Private Foundations, Tax Year 2003
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Private Foundations, Tax Year 2003
by Melissa Ludlum and Mark Stanton
A
lthough private foundations’ revenue earnings and asset values increased between Tax
Years 2002 and 2003, the aggregate amount
of contributions, gifts, and grants that these organizations supplied to the nonprofit sector was nearly
unchanged. Between Tax Years 2002 and 2003, the
total number of Forms 990-PF filed by tax-exempt
private foundations increased by 4.2 percent to
76,348. For the first time since Tax Year 1999, the
amount of revenue received by private foundations,
at $48.4 billion, was larger than earnings for the previous tax year. The fair market value of total assets
held by these organizations, after declining over Tax
Years 2001 and 2002, increased by 15.0 percent. Despite these increases, contributions, gifts, and grants
paid, which represented the total amount of cash
charitable distributions made by foundations, totaled
$26.7 billion, an amount similar to the $26.3 billion
distributed in the previous tax year. Foundations
are annually required to file Form 990-PF for the tax
year in which financial activities occurred. Filers
use the information return to report standard income
statement and balance sheet items, as well as additional information on charitable distributions, compliance with the laws that govern their tax-exempt
status, involvement in various types of activities, and
information regarding employees and contributors.
Various financial data, including private foundation
asset, revenue, and expense items for 2002 and 2003,
are shown in Figure A.
Though exempt from income tax, private foundations are required to pay an excise tax on their net
investment incomes, annually. Additionally, private
foundations and foundation managers are required
to report excise taxes on certain prohibited activities.
For Tax Year 2003, private foundations and associated individuals reported $332.6 million in excise
tax liability, an amount 39.9 percent larger than that
reported for Tax Year 2002. At $327.9 million, the
excise tax on net investment income accounted for
almost 99 percent of this amount.
The data presented in this article are from Forms
990-PF filed by domestic private foundations, those
that were organized in the United States, for Tax Year
Melissa Ludlum and Mark Stanton are economists in the
Special Studies Special Projects Section. This article was
prepared under the direction of Barry W. Johnson, Chief.
192
Figure A
Domestic Private Foundations: Selected Financial
Items and Percentage Changes, Tax Years
2002-2003
[Money amounts are in millions of dollars]
Percentage
Item
2002
2003
change,
2002-2003
(1)
(2)
Number of foundations................................
73,255
76,348
(3)
4.2
Total assets (fair market value)...................
Cash (noninterest bearing accounts)..........
Investments, total....................................
Savings and temporary cash
investments.....................................
Investments in securities, total............
Government obligations..................
Corporate stock..............................
Corporate bonds.............................
Other investments [1]..........................
413,007
4,484
377,439
474,952
5,001
448,773
15.0
11.5
18.9
31,009
294,385
34,862
216,277
43,246
52,046
29,367
344,314
38,582
261,272
44,459
75,093
-5.3
17.0
10.7
20.8
2.8
44.3
Total revenue................................................
Contributions, gifts, and grants received....
Net gain (less loss) from sales of assets....
Dividends and interest from securities........
27,775
19,978
-4,691
8,190
48,391
24,401
10,791
8,065
74.2
22.1
[2] N/A
-1.5
Total expenses..............................................
Disbursements for charitable purposes......
Contributions, gifts, and grants paid...........
34,392
30,423
26,303
35,099
31,058
26,667
2.1
2.1
1.4
[1] Sum of "Investments in land, buildings, and equipment (less accumulated depreciation),"
"Investments in mortgage loans," and miscellaneous items such as advances; certificates of
investment; and investments in art, coins, gold, and gems.
[2] Percentage change is not provided if a positive value was reported for Tax Year 2003 and
a negative value was reported for Tax Year 2002.
2003 [1]. Additional statistics on reported excise
tax liability are from Form 4720 filed by domestic
private foundations. Tax Year 2003 includes all accounting periods beginning in Calendar Year 2003
and thus ending between December 31, 2003, and
November 30, 2004. Consequently, the returns
reflect financial activity that occurred in either Calendar Year 2003 or 2004 or some portion of both (see
the Data Sources and Limitations section for further
information).
Statistics of Income Private Foundations
Studies
The statistics presented in this article for private
foundations are based on sample data from Form
990-PF, Return of Private Foundation (or Section
4947(a)(1) Charitable Trust Treated as a Private
Foundation), the annual information return filed
by these organizations. Private foundations report
compliance with IRS regulations, as well as detailed
financial information, annually, using the information return Form 990-PF. Statistics of Income studies
based on stratified random samples of returns filed
Private Foundations, Tax Year 2003
by private foundations have been conducted for Tax
Years 1974, 1979, 1982, 1983, and annually since
1985. Charitable trusts, described under section
4947(a)(1), that are not publicly supported are treated
as private foundations and also file Form 990-PF.
Studies based on sampled Forms 990-PF filed by
charitable trusts have been conducted for Tax Year
1979 and annually since 2002. Beginning with Tax
Year 2003, the population of Forms 990-PF filed by
nonexempt charitable trusts has been included in the
study [2].
Since Calendar Year 2003, data for the population of Forms 4720, Return of Certain Excise Taxes
on Charities and Other Persons under Chapters 41
and 42 of the Internal Revenue Code, filed by private
foundations have also been collected. The study includes returns filed by organizations that report excise
taxes due for certain prohibited activities. For additional information on the Statistics of Income sample
of Forms 990-PF filed by private foundations, as well
as the population studies of Forms 4720 and Forms
990-PF filed by nonexempt charitable trusts, see the
Data Sources and Limitations section of this article.
Under IRC section 501(c)(3), organizations that
conduct activities or provide financial support for
charitable purposes are granted exemption from the
income taxes described in IRC, Title 26, Subtitle A.
Most tax-exempt organizations are hospitals, schools,
churches, and organizations that receive broad support from the general public. Many of these types
of tax-exempt organizations file Form 990, Return
of Organization Exempt From Income Tax, or Form
990-EZ, the short version of this information return
[3]. However, some of these organizations, including
churches and organizations with minimal asset holdings and revenue, are not required to file information
returns. A foundation is distinguished from other
types of tax-exempt organizations by several characteristics, most notably, its narrow sphere of support
and control. In most cases, a private foundation is
a corporation, association, or trust, which provides
some type of support to charitable organizations or
conducts charitable activities [4]. Generally, control
of the organization is limited to an individual, family,
or corporation. Additionally, private foundations often receive financial support from a small number of
private donors. Because foundations are not dependant on public contributions, they are less accountable to the public than other charitable organizations,
and are thus subject to greater Federal regulation
than other tax-exempt organizations.
Composition of Filers
Nonoperating foundations, which generally support
charitable activities through grants to nonprofit organizations and other indirect methods, are the most
common Form 990-PF filers. These foundations,
which represented 91.7 percent of foundations that
filed Form 990-PF for Tax Year 2003, are required to
distribute a minimum amount for charitable purposes
each year. Operating foundations accounted for the
remaining 8.3 percent of foundations that filed Form
990-PF for Tax Year 2003. Unlike most other private
foundations, operating foundations directly conduct
charitable activities. Museums, facilities providing
housing or healthcare, or organizations conducting
scientific research are examples of organization that
frequently receive operating status. In order to qualify as operating, a foundation must meet certain financial criteria; operating foundations are also subject to
different operating regulations (see “Operating Foundations” in the Explanation of Selected Terms section
for information on operating foundations). While
many operating foundations also contribute to other
organizations’ charitable programs, such distributions
are not legally required of them. A foundation that
fails to meet the operating foundation requirements
for a tax year is treated as nonoperating and is subject
to the rules that govern nonoperating foundations.
Although most private foundations were small
organizations, defined as those foundations holding
less than $1 million in fair market value of total assets at the end of Tax Year 2003, large private foundations account for the majority of financial activity.
For Tax Year 2003, small foundations accounted for
68.4 percent of the 76,348 Forms 990-PF filed for
2003, but held less than 3 percent of assets, as shown
in Figure B. Large foundations, those with $50
million or more in fair market value of total assets,
accounted for less than 2 percent of Forms 990-PF
filed for Tax Year 2003, but reported 68.2 percent
of overall asset holdings. Furthermore, nearly 60
percent of all foundation assets were held by the 559
organizations with fair market value of total assets of
$100 million or more. Large foundations also received most of the revenue and distributed the majority of grants reported by private foundations. In fact,
the largest private foundations, those holding $100
193
Private Foundations, Tax Year 2003
Figure B
Domestic Private Foundations: Selected Financial Items, by Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2003
[Money amounts are in millions of dollars]
All foundations
Asset size
Nonoperating foundations
Total revenue
Total grants
Number of
returns
Total revenue
Total grants
All foundations, total......................................
(1)
76,348
(2)
474,952
(3)
48,391
(3)
26,667
(4)
70,004
(5)
436,297
(6)
44,285
(7)
26,116
Small foundations, total.................................
Less than $100,000 [1] ................................
$100,000 under $1,000,000.........................
52,233
24,172
28,061
12,524
672
11,851
2,661
658
2,003
2,182
794
1,388
47,607
21,288
26,320
11,663
586
11,077
2,320
553
1,767
2,095
758
1,337
Medium foundations, total.............................
$1,000,000 under $10,000,000....................
$10,000,000 under $50,000,000..................
22,982
19,202
3,780
138,675
59,096
79,580
17,989
8,239
9,751
9,867
4,941
4,926
21,366
17,869
3,497
128,678
54,748
73,930
16,235
7,342
8,893
9,608
4,803
4,805
Large foundations, total.................................
$50,000,000 under $100,000,000................
$100,000,000 or more..................................
1,133
574
559
323,753
39,984
283,769
27,741
4,612
23,129
14,618
2,305
12,312
1,031
522
509
295,956
36,588
259,367
25,730
3,996
21,734
14,413
2,282
12,131
Number of returns Total FMV assets
Percentage of total
Total FMV assets
Percentage of total
Total.............................................................
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Small foundations, total.................................
Less than $100,000 [1] ................................
$100,000 under $1,000,000.........................
68.4
31.7
36.8
2.6
0.1
2.5
5.5
1.4
4.1
8.2
3.0
5.2
68.0
30.4
37.6
2.7
0.1
2.5
5.2
1.2
4.0
8.0
2.9
5.1
Medium foundations, total.............................
$1,000,000 under $10,000,000....................
$10,000,000 under $50,000,000..................
30.1
25.2
5.0
29.2
12.4
16.8
37.2
17.0
20.1
37.0
18.5
18.5
30.5
25.5
5.0
29.5
12.5
16.9
36.7
16.6
20.1
36.8
18.4
18.4
Large foundations, total.................................
$50,000,000 under $100,000,000................
$100,000,000 or more..................................
1.5
0.8
0.7
68.2
8.4
59.7
57.3
9.5
47.8
54.8
8.6
46.2
1.5
0.7
0.7
67.8
8.4
59.4
58.1
9.0
49.1
55.2
8.7
46.5
[1] Includes returns with zero assets or assets not reported.
NOTES: Detail may not add to totals because of rounding and processing tolerances. "FMV" is an abbreviation for fair market value.
million or more in fair market value of total assets,
reported nearly half of both revenue and contributions, gifts, and grants distributed for Tax Year 2003.
Ten Largest Domestic Foundations
194
Data derived from Forms 990-PF differ from most
other IRS return data, since individual return information may be published. In fact, returns are available for public review under IRC section 6104(b).
Ten foundations alone accounted for one-third of the
total assets held by the largest domestic foundations.
With assets valued at more than double those of any
other foundation, the Bill and Melinda Gates Foundation dominated the domestic top ten. The Lilly
Foundation was the second-largest domestic private
foundation. For Tax Year 2003, the two largest
foundations reported $26.8 billion and $10.8 billion
in fair market value of total assets, respectively. The
J. Paul Getty Trust, the fourth-largest domestic foundation, was the only operating foundation included in
the top ten.
The Bill and Melinda Gates foundation was also
the top grantmaker, distributing $1.2 billion in contributions, gifts, and grants for the year. This amount
was twice that distributed by the next-largest grant-
maker, the Ford Foundation. The largest foundations, based on asset size, and the largest grantmakers, based on the total amount of contributions, gifts,
and grants reported for Tax Year 2003, are shown in
Figure C [5].
Private Foundation Regulations
While private foundations are granted exemption
from Subtitle A income tax, they may be subject to
certain other Federal taxes. All organizations exempt
under IRC section 501(c)(3) are required to pay taxes
on income earned in a manner that is not substantially related to the organization’s exempt purpose.
Exempt organizations report such income separately
on Form 990-T, Exempt Organization Business
Income Tax Return [6]. The Tax Reform Act of
1969 (TRA69) established additional taxes specific
to private foundations and was the basis for sections
4940-4945 of the IRC. Section 4940 includes an excise tax on “net investment income,” which consists
of income received only from investments. This tax
applies to most private foundations and is reported
annually on Form 990-PF. Sections 4941-4945
define activities that are considered to be contrary
to the public interest and outline the excise taxes
Private Foundations, Tax Year 2003
Figure C
Figure C
Top Ten Domestic Private Foundations, by Size
of End-of-Year Fair Market Value of Total Assets
and Charitable Grants Paid, Tax Year 2003
[Money amounts are in millions of dollars]
Ten Largest Organizations
Name and ranking
Total......................................................................
1. Bill and Melinda Gates Foundation.................
2. Lilly Endowment Inc........................................
3. Ford Foundation..............................................
4. J. Paul Getty Trust [1].....................................
5. Robert Wood Johnson Foundation.................
6. W.K. Kellogg Foundation [2]...........................
7. William and Flora Hewlett Foundation............
8. David and Lucile Packard Foundation............
9. Gordon E. & Betty I. Moore Foundation..........
10. Andrew W. Mellon Foundation........................
Ten Biggest Grantmakers
Name and ranking
Total......................................................................
1. Bill and Melinda Gates Foundation.................
2. Ford Foundation..............................................
3. Lilly Endowment Inc........................................
4. Robert Wood Johnson Foundation.................
5. David and Lucile Packard Foundation............
6. William and Flora Hewlett Foundation............
7. Annenberg Foundation...................................
8. John D. and Catherine T. Macarthur
Foundation...................................................
9. W.K. Kellogg Foundation [2]...........................
10. Starr Foundation.............................................
State
(1)
WA
IN
NY
CA
NJ
MI
CA
CA
CA
NY
State
Total FMV
assets
(2)
94,299
26,811
10,849
10,686
9,642
7,941
6,802
6,020
5,983
4,846
4,720
Total
grants
paid
(3)
3,577
1,183
462
523
23
391
195
258
278
86
179
Total grants Total FMV
paid
assets
(1)
(2)
WA
NY
IN
NJ
CA
CA
PA
3,887
1,183
523
462
391
278
258
213
85,895
26,811
10,686
10,849
7,941
5,983
6,020
2,696
(3)
IL
MI
NY
195
195
189
4,530
6,802
3,577
[1] The J. Paul Getty Trust is an operating foundation. All other organizations listed are
nonoperating foundations.
