,895

-3,373

2,232

2,006

-

N/A - Not applicable.

7stimal:nshould be used 01h caution because of the small number of sample returns on

Len th

$500.

NOTE: Detail may not add to total because of rounding.

5

1

-

hich it is based.

Excess distributions

carrymerto 1983

Number

Amount retumsof

(41)

(42)

15,585 4,857,481

-6, 399

6,713

1,463,538

6,009

852,021

1 ,857

1 .273, 912

223

494, 538

8C

211 ,911

40

245,530

31

309,632

15,585 4,857,481

6,713

6,009

1 , 857

223

80

40

31

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

14,918

6,229

5,883

1 .846

219

80

40

31

1,463,538

852,021

1 .273, 9 1 2

494, 538

211 , 911

245, 530

309,632

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

4,800,748

-5, 340

1,458,272

845,841

1 , 269, 177

455,046

211 ,911

245,530

309,632

658,464

14,918

4,800,748

4,303

25,964

135,246

85,611

59,244

71,428

276,668

6 ,229

5 ,883

1 ,846

219

80

40

31

1 ,458 ,272

845 ,841

1 ,269, 177

455, 046

211 , 911

245, 530

309,632

771

-

5,039

-

667

168

.3,386

2

1

542

556

56,733

-1 ,059

-5,266

-6, 180

735

*49493

4

Private Foundation Information Returns, 1982

22

Table 2.-All Foundations: Balance Sheets and Income Statements, by Size of Total Book Value of Assets

[Money amounts are in thousands of dollars]

Itern

Total

(1)

Number of returns .............................................

Total assets (Book value) ..... ..........................

28,468

48,227,043

Cash, total ............................................................

Non-intemt bearing accounts ................................

Savings and temporary cash investments .................

Accounts receivable, net ..........................................

Pledges receivable, net ............................................

Grants receivable ....................................................

Receivables due from disqualified persons ..................

Other notes and loans receivable, not ........................

Inventories .............................................................

Prepaid expenses and deferred charges .....................

Investments, total ...................................................

Securities ...........................................................

Land, buildings, arid equipment (Less accumulated

depreciation) ....................................................

Mortgage loans ...................................................

Other investments ...............................................

Chadtable-purpose land, buildings, and equipment (Low

accumulated depreciation) .....................................

Other assets ..........................................................

4,643,217

490,462

4,152.755

247.814

Asse

Under

$IW.000

u=.d

$"00.000

under

$1.000.0DO

(2)

(3)

(4)

*884

-

Under

$10,000,000

(5)

9,683

3,567

3,324,798 11,153,659

_(6)

$25,000,000

S513.000.0w

u,.der

$50,000,ooo

under

$100.000.000

(7)

(B)

$100,000,000

or more

(9)

371

5,848,437

136

4,761,337

74

5,154,433

53

17,592,715

642.341

44,253

598.088

43.898

10,000

1,877

23,603

116,985

12,332

13.936

4,640,174

4,271,492

424,159

20,258

403.901

14,821

2

21

1

39.931

2.853

2,477

4,000,886

3,513,521

400,596

23.482

377.114

34,188

63.727

279

627

4,357.884

4,123,579

654,083

26,535

627.548

94.050

2,763

15,006

20.812

1.076

2.532

16,329,176

15,838,658

43,003

60,609

560,221

33,909

23,287

40,290,739

37,418,071

2,344,450

1,963.647

1.543.708

163,021

1,380,687

45.905

-1,725

'35,IB4

'12,895

M,746

10.614

3.047

8.442.056

7,564,220

733.440

392.490

1,746,738

-3,827

-9,006

'20.326

83.457

'17.138

280,208

183,039

100.333

594,464

130.591

56,877

181,214

145,478

38,822

303.065

31.688

35,287

167,331

155.361

135.027

200,131

1,125.326

1.1154.067

'21,610

9,807

63,627

34,742

478,620

311,159

185.961

157,330

133,435

142,751

106,613

190,520

135,460

337,757

Total liabilities ....................................................

2,593,918

224,373

69,152

449,373

243,807

288,827

305,975

1,012,412

Accounts payable and accrued expenses ....................

Grants payable .......................................................

Support and revenue held for future periods ................

Loans from officers, directors. trustees, etc. ................

Mortgages and other notes payable ...........................

Other liabilities .......................................................

423.918

1,264,317

73,222

12,191

*196.053

13,468

-11,221

-1,131

'14,997

.1.109

-15,581

23,965

19,480

73,343

11.584

2.160

55,819

81,421

101,648

78,229

11,425

80,624

16,901

28,306

164,644

7,506

1,169

76,667

27,682

200,952

656,852

-

418,791

407,191

47,871

83.974

'38,900

-2,041

160,381

116,204

Net worth ............................................................

Total receipts ....................................................

45,633,125

9,126,529

167,290

267,211

3,255,646

873,963

10,704,286

2,076,409

5,604,630

1,068,363

4,472,511

925,567

4,848,458

1,157,087

16,580,304

2,756,916

Contributions, gifts and grants received .......................

Membership dues and assessments ...........................

Interest on savings and temporary cash investments .....

DWridends and interest from securities ........................

Gross rents ...........................................................

Net gain (or loss) from sale of assets ........................

