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Domestic Private Foundations and Charitable Trusts,
1998
by Melissa Whitten
D
44
omestic private foundations provided $19.4
billion in contributions, gifts, and grants in
Reporting Year 1998, an 18-percent increase
over 1997. These outlays, which are generally
awarded to charitable organizations, communities, or
individuals, contribute to the operation of charitable
programs in such areas as education, arts and
humanities, health, human services, and environmental protection [1]. Foundations, which are tax-exempt
under Internal Revenue Code section 501(c)(3), are
required to file the information return, Form 990-PF,
annually. The 56,658 returns filed for 1998 by
domestic foundations represented an increase of
nearly 3 percent from the prior year.
Total fair market value of assets for private
foundations grew by 16 percent to $397.1 billion for
1998, with investment assets, at $380.5 billion, representing the majority of that amount. Despite a loss of
more than 7 percent in the value of investments in
Government obligations, investment assets increased
by 18 percent overall, with investments in corporate
stocks and bonds increasing by 21 and 15 percent,
respectively. Total revenue grew by nearly 8 percent
to $59.7 billion. Various financial data, including
private foundation asset, revenue, and expense items
for 1997 and 1998, are shown in Figure A.
Form 990-PF is also filed by nonexempt charitable trusts, as described in Internal Revenue Code
section 4947(a)(1). The number of domestic charitable trusts filing Forms 990-PF decreased by 10
percent from 1997, to 2,667. Nonexempt charitable
trusts filing Form 990-PF reported fair market value
of assets of $5.1 billion, revenue totaling $0.6 billion,
and distributions of $0.3 billion in contributions, gifts,
and grants [2].
StatisticsofIncomeStudies
The statistics presented in this article on both private
foundations and charitable trusts are based on sample
data from Form 990-PF, Return of Private Foundation (or Section 4947(a)(1) Charitable Trust
Treated as a Private Foundation), the annual
information return filed by these organizations [3].
Statistics of Income studies on private foundations
Melissa Whitten is an economist with the Special Studies
Special Projects Section, under the direction of Michael
Alexander, Chief.
44
have been conducted
for Reporting Years
1974, 1979, 1982,
1983, and annually
since 1985. Studies on
4947(a)(1) charitable
trusts that are treated
as private foundations
have been conducted
for Reporting Year
1979 and annually
since 1989.
Totalfairmarketvalue
ofassetsforprivate
foundations grew by 16
percentto$397.1billion
for1998,withinvestmentassets,at$380.5
billion,representingthe
majorityofthatamount.
PrivateFoundations
OrganizationalDefinitionsandLegislativeBackground
Together, nonprofit organizations tax-exempt under
Internal Revenue Code section 501(c)(3), including
both private foundations and publicly-supported
organizations, represent nearly $1.7 trillion in total
assets, which were reported in book value by all
types of organizations for 1998. They contribute
billions of dollars in grants and support for charitable
operations each year. A private foundation is
distinguished from a publicly-supported charitable
organization, which receives broad support from
diverse sources in the general public, by its narrow
sphere of support and control, which is generally
limited to an individual, family, or corporation. In
most cases, a foundation is organized in the form of a
corporation, association, or trust, which provides
some manner of charitable support or conducts
charitable activities. Due to this centralization of
control, foundations are not directly accountable to
the public, and are subject to greater Federal regulation than publicly-supported organizations. For tax
purposes, all organizations receiving tax-exemption
are initially considered to be private foundations and
are required to file Form 990-PF. Organizations that
meet certain requirements will then be further
defined as publicly-supported or charitable, and will
instead file Form 990, Return of Organization
Exempt From Income Tax, or Form 990-EZ, the
short version of this information return. Some
publicly-supported exempt organizations, including
churches and organizations with minimal asset
holdings and income, are exempted from filing any
information return [4].
Domestic Private Foundations and Charitable Trusts, 1998
Figure A
Domestic Private Foundations: Selected Financial Items and Percentage Changes, 1997-1998
[Money amounts are in millions of dollars]
Item
1997
1998
(1)
(2)
Percentage
change,
1997-1998
Number of returns...........................................................................................................................
55,113
Total assets (fair market value)...........................................................................................................................
342,688.5
Cash (non-interest bearing accounts)...........................................................................................................................
2,356.6
Investments, total........................................................................................................................... 323,004.2
(3)
56,658
2.8
397,084.0
15.9
2,753.6
16.8
380,530.6
17.8
Savings and temporary cash investments...........................................................................................................................
19,067.4
25,618.4
34.4
Investments in securities, total...........................................................................................................................
272,412.4
317,900.3
16.7
Government obligations...........................................................................................................................