[2] The W.K. Kellogg Foundation Trust (classified as a private foundation and not as a
section 4947(a)(1) charitable trust) is located in New York and has a "pass-through"
relationship with the W.K. Kellogg Foundation, located in Michigan. Typically, the entire
amount of the annual qualifying (charitable) distributions of the W.K. Kellogg Foundation
Trust is made in the form of a grant to the W.K. Kellogg Foundation, which then
redistributes the grant for charitable purposes. The combined total assets of the two
organizations are shown in the "Total assets" column, but, in order to avoid duplication,
only the grants paid by the W.K. Kellogg Foundation are shown in the "Total grants
paid" column.
NOTE: Detail may not add to totals due to rounding.
imposed on foundations that engage in such “prohibited activities.” Private foundations report taxes on
the activities described in IRC sections 4941-4945
on Form 4720, Return of Certain Excise Taxes on
Charities and Other Persons Under Chapters 41 and
42 of the Internal Revenue Code. Taxes reported on
Form 4720 are initial taxes on prohibited activities.
These first-tier taxes are assessed automatically when
a prohibited activity occurs. If a foundation, after
paying its 4720 excise tax, fails to provide corrective
action, the foundation may be subject to an additional
second-tier tax, which is not reported on Form 4720.
Figure D provides detailed descriptions of taxable
activities under sections 4941-4945, as well as the
tax rates associated with each section. Acts of “selfdealing,” which are defined as financial transactions
with foundation officers, directors, trustees, substantial contributors, or “other disqualified persons,” are
considered to be contrary to the public interest. A
disqualified person is generally a substantial contributor; a foundation manager; a person who owns more
than 20 percent of a corporation, partnership, trust, or
unincorporated enterprise that is itself a substantial
contributor; or a family member of a disqualified person. The value of the self-dealing transaction is taxable under IRC section 4941. Section 4942 describes
the excise tax on foundations that fail to distribute a
minimum amount for charitable purposes. This tax
equals 15 percent of the undistributed amount. Taxation of excess business holdings, certain high-risk
investments, and various prohibited expenditures,
such as participation by a foundation on behalf of, or
in opposition to, a candidate for public office, or efforts to influence legislation by contacting legislators,
or encouraging the public to do so, are taxable under
IRC sections 4943-4945.
Excise taxes under sections 4940 through 4945
can be divided into two primary categories--organizational and individual. Figure E, which shows data
for Tax Years 2002 and 2003, reflects this distinction. The most common organizational excise tax is
levied on net investment income under section 4940.
Additionally, foundations that engage in prohibited activities are subject to organizational taxes on
undistributed income, investments that jeopardize
charitable purpose, excess business holdings, and
taxable expenditures. Individual taxes include many
of the organizational taxes, but are imposed on foundation managers, who knowingly agree to engage in
the activity and know that the activity is prohibited.
Self-dealing tax is the only tax defined under sections
4940 through 4945 that does not have an organizational component. A self-dealer, defined as a disqualified person benefiting from a prohibited transaction with a foundation, is liable for self-dealing tax.
Additionally, foundation managers who knowingly
participate in acts of self-dealing are also subject to
excise taxes.
Over all, reported excise taxes levied under IRC
sections 4940-4945 increased almost 40 percent
between 2002 and 2003. Nearly all of this increase
was attributable to increases in reported taxes on net
195
Private Foundations, Tax Year 2003
Figure D
Excise Taxes on Prohibited Activities Described under Sections 4941-4945
Section code
Name of tax
Tax rate [1]
Description
4941
Self-Dealing
5% initial tax, per act, per year on
self-dealer.
(1) Selling, exchanging, or leasing of property with a disqualified
person.
(2) Borrowing money from, lending money to, or otherwise
extending credit to a disqualified person.
2.5% per year and limited to
$10,000 per act on foundation
manager.
(3) Furnishing goods, services, or facilities to a disqualified
person.
(4) Paying compensation to, or paying or reimbursing the
expenses of, a disqualified person.
(5) Transferring any income or assets to a disqualified person.
(6) Paying money or property to a Government official.
4942
Undistributed Income
15% initial tax on current and
previous year's undistributed
amount.
4943
Excess Business
Holdings
5% initial tax on excess amount
Holding more than 20% interest in an unrelated business
and 200% if not disposed of within enterprise.
tax period.
4944
Investments that
5% initial tax on investment
Jeopardize Charitable amount per year levied on
Purpose
foundation.
Failing to distribute the minimum required amount.
Failing to exercise ordinary business care to provide for the longand short-term financial needs of the foundation.
5% initial tax on investment
amount levied per year on
foundation manager.
4945
10% initial tax of expenditure
Taxable Expenditures levied on foundation.
(1) Carrying on propaganda or otherwise influencing any
legislation through--
2.5% initial tax up to $5,000 levied
on foundation managers.
(a) Attempting to influence public opinion or any segment
of it and
(b) Communicating with any member or employee of a
legislative body, or with any other Government official or
employee who may take part in formulating legislation;
(2) Influencing the outcome of any specific public election, or to
conduct, directly or indirectly, any voter registration drive;
(3) Providing a grant to an individual for travel, study, or other
purposes;
(4) Providing a grant to an organization not described in section
509 (a) (1), (2), or (3) or that this not an exempt operating
foundation; or
(5) Acting with any other than religious, charitable, scientific,
literary, educational, or public purposes, or for the prevention of
cruelty to children or animals.
[1] Taxes on foundation managers require that the manager know the action was a taxable act and that the manager participated willingly.
196
investment income, which increased by 40.3 percent.
However, the amount of self-dealing taxes reported
more than tripled between Tax Years 2002 and 2003
[7]. Consequently, the share these taxes contributed
to the total increased from 0.1 percent in 2002 to 0.3
percent in 2003. While the amount of taxes attributable to IRC sections 4942-4945 also increased
during this period, the number of organizations
Private Foundations, Tax Year 2003
Figure E
Excise Taxes Reported by Charities, Private Foundations, and Certain Trusts, Tax Years
2002 and 2003
Tax Year 2002
Internal Revenue Code section and item [1]
Percentage change Tax
Year 2002-2003
Tax Year 2003
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
Taxes on Organizations:
Section 4940 tax on net investment income......................................
Section 4942 tax on undistributed income ........................................
Section 4943, 4944, 4945 additional excise taxes [2]........................
55,839
1,300
43
233,674,214
3,424,333
443,879
57,095
1,257
42
327,882,350
2,992,746
681,067
2.2
-3.3
-2.3
40.3
-12.6
53.4
Taxes on Individuals:
Section 4941 tax on self-dealing .......................................................
Section 4944, 4945 additional excise taxes [2]..................................
95
12
267,399
7,684
120
11
1,040,415
4,466
26.3
-8.3
289.1
-41.9
[1] Taxes included under IRC sections 4941-4945 are reported on Form 4720.
[2] Section 4943: Initial tax on excess business holdings; section 4944: taxes on investments that jeopardize charitable purpose; section 4945: taxes on taxable expenditures.
and individuals who incurred these taxes actually
declined. The following sections examine section
4940-4945 excise taxes reported for 2002 and 2003
in detail.
Investment Assets and the Section 4940 Tax
on Investment Income
Investment assets accounted for the majority of the
fair market value of total assets held by private foundations for Tax Year 2003. Figure F shows inflationadjusted changes in total and selected types of investments between Tax Years 2002 and 2003 [8]. The
value of investments, which totaled $448.8 billion
in 2003, increased by 16.5 percent from Tax Year
2002. Securities, comprising corporate stocks and
bonds and Government obligations, accounted for
76.7 percent of total investments, while savings and
temporary cash investments and “other investments”
represented 6.5 percent and 16.7 percent, respectively. The “other investments” category represents an
aggregation of several items, including investments
in land, buildings, and equipment (less accumulated
depreciation); mortgage loans; and additional items
such as advances, certificates of investment, and
investments in art, gold, coins, and gems.
Fair market values for all investment categories,
excluding savings and temporary cash investments,
increased for Tax Year 2003. The value of investments held by large foundations rose by 20.7 percent,
in real terms, with increases of 52.2 percent and
19.6 percent in other investment values and corporate stock values, respectively. The real value of
Figure F
Domestic Private Foundations: Investments and Percentage Changes, by Asset-Size Class, in Constant Dollars,
Tax Years 2002-2003
[Money amounts are in millions of dollars]
All foundations
Item
2002
(1)
Investments, total (fair market value).......... 385,366
Savings and temporary cash investments... 31,660
Investments in securities, total.................... 300,567
Government obligations........................... 35,594
Corporate stock....................................... 220,819
Corporate bonds...................................... 44,154
Other investments [4] ................................. 53,139
2003
Small foundations [1]
Percentage
change,
2002-2003
2002
2003
Percentage
change,
2002-2003
Medium foundations [2]
2002
2003
Percentage
change, 20022003
Large foundations [3]
2002
2003
Percentage
change,
2002-2003
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
448,773
29,367
344,314
38,582
261,272
44,459
75,093
16.5
-7.2
14.6
8.4
18.3
0.7
41.3
11,457
2,729
7,459
626
5,770
1,063
1,270
11,064
2,093
7,616
685
5,908
1,024
1,355
-3.4
-23.3
2.1
9.5
2.4
-3.7
6.7
118,132
13,587
89,401
12,164
63,048
14,189
15,143
129,018
12,512
98,653
11,748
73,615
13,290
17,854
9.2
-7.9
10.3
-3.4
16.8
-6.3
17.9
255,777
15,344
203,707
22,803
152,001
28,902
36,726
308,691
14,762
238,045
26,149
181,750
30,145
55,884
20.7
-3.8
16.9
14.7
19.6
4.3
52.2
[1] Small foundations are those holding from zero (including unreported) to less than $1,000,000 in end-of-year fair market value of total assets.
[2] Medium foundations are those holding from $1,000,000 to less than $50,000,000 in end-of-year fair market value of total assets.
[3] Large foundations are those holding $50,000,000 or more in end-of-year fair market value of total assets.
[4] Sum of "investments in land, buildings, and equipment (less accumulated depreciation)," "investments in mortgage loans," and miscellaneous items, such as advances; certificates of investment;
and investments in art, coins, gold, and gems.
NOTES: Amounts have been adjusted for inflation based on the 2000 chain-type price index for Gross Domestic Product, as published by the U.S. Department of Commerce, Bureau of Economic
Analysis and may differ from investment amounts in other tables and figures. Tax Year 2003 is the base year. Detail may not add to totals because of rounding and processing tolerances.
197
Private Foundations, Tax Year 2003
total investments also increased for medium-sized
foundations; only small foundations did not benefit
from improvement in investment values for Tax Year
2003. In comparison with large and medium-sized
foundations, small foundations held a more significant percentage of their total investments as savings
and temporary cash investments, which decreased by
23.3 percent from Tax Year 2002.
Two indicators of investment performance, the
“net investment income yield” and “rate of total
return,” were generally higher for Tax Year 2003 than
for the previous year. Interest, dividends, net income
from realized capital gains, and other income earned
outside of a foundation’s charitable purpose, are
known collectively as net investment income. The
net investment income yield equals net investment
income, which measures the realized investment
income that a foundation earns on its investment assets, divided by the value of noncharitable-use assets
for each tax year in the period [9]. The real rate of
total return on assets provides a more comprehensive
indication of total investment performance than the
net investment income yield; it includes the realized
income from investments and other assets, as well as
the unrealized appreciation or depreciation in the fair
market value of assets. This rate, which is an indicator of the total inflation-adjusted capital appreciation
of a foundation’s assets, equals the change in the value of the entire asset base (adjusted for contributions
received, grants paid, and certain expenses) divided
by the value of the base [10]. The fair market value
of total assets, as reported for both the beginning and
end of Tax Year 2003, was used to calculate the real
rate of total return. To facilitate this comparison, returns for Tax Years 2002 and 2003 were matched; the
beginning-of-year fair market value of assets for Tax
Year 2003 was obtained by adjusting the Tax Year
2002 fair market value for inflation. Thus, only data
from returns that were included in the sample for Tax
Years 2002 and 2003 were used in the calculation of
the real rate-of-total-return. To maximize comparability between the real rate of total return and the net
investment income yield formulas, the published net
investment income yields also exclude organizations
for which returns were not sampled for both Tax
Years 2002 and 2003.
Figure G shows median and mean net investment income yields and rates of total return on assets
for domestic nonoperating and operating foundations, by size, for 2003. The median rates, which
minimize the effects of large outliers in the data,
provide an approximate measure of the investment
performance of a typical foundation. Median net
investment income yields realized by nonoperating
foundations reached a 3-year high for Tax Year 2003,
at 3.0 percent. These foundations realized higher net
investment income yields than operating foundations.
For foundations of both operating types, median net
investment income yields increased with organization size. Median real rates of total return on assets,
which were negative for Tax Years 2000-2002, indicated improved investment performance for Tax Year
2003. For nonoperating foundations, the median real
rate of total return was 10.8 percent. Median rates of
total return increased with organization size for both
nonoperating and operating foundations.
Figure G
Domestic Private Foundation Net Investment Income Yields and Rates of Total Return on Assets,
by Size of Beginning-of-Year Fair Market Value of Total Assets and Foundation Type, Tax Year 2003
Nonoperating Private Foundations
Asset size
All foundations.........................................
All small foundations..............................
Less than $100,000 [1]..........................
$100,000 under $1,000,000...................
All medium foundations..........................
$1,000,000 under $10,000,000..............
$10,000,000 under $50,000,000............
All large foundations...............................
$50,000,000 under $100,000,000..........
$100,000,000 or more............................
198
Net investment income yields
(percentages)
Operating Private Foundations
Rates of total return
(percentages)
Net investment income yields
(percentages)
Rates of total return
(percentages)
Median
(1)
Mean
(2)
Median
(3)
Mean
(4)
Median
(5)
Mean
(6)
Median
(7)
Mean
(8)
3.0
2.3
1.0
3.0
3.4
3.4
3.6
3.9
3.9
3.9
19.9
24.5
47.9
11.4
16.5
20.2
6.0
5.9
5.9
5.9
10.8
8.1
0.0
11.2
12.2
11.7
13.1
14.8
14.6
15.0
15.0
17.8
26.4
12.5
12.1
11.3
14.3
15.1
14.9
15.3
1.8
1.8
0.9
1.8
2.7
2.7
3.2
4.1
3.8
4.4
5.4
2.4
1.5
3.0
8.2
7.5
10.1
10.2
11.1
9.2
2.9
1.5
1.9
0.1
7.9
7.9
7.9
10.5
10.4
10.5
4.2
-1.5
-0.3
-2.4
10.2
9.6
11.7
14.2
19.0
9.4
[1] Includes returns with zero assets or assets not reported.
Private Foundations, Tax Year 2003
Although treated as “excluded income” and thus
exempt from the unrelated business income tax, net
investment income is subject to an excise tax each
year under IRC section 4940. This tax is intended to
cover expenses incurred by the Internal Revenue Service in the oversight of foundation activities and the
enforcement of laws governing their exempt status.