Gross profit from business activities ...........................

Other income .........................................................

2.679,359

24,482

799,713

2.970,206

181,971

1,783,651

113,222

573,924

'935

.58

220.893

*494

27,096

15,168

1,826

456,347

-4,323

85,901

191,479

31,138

56.517

-10,713

37,544

648,559

13,583

250.788

655,296

60,233

301,431

79,415

67,105

342,829

5,893

117,118

382,674

27.316

145.103

16,664

30,765

236,746

132

103,443

347,350

29,413

132,069

1.201

75,214

565,056

73,261

294,187

11.995

178,821

253

33,513

207,995

142,085

1,084,051

21,101

968.751

4,975

327,957

Total deductions ................................................

5,834,328

-1,411

459,720

717,455

1,489,615

769,213

634,432

415,888

1,346,594

Contributions, gifts. and grants paid ...........................

Compensation of officers ... ......................................

Other salaries and wages .........................................

Pension plans. employee benefits ..............................

Investment, legal and other professional services .........

Interest .................................................................

Taxes ...................................................................

Depreciation and depletion .......................................

Occupancy ............................................................

Other expenses ......................................................

4.477.761

105.365

254,176

50,572

144,007

35,859

177.208

51,080

33,411

504,889

417,074

'767

-8

3.987

584,416

8,272

35,243

-5,481

13,038

1,334

9,086

4,111

598,934

15,587

35,395

6,437

18,793

6,997

25,794

8,118

3,781

49,377

4W766

10,798

19,595 4,758

14,549

2,757

32,574

9,795

2,887

47,953

304,541

10.514

' 20,771

5,342

13,046

1

7,648

19,233

4,948

3,343

26,502

981,129

23,119

52.290

17,730

34,638

2,876

49,501

4,418

8,727

172,165

Net Income (less deficit) .................................

3,292,200

Nei income ...........................................................

Deficit ...................................................................

4,274.832

982,631

Total assets (fair market value) .....................

Beginning of year assets (book value)

total ..............................................................

Selected beginning of year assets:

~nvestmen

t

nts in securities .......................................

river; me t-purpose land, buildings, and equipment

(Less accumulated depreciation) ...........................

-1,013

816,874

168,370

648,504

3,915

-3,125

-3,158

tinder

S25.000.000

161,456

44,544

116,913

'11,036

-7.730

-3.911

176,114

142,955

Selected fair market value assets:

Cash, total .........................................................

Investments in securities .......................................

Investment-purpose land. buildings. and equipment

(Loss accumulated depreciation) ..........................

Charitable-purpose land, buildings and equipment

(Loss accumulated depreciation) ..........................

-

13,700

391,663

Size of total book value of assets

$10.000.000

$1.000,000

46,110

-6,755

cm

28,587

126,020

53.103

1,101.782

36.305

90,826

10.816

45.951

14,096

40,251

18,062

9,380

122,145

--397

-192,510

156,508

586,794

299,150

291,135

741,199

1,410,323

*398

41,920

234,430

296,080

139,573

772,941

186,147

402,368

103,218

362,806

71.671

778,688

37.489

1,620,028

209,706

62,886,606

409,055

3,839,783

13,891,391

8,052,683

6,949,015

6,800,151

22,9449528

4.597,266

49,822,624

160.188

173,432

808,172

2,342,702

1,530,035

9,600,908

638,609

6,174,613

400,436

5,464,150

406,378

5,329,804

653,449

20.737,016

1,512,375

-3,827

108,412

513,696

262.340

208,233

86,411

329,455

1,491,368

'21,167

119.963

583,085

244,341

247,562

126,051

149.199

-1,118

'4 ~

'56

-4

-

-

769

-1,627

-1,923

33,415

T)

-

43,181,895

*398

578,248

3,139,067

10,225,418

5,448,507

4,305,161

4,303,934

15,181,162

31,673,360

-

142,686

1,948,726

6.838,747

3,998,511

3,135,425

3,239,446

12,369,819

-7.355

81,291

167,487

142,090

137,6S'l

25,45~

150,726

712,05`1

1

*Estimt:nshould be used with caution because of the small number of Sample returns on which it is based.

'Less th

$500.

NOTE: Detail may not add to total because of rounding.

I

Private Foundation Information Returns, 1982

Table 3.-All Foundations: Balance Sheets and Income Statements, by Size of Total Fair Market Value of Assets

23

[Money amounts are in thousands of dollars]

Size of total fair market value of assets

Item

(3)

$100,000

under

$1,000,DDO

(4)

Number of returns .............................................

28,468

Total assets (Book value) ................................ 48,227,043

1,515

-6,107

f3,F37

_ _

408,901

9,12

2,981,006

3,771

10,096,084

Cash, total .............................................................

Non-interest bearing accounts ................................

Savings and temporary cash investments .................

Accounts receivable, net ..........................................

Pledges receivable, not ............................................

Grants receivable ....................................................

Receivables due from disqualified persons ..................

Other notes and loans receivable, not ........................

Inventori a .............................................................

Prepaid expenses and defamed charges .....................

Investments, total ...................................................

Securities ...........................................................

Land, buildings, and equipment (Loss accumulated

depreciation) ....................................................

Mortgage loans ...................................................