38,512.3
35,726.5
-7.2
Corporate stock...........................................................................................................................
205,327.4
249,301.6
21.4
Corporate bonds...........................................................................................................................
28,572.7
32,872.2
15.0
Other investments ¹...........................................................................................................................
31,524.4
37,011.8
17.4
59,735.0
7.7
Total revenue...........................................................................................................................
55,459.9
Contributions, gifts, and grants received...........................................................................................................................
20,224.0
20,604.8
1.9
Net gain (less loss) from sales of assets...........................................................................................................................
23,538.2
26,959.6
14.5
Dividends and interest from securities...........................................................................................................................
8,295.2
Total expenses...........................................................................................................................
22,413.6
Contributions, gifts, and grants paid ²...........................................................................................................................
16,421.0
8,624.7
4.0
25,901.8
15.6
19,394.2
18.1
¹ Sum of "Investments in land, buildings, and equipment (less accumulated depreciation)," "Investments in mortgage loans," and "Other investments," as reported
on Form 990-PF. "Other investments" includes items such as advances; certificates of investment; and investments in art, coins, gold, and gems.
² Based on the cash receipts and disbursement method of accounting.
For 1998, private foundations represented roughly
21 percent all Forms 990, 990-EZ, and 990-PF filed.
Additionally, they held nearly one-fifth of total assets
(book value) and earned 7 percent of total revenue
reported [5].
Depending on the type of charitable support that
a private foundation provides, it may be classified as
either "operating" or "nonoperating." An operating
foundation is directly involved in the operation of its
own charitable activities [6]. Examples of this type
of organization include certain museums, facilities
providing housing or health care, or organizations
conducting scientific research. Although operating
foundations are not legally required to distribute
grants to other organizations, many choose to contribute to other nonprofit programs. A nonoperating
foundation is defined as such because it generally
supports charitable programs indirectly, providing
grants to other nonprofit organizations, rather than
operating programs of its own. These foundations,
the most common Form 990-PF filers, are required to
distribute annually a minimum amount for charitable
purposes, which is based on 5 percent of the average
monthly fair market value of their "noncharitable-use
(or net investment) assets" [7]. Those organizations
that do not meet the required "distributable amount" in
the current year may avoid being penalized by fulfilling the requirement by the end of the following year.
Most foundations are required, under the Tax
Reform Act of 1969 (TRA69), to pay an excise tax
on income received only from investments, or "net
investment income." Certain operating foundations
are exempt from this tax [8]. Additional excise taxes
on "prohibited activities" (those which are contrary to
the public interest) were also imposed by TRA69.
Business ventures or investments that in some way
jeopardize the foundation's charitable purpose, or acts
of "self-dealing," 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 and taxable under TRA69. The Act also
penalizes certain political and legislative activities,
such as participation by a foundation on behalf of, or
in opposition to, a candidate for public office, or
efforts to influence legislation by contacting (or
encouraging the public to contact) legislators. Additionally, TRA69 established a tax penalty, which is
45
Domestic Private Foundations and Charitable Trusts, 1998
imposed on any nonoperating foundation that fails to
meet the required minimum payout after the 1-year
grace period. Taxes on these prohibited activities are
reported separately on Form 4720, Return of Certain Excise Taxes on Charities and Other Persons
Under Chapters 41 and 42 of the Internal Revenue Code, and are not included in this article [9].
Data for 1998 are based on the returns of domestic private foundations only and do not include
information reported by foreign foundations, also
required to file Form 990-PF [10]. These organizations, which are organized abroad but receive certain
degrees of support from U.S. sources, usually account for about 1 percent of Forms 990-PF filed.
While foreign private foundations may make charitable distributions within the United States, they are
generally not required to do so [11].
AProfileofthe1998Form990-PFFilers
Throughout this article, foundations will be discussed
based on size class, as determined by the size of their
end-of-year fair market value of total assets. "Small
foundations" refers to the group holding less than $1
million in fair market value of total assets (including
foundations that either do not report assets or that
report assets equal to zero), "medium-size foundations" refers to the group holding from $1 million to
less than $50 million in assets, and "large foundations"
refers to the group holding $50 million or more in assets.
Small foundations accounted for 65 percent of
the more than 56,600 returns filed for 1998, but held
little more than 2 percent of assets, as shown in
Figure B. In contrast, large foundations represented
fewer than 2 percent of all returns filed, but accounted for nearly 69 percent of asset holdings, with
Figure B
Selected Financial Items for Domestic Private Foundations, by Size of Fair Market Value of
Total Assets, 1998
[Money amounts are in millions of dollars]
46
Size of fair market value of total assets
Number of
All foundations
Total FMV
Total
Nonoperating foundations only
Number of
Total FMV
Total
returns
assets
revenue
returns
assets
revenue
(1)
(2)
(3)
(4)
(5)
(6)
Number or amount
Total..............................................................................................................