Generally, domestic foundations are taxed at a rate
equal to 2 percent of their worldwide net investment
income [11].
Domestic private foundations that meet certain
requirements may be eligible for a reduction or
exemption from the excise tax on net investment
income. A domestic nonoperating foundation that is
able to show a certain degree of improvement in the
rate of its charitable distributions may be eligible to
pay the tax at a reduced 1-percent rate. Specifically,
if certain distributions made for charitable purposes
in 2003, known as “qualifying distributions,” exceeded the average of qualifying distributions made
between 1998 and 2002 plus 1 percent of current net
investment income, a foundation was eligible for the
reduced tax rate for Tax Year 2003. In addition, a
total exemption from this excise tax is available to
certain domestic operating foundations. Operating
foundations that are eligible for a total exemption
must show a broader sphere of support and control
than other private foundations. Thus, they maintain
public support, in that the income and contributions
that they receive must be acquired from a broad section of the general public, for a 10-year period. Additionally, they must have boards of trustees or other
governing bodies that are representative of the general public, rather than a small group of “insiders,”
and consist of no more than 25-percent disqualified
persons for the tax year. Further, no disqualified
person can serve as an officer of the foundation. A
minority of all operating foundations, 18.4 percent,
reported that they had met these requirements and
were not liable for the excise tax on net investment
income [12].
As shown in Figure H, foundations reported
$327.9 million in excise tax on net investment income for Tax Year 2003. Total net investment income for all foundations, including those exempt
from the tax, was $25.2 billion. Some $24.7 billion
of this was subject to the tax for Tax Year 2003. The
majority of domestic foundations, almost 51 percent,
reported eligibility for the reduced 1-percent rate.
Large foundations qualified for the reduced tax rate
more frequently than smaller foundations. Despite
the lower average tax rates, excise tax on net investment income paid by large foundations accounted for
nearly two-thirds of total tax liability. Less than half
of small foundations, 47.1 percent, reported that they
qualified for the reduced rate.
The Charitable Distribution Requirement and
Section 4942 Tax on Undistributed Income
Nonoperating private foundations are required annually to distribute a minimum amount of their holdings for charitable purposes. Section 4942 outlines
the annual distribution requirement, known as the
“distributable amount,” and the excise tax penalty
assessed on nonoperating foundations that fail to
meet it. The distributable amount is derived from
a foundation’s minimum investment return, which,
under section 4942 is calculated as 5 percent of the
Figure
Figure
H H
Domestic Private Foundations Reporting Excise Tax on Investment Income, by Asset-Size Class,
Tax Year 2003
[Money amounts are in millions of dollars]
Item
Number of foundations............................................................
Percentage of all foundations..............................................
Net investment income (NII) ...................................................
Excise tax................................................................................
Percentage of all foundations reporting:
1-percent tax.......................................................................
2-percent tax.......................................................................
All foundations
Small foundations [1]
(1)
76,348
75
24,690
328
(2)
52,233
66
630
9
50.6
49.4
47.1
52.9
Medium foundations [2]
Large foundations [3]
(3)
(4)
22,982
94
7,362
105
1,133
95
17,201
214
55.6
44.4
61.1
38.9
[1] Small foundations are those holding from zero (including unreported) to less than $1,000,000 in end-of-year fair market value of total assets.
[2] Medium foundations are those holding from $1,000,000 to less than $50,000,000 in end-of-year fair market value of total assets.
[3] Large foundations are those holding $50,000,000 or more in end-of-year fair market value of total assets.
199
Private Foundations, Tax Year 2003
200
reported value of its net investment, or “noncharitable-use,” assets. Noncharitable-use assets are those
assets held for investment purposes only and may
include such items as securities, investments in art,
coins, or other collectables, and investments in real
estate. Conversely, assets used directly to conduct
charitable activities, such as office buildings, art held
by museums, and computers are “charitable-use assets”; these holdings are excluded from the minimum
investment return calculation. For purposes of the
calculation, noncharitable-use cash and securities are
valued based on their average monthly fair market
values throughout the tax year. Other noncharitable-use assets are valued annually, although not
necessarily at year’s end. The minimum investment
return is then derived as 5 percent of the net value of
noncharitable-use assets, calculated as the value of
noncharitable-use assets, less both the indebtedness
incurred to acquire these assets and the amount of
cash held for charitable activities. Finally, the distributable amount is the minimum investment return
minus the excise tax on net investment income, plus
or minus other adjustments (see Net Adjustments to
Distributable Amount and Net Value of Noncharitable-Use Assets in the Explanation of Terms section
for additional details).
Both “qualifying distributions” from the current
year and carryovers, which are distributions in excess
of the minimum requirement that are carried over for
up to 5 tax years, can be combined to meet the current year’s distribution requirement. Qualifying distributions are those made for charitable purposes and
consist primarily of contributions, gifts, and grants
disbursed throughout the year. However, qualifying distributions may also include operating and
administrative expenses related to conducting charitable operations; “set-asides,” which are amounts
earmarked for future charitable distributions; program-related investments, such as loans to other
501(c)(3) organizations; and amounts paid to acquire
buildings, equipment, supplies, or other assets for
charitableuse. For Tax Year 2003, qualifying distributions for nonoperating foundations totaled $29.8
billion, increasing just 3.8 percent from the previous
year. Still, this amount far outpaced the required
distributable amount of $19.2 billion for 2003. Contributions, gifts, and grants, the largest component
of qualifying distributions, represented 87.6 percent
of the total, followed by operating and administra-
tive expenses, at 9 percent. Amounts paid to acquire
assets for charitable-use represented 1.7 percent of
total qualifying distributions, and set-asides and
program-related investments each accounted for just
less than 1 percent of the total. Qualifying distributions and their components, along with distributable
amounts, are shown for foundations by asset-size
class, in Figure I. Of the three asset-size classes,
only small private foundations distributed a smaller
dollar amount of contributions, gifts, and grants than
for the previous tax year. Nonetheless, small foundations disbursed qualifying distributions that were
nearly five times in excess of their required distributable amount in 2003. Medium and large foundations, which generally focus on long-term rather than
short-term giving, also exceeded the required distribution, but by smaller degrees. Both medium and
large foundations increased their qualifying distributions by nearly 5 percent from 2002.
The payout rate captures the relationship between an organization’s qualifying distributions and
its investment assets. Current-year distributions,
combined with carryovers, are adjusted to include
certain taxes and deductions and divided by the
total value of noncharitable-use assets to arrive at a
foundation’s payout rate. This ratio provides insight
into the degree to which foundations exceed their
charitable payout requirements [13]. Median payout
rates for 2003, by size of foundation, are displayed in
Figure J. Median payout rates were slightly higher
than the required 5 percent for organizations in most
asset-size classes, but were lower than comparable
Tax Year 2002 payout rates for every asset-size class.
In some cases, Tax Year 2003 payout rates could
have been influenced by late-year increases to the
values of investment assets. Foundations that benefited from late-year increases in investment values
in Tax Year 2003, after 2 years of declining investment return, may have been unable to adjust their
charitable distributions to match their previous rates.
The percentage of all nonoperating foundations with
payout rates above 10 percent increased slightly in
2003, but the percentage with payout rates below
the required 5 percent increased by a larger margin.
More than half of all small foundations, 54.6 percent,
reported payout rates at or above 6 percent. More
than 29 percent of large foundations reported payout
rates below 5 percent for Tax Year 2003, up from
23.1 for Tax Year 2002.
Private Foundations, Tax Year 2003
Figure I
Domestic Nonoperating Private Foundations Qualifying Distributions and Distributable Amount, by Size of
End-of-Year Fair Market Value of Total Assets, Tax Year 2003
[Money amounts are in millions of dollars]
Asset size
Total
Charitable grants
Qualifying distributions
Operating
Set-asides
expenses
All foundations, total...........................................
Small foundations, total......................................
Less than $100,000 [1]......................................
$100,000 under $1,000,000..............................
Medium foundations, total..................................
$1,000,000 under $10,000,000.........................
$10,000,000 under $50,000,000.......................
Large foundations, total......................................
$50,000,000 under $100,000,000.....................
$100,000,000 or more.......................................
(1)
29,811
2,424
858
1,566
10,587
5,251
5,336
16,800
2,560
14,240
(2)
26,116
2,096
759
1,337
9,608
4,803
4,805
14,413
2,282
12,131
(3)
2,710
310
91
219
773
391
382
1,628
206
1,422
All foundations, total...........................................
Small foundations, total......................................
Less than $100,000 [1]......................................
$100,000 under $1,000,000..............................
Medium foundations, total..................................
$1,000,000 under $10,000,000.........................
$10,000,000 under $50,000,000.......................
Large foundations, total......................................
$50,000,000 under $100,000,000.....................
$100,000,000 or more.......................................
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
87.6
86.5
88.4
85.4
90.7
91.5
90.0
85.8
89.1
85.2
9.1
12.8
10.6
14.0
7.3
7.4
7.2
9.7
8.0
10.0
(4)
206
0
0
0
48
5
43
158
2
156
Percentage of total
0.7
0
0
0
0.5
0.1
0.8
0.9
0.1
1.1
Program-related
investments
Amounts paid to
acquire assets
(5)
(6)
Distributable
amount
262
11
9
2
89
44
45
162
32
130
517
8
0
8
70
8
62
440
38
402
(7)
19,188
528
39
489
5,670
2,426
3,244
12,990
1,636
11,354
0.9
0.5
1.0
0.2
0.8
0.8
0.8
1.0
1.3
0.9
1.7
0.3
0
0.5
0.7
0.2
1.2
2.6
1.5
2.8
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A -- Not applicable.
[1] Includes returns with zero assets or assets not reported.
NOTE: Detail may not add to totals because of rounding and processing tolerances.
Figure J
Domestic Nonoperating Private Foundations: Median Payout Rates and Selected Percentages,
by Asset-Size Class, Tax Year 2002-2003
Item
Tax Year 2002
Tax Year 2003
All foundations:
Median payout rate (percentage).......................................................................................................................
Percentage of foundations with payout rates of less than 5 percent....................................................................
Percentage of foundations with payout rates between 5 percent and 6 percent .................................................
Percentage of foundations with payout rates between 6 percent and 10 percent................................................
Percentage of foundations with payout rates of 10 percent or more....................................................................
6.1
24.3
25.1
18.0
32.6
5.9
28.2
22.9
15.0
33.9
Small foundations [1]
Median payout rate (percentage).......................................................................................................................
Percentage of foundations with payout rates of less than 5 percent....................................................................
Percentage of foundations with payout rates between 5 percent and 6 percent .................................................
Percentage of foundations with payout rates between 6 percent and 10 percent................................................
Percentage of foundations with payout rates of 10 percent or more ...................................................................
6.9
23.6
22.1
14.4
40.0
6.7
26.5
18.8
12.5
42.1
Medium foundations [2]
Median payout rate (percentage).......................................................................................................................
Percentage of foundations with payout rates of less than 5 percent....................................................................
Percentage of foundations with payout rates between 5 percent and 6 percent..................................................
Percentage of foundations with payout rates between 6 percent and 10 percent................................................
Percentage of foundations with payout rates of 10 percent or more ...................................................................
5.7
25.9
31.5
25.8
16.8
5.4
31.6
30.9
20.1
17.4
Large foundations [3]
Median payout rate (percentage).......................................................................................................................
Percentage of foundations with payout rates of less than 5 percent....................................................................
Percentage of foundations with payout rates between 5 percent and 6 percent..................................................
Percentage of foundations with payout rates between 6 percent and 10 percent................................................
Percentage of foundations with payout rates of 10 percent or more....................................................................
5.6
23.1
39.3
25.6
12.0
5.3
29.1
38.0
21.1
11.8
[1] Small foundations are those holding from zero (including unreported) to less than $1,000,000 in end-of-year fair market value of total assets.
[2] Medium foundations are those holding from $1,000,000 to less than $50,000,000 in end-of-year fair market value of total assets.
[3] Large foundations are those holding $50,000,000 or more in end-of-year fair market value of total assets.
201
Private Foundations, Tax Year 2003
Foundations must meet the distributable amount
requirement for the current tax year by the end of the
next tax year or pay excise tax on the undistributed
amount. For example, a foundation must have disbursed the required amount for Tax Year 2002 before
the end of Tax Year 2003 in order to avoid paying
the excise tax. As foundations do not calculate their
required distributable amounts until the end of the
tax year, they may choose to take advantage of the
1-year tax-free “grace period” for making these distributions and report all or part of their current-year
required distributions as “undistributed income.”
Of those foundations with a minimum distribution
requirement for Tax Year 2003, 34.1 percent reported
“undistributed income” for that year, while the majority of foundations met or exceeded their distribution requirement in the tax year.
Undistributed income for 2002 generally was
taxed at a rate of 15 percent at the end of Tax Year
2003 [14]. In some cases, including allowances for
5-year “startup” periods for new foundations and
certain types of organizational transitions or terminations, Tax Year 2002 undistributed income was not
subject to the excise tax. Figure K shows undistributed income for 2002, as reported on both the 2002
and 2003 returns, by foundation size. Of the $5.5
billion in undistributed income reported for 2002,
only $71.0 million, or just over 1 percent, remained
undistributed by the end of the 1-year grace period.
Private foundations reported any excise tax liability for undistributed income on Form 4720. The
number of foundations that filed Form 4720 in Tax
Year 2003 for failing to distribute the minimum
amount fell by 3.3 percent, to 1,257, and the amount
reported was $3.0 million, 12.6 percent less than in
2002. As a percentage of all taxes reported on Form
4720, taxes on undistributed income declined more
than 19 percent, from 82.6 percent to 63.4 percent.
Self-Dealing Taxes Under Section 4941
Self-dealing taxes increased at a higher rate than
all other reported excises taxes for Tax Year 2003.
From 2002, reported taxes on self-dealing nearly
tripled as a percentage of total excise taxes and
more than tripled as an amount, from $267,938 to
$1.0 million. Additionally, self-dealing was the
only category of tax reported on Form 4720 to
increase in the number of filers by more than 20
percent from Tax Year 2002, from 97 filers to 121.
Acts of self-dealing are classified into five categories on Form 990-PF. Figure L shows a breakout of
filers based on these categories of self-dealing. For
Tax Year 2003, the most common form of self-dealing, at 40.7 percent, was the extension of credit to
disqualified persons, defined as borrowing money
from, lending money to, or otherwise extending
credit to disqualified persons. The second-largest
form of self-dealing, at 21.1 percent of total selfdealing tax, was the transfer of assets or income to a
disqualified person. Selling, exchanging, or leasing
property to a disqualified person accounted for 19.1
percent of all self-dealing acts. The remaining two
Figure K
Domestic Nonoperating Private Foundations: Tax Year 2002 Undistributed Income Remaining
Undistributed in Tax Year 2003, by Size of End-of-Year Fair Market Value of Total Assets
[Money amounts are in millions of dollars]
Tax Year 2002 undistributed income
Asset size
All foundations, total...........................................................