Other investments ...............................................

Charitable-purpose land, buildings and equipment (Less

accumulated depreciation) .....................................

Other assets ..........................................................

4.643,217

490,462

4,15Z755

247,814

14,853

43.003

60,609

560,221

33.909

23,287

40,290,739

37,418,071

-2,218

-2,031

*187

-

161,414

43,745

117,669

11.036

-7,730

726,42

134,53

591,885

2,883

-3,125

-1,376

46,110

-6,755

-3,814

-3,814

190,967

155,798

2,111,743

1,770,325

1,528,103

187,276

1,340.827

37.616

-1,725

'38,341

-12,895

268,493

10,623

3,337

7,441,897

6,579,417

733,440

392,490

1.746.738

-

-3,827

77,984

'17,070

246.363

170,751

100,167

591,562

'24.037

9,807

60,841

21.734

446,181

306,872

181,203

161,173

139,197

95,554

108,836

111.269

164,955

477,658

Total liabilities ....................................................

2,593,918

*20

224,354

60,120

437,728

218,052

223,281

Accounts payable and accrued expenses ....................

Grants payable .......................................................

Support and revenue held for future periods................

Loans from officers, directors, trustees, etc . ................

Mortgages and other notes payable ...........................

Other liabilities .......................................................

423,918

1,264,317

73,222

6.479

418,791

407,191

-12,172

196.053

-

9,031

-11,221

18,578

69,532

17.4D6

2,160

50.540

59,837

18,611

83,261

5,603

80,904

34,903

381,357

1,049,008

Net worth ............................................................

Total receipts .....................................................

459633,125

9,126,629

Contributions, gifts and grants received .......................

Membership dues and assessments ...........................

Interest on savings and temporary cash investments .....

Dividends and interest from securities ........................

Gross rents ...........................................................

Net gain (or loss) from sale of assets ........................

Gross profit from business activities ...........................

Other income .........................................................

5,749,762

1,010,618

4,527,953

767,421

319,503

119,536

371,605

30,613

134,937

3,997

24,531

188,382

132

110.388

274,475

25.951

123,135

13,784

31,173

539,185

75,703

281,222

13,043

179,007

337

76,746

305,960

160,019

1.286,232

29,414

1,025,662

4,975

339,562

Total deductions ................................................

527,937

1,581,598

390,319

10,980

20,294

5.108

15.750

8,183

29.174

6.206

3,641

38,281

1,174.935

26,771

59,953

20,084

37,456

3,278

58,126

5,196

9,479

186,321

1,570,226

Contributions, gifts. and grants paid ...........................

Compensation of officers ..........................................

Other salaries and wages ........................................

Pension plans, employee benefits ..............................

Investment, legal and other professional services .........

Interest .................................................................

Taxes ...................................................................

Depreciation and depletion .......................................

Occupancy ............................................................

Other expenses ......................................................

Total

u Assets

zero of

nreportod

(2)

$1 under

$lC10000

.

1,125,326

1,184,067

22,337

$1,000.000

under

$10,000,000

(5)

$10.000.000

nder

$25.000,000

u

S25,000,000

under

$50,000,000

493

5,967,814

162

4,751,234

as

4,639,926

80

19,375,972

622.003

36,558

5a5,445

39,272

10,000

1,823

23,603

92,808

12,233

13,887

4.809,809

4,466,902

453,605

29,826

423,779

25,795

2

75

1

44,308

2.761

2,839

3,987,095

3,534,173

386,393

26,011

360.382

32,076

57,020

291

506

3,943,535

3.652,311

763,060

30,477

732,583

99,136

2,763

1 5,0D6

47,570

1,245

2,701

17.801,878

17,255,330

128,087

40,328

174,493

136,416

47,713

268,794

46,564

35,299

209.360

169,812

142,906

233,830

(6)

$50.000,000

under

$100,01)(3,000

$100.000 ,000

or more

(8)

(9)

*11,11311

'14,997

-1,109

-15,581

19,370

47,155

'69,741

'38,900

2,041

160,381

119,509

113,472

148,122

7,506

1,169

81,667

29.420

-6,087

6,906

184,547

264,945

2,920,886

662,390

9,658,355

2,097,182

2,679,359

24,482

799.713

2,970,206

181,971

1,7113,651

113,222

573,924

-5,673

216,874

*276

27,282

15,332

*775

3,228

349,425

-1,902

74,813

174,098

5,776

41,700

-4.263

10,414

754,358

'16,002

231,696

566.829

76,398

277,832

85,865

88.201

5,834,328

6,721

458,142

524,324

1,515,561

746,610

473,535

4.477.761

105,365

254,176

50,572

144,DO7

35,859

177,208

51,080

33,411

504,889

-5,6530

-4

'206

-

414,534

456,305

7,514

12,421

.1.900

11,003

1,324

7.615

1,727

594,660

14,680

32.096

4,914

21,888

6.649

19,247

8,070

3,785

40.521

342,470

10,852

22,608

4,691

12,950

2,466

25,149

9,46

2,793

40,090

293,886

637,306

366,377

72,491

674,890

37,5114

1,795,134

224,907

204,879

686,387

28.587

129,155

4,258,569 18,326,964

1,165,244 3,151,824

23,579

1.098,908

33,798

106,598

13,866

40,906

13,807

36,925

17,899

10,854

142,001

Net Income (less deficit) .................................