56,658
397,084.5
Small foundations
Number or amount
59,735.0
52,460
365,036.0
54,710.5
467.0
1,114.6
Less than $100,000 ¹..............................................................................................................
15,832
$100,000 under $1,000,000..............................................................................................................
21,271
8,670.5
2,614.8
14,166
20,098
431.0
8,176.8
1,075.6
2,371.3
14,407
45,356.5
8,582.3
2,924
61,574.7
10,216.0
Medium foundations
48,764.9
9,374.1
$1,000,000 under $10,000,000..............................................................................................................
15,450
66,450.8
11,069.1
$10,000,000 under $50,000,000..............................................................................................................
3,165
Large foundations
$50,000,000 under $100,000,000..............................................................................................................
463
32,239.6
5,222.4
240,491.7
30,339.9
$100,000,000 or more..............................................................................................................
477
425
29,429.1
4,565.5
441
220,067.9
27,899.9
Percentage of total
Total..............................................................................................................
100.0
100.0
Percentage of total
100.0
100.0
100.0
100.0
Small foundations
1.9
27.0
0.1
2.0
$100,000 under $1,000,000..............................................................................................................
37.5
2.2
4.4
Medium foundations
Less than $100,000 ¹..............................................................................................................
27.9
0.1
38.3
2.2
4.3
$1,000,000 under $10,000,000..............................................................................................................
27.3
12.3
15.7
27.5
12.4
15.7
$10,000,000 under $50,000,000..............................................................................................................
5.6
16.7
18.5
5.6
16.9
18.7
Large foundations
$50,000,000 under $100,000,000..............................................................................................................
0.8
8.1
8.7
0.8
8.1
8.3
$100,000,000 or more..............................................................................................................
0.8
60.6
50.8
0.8
60.3
51.0
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.
46
Domestic Private Foundations and Charitable Trusts, 1998
Figure C
61 percent of total assets held by those foundations
with fair market value of total assets of $100 million
or more. Large foundations also dominated the
revenue category, with those holding $100 million or
more in assets reporting more than half of total revenue.
Nearly 93 percent of Forms 990-PF filed for
1998 represented nonoperating foundations, with the
remaining 7 percent made up of operating foundations. Nearly 83 percent of nonoperating and 62
percent of operating foundations were characterized
as grantmaking for 1998, with grantmaking foundations representing 81 percent of all 990-PF filers.
Foundations awarded $19.4 billion dollars in contributions, gifts, and grants for 1998. Of those nonoperating foundations that were not classified as grantmaking, 28 percent satisfied the distribution requirement through other types of charitable disbursements,
including administrative and operational expenses for
charitable purposes, program-related investments,
acquisition of charitable-purpose assets, and charitable "set-asides" for future projects. Additionally, 18
percent reported no "distributable amount" and were
therefore not required to meet the requirement, and
the remaining 54 percent opted to meet the 1998
requirement during their 1999 accounting periods or
pay the tax penalty [12].
TenLargestDomesticFoundations
Forms 990-PF are available for public disclosure
under Internal Revenue Code section 6104(b). With
the Tax and Trade Relief Extension Act of 1998,
Congress directed that foundations furnish copies of
their three most recent annual returns, as well as
their original applications for exempt status, to the
public. Due to the public disclosure requirements,
Forms 990-PF differ from most other IRS return
data, since individual return information may be
published.
The largest foundations, those holding $100
million or more in assets, held 61 percent of all assets,
but accounted for fewer than 500 returns, or less
than 1 percent of all foundations. Additionally, the
largest organizations were responsible for 46 percent
of all grants paid. Ten foundations alone accounted
for more than 30 percent of the total assets held by
the largest domestic foundations. These foundations,
along with data on total assets and grants paid for
1998 are shown in Figure C. The Lilly Endowment,
which replaced the Ford Foundation as the largest
Top Ten Domestic Private Foundations, by
Size of Fair Market Value of Total Assets, 1998
[Money amounts are in millions of dollars]
Name and ranking
Total
Total
State
assets ¹
grants
paid
(1)
(2)
(3)
1. Lilly Endowment Inc................................................................................................
IN
14,238.2
425.2
2. Ford Foundation...............................................................................................
NY
11,982.3
514.4
3. David and Lucile Packard
CA
9,581.8
257.2
Foundation...............................................................................................
4. J. Paul Getty Trust ²...............................................................................................
CA
8,729.6
14.6
5. Robert Wood Johnson
Foundation...............................................................................................