Small foundations, total......................................................
Less than $100,000 [1]......................................................
$100,000 under $1,000,000..............................................
Medium foundations, total..................................................
$1,000,000 under $10,000,000.........................................
$10,000,000 under $50,000,000.......................................
Large foundations, total......................................................
$50,000,000 under $100,000,000.....................................
$100,000,000 or more.......................................................
202
[1] Includes returns with zero assets or assets not reported.
[2] Less than $1,000,000.
2002 return
Number of returns
(1)
22,497
11,392
2,990
8,402
8,695
7,328
1,367
416
202
214
2003 return
Amount
(2)
5,539
117
5
112
1,790
812
978
3,625
493
3,132
Number of returns
(3)
2,399
1,301
427
874
356
323
33
8
3
5
Amount
(4)
71
8
[2]
8
16
10
5
44
2
42
Private Foundations, Tax Year 2003
Figure L
Self-Dealing Acts as a Percentage of Total, by Type, Tax Year 2003
Pay compensation,
pay orPay reimburse
Pay Compensation,
or Reimburse a Disqualified
Person
a disqualified person
9
Furnish goods,Furnish
services
facilities
Goods, Servicesor
or Facilities
to a Disqualified
Person
to a disqualified person
10
Sale, exchange or
ofof property
Sale,leasing
Exchange or Leasing
Property to Disqualified
Person
to disqualified
person
19
Transfer assets
or income to a
Transfer Assets or Income to a Disqualified Person
disqualified person
21
Borrow from, lendBorrow
to,from,or
credit
Lendextend
to, or Extend Credit
to Disqualified
Person
to disqualified person
0%
41
5%
10%
15%
20%
25%
30%
35%
40%
45%
NOTE: Percentages are based on the frequency of "acts of self-dealing," rather than the frequency of returns. A single return might have
included one or more acts of self-dealing.
categories, furnishing goods, services, or facilities
to a disqualified person and paying compensation to
or reimbursing a disqualified person, together accounted for 19.1 percent of all acts of self-dealing.
Additional Excise Taxes Under Section 49434945
Under section 4943, private foundations whose
holdings in an unrelated corporation exceed allowed
amounts are subject to taxes on excess business
holdings. Generally, foundations are limited to holding 20 percent of the voting stock of a corporation,
reduced by the percentage actually or constructively
owned by disqualified persons. Private foundations
are subject to an initial 5-percent tax on excess business holdings. If a foundation fails to dispose of
these holdings within a specified correction period, it
may be subject to a second-tier tax of 200 percent on
the excess business holdings. This second-tier tax is
not reported on Form 4720.
Section 4944 imposes taxes on any organization
that invests in a manner that endangers the organization’s ability to carry out its tax-exempt purposes. A
jeopardizing investment is one that shows a lack of
reasonable business care and prudence in providing
for the foundation’s short- and long-term financial
needs. Foundations that hold large percentages of
their portfolios in such investments, which may
include high-risk, low-yield investments, securities
purchased on the margin, commodity futures, working interest in oil and gas wells, “puts,” “calls,” and
“straddles,” warrants, and short sales, may be subject
to the tax. High-risk, low-yield “program-related”
investments, which are investments made in support
of a foundation’s charitable purpose, are excluded
from section 4944 tax. For example, a foundation
that, as one of its charitable activities, provided loans
to a small business in an economically disadvantaged
area would not be subject to the tax .
A number of expenditures are designated as taxable under section 4945. These include attempting
to influence legislation or the outcome of a specific
election; providing a grant to an individual for travel,
study, or other similar purpose; or providing support
for any other than religious, charitable, scientific,
literary, or educational purposes. A foundation that
provides a grant to an organization other than a
recognized charitable organization may also incur
taxable expenditures, but may avoid tax liability by
exercising “expenditure responsibility” with respect
to the grant. Expenditure responsibility requires the
foundation to set up procedures to ensure that the
grant is spent solely for the purpose for which it was
made, provide reports from the grantee on how the
grant was spent, and fully disclose the expenditures
to the IRS.
z
203
Private Foundations, Tax Year 2003
Figure M
Other Excise Taxes on Organizations, IRC
Sections 4943 and 4945
Item
Number of taxable acts..........................
Total reported tax...................................
Median tax amount.................................
Percentage of all 4720 filers...................
Percentage of total 4720 taxes..............
Section 4943:
Excess business
holdings
Section 4945:
Taxable
expenditures
8
303,611
3,263
71
377,456
260
0.35
2.60
6.42
8.08
Figure M shows additional excise taxes reported
by private foundations under sections 4943 and 4945
for Tax Year 2003. Only 5 Form 4720 filers reported
excess business holding tax for 2003. These foundations reported 8 instances of excess business holdings and incurred a tax liability of $303,611, which
accounted for 6.4 percent of all Form 4720 excise
tax reported in 2003. The median value of excess
business holdings tax was $3,263, indicating that the
amounts of tax reported by each filer varied substantially. During the same period, 37 filers reported 71
instances of taxable expenditures with a total excise
tax liability of $377,456. Excise tax on taxable expenditures contributed 8.0 percent to the total excise
tax reported in 2003. The median value of this tax
was just $260, again indicating that reported amounts
differed significantly among filers. No private foundation filed a Form 4720 reporting section 4944 taxes
on jeopardizing investments in either Tax Year 2002
or 2003.
Summary
204
The number of domestic private foundations that filed
Form 990-PF for Tax Year 2003 increased by 4.2
percent from the previous year, to 76,348. Nonoperating private foundations, which primarily distributed
grants in support of their charitable purposes, represented the majority of filers. The fair market value of
total assets, which had decreased over Tax Years 2001
and 2002, increased by 15.0 percent for Tax Year
2003. After declining for 3 consecutive tax years,
revenue earnings also improved, with foundations receiving 74.2 percent more earnings in Tax Year 2003
than in 2002. However, reported contributions, gifts,
and grants distributed were just 1.4-percent larger
than for the previous year.
Large foundations represented less than 1 percent of filers, but held more than two-thirds of the
fair market value of total assets reported by private
foundations for Tax Year 2003. Additionally, large
foundations received the majority of total revenue
and distributed the majority of reported contributions, gifts, and grants. The Bill and Melinda Gates
Foundation was the largest domestic private foundation, based on asset size, and the largest grantmaker,
based on total contributions, gifts, and grants distributed, for Tax Year 2003.
Although exempt from traditional income taxes,
private foundations were required to report and pay
excise taxes under sections 4940 through 4945 of the
IRC. Domestic private foundations reported nearly
$332.6 million in excise tax liability for Tax Year
2003. The section 4940 excise tax on net investment
income, at $327.9 million, was the largest component
of excise taxes. This tax was reported on Form 990PF and was required for most private foundations
that held investment assets. Additional excise taxes,
under sections 4941-4945, were reported on Form
4720 by foundations and disqualified persons that
engaged in prohibited activities for Tax Year 2003.
The section 4942 tax on undistributed income was
paid by nonoperating private foundations that had
failed to meet the charitable distribution requirement
for a previous tax year. At $3.0 million, the section
4942 tax was the largest tax reported on Form 4720.
Taxes on self-dealing, imposed on individuals under
section 4941, were nearly four times greater for Tax
Year 2003 than Tax Year 2002. The remaining taxes
reported on Form 4720, described in sections 49434945, represented less than $1 million for Tax Year
2003 and were reported by fewer than 200 filers.
Data Sources and Limitations
The statistics for returns filed by private foundations
for Tax Year 2003 that are presented in this article are
based on a sample of Tax Year 2003 Forms 990-PF
that were filed with the Internal Revenue Service.
Organizations having accounting periods beginning
in 2003 (and therefore ending between December
2003 and November 2004) that filed returns in Calendar Years 2004 and 2005 that posted to the IRS
Business Master File during those years were included in the sample. Some part-year returns were
included in the sample for organizations that changed
their accounting periods, or filed initial or final returns. Some 68.2 percent of the domestic private
foundations in the sample had accounting periods
Private Foundations, Tax Year 2003
covering Calendar Year 2003 or, in some cases, partyear periods that ended in December 2003.
The 2003 sample was stratified based on both the
size of fair market value of total assets and the type
of organization (either a private foundation or an
IRC section 4947(a)(1) nonexempt charitable trust).
All returns filed by nonexempt charitable trusts
were selected for inclusion in the study. The private
foundation sample was designed to provide reliable
estimates of total assets and total revenue. To accomplish this, 100 percent of returns filed for foundations with fair market asset value of $10 million or
more were included in the sample, since these organizations represented the vast majority of financial
activity. Approximately 7 percent of all foundations
reported $10 million or more in fair market value of
total assets for 2003 and were selected at a rate of
100 percent. The remaining foundation population
was randomly selected for the sample at various rates
of less than 100 percent depending on asset size. The
realized sampling rates for each asset-size category
are included in Figure N. Figure O shows the magnitude of sampling error for selected items for Tax Year
2003, measured by coefficients of variation.
Efforts were made to verify that organizations
selected into the sample were properly classified as
foundations or trusts. The relatively few foundations
in the sample that were incorrectly selected as trusts
were ultimately treated as foundations for these statistics, and the relatively few trusts incorrectly sampled as foundations were also reclassified. However,
the weights used for these organizations were based
on the original sample selection classification.
There were 7,302 foundation returns in the
sample selected from a population of 78,727. The
population of charitable trusts selected for Tax Year
2003 was 3,235. The difference between the actual
population of Form 990-PF records that posted to
the IRS Business Master File during 2004 and 2005
and the estimated population of domestic foundation returns as published in this article, results from
sample code changes and the effects of returns that
were “rejected” from the sample as part of the editing
process. For example, foreign returns and duplicate
filings by a single organization were included in the
actual population of Forms 990-PF filed, but were
rejected from the SOI estimates.
The statistics included in this article for Forms
4720 filed for Tax Year 2003 were obtained from
Figure N
Realized Sampling Rates for Private
Foundation Returns, 2003
Realized sampling
rate (percentage)
End-of-year fair market value of total assets
Less than $125,000..................................................
$125,000 less than $400,000...................................
$400,000 less than $1,000,000................................
$1 million less than $2.5 million...............................
$2.5 million less than $10 million.............................
$10 million or more...................................................
1.0
1.9
2.0
6.3
9.8
100.0
Figure O
Coefficients of Variation for Private Foundations,
Selected Items, 2003
Item
Coefficients of variation
(percentages)
Number of returns..................................................
Total assets (fair market value)..............................
Total revenue.........................................................
Total expenses.......................................................
0.58
0.15
1.09
1.73
the combined population of Forms 4720 filed in
Calendar Years 2004 and 2005. Of the 3,738 Forms
4720 received from private foundations, charitable
trusts, or disqualified persons over the 2 calendar
years, 1,755 were filed for Tax Year 2003. Based
on additional research, returns filed by charitable
trusts were excluded from the analysis; data from the
1,437 private foundations and associated disqualified
persons are included in these statistics. Due to IRS
processing procedures, in a small number of cases, a
return filed by an individual whose accounting period
differed from that of his or her associated private
foundation might have been excluded from the population of filers.
The data presented were obtained from returns
as originally filed with IRS. In most cases, changes
made to the original return because of administrative
processing, audit procedures, or a taxpayer amendment were not captured in the statistics. The data
were subject to comprehensive testing and correction
procedures in order to ensure statistical reliability
and validity. A general discussion of the reliability
of estimates based on samples, methods for evaluating both the magnitude of sampling and nonsampling
error, and the precision of sample estimates can be
found in the general Appendix to this issue of the
SOI Bulletin.
205
Private Foundations, Tax Year 2003
Explanation of Selected Terms
206
The following explanations describe terms as they
apply to private foundations:
Charitable Trust.--A charitable trust, also referred to as a “nonexempt” charitable trust, is defined
in Internal Revenue Code section 4947(a)(1) as an
organization (1) that is not considered tax-exempt
under section 501(a); (2) that has exclusively charitable interests; and (3) that has amounts in trust for
which donors are allowed to claim a tax deduction
for charitable contributions. Nonexempt charitable
trusts that are not publicly supported are subject to
the excise tax provisions that apply to private foundations and are required to file Form 990 PF and,
when applicable, Form 4720. (“Publicly supported”
nonexempt charitable trusts are required to file Form
990, Return of Organization Exempt From Income
Tax.) Nonexempt charitable trusts that are treated
as private foundations must pay an annual tax on
income (usually from investments) that is not distributed for charitable purposes, and they must report
such income and tax on Form 1041, U.S. Fiduciary
Income Tax Return. Data for charitable trusts are not
included in this article.
Disbursements for Charitable Purposes.--These
disbursements are outlays made exclusively in
support of a foundation’s tax-exempt purpose and
include grants paid and operating and administrative expenses. They were the largest component of
“qualifying distributions” for Tax Year 2002. The
total of disbursements for charitable purposes was
reported on Form 990 PF, Part I, line 26, column (d).
Disqualified Person.--In general, a disqualified person is a substantial contributor; a foundation
manager; a person who owns more than 20 percent
of a corporation, partnership, trust, or unincorporated
enterprise that is itself a substantial contributor; or a
family member of a disqualified person.
Distributable (Payout) Amount.--This is the
minimum payout amount that is required to be distributed by nonoperating foundations by the end of
the tax year that follows the tax year for which the
return was filed. For example, foundations were
required to distribute their Tax Year 2002 amounts
before the end of Tax Year 2003. Failure to distribute income within this period results in a 15-percent
excise tax on the undistributed portion. The distributable amount equals 5 percent of the net value of
noncharitable-use assets, called the “minimum in-
vestment return,” minus the excise tax on net investment income, plus or minus other adjustments, either
allowed or required (see Net Adjustments to Distributable Amount in this section).
Minimum Investment Return.--The minimum
investment return is used as the base for calculating
the “distributable amount.” This is the aggregate fair
market value of assets not used for charitable purposes, less both the indebtedness incurred to acquire
these assets and the cash held for charitable activities, multiplied by 5 percent. Minimum investment
return was reported on Form 990 PF, Part X, line 6.
Net Adjustments to Distributable Amount.--The
“distributable amount” is increased by recoveries
of amounts previously treated as qualifying distributions. Additionally, certain organizations with
governing instruments that require the accumulation
of income are instructed to deduct the accumulated
income from the distributable amount. These adjustments are allowed only for foundations organized
before May 27, 1969, whose governing instrument
requires such accumulation because State Courts
would not allow the organization to change the governing instrument. Recoveries on amounts treated as
qualifying distributions and the deduction for accumulated income were reported on Form 990 PF, Part
XI, lines 4a, 4b, and 6, respectively.
Net Investment Income.--This equals gross investment income less allowable deductions. Interest,
dividends, capital gain net income, rents, payments
with respect to securities loans (as defined in Code
section 512(a)(5)), and royalties are included in net
investment income. Any investment income derived
from unrelated trade or business activities, and therefore subject to the “unrelated business income” tax
and reported on Form 990 T, Exempt Organization
Business Income Tax Return, is excluded. Net investment income was reported on Form 990 PF, Part
I, line 27b, column (b).