3,292,200

'186

-1939198

138,065

581,621

264,108

Net income ...........................................................

Deficit ...................................................................

4,274,832

982,631

-1,048

*862

41,734

234,932

246,205

108,140

775,798

194,177

373.646

109,538

Total assets (fair market value) .....................

62,886,606

416,696

39262,919

11,981,973

7,543,920

5,816,8 2

6,035,403

27,828,843

4,597,266

49,822,624

161,161

176,924

718,922

1,975,788

1,514,107

8,080,023

617,710

5,571,440

430765

4,445:653

389,131

4,657,527

765,469

24.915,268

1,512,375

-3,827

99,361

329.802

338,938

254,981

88,845

396,621

1,491.368

'22,825

75,226

562,264

225,"0

213,312

212,698

179,600

-5,902

596,194

2,796,059

9,279,226

6,535,151

4,286,246

3,884,496

16,798,623

-3,902

153,405

1,789,958

5,889,219

4,168,101

3,192,05

2,957,995

-7,355

75.818

161,048

109,502

Selected fair market value assets:

Cash, total .........................................................

Investments in securities .......................................

Investment-purpose land, buildings, and equipment

(Loss accumulated depreciation) ..........................

Charitable-purpose land, buildings, and equipment

(Less accumulated depreciation) ..........................

Beginning of year assets (book value). .......

tot al

- ...............................................................

Selected beginning of year assets;

Investments in securities ........................................

Investment-purpose land, buildings, and equipment

(Less accumulated depreciation) ...........................

43,181,89

31,673,360

712.059

.8

3,871

-

920

-2,517

-1,923

33,452

*Estimate should be used with caution because of the small number of sample returns on which it is based.

'Lew than $5D0.

NOTE: Detail my not add to total because of rounding.

`1

157.821

13,518,721

1

37,5041

163,005

24

Private Foundation Information Returns, 1982

Balance

Sheet*and Income Statement Items, and Reconciliation of Net Worth, by Size of

Table 4.-All Foundations: Selected

Total Fair Market Value of Assets

[Money amounts are in thousands of dollars]

Sure of total fm market vahA of assets

Total

Item

All foundations, total ..............................

Assets zero or

unreported

Number

Of

returns

Amount

(1)

(2)

Number Of

returns

(3)

$1 Urder $100.000

Amount

Number Of

returns

(4)

(5)

$10-0.000 under $1,000.000

Amount

Number of

returns

(6)

(7)

$1.000.000

UrKler $10,000,000

Amount

Number Of

returns

Amount

(8)

(9)

(10)

28,468 62,886,606

1,515

-

13,237

416,696

9,125

3,262,919

3,771 11,981,F73-

27.58

3,771 10,096,084

Foundations with -

48,227,043

*631

-6,107

13,237

408,901

9,125

2,981,006

Selected assets:

Cash , total ..............................................

Investments in securities ............................

26,507

16,815

4.643,217

37.418.071

I'm

-2,218

-3,814

12.795

5,535

161,414

155,798

8.830

7.104

726,422

1.770,325

3,606

3,348

1,528,103

6,579.417

Total liabilities ..........................................

7,001

2,593,918

147

*20

2,210

224,354

2,452

60,120

1,627

437,728

Selected liabilities:

Contributions , gifts. and grants payable .........

Mortgages and other notes payable .............

1,142

464

1,264,317

418,791

-

-

:589

147

'196053

:211

126

'11,221

'15,581

176

155

69.741

160,381

27,584 45,633,125

*631

-6,087

13,237

184,547

9,125

2,920,886

3,771

9,658,355

Total assets (Book value) ....................

Net worth/fund balances (end of

year) ..........................................................

Reconciliation of net worth/fund

balances:

Net worth/fund balances (beginning of year).....

Plus:

Net income .............. ... . ...........................

Other increases ........................................

Minus:

Deficit ........ . . ...........................................

Other decreases .......................................

Equals:

Not worth/fund balances (end of year) .........

Total receipts ..........................................

Selected receipts:

Contributions. gifts, and grants received ........

Interest on savings and temporary cash

investments ..........................................

Dividends and interest from securities ..........

Net capital gain........................................

Net short-term capital gain .........................

Total deductions ......................................

Selected deductions:

Contributions , gifts, and grants paid .............

Compensation of officers .1 .........................

Investment legal and other professional

servioes ............ . ...................... . .........

Total assets (fair market value) ..........

Cash, total ... ..............................................

Non-interest bearing accounts .....................

Savings and temporary cash investments ....

Accounts receivable. net ...............................

Pledges receivable, net .................................

Grants receivable .........................................

Receivables due from disqualified persons ........

Other notes and loans receivable, net .............

Inventories ..................................................

Prepaid expenses and deferred charges ...........

Investments, total .........................................

securities ................................................

Land, buildings, and equipment (Less

accumulated depreciation) ............. .........

Mortgage loans ........................................

Other investments .....................................

Charitable-purpose land, buildings, and

equipment (Loss accumulated depreciation ....

Other assets ..........................................

Footnotes at end of table.