NJ
7,867.8
288.1
6. W.K. Kellogg Foundation Trust
and W.K. Kellogg Foundation ³...............................................................................................
NY/MI
6,387.8
202.9
7. William H. Gates Foundation...............................................................................................
WA
5,368.7
113.4
8. John D. and Catherine T.
IL
4,168.7
123.5
MacArthur Foundation...............................................................................................
9. Robert W. Woodruff
Foundation Inc................................................................................................
GA
3,677.1
86.7
10. Andrew W. Mellon Foundation...............................................................................................
NY
3,436.5
142.2
Total...............................................................................................
75,438.5
2,168.2
¹ Fair market value.
² The J. Paul Getty Trust is an operating foundation. All other organizations listed are
nonoperating foundations.
³ The W.K. Kellogg Foundation Trust (classified as a private foundation and not as a
section 4947(a)(1) charitable trust) is located in New York and has a "pass-through"
realtionship with the W.K. Kellogg Foundation, located in Michigan. Typically, the
entire amount of the annual qualifying (charitable) distributions of the W.K. Kellogg
Foundation Trust is made in the form of a grant to the W.K. Kellogg Foundation, which
then redistributes the grant for charitable purposes (and does not count the
redistribution as a qualifying distribution of its own). The combined total assets of the
two organizations are shown in the "Total assets" column, but, in order to avoid
duplication, only the grants paid by the W.K. Kellogg Foundation are shown in the
"Total grants paid" column.
NOTE: Detail may not add to totals because of rounding.
domestic private foundation for 1997, was again the
largest domestic private foundation for 1998, based
on size of fair market value of total assets. Additionally, the William H. Gates Foundation joined the top
ten for the first time, reporting $5.4 billion in fair
market value of total assets. The Annenberg Foundation, previously the 9th-largest domestic foundation,
fell from the list to the 11th spot for 1998. The J.
Paul Getty Trust, the 4th-largest domestic private
foundation, was the only operating foundation included in the top ten.
The Ford Foundation led the largest foundations
in charitable grants paid, at $514 million, followed by
the Lilly Endowment, which reported $425 million in
grants paid. For eight of the ten largest foundations,
Reporting Year 1998 also included increases in
grants paid. The largest of these increases, 500
47
Domestic Private Foundations and Charitable Trusts, 1998
percent, was reported by the William H. Gates Foundation [13].
48
48
SourcesofFoundationRevenue
The majority of foundation revenue (95 percent) was
gained from contributions received, dividends and
interest from securities, and net gain from sales of
assets. Net gain from sales of assets increased by
15 percent and was the major source of foundation
revenue, accounting for 46 percent of the total. Total
contributions, gifts, and grants received increased by
slightly less than 2 percent and accounted for 35
percent of total revenue. Of the three major components of revenue, dividends and interest from
securities accounted for the smallest percentage of
the total, 14 percent, and experienced a 4-percent
increase. Figure D shows revenue sources for 1998
for all foundations, by asset-size class.
Large foundations remained the least dependent
on contributions as a source of revenue. Large
foundations relied more heavily on net gain from
sales of assets than any other component, receiving
just 22 percent of their revenue from contributions.
Medium and small foundations, on the other hand,
both depended on contributions received as the major
revenue source, with medium foundations reporting
contributions received at 49 percent of total revenue
and small foundations reporting the largest portion, 70
percent.
All foundation revenues, other than contributions
received, are assigned to one of three categories on
the "Analysis of Income Producing Activities" schedule of Form 990-PF. "Unrelated business income"
(UBI) is taxable income from a trade or business that
was regularly carried on by the organization but was
not substantially related to the organization's exempt
purpose or function, other than to provide income to
the organization. Organizations with unrelated business income must file Form 990-T, Exempt Organization Business Income Tax Return [14]. Private
foundations reported $207.5 million in unrelated
business income for 1998, less than 1 percent of total
revenue. Just 4 percent of all foundations had income categorized as unrelated business income.
"Excluded income" represents income that was
not directly related to the tax-exempt, charitable
function of the foundation, but was exempted or
excluded from the tax on unrelated business income
by IR Code sections 512, 513, or 514. Included in
this category are dividends, interest, rental income,
and gains from sales of investment assets. Excluded
income totaled $36.1 billion for 1998, some 93 percent of total income as reported on the "Analysis of
Income Producing Activities" schedule.
Income that was directly related to the function
or purpose for which the organization has received
tax exemption was classified as "related or exempt
function income." This category also included income, such as that received from tax-exempt State
and local bonds, that was exempt from tax but not
described in Code sections 512, 513, or 514. Nearly
6 percent, or $2.3 billion, of the income reported on
the "Analysis of Income Producing Activities" schedule was categorized as exempt income.