Net Value of Noncharitable-Use Assets.--An
asset is considered a noncharitable-use asset if it is
not used in carrying out a charitable, educational,
or other similar function which relates directly to
the tax-exempt status of the foundation. Examples
include the fair market values of securities and rental
property owned by the foundation for investment
purposes. For purposes of calculating the “minimum
investment return,” valuation methods for noncharitable-use assets reported in this section differ from
Private Foundations, Tax Year 2003
those used to report end-of-year fair market values
for all assets in Part II. The average, rather than
end-of-year, fair market values of cash and securities that were not used or held for use for charitable
purposes during the tax year, is derived and used in
this calculation. With certain exceptions, other assets included in this calculation are valued annually,
but not necessarily based on the end-of-year value.
The fair market values of noncharitable-use assets
may reflect reductions due to certain characteristics
associated with those assets, such as lack of marketability or blockage. The net value of noncharitableuse assets is reduced by acquisition indebtedness
and cash deemed held for charitable purposes; the
latter reduction is generally limited to 1.5 percent of
noncharitable-use assets less acquisition indebtedness. Thus, the net value of noncharitable-use assets,
which was reported on Form 990 PF, Part X, line 5
as an element of the “minimum investment return”
calculation, differed from the balance sheet-derived
fair market value of total assets, as reported on Part
II, line 16, column (c), which equaled the total endof-year value for all assets held by the foundation.
Nonoperating Foundations.--These are organizations that generally carried on their charitable activities in an indirect manner by making grants to other
organizations directly engaged in charitable activities, in contrast to operating foundations that engaged
in charitable activities themselves. However, for Tax
Year 2002, some nonoperating foundations may have
been actively involved in charitable programs of their
own, in addition to making grants. For example, a
foundation initially organized as operating that was
unable to meet the operating foundation requirements
for Tax Year 2003 could have continued its direct
charitable activities. Such an organization could
have directed expenditures made for these direct
charitable activities, as well as expenditures made for
the disbursement of contributions, gifts, and grants
and other indirect charitable activities, toward meeting the distribution requirement. An organization’s
status as a nonoperating foundation was indicated on
Form 990-PF, Part VII, line 9.
Operating Foundations.--These organizations
generally expended their incomes for direct, active
involvement in a tax-exempt activity, such as operating a library or museum, or conducting scientific
research. Operating foundations were exempted
from the income distribution requirement and related
excise taxes that were applicable to their nonoperating counterparts. To qualify as an operating foundation for 2003, the organization had to meet both an
“income test” and one of three other tests: an “assets
test,” an “endowment test,” or a “support test.”
A foundation could qualify as operating under
the income requirement if it spent at least 85 percent
of the lesser of its “minimum investment return” or
“adjusted net income” on the direct, active conduct
of tax-exempt, charitable activities (as opposed to the
payout of grants in support of such programs). Adjusted net income represented the amount of income
from charitable functions, investment activities, setasides, unrelated business activities, and short-term
capital gains that exceeded the cost incurred in earning the income and was calculated in Part I, column
(c) of Form 990-PF for operating foundations. To
meet the assets test, a foundation had to directly use
65 percent or more of its assets for the active conduct of charitable activities. To meet the endowment
test, a foundation had to regularly make distributions for the active conduct of charitable activities
in an amount not less than two-thirds of its “minimum investment return.” To meet the support test,
a foundation had to regularly receive substantially
all of its support (other than from gross investment
income) from the public or from five or more qualifying exempt organizations, and (a) no more than 25
percent of its support (other than from gross investment income) from any one such qualifying exempt
organization; and (b) no more than 50 percent of its
support from gross investment income.
Individual taxpayers could deduct contributions
to operating foundations on their individual income
tax returns; the deduction could not exceed 50 percent of a donor’s “adjusted gross income” (as opposed to 30 percent for contributions to nonoperating
foundations).
While most operating foundations paid the excise tax on net investment income, some operating
foundations were exempt from this tax under section
4940(d)(2) of the Internal Revenue Code. In order to
be exempt from the Tax Year 2003 excise tax on net
investment income, an operating foundation was required to (1) maintain public support for a minimum
of 10 taxable years; (2) maintain a governing body at
all times that is broadly representative of the general
public and that is comprised of no more than 25percent disqualified individuals; and (3) at no time
207
Private Foundations, Tax Year 2003
208
during the year include a disqualified individual as an
officer of the foundation. An organization’s status as
an operating foundation was indicated on Form 990PF, Part VII, line 9.
Private Foundation.--A private foundation is
defined in Internal Revenue Code section 501(c)(3)
as a nonprofit organization with a narrow source of
funds that operated or supported educational, scientific, charitable, religious, and other programs dedicated to improving the general welfare of society. A
private foundation was an organization that qualified
for tax-exempt status under Code section 501(c)(3)
but was not (1) a church, school, hospital, or medical
research organization; (2) an organization with broad
public support in the form of contributions or income
from tax-exempt activities; (3) an organization that
was operated by, or in connection with, any of the
above described organizations; or (4) an organization
that conducted tests for public safety. The primary
difference between a private foundation and other
organizations exempt under 501(c)(3) was the source
of the organization’s funding. An individual, a family, or a corporation typically funded foundations,
while most other tax-exempt organizations received
funds from a large number of sources among the
general public.
Qualifying Distributions.--Qualifying distributions include disbursements for charitable purposes
(grants, direct expenditures to accomplish charitable
purposes, and charitable purpose operating and
administrative expenses); amounts paid to acquire
assets used directly to accomplish tax-exempt functions; charitable program-related investments; and
amounts set aside for future charitable projects.
Qualifying distributions may be credited against a
foundation’s obligation to pay out its “distributable
amount.” Total qualifying distributions were reported on Form 990 PF, Part XII, line 4.
Set-Asides.--Amounts set aside for specific
charitable purposes can be treated as qualifying
distributions only if the foundation establishes to the
satisfaction of the IRS that the amount will be paid
for the specific project within 60 months from the
date of the first set-aside and if the foundation meets
either the suitability test or the cash distribution test.
To meet the suitability test, a foundation must receive
prior approval from the IRS and must demonstrate
that the project can be better accomplished by a setaside than by an immediate payment of funds. To
meet the cash distribution test under IR Code section
4942(g)(2)(B)(ii), a foundation must attach a distribution schedule to its annual return for the year of
the set-aside and for each subsequent year until the
set-aside amount has been distributed. Set-asides
were reported on Form 990-PF, Part XII, lines 3a
and 3b.
Total Assets.--This is the sum of all assets reported in the foundation’s balance sheet, shown at both
book value and fair market value. Total assets were
reported on Form 990 PF, Part II, line 16, columns
(a) beginning of year book value, (b) end-of-year
book value, and (c) end-of-year fair market value.
Total Revenue.--This is the sum of gross contributions, gifts, and grants received; interest on savings and temporary cash investments; dividends and
interest from securities; net gain (or loss) from sales
of assets (mostly investment assets, but also charitable-use assets); gross rents and royalties; gross profit
(or loss) from business activities; and other income
(such as royalty income, program-related investment
income, interest earned on assets used for charitable
purposes, and imputed interest on distributions deferred interest). Total revenue items, which included
both investment and charitable-use items, were
reported on Form 990 PF, Part I, line 12, column (a).
Undistributed Income.--This is the portion of the
required “distributable amount” still undistributed
after the sum of current-year qualifying distributions
and any excess distributions carried over from prior
years is subtracted. This item was reported on Form
990 PF, Part XIII, line 6f, column (d). Under IRC
section 4942, nonoperating private foundations that
did not pay out an amount equal to the Tax Year 2002
“distributable amount” by the end of Tax Year 2003
were subject to an excise tax on the undistributed
amount. The initial tax on undistributed income,
which is automatically imposed, equals 15 percent
of the undistributed amount, and is reported on
Form 4720.
Notes and References
[1] For complete information on Forms 990-PF
filed for Tax Year 2002, as well as a 10-year
review of private foundation financial activity,
see Ludlum, Melissa, “Domestic Private Foundations, Tax Years 1993-2002,” Statistics of
Income Bulletin, Fall 2005, Volume 25,
Number 2.
Private Foundations, Tax Year 2003
[2] Statistics on section 4947(a)(1) nonexempt
charitable trusts for Tax Year 2003 and previous
years may be accessed via the Internet at
www.irs.gov/taxstats under the Private Foundations topic heading.
[3] For a detailed discussion of organizations other
than private foundations that are tax-exempt
under IRC section 501(c)(3), see Arnsberger,
Paul, “Charities and Other Tax-Exempt Organizations, 2003,” Statistics of Income Bulletin, in
this issue.
[4] Programs termed “charitable” refer to tax-exempt activities that are charitable, educational,
scientific, social, literary, or religious in nature.
[5] Seven of the ten largest foundations and seven
of the ten biggest grantmakers had calendar year
accounting periods, meaning that all of their activity occurred during the calendar year period.
However, three of the ten had other fiscal year
accounting periods. For the 2003 Tax Year, the
Ford Foundation had an accounting period ending in September 2004, the J. Paul Getty Trust
in June 2004, and the W.K. Kellogg Foundation
and the W.K. Kellogg Foundation Trust in August 2004; therefore, much of their activities for
Reporting Year 2003 occurred in Calendar Year
2004. See the Data Sources and Limitations
section.
[6] For more information on the unrelated business
income of exempt organizations, see Riley, Margaret, “Unrelated Business Income Tax Returns,
2002: Financial Highlights and Special Analyses of Exempt-Organization Reporting Quality” Statistics of Income Bulletin, Spring 2006,
Volume 25, Number 4.
[7] Disqualified persons reported self-dealing tax
liability on Form 4720. In some cases, more
than one return including self-dealing tax was
filed for different individuals associated with the
same foundation. In a small number of cases,
data were unavailable for certain individuals
whose accounting periods differed from that of
the foundation.
[8] Data included in the “Foundation Assets and
Investments, Constant Dollar Analysis” and in
Figure F differ from those presented in other
sections and figures of this article because they
have been adjusted for inflation. Tax Year 2002
investment totals were adjusted based on the
2000 chain-type price index for Gross Domestic
Product as reported by the U.S. Department of
Commerce, Bureau of Economic Analysis; 2003
was used as the base year. Unless otherwise
noted, all other data are in current dollars.
[9] The net investment income amount used in
calculating the NII yield was obtained from column (b) of the income statement, found in Part I
of Form 990-PF.
[10] The rate-of-total-return formula used here is the
same as that developed and used by Salamon
and Voytek in their studies on foundation assets.
See Salamon, Lester M. and Voytek, Kenneth P.,
Managing Foundation Assets: An Analysis of
Foundation Investment and Payout Procedures
and Performance, Washington, DC: The Council on Foundations, 1989, p. 32. The formula
for this calculation is shown below:
Rate of Total Return =
[Ending Fair Market Value of Assets
Indexed Beginning Fair Market Value of Assets
Contributions Received
+ Grants Paid
+ Operating and Administrative Expenses
+ Excise Tax Paid on Net Investment Income]
DIVIDED BY
[Indexed Beginning Fair Market Value of Assets
+ 50 percent of Contributions Received]
To calculate the rate of total return shown in
Figure G, samples of private foundation information returns for 2002 and 2003 were matched
in order to analyze both the beginning and endof-year fair market value data.
209
Private Foundations, Tax Year 2003
The beginning fair market value of assets for
2003 equals the ending fair market value reported on the 2002 tax return. Thus, in order to
provide a consistent form of measurement by
which to compare rates of total return among
different years, the ending fair market value of
asset amounts (reported for both the year subject to the computation and the prior year) were
used to compute the rate of return. In order to
obtain an inflation-adjusted real rate of return,
the beginning-of-year fair market value of assets
was indexed based on the 2000 chain-type price
index for Gross Domestic Product as published
by the Bureau of Economic Analysis, using
2003 as the base year.
[11] Foreign foundations, which are organized
abroad but required to file Form 990-PF and
pay excise taxes on net investment income, are
subject to a 4-percent tax on the value of their
U.S.-based net investment incomes. Data from
returns filed by foreign foundations are not
included in this article.
[12] The J. Paul Getty Trust, the largest operating
foundation, is exempt from the excise tax on net
investment income.
[13] The payout rate was calculated by dividing the
amount of (adjusted) qualifying distributions
by the value of noncharitable-use assets. The
210
numerator is adjusted to account for deductions
and additions made in the distributable amount
calculation. This payout formula is as follows:
Qualifying Distributions (Part XII, line 4)
+ Taxes (Part XI, line 2c)
– Recoveries of Amounts Treated as Qualifying
Distributions and Income Distributions from
Split-Interest Trusts (Part XI, line 4c)
+ Deduction from Distributable Amount (Part
XI, line 6)
+ Excess Distributions Applied to 2003 (Part
XIII, column A, line 5)
DIVIDED BY
Net Value of Noncharitable-Use Assets (Part X,
line 5)
[14] The excise tax on undistributed income is a
“two-tier” tax, which consists of an initial and
additional tax. If a private foundation has undistributed income for a reporting year that remains
undistributed until the end of the following tax
year, the initial tax of 15 percent is automatically imposed. Any organization that fails to
distribute the undistributed income within a
designated “correction period” may be subject
to the additional tax, which equals 100 percent
of the amount of the undistributed income.
Private Foundations, Tax Year 2003
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type
of Foundation and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2003
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Selected sources of revenue
Type of foundation, asset size
Number of
returns
Total revenue
Contributions, gifts, and
grants received
Dividends and interest from
securities
Net gain (less loss) from
sales of assets
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Zero or unreported............................................
$1 under $100,000............................................
$100,000 under $1,000,000..............................
$1,000,000 under $10,000,000.........................
$10,000,000 under $25,000,000.......................
$25,000,000 under $50,000,000.......................
$50,000,000 under $100,000,000.....................
$100,000,000 or more......................................
76,348
2,586
21,586
28,061
19,202
2,694
1,086
574
559
73,791
2,089
19,696
27,905
19,192
2,692
1,085
573
559
48,390,994
88,242
569,672
2,003,044
8,238,741
5,267,738
4,482,759
4,612,267
23,128,532
34,244
1,293
11,936
11,038
7,842
1,175
473
240
247
24,401,193
76,337
565,472
1,544,388
5,648,355
2,994,437
2,623,967
2,292,236
8,656,002
54,434
* 497
8,953
22,609
17,673
2,565
1,041
556
539
8,065,399
* 5,280
9,287
210,273
1,116,605
775,084
704,149
706,614
4,538,108
44,480
* 398
5,870
17,874
15,800
2,449
999
545
545
10,790,888
* 6,451
18,929
93,655
842,658
1,043,114
732,758
1,089,541
7,001,640
Nonoperating foundations
Total.............................................................
Zero or unreported............................................
$1 under $100,000............................................
$100,000 under $1,000,000..............................