27,283

40.807,229

12,648

332,050

9,125

2,743.832

3,771

8,840,121

15,896

5,170 ,

4,274.833

1,818.190

-1,048

-

6,376

2.210

41,734

52.714

6,041

1,642

246,206

57,482

2,547

1,017

775,798

259,238

11.064

4.928

982,632

284,495

-

6,124

2,357

234,932

7,018

2,915

1,578

108,141

18,494

1.215

786

194,177

22,624

'926

27,5B4

45.633,125

-6.087

13,237

184,547

9,125

2,920,886

3,771

9,658,355

27,603

9,126,529

-1,368

-6,906

12,606

264,945

9,040

662,390

3,771

2,097,182

13,222

2,679,359

-1,221

-5,673

6,376

216,874

3,621

349,425

1.670

754,358

18"

17,389

5,513

2,699

27,645

799, 713

2970,206

1 :754,665

461.233

5,834,328

8,334

5,787

27,282

15,332

-1 , 885

6,283

7,356

2, 210

968

9,040

74,813

174,098

65 ,742

16.358

524,324

2,631

3,276

2, 021

962

3,771

231,696

566.829

244,538

35,845

1,515,561

23,806

5,135

4,477,761

105,365

-1,031

3,429

1,371

1,098.908

33,798

14,532

144.007

26,953 62,886,606

25,829

4,597,266

549,787

19.890

4.047479

16904

235:831

2:781

-20,851

*55

43 ,001

60

116

35,929

1,676

552,997

287

45.106 504

40.587

19,110

54,020,4 34

17,025

49,822,624

.337

-

1,515

6,721

*442

12,500

-5,630

-4

9,954

-1,178

414,534

8,619

1,895

456,305

7.514

5,156

13,-237

12,648

9,323

7597

. 1:178

-

3,871

416,696

161,161

47,447

113714

5,357

~9,125

8.7118

7,009

6,031

600

'42

-

-3.911

505

6 ,903

5,935

210,642

176,924

126

7, 819

6,967

11,003

3,262"919

718,922

134,526

584396

2:882

-3,125

-1,376

46 .029

-9 ,844

'20,897

2,325 ,920

1,975.788

458,142

40,906

2,933

-3,771 11,981,973

3,605

1,514,107

2,908

190,632

2,684

1,323476

704

32:940

-1,725

*52

-38,341

454

125

271

3, 585

3,347

262.449

10 ,455

4,152

9,181,129

8,080,023

1,727

1,018

3,520

1.512,375

418,754

2,266,681

-1 ,010

-3,827

-8,D02

*21 . 889

632

*253

1 , 231

99,361

- 53,936

196 ,834

467

382

1 .037

329,802

94,362

676,942

2591

7:"l

1,491,366

1,803,231

779

3,094 .

'22821

10:02

716

2,368

75,228

58.695

777

1,541

562,264

374,368

Private Foundation Information Returns, 1982

25

Table 4.-All Foundations: Selected Balance Sheet and Income Statement Items, and Reconciliation of Net Worth, by Size of

Total Fair Market Value of Assets - Continued

[Money amounts are in thousands of dollars]

S= of total fair market value of assets - Continued

Item

$10,000,000

under $25,000,000

Number

raumSof

S25 000,000

under $50,000.000

Amount

(12)

All foundations, total ......................................................................

Foundations with Total assets (Book value) ..............................................................

Selected assets:

Cash. total..,...

.........................................................................

Investments in securities ....................................................................

Total liabilities .................................................................................

Selected liabilities:

Contributions, gifts, and grants payable .................................................

Mortgages and other notes payable ......................................................

Net worth/fund balances (end of year) ......................................

Reconciliation of net worth/fujid balances:

Net worth/fund balances (beginning of yew) ..............................................

Plus:

Not income .............................................................................

Other increases ................................................................................

Minus:

Deficit .............................................................................................

Other decreases ...............................................................................

Equals:

Net worth/fund balances (end of year) .................................................

Total receipts ...................................................................................

Selected receipts:

Contributions, gifts, and grants received ................................................

Interest on savings and temporary cash investments ...............................

Dividends and interest from securities ....................................................

Net capital gain .................................................................................

Not short-term capital gain ..................................................................

Total deductions .............................................................................

Selected deductions:

Contributions, gifts. and grants paid ......................................................

Compensation of officers ....................................................................

Investment legal and other professional services .....................................

Total assets (fair market value) ..................................................

Cash. total ..........................................................................................

Non-interest bearing accounts .............................................................

Savings and temporary cash investments ...............................................

Accounts receivable. not .........................................................................

Pledges receivable, not .........................................................................

Grants receivable ..........................................................................

Receivables due from disqualified persons .................................................

Other notes and loans receivable, not ......................................................

Inventori ...........................................................................................

Prepaid expenses and deferred charges ....................................................

Investments, total .................................................................................

Securities .........................................................................................

Land, buildings, and equipment (Loss accumulated depreciation) .................

Mortgage loans ..................................................................................

Other investments ......................................... ....................................

Charitable-purpose land. buildings, and equipment (Less accumulated

depreciation) .....................................................................................

Other assets ........................................................................................