ExciseTaxonInvestmentIncome
In accordance with TRA69, private foundations pay
excise tax on their investment incomes each year.
This tax is intended to cover expenses incurred by
the IRS in the oversight of foundation activities and
the enforcement of laws governing their exempt
status. Generally, domestic foundations are liable to
pay taxes equal to 2 percent of their worldwide net
investments. All foreign foundations, with the
exception of those organized in Canada, are subject
to an excise tax based on 4 percent of their gross
investment incomes from U.S. sources only. Canadian foundations are exempt from this tax as a result
of special treaty provisions with the United States.
Domestic operating foundations that are able to show
a significant amount of public support and control
may also be exempt from the tax. For 1998, some 15
percent of all operating foundations were exempt
from this tax [15].
Domestic nonoperating foundations, under the
Deficit Reduction Act of 1984, may be eligible for a
reduction of the tax to 1 percent of net investment
income, in cases where the foundation is able to
show a specific degree of improvement in the rate at
which it paid out charitable dollars. Specifically, if
current "qualifying distributions" exceeded a 5-year
average of qualifying distributions plus 1 percent of
current net investment income, a foundation qualified
for the reduced tax rate for 1998.
Data for domestic foundations reporting excise
tax on net investment income for 1998 are presented
in Figure E. Net investment income rose to $39.3
billion, a 13-percent increase over 1997. Foundations
Domestic Private Foundations and Charitable Trusts, 1998
Figure D
Sources of Domestic Private Foundation Revenue, by Size of Fair Market Value of Total Assets, 1998
All Foundations
2%
3%
35%
$59.7 Billion
46%
14%
Small Foundations
1
$3.7 Billion
1
2
3
4
Medium Foundations
3
2
Large Foundations
$35.6 Billion
$20.4 Billion
Contributions, gifts, and
grants received
Net gain (or loss)
from sales of assets
Dividends and interest
from securities
Other interest
Other income 5
4
Small foundations are those holding from zero (including unreported) to less than $1,000,000 in fair market value of total assets.
Medium foundations are those holding from $1,000,000 to less than $50,000,000 in fair market value of total assets.
Large foundations are those holding $50,000,000 or more in fair market value of total assets.
Represents "Interest on savngs and temporary cash investments," as reported on Form 990-PF.
5
Includes "Gross rents and royalties" and "Gross profit (or loss) from business activities" as reported on Form 990-PF, as well as items such as imputed interest on deferred
payments and program-related investment income.
49
Domestic Private Foundations and Charitable Trusts, 1998
Figure E
Domestic Private Foundations Reporting Excise Tax on Investment Income, by Size of Fair Market
Value of Total Assets, 1998
[Money amounts are in millions of dollars]
Item
Total
Small
foundations
(1)
Medium
1
foundations
(2)
(3)
Number of foundations............................................................................................................................
46,388
27,740
Percentage of all foundations............................................................................................................................
82
75
4
Net investment income (NII) ............................................................................................................................
37,940.7
1,097.3
Excise tax............................................................................................................................
523.4
15.4
Large
2
foundations
3
(4)
17,748
900
95
10,856.4
166.5
96
25,987.0
341.5
Percentage of foundations reporting excise tax:
1-percent tax............................................................................................................................
41
40
43
50
2-percent tax............................................................................................................................
59
60
57
50
¹ Small foundations are those holding from zero (including unreported) to less than $1,000,000 in fair market value of total assets.
² Medium foundations are those holding from $1,000,000 to less than $50,000,000 in fair market value of total assets.
³ Large foundations are those holding $50,000,000 or more in fair market value of total assets.
4
Represents net investment income of foundations reporting excise tax. Total net investment income for all foundations was $39.3 billion.
reported excise tax on net investment income totaling
$523.4 million, 4 percent more than for 1997. Large
foundations, at 50 percent, qualified for the 1-percent
reduced tax rate at a greater percentage rate than did
small foundations, at 40 percent.
50
50
FoundationAssetsandInvestments
Total fair market value of foundation assets reached
$397.1 billion for 1998, increasing 16 percent from
1997. Total investments grew by 18 percent to
$380.5 billion. Foundations held the majority of their
assets, 96 percent, in investments. This category of
assets includes savings and temporary cash investments, securities (corporate stock and bonds and
Government obligations), and "other investments."
The "other investments" category represents an
aggregation of several line items, and includes such
items as investments in land, buildings, and equipment; mortgage loans; and "other investments,"
including advances, certificates of investments, and
investments in art, coins, gold, and gems.