$1,000,000 under $10,000,000.........................
$10,000,000 under $25,000,000.......................
$25,000,000 under $50,000,000.......................
$50,000,000 under $100,000,000.....................
$100,000,000 or more......................................
70,004
2,387
18,900
26,319
17,869
2,472
1,025
522
509
67,758
1,890
17,309
26,164
17,869
2,472
1,024
522
509
44,284,829
84,459
468,122
1,766,936
7,342,211
4,739,325
4,153,680
3,996,035
21,734,060
29,738
1,094
10,146
9,811
6,853
999
424
204
206
22,130,326
72,555
468,262
1,352,271
5,043,069
2,715,583
2,439,271
2,040,837
7,998,480
51,433
* 497
8,257
21,587
16,705
2,392
989
509
496
7,639,620
* 5,280
8,309
200,082
1,065,818
734,547
681,206
660,036
4,284,342
42,142
* 398
5,372
17,160
14,997
2,277
945
496
497
10,327,532
* 6,451
20,952
88,218
825,589
984,215
709,220
968,634
6,766,157
Operating foundations
Total.............................................................
Zero or unreported............................................
$1 under $100,000............................................
$100,000 under $1,000,000..............................
$1,000,000 under $10,000,000.........................
$10,000,000 under $25,000,000.......................
$25,000,000 under $50,000,000.......................
$50,000,000 under $100,000,000.....................
$100,000,000 or more......................................
6,344
* 199
2,686
1,742
1,333
222
61
52
50
6,033
* 199
2,387
1,742
1,323
220
61
51
50
4,106,165
* 3,783
101,550
236,107
896,530
528,412
329,079
616,233
1,394,471
4,506
* 199
1,790
1,226
989
176
49
36
41
2,270,867
* 3,783
97,210
192,117
605,286
278,854
184,696
251,399
657,522
3,001
0
* 696
1,022
968
173
52
47
43
425,779
0
* 978
10,191
50,787
40,537
22,942
46,577
253,766
2,338
0
* 497
714
803
172
54
49
48
463,356
0
* 2,023
5,437
17,069
58,899
23,538
120,907
235,483
Grantmaking foundations
Total.............................................................
Zero or unreported............................................
$1 under $100,000............................................
$100,000 under $1,000,000..............................
$1,000,000 under $10,000,000.........................
$10,000,000 under $25,000,000.......................
$25,000,000 under $50,000,000.......................
$50,000,000 under $100,000,000.....................
$100,000,000 or more......................................
64,884
1,691
15,120
25,693
17,727
2,530
1,038
546
539
64,480
1,592
14,921
25,589
17,727
2,529
1,037
546
539
45,040,910
86,765
457,832
1,588,638
7,024,537
4,659,412
4,106,040
4,375,001
22,742,686
27,906
895
8,654
9,700
6,723
1,043
439
223
229
22,019,670
74,926
462,363
1,168,056
4,716,694
2,579,652
2,336,836
2,210,398
8,470,745
51,032
* 497
7,859
21,478
16,699
2,440
1,007
530
522
7,913,236
* 5,280
8,098
204,596
1,076,192
748,307
688,157
683,667
4,498,940
42,219
* 398
5,074
17,308
15,100
2,327
965
519
528
10,591,385
* 6,451
19,168
101,542
814,891
984,604
722,802
1,014,565
6,965,699
Grantmaking-nonoperating foundations
Total.............................................................
Zero or unreported............................................
$1 under $100,000............................................
$100,000 under $1,000,000..............................
$1,000,000 under $10,000,000.........................
$10,000,000 under $25,000,000.......................
$25,000,000 under $50,000,000.......................
$50,000,000 under $100,000,000.....................
$100,000,000 or more......................................
61,514
1,592
13,728
24,622
17,118
2,425
1,007
517
505
61,110
1,492
13,529
24,519
17,118
2,425
1,006
517
505
42,442,360
83,199
380,211
1,466,890
6,679,678
4,355,698
3,952,337
3,971,574
21,552,774
25,307
796
7,460
8,937
6,334
961
413
203
203
20,536,048
71,360
387,979
1,080,145
4,458,174
2,386,066
2,261,470
2,040,812
7,850,042
49,119
* 497
7,362
20,712
16,211
2,359
980
505
492
7,600,290
* 5,280
7,546
195,080
1,049,961
729,541
677,989
653,765
4,281,126
40,804
* 398
4,776
16,747
14,713
2,245
937
492
496
10,257,422
* 6,451
21,192
85,955
801,448
946,585
704,993
967,636
6,765,547
3,371
* 99
1,393
1,071
609
105
31
29
34
3,370
* 99
1,393
1,071
609
104
31
29
34
2,598,550
* 3,566
77,621
121,748
344,860
303,715
153,702
403,427
1,189,911
2,599
* 99
1,194
763
389
82
26
20
26
1,483,622
* 3,566
74,384
87,911
258,520
193,586
75,366
169,586
620,703
1,913
0
* 497
765
488
81
27
25
30
312,946
0
* 552
9,516
26,230
18,765
10,168
29,902
217,813
1,415
0
* 298
561
386
82
28
27
32
333,963
0
* 2,024
15,587
13,443
38,020
17,808
46,928
200,153
All foundations
Total........................................................
Grantmaking-operating foundations
Total.............................................................
Zero or unreported............................................
$1 under $100,000............................................
$100,000 under $1,000,000..............................
$1,000,000 under $10,000,000.........................
$10,000,000 under $25,000,000.......................
$25,000,000 under $50,000,000.......................
$50,000,000 under $100,000,000.....................
$100,000,000 or more......................................
Footnotes at end of table.
211
Private Foundations, Tax Year 2003
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of
Foundation and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2003--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Total expenses
Type of foundation, asset size
All foundations
Net investment income
Disbursements for exempt
purposes
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
74,146
2,188
20,193
27,807
19,055
2,687
1,083
573
559
35,099,382
240,786
753,379
1,905,461
6,508,077
3,403,793
3,055,832
3,068,759
16,163,296
74,346
1,790
20,392
28,061
19,192
2,692
1,086
573
559
13,291,612
152,545
183,706
97,583
1,730,664
1,863,945
1,426,927
1,543,509
6,965,236
60,560
* 796
11,341
25,341
18,272
2,628
1,066
563
553
25,192,997
* 16,142
68,658
545,647
3,051,123
2,333,520
1,977,309
2,237,043
14,963,555
69,439
1,691
17,110
26,982
18,794
2,658
1,076
571
557
31,058,267
231,026
694,631
1,706,526
5,688,122
2,967,259
2,693,232
2,650,112
14,427,358
Nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
67,913
1,989
17,607
26,065
17,732
2,466
1,022
522
509
31,928,784
233,850
661,906
1,730,592
5,749,992
2,995,775
2,805,033
2,725,444
15,026,193
68,114
1,691
17,707
26,319
17,869
2,472
1,025
522
509
12,356,045
149,391
193,784
36,345
1,592,219
1,743,550
1,348,647
1,270,591
6,707,867
56,577
* 796
10,445
23,754
17,127
2,426
1,011
514
503
24,022,642
* 16,142
66,691
518,668
2,911,250
2,210,220
1,905,465
2,024,333
14,369,872
63,966
* 1,592
15,021
25,292
17,570
2,446
1,017
521
507
28,826,199
* 227,460
621,927
1,555,759
5,193,741
2,683,864
2,503,004
2,487,518
13,552,927
Operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
6,233
* 199
2,586
1,742
1,323
221
61
51
50
3,170,598
* 6,936
91,473
174,869
758,085
408,018
250,799
343,315
1,137,103
6,232
* 99
2,686
1,742
1,323
220
61
51
50
935,568
* -3,153
10,077
61,238
138,445
120,394
78,280
272,917
257,368
3,983
0
* 895
1,587
1,145
202
55
49
50
1,170,354
0
* 1,966
26,980
139,873
123,299
71,844
212,710
593,682
5,473
* 99
2,089
1,690
1,224
212
59
50
50
2,232,068
* 3,566
72,705
150,767
494,381
283,396
190,228
162,594
874,432
Grantmaking foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
64,884
1,691
15,120
25,693
17,727
2,530
1,038
546
539
33,385,891
235,933
660,297
1,607,314
5,885,039
3,217,538
2,906,962
2,969,646
15,903,163
64,685
1,492
15,120
25,693
17,727
2,530
1,038
546
539
11,655,020
149,168
202,465
18,676
1,139,498
1,441,874
1,199,078
1,405,355
6,839,523
55,661
* 796
9,650
23,538
17,101
2,478
1,027
538
534
24,593,688
* 16,142
62,412
536,977
2,883,395
2,208,363
1,898,412
2,113,758
14,874,230
64,884
1,691
15,120
25,693
17,727
2,530
1,038
546
539
29,976,660
231,026
632,943
1,466,258
5,302,765
2,860,300
2,597,996
2,596,043
14,289,330
Grantmaking-nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
61,514
1,592
13,728
24,622
17,118
2,425
1,007
517
505
31,374,400
232,367
597,734
1,543,286
5,533,204
2,981,836
2,783,585
2,710,873
14,991,515
61,414
1,492
13,728
24,622
17,118
2,425
1,007
517
505
11,067,962
149,168
217,523
76,395
1,146,474
1,373,862
1,168,752
1,260,701
6,561,259
53,459
* 796
9,252
22,468
16,555
2,382
997
510
500
23,782,225
* 16,142
61,632
510,792
2,810,735
2,139,330
1,862,276
2,014,814
14,366,504
61,514
1,592
13,728
24,622
17,118
2,425
1,007
517
505
28,447,014
227,460
574,453
1,409,563
5,027,396
2,674,822
2,495,005
2,486,090
13,552,225
3,371
* 99
1,393
1,071
609
105
31
29
34
2,011,492
* 3,566
62,563
64,028
351,835
235,702
123,377
258,773
911,648
3,271
0
1,393
1,071
609
105
31
29
34
587,058
0
15,058
57,720
6,976
68,012
30,326
144,655
278,263
2,202
0
* 398
1,071
546
96
30
28
34
811,464
0
* 780
26,185
72,660
69,033
36,136
98,943
507,726
3,371
* 99
1,393
1,071
609
105
31
29
34
1,529,646
* 3,566
58,490
56,695
275,369
185,478
102,990
109,953
737,105
Grantmaking-operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
Footnotes at end of table.
212
Excess of revenue (less
loss) over expenses
Private Foundations, Tax Year 2003
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of
Foundation and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2003--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Type of foundation, asset size
All foundations
Contributions, gifts, and
grants paid [1]
Excise tax on net investment
income
Total assets (book value)
Total investment assets
(book value)
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
64,884
1,691
15,120
25,693
17,727
2,530
1,038
546
539
26,666,696
229,946
564,008
1,387,799
4,940,883
2,590,448
2,335,859
2,305,400
12,312,354
57,095
* 497
9,351
24,567
17,994
2,566
1,044
546
529
327,882
* 161
1,048
8,188
43,674
33,932
27,121
28,962
184,795
73,762
0
21,586
28,061
19,202
2,694
1,086
574
559
418,510,025
0
715,845
10,814,240
51,758,431
35,255,090
32,353,032
34,788,698
252,824,690
64,340
0
13,927
26,617
18,903
2,680
1,082
572
559
393,724,448
0
560,747
9,538,594
47,631,954
32,653,885
30,074,126
32,604,986
240,660,156
Nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
61,514
1,592
13,728
24,622
17,118
2,425
1,007
517
505
26,116,031
226,382
532,364
1,336,874
4,803,120
2,494,091
2,310,506
2,281,764
12,130,931
53,602
* 497
8,456
23,135
17,075
2,420
1,008
512
498
316,484
* 161
1,018
7,810
41,937
32,597
26,652
26,441
179,868
67,616
0
18,900
26,319
17,869
2,472
1,025
522
509
384,940,881
0
629,521
10,075,339
47,786,201
32,179,126
30,350,269
31,712,230
232,208,194
59,696
0
12,534
24,979
17,664
2,465
1,023
522
509
368,659,231
0
518,117
8,989,879
45,164,339
30,729,257
28,855,142
30,357,236
224,045,261
Operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
3,371
* 99
1,393
1,071
609
105
31
29
34
550,666
* 3,565
31,645
50,925
137,763
96,356
25,353
23,636
181,423
3,493
0
* 895
1,432
918
146
36
34
31
11,398
0
* 31
379
1,737
1,335
469
2,521
4,928
6,146
0
2,686
1,742
1,333
222
61
52
50
33,569,145
0
86,323
738,901
3,972,230
3,075,963
2,002,762
3,076,469
20,616,496
4,644
0
1,393
1,639
1,239
215
59
50
50
25,065,217
0
42,631
548,714
2,467,615
1,924,628
1,218,984
2,247,750
16,614,895
Grantmaking foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
64,884
1,691
15,120
25,693
17,727
2,530
1,038
546
539
26,666,696
229,946
564,008
1,387,799
4,940,883
2,590,448
2,335,859
2,305,400
12,312,354
52,879
* 497
7,859
23,023
16,982
2,452
1,016
529
521
320,320
* 161
925
8,019
41,128
32,110
26,163
27,222
184,592
63,193
0
15,120
25,693
17,727
2,530
1,038
546
539
404,823,135
0
589,819
9,944,935
47,769,015
33,027,979
30,843,390
33,163,250
249,484,747
58,335
0
11,341
24,819
17,533
2,524
1,035
545
539
384,411,034
0
490,513
9,075,682
45,178,983
31,184,289
29,064,446
31,464,628
237,952,495
Grantmaking-nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
61,514
1,592
13,728
24,622
17,118
2,425
1,007
517
505
26,116,031
226,382
532,364
1,336,874
4,803,120
2,494,091
2,310,506
2,281,764
12,130,931
50,842
497
7,461
22,005
16,503
2,377
995
508
496
311,827
161
916
7,654
39,967
31,218
25,822
26,251
179,837
59,922
0
13,728
24,622
17,118
2,425
1,007
517
505
380,480,289
0
536,823
9,427,083
46,313,447
31,549,832
29,811,607
31,357,886
231,483,611
55,779
0
10,644
23,748
16,939
2,420
1,005
517
505
365,229,393
0
469,994
8,646,452
44,006,831
30,223,434
28,459,097
30,086,113
223,337,472
3,371
* 99
1,393
1,071
609
105
31
29
34
550,666
* 3,565
31,645
50,925
137,763
96,356
25,353
23,636
181,423
2,037
0
* 398
1,019
479
75
21
21
25
8,492
0
*8
365
1,160
891
341
971
4,756
3,271
0
1,393
1,071
609
105
31
29
34
24,342,846
0
52,996
517,852
1,455,567
1,478,147
1,031,783
1,805,364
18,001,136
2,556
0
* 696
1,071
593
104
30
28
34
19,181,642
0
* 20,520
429,230
1,172,152
960,855
605,349
1,378,514
14,615,023
Grantmaking-operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
Footnotes at end of table.