Number of

returns

(13)

$50,000,000

under $100.000.000

$100,000.

or more

Amount

Number of

returns

Amount

Number of

returns

Amount

(14)

(15)

(16)

(17)

(18)

491

7,543,92q

16A

5,816,854 -

$51

6,035,40~

86 27,828,843

493

5,967,81

162

4,751,234

81

4,633:~,9~j

80 19,375,972

477

470

317

622,00

4,466,90

218,05

155

154

113

453.605

3.534,173

223,281

67

19

49~

69,53

50,

5,749,71

W

6

38

9

16A

83,261

80,904

4,527,9531

491

5,352,35C

16C

4,095,532

84

3,538,426

79

15,899,015

341

163

373.646

163,536

123

57

366.377

167,981

71

39

674,89C

147,089

61

43

1,795,134

970,149

ISO

115

109,538

30.233

38

37

72.491

29,446

14

27

37,584

64,254

19

28

224,907

112,426

4~258 56"

888,

18,326,964

3

3,151,824

3

493

49

6

81

33

148,1

81,665

4,258,56

574976

0

162

4,527.953

85

9.,

61

161

767,421

85

1,0

19

19

3

9

~6152'~3511

810

80

69

763.060

17 255.330

1,049,008

'

41

686.387

3

28,587

801 18,326,964

31 '50

61

188,382

41

119,53

371,60

171,37,

38,70,

539,185

135

153

102

71

110,388

274,475

141,992

28,321

65

82

58

37

75,703

281,222

202,586

44,297

1

61

51

746,51

161

473,535

a

527,937

8

305,960

160,019

1,286,232

926,549

297,225

1,581,598

464

287

453

594,6611

14.68(

21,=

151

Its

144

342,47

10,85

12.9

7

390,319

10,980

~.7-

78

70

76

1,174.935

26,771

37,456

493

475

387

360

173

7,543,92C

617,71(

36,25,

581,45(

35,907

162

155

129

112

63

10.00()

1,821

8

7

6

6

7

351

310

6,035,403

1

389131

31:767

357,364

32,102

80

79

65

64

33

27,828,843

765,469

3

5,816,85

430,76

78,47

352,281

i

26.205

1

-

3,000

-

19,505

97,013

19,814

10,724

6.278,018

5,57144

338:93

38,121

329,520

1

31

13

25

161

155

43

24

49

1

43,614

3.140

2,836

5.042,504

4.445,6

254981

49:

225,440

227,968

~71

21331

54:391

1

31

1

49

1

4

5

65

12

51

478

461

1

11

-Eftmate should be used with MUbDn because of the small number of sample retums on which It 0 based.

NOTE: Detall my not add to toted because of rounifirIg.

75

17

6

17

84

81

26

13

292,

4

51

53.57

31

49

5,062.3

4,65752

88:841

L,

35,29

2801.68

212~6

281,7

1

1

5

15

5

14

so

3

'1

30,686

734,783

97,667

3,000

2,763

15,006

46,402

1,540

1,484

25,919,860

24,915,268

396,621

139,826

468,145

179,600

796,052

Private Foundation Information Returns, 1982

26

Foundations:

Minimum

Investment Return, Distributable Amount, Qualifying Distributions, and

Table 5.-Nonoperating

Undistributed Income, by Size of Total Assets not Held for Charitable Purposes

[Money amounts are in thousands of dollars)

Size of total assets not hold fm charftable purposes

Total

Item

Nono rating foundation returns,

totaIr.............................

Computation of minimum

***...Investment

* .... *'**"**'***...

return:

Fair marks value of assets not used directly in

carrying tZ charitable purposes. total ...........

Minus:

Acquisition indebtedness .............................

Cash hold for charitable purposes ................

Equals: Base for computing minimum investment

return ...

Minim

i nvestment return I[iiii;-6-i

base) .........................................................

Computation of distributable amount for 1982:

Minimum investment return .............................

Minus:

Tax on investment income ..........................

Income tax under subtitle A ........................

Equals: Distributable amount before adjustments.

Not adjustments ...........................................

Positive adjustments ..................................

N

tiv djustments ................................

DIS

I=

ributable

" a

amount, adjusted ........

Total qualifying distributions ................

Disbursements for charitable purposes .......

Program-related investments ....................

Amounts paid to acquire chantable-use assets...,

Amounts set aside for charitable projects:

Under the suitability test .............................

Under the cash distribution test ...................

Undistributed Income for 1982 .............

Excess distributions carryover to

1983 ............................................................

-

Number

Of

MbAnS

Amount

(1)

(2)

25,36M 50,028,87M

Assets zem oir

unreported

Number of

Amount

returns

(4)

(3)

$1 under $100,000

Number of

returns

(5)

2,36~

325,65~

325,654

-

10,439

271

22,941

106.805

748,377

-

-

10,439

22.995

49,173,693

-

-

2,458,280

2,352 63

9

ol~

44

47,25

3

229

2,397,98

4,872,48

4.666.65

4944

55:2

113

6,52

- 1

:24 17

.:22

663,501

15,585

4,857,481

-item

...........

Nonoperating foundation returns, total .................

Computation of minimum Investment return:

*'**"*"*

Fair market value of assets not used directly in carrying out charitable

purposes. total ...................................................................................

Minus:

Acquisition indebtedness ......................................................................

Cash held for charitable purposes .........................................................