More than 80 percent of all assets ($317.9 billion)
were held in securities, investments which increased
17 percent over the prior year. Corporate stock
holdings increased 21 percent and accounted for 78
percent of total investments in securities. Investments in corporate bonds increased at a rate of 15
percent, while Government obligations decreased by
more than 7 percent from 1997.
CompositionofInvestmentAssetsbySizeofFoundation
Asset growth figures prominently in creating the
financial basis for private foundation charitable
giving. Foundations use investments as the basis to
finance their charitable giving, which is made largely
in the form of grants.
Foundations may choose the manner in which
they manage and invest their assets. Investments in
corporate stock are considered to be high-risk, but
also provide higher returns in the long run, while
short-term investments, such as temporary cash
investments, have little risk but less return. Large
foundations generally invest extensively in corporate
stock and other long-term investments and relatively
little in short-term investments, while small and medium foundations, while still holding large portions of
assets in corporate stock, are more likely than large
foundations to include short-term investments in their
portfolios.
Figure F shows the composition of investment
assets for all foundations, by size of foundation.
Corporate stock was the major investment asset for
each size category of foundation for 1998. Small
foundations held 51 percent of their investment assets
in corporate stock, medium foundations held 60
percent, and large foundations held 68 percent. Savings and temporary cash investments, the category
representing short-term investments, represented 19
Domestic Private Foundations and Charitable Trusts, 1998
Figure F
Composition of Domestic Private Foundation Investment Assets, by Size of Fair Market Value of
Total Assets, 1998
All Foundations
10%
7%
9%
$380.5 Billion
9%
64%
Small Foundations¹
$8.1 Billion
Corporate stock
Large Foundations³
Medium Foundations²
$264.0 Billion
$108.4 Billion
Government
Savings and temporary cash investments
Corporate bonds
Other investments
4
¹ Small foundations are those holding from zero (including unreported) to less than $1,000,000 in fair market value of total assets.
² Medium foundations are those holding from $1,000,000 to less than $50,000,000 in fair market value of total assets.
³ Large foundations are those holding $50,000,000 or more in fair market value of total assets.
4
Sum of "Investments in land, buildings, and equipment (less accumulated depreciation)," "Investments in mortgage loans," and "Other investments," as reported on Form 990PF. "Other investments" includes items such as advances; certificates of investment; and investments in art, coins, gold, and gems.
NOTE: Data based on the fair market value of investment assets.
percent of investment assets for small foundations
and only 5 percent for large foundations.
IncomeYieldsandRatesofTotalReturn
An income yield is a measure of the realized investment income that a foundation earns on its
investment assets. Figure G shows median "net
investment income yields" and "rates of total return
on assets" for nonoperating foundations, by asset-size
class, for 1998. Both the mean and the median,
which minimizes the influences of large outliers in the
data and may therefore better represent a typical
foundation than the mean value, are calculated. The
net investment income (NII) yield was calculated by
51
Domestic Private Foundations and Charitable Trusts, 1998
Figure G
Domestic Nonoperating Private Foundation Net Investment Income Yields and Rates of
Total Return on Assets, by Size of Fair Market Value of Total Assets, 1998
Median net investment
income yields
(percentages)
Mean net investment
income yields
(percentages)
Median rates of total
return (percentages)
Mean rates of total
return (percentages)
(1)
(2)
(3)
(4)
49.6
6.4
10.6
Less than $100,000 ¹...............................................................................................
4.3
194.9
2.7
-2.9
$100,000 under $1,000,000 ...............................................................................................
5.5
10.0
6.6
15.3
12.1
11.9
17.4
$10,000,000 under $50,000,000...............................................................................................
7.1
12.8
11.8
13.4
$50,000,000 under $100,000,000...............................................................................................
7.4
86.2
13.1
18.1
$100,000,000 or more...............................................................................................
8.3
12.5
18.8
Size of fair market value of total assets
All nonoperating foundations...............................................................................................
5.6
Small foundations
Medium foundations
$1,000,000 under $10,000,000...............................................................................................
6.2
Large foundations
9.7
¹ Includes returns with zero assets or assets not reported.
52
52
dividing net investment income by the end-of-year
fair market value of investment assets [16]. These
data are presented for nonoperating foundations, as
only they are subject to the charitable payout requirement, discussed below. As in previous years, large
foundations earned higher income yields for 1998
than other size classes, while small foundations
earned smaller yields on net income. This may
indicate that large foundations typically invest in
higher-risk investment assets with the potential for
greater return, while smaller foundations invest more
cautiously, perhaps because they have fewer resources to expend toward investment management.