213
Private Foundations, Tax Year 2003
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of
Foundation and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2003--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Investments in securities (book value)
Total
Type of foundation, asset size
All foundations
Corporate stock
Corporate bonds
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
(26)
(27)
(28)
(29)
(30)
(31)
(32)
(33)
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
49,456
0
7,163
20,744
16,941
2,503
1,023
542
540
298,117,249
0
340,035
6,403,598
34,728,290
24,487,093
22,646,348
23,818,127
185,693,757
16,899
0
1,293
5,952
7,014
1,384
598
308
350
37,899,030
0
22,654
639,683
4,481,674
3,450,107
3,434,675
2,845,009
23,025,227
45,535
0
6,268
18,795
16,027
2,402
988
525
530
216,532,775
0
291,149
4,791,475
24,823,270
17,159,221
15,610,522
17,726,750
136,130,388
20,356
0
1,492
6,987
8,902
1,569
659
354
394
43,685,443
0
26,232
972,440
5,423,345
3,877,765
3,601,151
3,246,368
26,538,142
Nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
46,904
0
6,566
19,978
16,056
2,340
975
496
494
282,881,732
0
313,949
6,226,358
33,353,042
23,297,066
21,953,169
22,432,025
175,306,124
15,891
0
1,194
5,597
6,641
1,286
568
283
323
35,935,053
0
17,431
568,780
4,292,660
3,247,332
3,368,255
2,558,841
21,881,755
43,386
0
5,770
18,230
15,225
2,251
942
483
485
205,220,652
0
274,816
4,706,686
23,856,273
16,362,218
15,098,756
16,826,980
128,094,923
19,402
0
1,293
6,834
8,486
1,470
627
328
364
41,726,026
0
21,703
950,891
5,204,109
3,687,516
3,486,157
3,046,204
25,329,446
Operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
2,551
0
* 597
766
885
163
48
46
46
15,235,517
0
* 26,087
177,241
1,375,248
1,190,027
693,179
1,386,103
10,387,633
1,007
0
* 99
* 355
373
98
30
25
27
1,963,977
0
* 5,223
* 70,903
189,015
202,775
66,420
286,169
1,143,473
2,149
0
* 497
565
802
151
46
42
45
11,312,123
0
* 16,333
84,789
966,998
797,003
511,766
899,770
8,035,465
955
0
* 199
* 153
416
99
32
26
30
1,959,417
0
* 4,530
* 21,549
219,236
190,249
114,994
200,164
1,208,696
Grantmaking foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
46,471
0
6,268
19,818
15,966
2,384
993
517
525
292,888,375
0
302,318
6,246,815
33,309,411
23,608,037
22,137,648
23,063,432
184,220,713
15,946
0
1,194
5,694
6,528
1,311
581
296
342
37,233,610
0
17,431
597,157
4,258,990
3,314,334
3,391,446
2,718,721
22,935,531
42,932
0
5,571
17,919
15,172
2,289
960
504
516
212,818,618
0
269,270
4,679,866
23,825,396
16,577,023
15,225,600
17,232,656
135,008,808
19,327
0
1,194
6,936
8,349
1,487
639
340
383
42,836,147
0
15,618
969,793
5,225,024
3,716,680
3,520,602
3,112,055
26,276,374
Grantmaking-nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
44,839
0
5,870
19,154
15,562
2,303
967
491
493
281,269,259
0
285,410
6,080,962
32,659,348
23,018,545
21,759,127
22,183,307
175,282,561
15,362
0
1,194
5,339
6,393
1,268
565
281
322
35,713,088
0
17,431
526,254
4,162,818
3,211,328
3,362,478
2,553,624
21,879,156
41,527
0
5,173
17,457
14,783
2,215
934
479
485
204,024,716
0
253,931
4,606,464
23,369,751
16,162,739
14,934,458
16,602,451
128,094,923
18,864
0
1,094
6,783
8,228
1,449
622
325
363
41,531,454
0
14,049
948,244
5,126,779
3,644,478
3,462,190
3,027,232
25,308,482
1,631
0
* 398
664
405
81
26
26
32
11,619,116
0
* 16,908
165,854
650,063
589,493
378,522
880,125
8,938,151
584
0
0
* 355
135
43
16
15
20
1,520,521
0
0
* 70,903
96,171
103,006
28,968
165,098
1,056,375
1,405
0
* 398
* 462
389
74
26
25
31
8,793,902
0
* 15,339
* 73,402
455,646
414,284
291,141
630,204
6,913,885
464
0
* 99
* 153
121
38
17
15
20
1,304,692
0
* 1,569
* 21,549
98,246
72,202
58,412
84,823
967,892
Grantmaking-operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
Footnotes at end of table.
214
Government obligations
Private Foundations, Tax Year 2003
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of
Foundation and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2003--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Type of foundation, asset size
Investments in securities (fair market value)
Total assets (fair market
value)
Total investment assets (fair
market value)
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
Total
Government obligations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
73,762
0
21,586
28,061
19,202
2,694
1,086
574
559
474,951,885
0
672,253
11,851,321
59,095,553
41,725,526
37,854,025
39,984,182
283,769,025
64,340
0
13,927
26,617
18,903
2,680
1,082
572
559
448,773,041
0
512,180
10,552,025
54,759,035
38,847,113
35,411,842
37,685,768
271,005,077
49,456
0
7,163
20,744
16,941
2,503
1,023
542
540
344,313,719
0
290,795
7,325,640
41,260,071
30,051,606
27,340,941
28,310,208
209,734,459
16,899
0
1,293
5,952
7,014
1,384
598
308
350
38,582,112
0
23,349
661,725
4,669,075
3,536,348
3,542,392
2,929,954
23,219,269
Nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
67,616
0
18,900
26,319
17,869
2,472
1,025
522
509
436,296,453
0
585,722
11,077,281
54,747,756
38,246,175
35,683,721
36,588,390
259,367,408
59,696
0
12,534
24,979
17,664
2,465
1,023
522
509
419,322,423
0
467,715
9,975,364
52,004,093
36,686,541
34,091,154
35,174,532
250,923,023
46,904
0
6,566
19,978
16,056
2,340
975
496
494
327,980,173
0
264,962
7,139,996
39,680,823
28,681,937
26,591,545
26,807,228
198,813,681
15,891
0
1,194
5,597
6,641
1,286
568
283
323
36,603,492
0
18,022
590,765
4,474,692
3,331,026
3,476,188
2,644,410
22,068,389
Operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
6,146
0
2,686
1,742
1,333
222
61
52
50
38,655,431
0
86,531
774,040
4,347,797
3,479,351
2,170,305
3,395,792
24,401,616
4,644
0
1,393
1,639
1,239
215
59
50
50
29,450,618
0
44,465
576,661
2,754,942
2,160,572
1,320,688
2,511,236
20,082,054
2,551
0
* 597
766
885
163
48
46
46
16,333,546
0
* 25,832
185,644
1,579,247
1,369,669
749,396
1,502,981
10,920,778
1,007
0
* 99
* 355
373
98
30
25
27
1,978,620
0
* 5,327
* 70,960
194,383
205,322
66,204
285,545
1,150,880
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
63,193
0
15,120
25,693
17,727
2,530
1,038
546
539
458,794,461
0
541,842
10,897,099
54,627,813
39,228,975
36,226,177
38,207,552
279,065,004
58,335
0
11,341
24,819
17,533
2,524
1,035
545
539
437,320,400
0
436,648
10,025,408
51,926,612
37,217,742
34,320,855
36,416,506
266,976,629
46,471
0
6,268
19,818
15,966
2,384
993
517
525
338,307,672
0
250,310
7,153,617
39,499,041
29,058,233
26,781,392
27,513,100
208,051,978
15,946
0
1,194
5,694
6,528
1,311
581
296
342
37,903,306
0
18,022
618,821
4,440,344
3,397,913
3,498,807
2,803,650
23,125,748
Grantmaking-nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
59,922
0
13,728
24,622
17,118
2,425
1,007
517
505
431,388,748
0
490,229
10,368,520
53,007,953
37,567,835
35,102,066
36,209,311
258,642,835
55,779
0
10,644
23,748
16,939
2,420
1,005
517
505
415,520,416
0
416,796
9,585,789
50,609,919
36,146,655
33,659,889
34,886,124
250,215,244
44,839
0
5,870
19,154
15,562
2,303
967
491
493
326,071,498
0
234,070
6,979,451
38,774,613
28,372,612
26,379,408
26,541,225
198,790,118
15,362
0
1,194
5,339
6,393
1,268
565
281
322
36,374,456
0
18,022
547,862
4,339,005
3,294,313
3,470,377
2,639,087
22,065,791
3,271
0
1,393
1,071
609
105
31
29
34
27,405,713
0
51,613
528,579
1,619,860
1,661,140
1,124,111
1,998,241
20,422,169
2,556
0
* 696
1,071
593
104
30
28
34
21,799,983
0
* 19,852
439,619
1,316,693
1,071,087
660,966
1,530,381
16,761,385
1,631
0
* 398
664
405
81
26
26
32
12,236,174
0
* 16,240
174,166
724,428
685,621
401,984
971,874
9,261,860
584
0
0
* 355
135
43
16
15
20
1,528,849
0
0
* 70,960
101,340
103,601
28,430
164,563
1,059,957
Grantmaking-operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
Footnotes at end of table.
215
Private Foundations, Tax Year 2003
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of
Foundation and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2003--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Investments in securities (fair market value)--continued
Type of foundation, asset size
Corporate bonds
Net worth (book value)
Noncharitable-use assets
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
45,535
0
6,268
18,795
16,027
2,402
988
525
530
261,272,455
0
240,289
5,667,488
31,009,955
22,511,739
20,092,906
22,036,456
159,713,621
20,356
0
1,492
6,987
8,902
1,569
659
354
394
44,459,152
0
27,157
996,427
5,581,041
4,003,519
3,705,643
3,343,798
26,801,568
73,858
* 99
21,586
28,061
19,202
2,691
1,086
574
559
400,553,173
* -739
700,442
10,504,696
50,647,190
34,497,972
31,344,762
33,655,222
239,203,628
73,856
1,194
20,691
27,906
19,165
2,685
1,084
573
559
408,972,770
204,882
663,116
10,523,727
51,975,808
36,361,736
32,872,328
34,645,598
241,725,575
Nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
43,386
0
5,770
18,230
15,225
2,251
942
483
485
248,890,100
0
224,858
5,575,458
29,840,520
21,543,677
19,523,837
21,020,544
151,161,207
19,402
0
1,293
6,834
8,486
1,470
627
328
364
42,486,581
0
22,083
973,773
5,365,612
3,807,234
3,591,520
3,142,274
25,584,085
67,714
* 99
18,900
26,319
17,869
2,470
1,025
522
509
370,704,788
* -739
618,376
9,815,987
47,125,909
31,584,121
29,692,813
30,873,402
220,994,918
67,877
1,194
18,105
26,216
17,841
2,468
1,023
522
509
386,964,183
204,882
592,786
9,977,964
49,330,029
34,442,426
31,815,858
32,533,621
228,066,617
Operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
2,149
0
* 497
565
802
151
46
42
45
12,382,355
0
* 15,431
92,030
1,169,435
968,062
569,069
1,015,913
8,552,415
955
0
* 199
* 153
416
99
32
26
30
1,972,571
0
* 5,074
* 22,654
215,429
196,285
114,122
201,523
1,217,484
6,145
0
2,686
1,742
1,333
221
61
52
50
29,848,385
0
82,065
688,708
3,521,281
2,913,851
1,651,949
2,781,820
18,208,710
5,979
0
2,586
1,691
1,323
217
61
51
50
22,008,587
0
70,330
545,763
2,645,779
1,919,310
1,056,470
2,111,977
13,658,959
Grantmaking foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
42,932
0
5,571
17,919
15,172
2,289
960
504
516
256,804,262
0
215,750
5,541,096
29,678,259
21,822,031
19,656,548
21,500,529
158,390,049
19,327
0
1,194
6,936
8,349
1,487
639
340
383
43,600,105
0
16,538
993,700
5,380,439
3,838,289
3,626,037
3,208,921
26,536,182
63,291
* 99
15,120
25,693
17,727
2,528
1,038
546
539
388,641,912
* -739
580,938
9,786,671
47,171,139
32,379,429
30,168,372
32,261,046
236,295,056
64,171
1,194
14,921
25,693
17,716
2,525
1,037
546
539
399,976,950
204,882
550,635
9,970,395
49,551,896
34,933,611
31,952,775
33,572,418
239,240,338
Grantmaking-nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
41,527
0
5,173
17,457
14,783
2,215
934
479
485
247,406,673
0
201,378
5,460,543
29,148,233
21,314,294
19,341,452
20,779,565
151,161,207
18,864
0
1,094
6,783
8,228
1,449
622
325
363
42,290,369
0
14,670
971,046
5,287,375
3,764,005
3,567,578
3,122,574
25,563,121
60,019
* 99
13,728
24,622
17,118
2,423
1,007
517
505
366,985,649
* -739
527,942
9,269,126
45,791,398
30,970,554
29,307,567
30,607,036
220,512,764
61,001
1,194
13,628
24,622
17,107
2,422
1,006
517
505
383,770,832
204,882
517,762
9,544,839
48,229,754
33,995,053
31,434,822
32,262,684
227,581,036
1,405
0
* 398
* 462
389
74
26
25
31
9,397,589
0
* 14,372
* 80,553
530,025
507,736
315,096
720,965
7,228,842
464
0
* 99
* 153
121
38
17
15
20
1,309,735
0
* 1,868
* 22,654
93,063
74,284
58,458
86,347
973,061
3,271
0
1,393
1,071
609
105
31
29
34
21,656,263
0
52,996
517,544
1,379,741
1,408,874
860,805
1,654,011
15,782,292
3,170
0
1,293
1,071
609
103
31
29
34
16,206,118
0
32,873
425,556
1,322,142
938,558
517,952
1,309,734
11,659,302
Grantmaking-operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
Footnotes at end of table.