E ails: Base for computing minimum investment return ...............................

mlhTmum Investment return (5% of base)..................................

Computation of distributable amount for 1982:

Minimum investment return .....................................................................

Minus:

Tax on investment income ...................................................................

Inco a tax under subtitle A .................................................................

EqualsmDistributable amount before adjustments .........................................

....................................................................................

Not adjustments

:

Positive adjustments ...........................................................................

Ne,fI ative adjustments ..........................................................................

Dis ributable amount, adjusted ................................................

Total qualifying distributions ........................................................

Disbursements for charitable purposes ......................................................

Program-related investments ....................................................................

Amounts paid to acquire charitable-use assets ...........................................

Amounts set aside for charitable projects:

Under the suitability test ................................................................

Under the cash distribution test ......................................................

Undistributed Income for 1982 ....................................................

Excess distributions carryover to 1983 .....................................

1 '27,21

1.271

53,5311

53,531

-

of

(8)

10,4391

-

20.951

~ 173

22,994

1,205

982

223

22,983

23,555

23555

12

37~

Amount

(6)

50,028,879

22,9951

Number

Amount

22.998

22,995 2,458,286

$100.000 under $1,000.000

4,893

$1,000,000

under $10,000.000

Number

Amo~unt

retLumsof

(10)

(9)

8,6381 2,948,8071

3922~ 9,824,368

8,638

2.948.807

3.229

9,824,368

8,596

43,971

115

3,217

40,918

147,581

10.439

320,759

8,638

2,904,448

3,227

9,635,8U

10,439

15,958

8,638

145,222

3,227

481,793

10,439

15,958

8,6538

145,222

3,227

481.793

8,586

587

6.236

3.207

20,765

10,439

-

8,470

137

-'638

*

138,392

-5,238

-5,297

3,227

147

96

460,946

12,570

14,667

3,217~

3,229

3,229

.53

69

1,175,376

1.145479

1 *1 r 718

14,076

*589

15,370

-4,281

-4,299

10,439

9,800

9,W

_I

19,651

728381

72'.61I

8,638

8;554

.554

.; 52

42

143,631

833,7

818.f53

4

-7.7.7

-7,854

2,6131

4,421

2,273

81

3 08

,

6,693I-1

150,1 -8

6,2

2,0 53,8 34

-

-4521

'144,204

Size of total assets not hold for charitable purposes-Confinued

$50,000,000

$10,000,000

$25,000,000

-_-under $100,000,000

under $25.000,000 under $50.000.000 Number

of

Number

of

Number of

Amount

Amount

Amount

returns

returns

returns

(13)

(14)

(15)

(16)

(12)

66 4,666,254

434 6,353,0421

128 4,614,030

120

4,614,030

434

1

62 13

6~

g393

3i 1',§3

11 21

12

434

311,9321

1271

41:33

.7

4 501,'.3

-.71

2

1

;

225,280

433

12,411

329

192

5,611

5,612

434

6,353,0Q

12

.F):4

4.25

24

1

434

434

434

2193~

44,803

605,662

603,050

J

28~~

49691',0010~

- 16

00

710

*Eltmate should be used with caution because of the small number of sample returns on which it is based.

'A computation using less than 5 percent is allowed on returns covering an accounting period of less than one year.

21ndicates amount between -S500 and +$500.

NOTE: Detail my not add to total because of rounding.

12

11

126

1 1J

2

2

5C

7

473,515

104

136,145

1'30

1,

794

0

1,298,353

-

$100,0D0,000 or rnore

Number of

Amount

returns

(17)

(18)

64 21,296,720

4,666,2

64

21.296.720

66

6.:'

4 12

45928 111

2A641

4

64

64

64

8,209319,327

20,969,183

048,460

64

1,048,460

-1

40,483

968

1,007,009

2,993

2,993

66

229.641

49

1:71

1

213,414

3,204

3.232

27

216,619

406,967

400,363

73

%Z

66

66

8

7

1

66

60

11,33~

218,308

11,056

11,152

96

229,364

434

427.1

'?

2,561,

1~

63,70

247,10~

32

34

'701

6J4

1

64

6,2,1

'5

1,01

02

-0,

1,290,290

1,145444

24:807

21,595

(2) ,

67 714~

231,350

361

26

76,300

269,671

22'144

263,520

14

27

Private Foundation Information Returns, 1982

Table 6.-All Foundations VAth Total Book Value of Assets of $10 Million or More-Summary: Number of Foundations; Total

Book Value and Fair Market Value of Assets; Contributions, Gifts, and Grants Received; and Contributions, Gifts, and Grants

Paid; by State

[Money amounts are in 11hotisands of dollars]

Total assets

stats

United States, total ..........

Alabama ..................................

Alaska ....................................

Arizom . ................................

Arkansas ................................

California ................................

Colorado ................................

Conneclicut .............................

Delaware ................................

Florida ...................................

Georgia ..................................

Hawaii ....................................

claho .....................................

: 111nois ....................................

Indiana ...................................

Iowa ......................................

Karms ...................................

Kentucky ................................

Louisiana ................................

Maine ....................................

Mary" (Includes D.C.) ............

Massachusetts .........................

Michigan .................................

Minnesota ...............................

Mississippi ..............................

missoLlri ..................................