Further insight into foundation investment return
can be gained by examining data for the rate of total
return on assets. This measure, which represents the
total capital appreciation of the endowment of a
foundation, is a more comprehensive indication of
total investment performance than the NII yield. The
rate-of-total-return formula used here measures the
change in the value of the entire asset base with
consideration for inflows and outflows of money,
such as contributions received and grants paid [17].
It measures the realized income from investments
and other assets, as well as the unrealized appreciation or depreciation in the fair market value of assets.
Like net investment income yields, rates of total
return generally increase with foundation size, indicating that rates of return on assets increase as asset
holdings grow. Median rates of return for 1998 were
higher than net investment income yields for all
foundation-size classes, excepting the smallest organizations, those with less than $100,000 in total fair
market value of assets.
CharitablePayoutRequirementandQualifying
Distributions
The charitable payout requirement applies to nonoperating foundations only and refers to the
requirement, under the Economic Recovery Tax Act
of 1981, that these foundations distribute a specific
amount annually for charitable purposes.
Each year, nonoperating foundations must calculate a "distributable amount," based on the fair market
value of their investment assets, which must be
distributed by the end of the next reporting year in
order to avoid a tax penalty. The distributable
amount, or required payout amount, equals 5 percent
of the fair market value of the organization's net
investment assets (the "minimum investment return"),
plus or minus certain adjustments, either allowed or
required [18]. The charitable payout requirement
may be fulfilled by a combination of "qualifying distributions" from the current year and carryovers (distributions paid in excess of the minimum required
amount) from the previous 5 years. Qualifying distributions for 1998 consisted primarily of contributions
and grants (90 percent), with smaller proportions for
Domestic Private Foundations and Charitable Trusts, 1998
operating and administrative expenses (7 percent),
"set-asides" for future charitable distributions (1
percent), program-related investments (e.g., loans to
other 501(c)(3) organizations) (1 percent), and
amounts paid to acquire charitable-use assets (e.g.,
buildings, equipment, or supplies) (1 percent).
Qualifying distributions for nonoperating foundations totaled $21.2 billion for 1998, a 20-percent
increase from 1997 and outpaced the required distributable amount, which rose by 17 percent to $15.8
billion. Large foundations increased their qualifying
distributions by 21 percent, medium foundations by 12
percent, and small foundations by a substantial 42
percent.
Of those foundations with a minimum payout
requirement, 60 percent met or exceeded the requirement for 1998 in that reporting year. Those foundations that did not meet this requirement had until the
end of the following reporting year to distribute the
remaining amount. As the annual payout amount is
not calculated until the end of the reporting year and
is based on the monthly average of investment assets,
many foundations choose to take advantage of the 1year tax-and-penalty-free "grace period" for making
these distributions. More than 52 percent of all large
foundations chose to wait until the following year to
fulfill the requirement; 46 percent of medium and 37
percent of small foundations also elected to meet the
distribution requirement in Reporting Year 1999.
While some foundations do not meet the distribution requirement for a given reporting year and
choose to make those distributions in the following
year, others make distributions which far surpass the
required amount. Small foundations generally make
distributions well over the requirement, and distributed nearly 400 percent more than their required
amounts for 1998. Large foundations, on the other
hand, exceeded the requirement by just 10 percent.
Operating foundations, although not subject to the
same charitable payout requirement as nonoperating
foundations, are required to expend a minimum
amount annually on the direct operation of their
charitable activities and programs. These expenditures count as "qualifying distributions" toward meeting the operating foundation requirements.
Payout Rates
To better analyze the rates at which foundations
fulfill the charitable payout requirement, the actual
payout rates must be examined. To calculate the
payout rate, the amount of (adjusted) qualifying
distributions is divided by the amount of the average
of net investment assets [19]. Median and mean
payout rates for 1998, by size of foundation, are
displayed in Figure H.
For medium and large foundations, median payout rates were at the required 5 percent. Small
foundations, which generally concentrate their efforts
on current rather than long-term charitable giving,
exceeded the required amount, with the smallest
foundations surpassing the required amount by the
largest margin. The mean payout rates, which far
exceed the required amount for small foundations,
illustrate the degree to which smaller foundations
exceeded their larger counterparts in meeting the
payout requirement.
Figure H
Domestic Nonoperating Private Foundation
Payout Rates, by Size of Fair Market Value
of Total Assets, 1998
Size of fair market value
of total assets
Median payout Mean payout
rates
rates
(percentages) (percentages)
All nonoperating foundations..............................................................................................
5.3
114.7 1
Small foundations
1
Less than $100,000 ²..............................................................................................
6.7
403.6
$100,000 under $1,000,000..............................................................................................