216
Corporate stock
Private Foundations, Tax Year 2003
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of
Foundation and Size of End-of-Year Fair Market Value of Total Assets, Tax Year 2003--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Minimum investment
return
Distributable amount
Qualifying distributions
Undistributed income
for 2003
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(57)
(58)
(59)
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
73,655
1,194
20,492
27,906
19,165
2,685
1,082
573
559
20,378,669
10,244
33,047
523,212
2,581,266
1,802,845
1,631,678
1,723,070
12,073,307
67,285
1,194
17,707
26,113
17,762
2,461
1,019
522
508
19,187,813
10,083
28,794
489,104
2,426,047
1,680,715
1,563,230
1,636,158
11,353,682
69,767
1,691
17,309
27,034
18,862
2,663
1,078
572
558
32,780,062
231,026
710,214
1,717,623
5,814,031
3,078,047
2,838,605
2,836,927
15,553,589
22,912
* 99
3,979
9,311
7,537
1,072
434
234
246
5,263,504
* 6,583
4,153
125,840
772,968
505,134
470,620
515,777
2,862,429
45,176
1,592
14,026
16,807
10,217
1,395
587
288
265
47,662,665
1,199,653
3,860,533
6,158,759
12,555,003
4,742,154
4,384,683
4,596,707
10,165,172
Nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
67,676
1,194
17,906
26,216
17,841
2,468
1,021
522
509
19,278,246
10,244
29,531
495,924
2,448,977
1,706,886
1,578,854
1,617,471
11,390,359
67,285
1,194
17,707
26,113
17,762
2,461
1,019
522
508
19,187,813
10,083
28,794
489,104
2,426,047
1,680,715
1,563,230
1,636,158
11,353,682
64,197
1,592
15,220
25,292
17,596
2,449
1,018
522
508
29,811,157
227,460
630,921
1,565,602
5,250,608
2,753,459
2,582,943
2,559,837
14,240,326
22,912
* 99
3,979
9,311
7,537
1,072
434
234
246
5,263,504
* 6,583
4,153
125,840
772,968
505,134
470,620
515,777
2,862,429
45,176
1,592
14,026
16,807
10,217
1,395
587
288
265
47,662,665
1,199,653
3,860,533
6,158,759
12,555,003
4,742,154
4,384,683
4,596,707
10,165,172
Operating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
5,979
0
2,586
1,691
1,323
217
61
51
50
1,100,422
0
3,517
27,288
132,289
95,958
52,823
105,599
682,948
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5,570
* 99
2,089
1,742
1,267
214
60
50
50
2,968,904
* 3,566
79,292
152,020
563,423
324,588
255,662
277,090
1,313,263
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Grantmaking foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
64,171
1,194
14,921
25,693
17,716
2,525
1,037
546
539
19,951,014
10,244
27,495
498,310
2,466,375
1,734,953
1,592,279
1,672,311
11,949,045
60,729
1,194
13,529
24,520
17,043
2,418
1,005
517
504
19,042,052
10,083
25,162
468,779
2,372,483
1,661,590
1,551,517
1,623,047
11,329,390
64,884
1,691
15,120
25,693
17,727
2,530
1,038
546
539
31,179,441
231,026
646,776
1,474,595
5,333,665
2,939,904
2,713,727
2,720,864
15,118,883
19,907
* 99
2,188
8,485
7,183
1,045
430
233
243
5,221,251
* 6,583
3,059
117,133
763,956
496,652
465,988
514,897
2,852,982
41,351
1,492
11,341
16,139
9,878
1,378
576
284
264
43,671,803
676,772
3,077,715
4,598,375
12,312,016
4,680,827
4,306,756
4,483,335
9,536,007
Grantmaking-nonoperating foundations
Total...............................................................................
Zero or unreported.............................................................
$1 under $100,000.............................................................
$100,000 under $1,000,000...............................................
$1,000,000 under $10,000,000..........................................
$10,000,000 under $25,000,000........................................
$25,000,000 under $50,000,000........................................
$50,000,000 under $100,000,000......................................
$100,000,000 or more........................................................
61,001
1,194
13,628
24,622
17,107
2,422
1,006
517
505
19,140,715
10,244
25,852
477,032
2,400,268
1,688,033
1,566,382
1,606,825
11,366,080
60,729
1,194
13,529
24,520
17,043
2,418
1,005
517
504
19,042,052
10,083
25,162
468,779
2,372,483
1,661,590
1,551,517
1,623,047
11,329,390
61,514
1,592
13,728
24,622
17,118
2,425
1,007
517
505
29,116,075
227,460
581,699
1,417,828
5,055,933
2,736,781
2,572,274
2,553,252
13,970,848
19,907
* 99
2,188
8,485
7,183
1,045
430
233
243
5,221,251
* 6,583
3,059
117,133
763,956
496,652
465,988
514,897
2,852,982
41,351
1,492
11,341
16,139
9,878
1,378
576
284
264
43,671,803
676,772
3,077,715
4,598,375
12,312,016
4,680,827
4,306,756
4,483,335
9,536,007
Type of foundation, asset size
Excess distributions
carryover to 2004
Grantmaking-operating foundations
Total...............................................................................
3,170
810,299
N/A
N/A
3,371
2,063,366
N/A
N/A
N/A
Zero or unreported.............................................................
0
0
N/A
N/A
99
3,566
N/A
N/A
N/A
$1 under $100,000.............................................................
1,293
1,644
N/A
N/A
1,393
65,078
N/A
N/A
N/A
$100,000 under $1,000,000...............................................
1,071
21,278
N/A
N/A
1,071
56,766
N/A
N/A
N/A
$1,000,000 under $10,000,000..........................................
609
66,107
N/A
N/A
609
277,732
N/A
N/A
N/A
$10,000,000 under $25,000,000........................................
103
46,921
N/A
N/A
105
203,123
N/A
N/A
N/A
$25,000,000 under $50,000,000........................................
31
25,898
N/A
N/A
31
141,454
N/A
N/A
N/A
$50,000,000 under $100,000,000......................................
29
65,487
N/A
N/A
29
167,612
N/A
N/A
N/A
$100,000,000 or more........................................................
34
582,965
N/A
N/A
34
1,148,036
N/A
N/A
N/A
N/A--Not applicable.
* Estimate should be used with caution because of the small number of sample returns on which it is based.
[1] The data shown in columns 18 and 19 are based on the amount of contributions, gifts, and grants that foundations actually disbursed for charitable purposes for 2003 using
the cash receipts and disbursement method of accounting. These amounts differ somewhat from those reported as contributions, gifts, and grants paid shown in the income
statement because foundations may use either the cash receipts and disbursement or the accrual method of accounting.
NOTE: Detail may not add to totals because of rounding.
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
217
Private Foundations, Tax Year 2003
Table 2.--Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2003
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Selected sources of revenue
Type of trust, asset size
Contributions, gifts, and
grants received
Dividends and interest from
securities
Net gain (less loss) from
sales of assets
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
(4)
(5)
(6)
(7)
(8)
(9)
(1)
(2)
(3)
All charitable trusts
Total............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
3,125
57
653
1,087
521
729
78
3,096
49
639
1,081
521
728
78
340,290
993
10,090
28,217
20,119
93,575
187,298
286
6
91
98
34
48
9
137,838
185
6,444
10,774
8,692
17,408
94,335
2,874
36
529
1,010
510
712
77
119,989
271
773
6,623
8,705
49,905
53,712
2,634
28
435
915
489
691
76
44,387
413
355
4,292
1,422
12,853
25,052
Nonoperating charitable trusts
Total............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
3,092
57
640
1,079
517
722
77
3,063
49
626
1,073
517
721
77
336,229
993
9,954
28,017
19,466
91,448
186,352
272
6
83
95
32
47
9
137,011
185
6,349
10,640
8,135
17,367
94,335
2,850
36
523
1,003
507
705
76
119,184
271
763
6,581
8,676
49,520
53,373
2,619
28
434
910
487
684
76
44,407
413
356
4,309
1,451
12,826
25,052
Operating charitable trusts
Total............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
33
0
13
8
4
7
1
33
0
13
8
4
7
1
4,061
0
136
200
653
2,127
946
14
0
8
3
2
1
0
827
0
95
134
557
41
0
24
0
6
7
3
7
1
804
0
10
41
29
385
339
15
0
1
5
2
7
0
-21
0
-1
-17
-29
27
0
2,892
46
550
1,019
495
710
72
2,879
44
543
1,015
495
710
72
317,792
850
9,666
24,913
18,358
90,506
173,499
228
2
69
75
28
46
46
121,602
43
6,109
8,327
7,359
17,338
82,426
2,725
35
467
967
489
696
71
117,171
269
710
6,408
8,380
49,259
52,145
2,515
28
391
883
467
676
70
42,814
413
375
4,366
1,421
11,464
24,775
2,867
46
540
1,012
493
705
71
2,854
44
533
1,008
493
705
71
315,038
850
9,581
24,814
18,012
89,229
172,552
219
2
64
73
27
45
8
121,171
43
6,037
8,258
7,109
17,297
82,426
2,706
35
461
961
488
691
70
116,467
269
700
6,369
8,379
48,944
51,806
2,504
28
390
878
467
671
70
42,872
413
376
4,382
1,421
11,504
24,775
25
0
10
7
2
5
1
25
0
10
7
2
5
1
2,754
0
85
99
347
1,277
946
9
0
5
2
1
1
0
431
0
72
68
250
41
0
19
0
6
6
1
5
1
704
0
10
39
1
315
339
11
0
1
5
0
5
0
-58
0
-1
-17
0
-40
0
Grantmaking charitable trusts
Total............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
Grantmaking-nonoperating charitable trusts
Total............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
Grantmaking-operating charitable trusts
Total............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
Footnotes at end of table.
218
Number of
returns
Total revenue
Private Foundations, Tax Year 2003
Table 2.--Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2003--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Total expenses
Type of trust, asset size
Excess of revenue (less loss)
over expenses
Net investment income
Disbursements for exempt
purposes
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
All charitable trusts
Total.............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
3,090
50
641
1,075
518
728
78
328,811
13,474
11,121
22,248
23,439
119,542
138,987
3,089
50
642
1,073
519
727
78
11,479
-12,481
-1,031
5,969
-3,321
-25,968
48,311
2,898
33
525
1,036
508
718
78
213,286
1,031
1,652
13,450
14,694
85,886
96,573
3,009
46
601
1,054
508
725
75
295,822
13,342
10,012
19,274
20,659
104,245
128,290
Nonoperating charitable trusts
Total.............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
3,058
50
628
1,068
514
721
77
324,299
13,474
10,874
22,175
23,088
117,116
137,573
3,058
50
629
1,067
515
720
77
11,930
-12,481
-920
5,842
-3,622
-25,668
48,779
2,870
33
516
1,028
505
711
77
212,376
1,031
1,642
13,382
14,567
85,447
96,307
2,981
46
591
1,047
505
718
74
292,480
13,342
9,867
19,209
20,310
102,161
127,592
Operating charitable trusts
Total.............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
32
0
13
7
4
7
1
4,512
0
247
73
351
2,426
1,414
31
0
13
6
4
7
1
-451
0
-111
127
301
-300
-468
28
0
9
8
3
7
1
910
0
10
68
127
439
267
28
0
10
7
3
7
1
3,342
0
145
65
349
2,084
698
2,892
46
550
1,019
495
710
72
325,668
13,431
10,843
21,678
23,192
117,947
138,578
2,872
46
542
1,010
493
709
72
-7,876
-12,581
-1,177
3,235
-4,833
-27,441
34,921
2,742
31
461
992
486
700
72
209,814
1,015
1,572
13,180
14,183
84,936
94,928
2,892
46
550
1,019
495
710
72
294,331
13,342
9,933
19,019
20,600
103,192
128,245
2,867
46
540
1,012
493
705
71
322,367
13,431
10,686
21,605
22,852
116,630
137,163
2,849
46
532
1,005
491
704
71
-7,329
-12,581
-1,105
3,209
-4,841
-27,401
35,389
2,720
31
454
985
484
695
71
209,038
1,015
1,562
13,144
14,087
84,569
94,662
2,867
46
540
1,012
493
705
71
291,864
13,342
9,787
18,954
20,261
101,972
127,547
25
0
10
7
2
5
1
3,302
0
157
73
339
1,318
1,414
23
0
10
5
2
5
1
-547
0
-73
26
7
-41
-468
22
0
7
7
2
5
1
776
0
10
36
97
367
267
25
0
10
7
2
5
1
2,468
0
145
65
339
1,220
698
Grantmaking charitable trusts
Total.............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
Grantmaking-nonoperating charitable trusts
Total.............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
Grantmaking-operating charitable trusts
Total.............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
Footnotes at end of table.
219
Private Foundations, Tax Year 2003
Table 2.--Domestic Section 4947(a)(1) Charitable Trusts Treated as Foundations: Number and Selected
Financial Data, by Type of Charitable Trust and Size of End-of-Year Fair Market Value of Total Assets,
Tax Year 2003--Continued
[All figures are estimates based on a sample--money amounts are in thousands of dollars]
Type of trust, asset size
Excise tax on net investment
Income
Total assets (book value)
Total investment assets (book
value)
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
Number of
returns
Amount
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
All charitable trusts
Total............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
2,892
46
550
1,019
495
710
72
278,768
13,284
9,620
17,868
19,154
97,088
121,754
2,841
31
495
1,021
503
713
78
3,287
11
22
200
228
1,258
1,568
3,068
0
653
1,087
521
729
78
4,224,364
0
28,353
273,586
327,158
1,741,236
1,854,030
2,997
0
604
1,072
516
727
78
4,141,658
0
26,488
262,156
318,049
1,695,259
1,839,707
Nonoperating charitable trusts
Total............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
2,867
46
540
1,012
493
705
71
277,236
13,284
9,477
17,808
18,819
96,583
121,264
2,816
31
489
1,013
500
706
77
3,273
11
22
199
227
1,252
1,563
3,035
0
640
1,079
517
722
77
4,196,180
0
27,950
271,876
324,047
1,723,030
1,849,277
2,968
0
595
1,064
512
720
77
4,120,249
0
26,132
260,454
315,658
1,681,512
1,836,494
Operating charitable trusts
Total............................................................................
Zero or unreported............................................................
$1 under $100,000...........................................................
$100,000 under $500,000................................................
$500,000 under $1,000,000.............................................
$1,000,000 under $10,000,000........................................
$10,000,000 or more........................................................
25
0
10
7
2
5
1
1,533
0
143
60
335
505
490
25
0
6
8
3
7
1
15
0
0
1
2
6
5
33
0
13
8
4
7
1
28,184
0
403
1,711
3,111
18,206
4,753
29
0
9
8
4
7
1
21,409
0
356
1,702
2,391
13,746
3,213
2,892
46
550
1,019
495
710
72
278,768
13,284
9,620
17,868
19,154
97,088
121,754
2,696
29
439
980
481
695
72
3,219
11
20
195
218
1,240
1,535
2,846
0
550
1,019
495
710
72
4,078,066
0
24,929
257,194
310,250
1,703,048
1,782,645
2,805
0
521
1,013
491
708
72
4,007,650
0
23,508
249,445
302,700
1,663,672
1,768,325
2,867
46
540
1,012
493
705
71
277,236
13,284
9,477
17,808
18,819
96,583
121,264
2,675
29
433
973
479
690
71
3,207
11
20
195
217
1,235
1,530
2,821
0
540
1,012
493
705
71
4,056,742
0
24,537
255,584
308,976
1,689,754
1,777,891
2,782
0
513
1,006
489
703
71
3,991,132
0
23,159
247,843
302,096
1,652,923
1,765,111
25
0
10
7
2
5
1
1,533
0
143
60
335
505
490
21
0
6
7
2
5
1
12
0
0
1
1
5
5
25
0
10
7
2
5
1
21,324
0
392
1,610
1,274
13,294
4,753
23
0
8
7
2
5
1
16,517
0
350
1,602
603
10,749
3,213
Grantmaking charitable trusts
Total......
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