Montana .................................

Nebraska ................................

Nevada ..................................

Now Hampshire .......................

Now Jersey .............................

Now Mexico ............................

Now York ...............................

North Carolina .........................

North Dakota ...........................

Ohio ......................................

Oklahoma ...............................

On n ...................................

Pennsylvania ...........................

Rhode Island ...........................

South Carolina .........................

South Dakota ..........................

Tennessee ..............................

Texas ....................................

Utah ......................................

Vermont .................................

%ftnia ...................................

Washington .............................

West VWginla ...........................

Wisconsin ...............................

wyorning ................................

As othiwe ...............................

NunYaw

of

returns

Percent

(1)

(2)

620

2

2

61

8

14

13

14

10

3

29

11

2

2

1

6

19

11

is

Is

15

4

1

is

1

159

8

30

12

3

34

2

3

6

58

2

1

5

8

7

14

100.0

0.

0.

9.

1.

2.

2.1

2.

1. 1

0.5

4.7

1.8

0.3

0.3

0.2

1.0

3.1

1.8

2.6

2.9

2.4

0.6

0.2

3.1

0.2

25.6

1.3

4.8

101 ~

0.

1.

9.

0.

o..1

0.8

1.3

1.1

N/A

N/A - Not applicable.

'Lou than .05 pwcent.

NOTE: Detail may riot add to toted because of rounding.

I

Oft and grants,

Book value

Nwv6w

Of

retwnS

(3)

Fair nuuket value

Amount

Percent

(4)

(5)

620 32,825,180

60,054

30,885

61

4.952.662

320,137

1

422,400

1

463.944

1

405,056

1

256,769

55,453

29

1,712.889

11

369,107

2

41,204

2

29,783

1

135,689

6

100,791

19

422.855

11

223,189

16

1,386,717

18

1,376,942

15

373,378

4

102,934

1

22.168

19

1.093,896

1

26,957

159

11,249,493

8

454,026

30

669,772

12

493,692

3

194.057

34

1,950,849

2

26,291

47,653

3

a

246,741

58

2,387,084

2

39,672

1

24,20'Z

5

179,05~

8

250.93(

7

235,9D(

14

531,74C

IOCLO

0.2

0.1

15.1

1.0

1.3

1A

1.2

0.8

0.2

5.2

1.1

0.1

0.1

0.4

0.3

11.3

0.7

4.2

4.2

1.1

0.3

0.1

3.3

0.1

34.3

1.4

2.0

1.5

0.6

5.9

0.1

0.1

0.8

7.3

0.1

0.1

0.5

0.8

0.7

N/A

Nunber

Of

retums

(6)

Amount

(7)

620 43,547,780

2

2

61

8

14

13

14

10

3

29

11

2

2

1

6

19

11

16

18

15

4

1

19

1

159

8

30

12

3

34

2

3

6

58

2

1

5

60,057

36,374

5,779,irli

,

427,01

546, 211

603.

444.12

411,3

78,871

2.985,740

994.399

42,636

36.013

135,592

161,744

658,395

319,517

1.789,727

1 ~M,744

531,265

121,816

24,257

1,985,558

27,194

13,296,293

752,272

860,265

1,046,549

205.249

3,108.441

26,023

50,300

301,542

3,512.282

42.312

25,521

190,394

1.198.5

280,

5.45

Received

Percent

-- (a)

NumIW

Of

reurns(9)

Paid

Amount

Percent

- - - -_

(10) (11)

Number

Of

retumS

(12)

Amount

Percent

(13)

(14)

100A

262

1,352,453

100.0

583

2,254,342

100.0

0.1

0.1

13,1

1.0

1.3

1.4

1.0

0.9

0.2

6.9

2.3

0.1

0.1

0.3

0.4

1.5

0.7

4.1

3.2

1.2

0.3

0.1

4.6

0.1

30.5

1.7

2.0

2.4

0.5

7.1

0.1

0.1

0.7

8.1

0.1

0.1

0.4

0.6

0.6

1

1

21

3

9

2

4

1

14

4

1

1

3

1

24,924

3,500

177,1101

2,851

5,135

43,055

8,764

9,122

44,993

10,498

10,890

17,03(

12,44(

11,6&

74(

84.18(

16,35(

1.8

0.3

13,11

0.2

0.4

3.2

0.6

0.7

3.

0.

0.

1.3

0.9

0.9

0.1

6.2

1.2

2

2

51

7

12

13

11

10

3

24

10

2

2

1

4

16

a

15

18

2,134

2,114

236,096

20,423

63,478

28.911

16,738

21.267

6,991

142,841

63,217

2,779

1,502

6,381

2.773

26,542

11,914

138,180

81,974

0.1

0.1

10*5

0.9

2.4

1.3

0.8

0.9

0.3

6.3

2.8

0.1

0.1

0.3

0.1

1.2

0.5

6.1

3.6

19,404

1,451

301

3.914

307.950

532

29.289

13,549

120,201

84.619

1

io

48,857

223.527

10

8,736

6,154

1.4

0.1

14

3

1

17

Ise

8

29

12

3

33

2

3

6

57

2

1

5

7

39,175

5,509

1,473

40,770

588,363

53,442

56,613

39,491

4.710

204,164