5.4
31.5
Medium foundations
$1,000,000 under $10,000,000..............................................................................................
5.0
10.9
$10,000,000 under $50,000,000..............................................................................................
5.0
12.3
Large foundations
$50,000,000 under $100,000,000..............................................................................................
5.0
6.6
$100,000,000 or more..............................................................................................
5.0
7.6
¹ Excludes data for one large outlier, with a payout rate of more than 15,000.
² Includes returns with zero assets or assets not reported.
Section4947(a)(1)NonexemptCharitable
Trusts
DefinitionandOverview
Unlike section 501(c)(3) organizations such as private
foundations, charitable trusts described under Internal
Revenue Code section 4947(a)(1) are not formally
recognized by the Internal Revenue Service as tax-
53
Domestic Private Foundations and Charitable Trusts, 1998
exempt. These organizations resemble private
foundations in that they have exclusively charitable
purposes, have narrow bases of support and control,
and are required to file Form 990-PF. Generally,
these types of organizations are supported and
controlled by an individual or family. Any income
which is not distributed for charitable purposes is
annually subject to tax and is reported on Form 1041,
Fiduciary Income Tax Return, for which no data
are included in this article.
Also not covered in this article are publiclysupported section 4947(a)(1) charitable trusts and
split-interest trusts. Publicly-supported section
4947(a)(1) charitable trusts, those which receive the
majority of their support from public (rather than
private) sources file Form 990. These trusts typically
operate in connection with, and provide support to,
one or more public charities. Organizations known as
split-interest trusts, which have both charitable and
noncharitable beneficiaries, complete Form 5227,
Split-Interest Trust Information Return [20]. As
with private foundations, data for charitable trusts
organized abroad but required to file Form 990-PF
are not included in this article.
Section 4947(a)(1) charitable trusts represented
only 4 percent of Forms 990-PF filed for 1998.
These organizations filed 2,667 returns, 10 percent
less than for 1997. Data on the number of returns
filed, as well as asset, revenue, and expense items for
1997 and 1998 are shown in Figure I. Among these
organizations, 97 percent were classified as nonoperating and 91 percent as grantmaking.
The following classifications apply, unless otherwise indicated, to the discussion of charitable trusts
throughout the remainder of this article: "small charitable trusts" refers to the group holding less than $1
million in assets (including trusts that either do not
report assets or that report assets equal to zero);
"medium-size charitable trusts" refers to the group
holding from $1 million to less than $10 million in
assets, and "large charitable trusts" refers to the
group holding $10 million or more in assets. On
Figure I
54
Domestic Section 4947(a)(1) Charitable Trusts: Selected Financial Items and Percentage
Changes, 1997-1998
[Money amounts are in millions of dollars]
Percentage
Item
1997
1998
change,
1997-1998
(1)
(2)
Number of returns.........................................................................................................................
2,971
(3)
2,667
-10.2
Total assets (fair market value).........................................................................................................................
4,749.8
5,108.5
Cash (non-interest bearing accounts).........................................................................................................................
35.0
27.8
7.6
-20.6
Investments, total.........................................................................................................................
4,634.5
4,988.0
Savings and temporary cash investments.........................................................................................................................
252.2
289.8
Investments in securities, total.........................................................................................................................
3,735.3
4,039.3
Government obligations.........................................................................................................................
523.9
503.5
Corporate stock.........................................................................................................................
2,551.6
2,841.6
Corporate bonds.........................................................................................................................
659.9
694.1
Other investments ¹.........................................................................................................................
647.0
658.9
7.6
14.9
8.1
-3.9
11.4
5.2
1.8
Total revenue......................................................................................................................... 636.0
580.8
-8.7
Contributions, gifts, and grants received.........................................................................................................................
111.4
128.6
15.4
Net gain (or loss) from sales of assets.........................................................................................................................
348.9
277.3
Dividends and interest from securities.........................................................................................................................
137.2
136.2
-20.5
-0.7
Total expenses.........................................................................................................................240.1
310.9
Contributions, gifts, and grants paid ².........................................................................................................................
190.9
257.2
29.5
34.7
¹ Sum of "Investments in land, buildings, and equipment (less accumulated depreciation)," Investments in mortgage loans, and "Other investments," as reported on Form
54
990-PF. "Other investments" includes items such as advances; certificates of investment; and investments in art, coins, gold and gems.
² Based on the cash receipts and disbursement method of accounting.
Domestic Private Foundations and Charitable Trusts, 1998
average, medium and large-sized trusts are much
smaller than foundations in those size groups.
CharitableTrustsRevenueandAssets
Total revenue slipped to $581 million for charitable
trusts in 1998, a 9-percent decrease. Contributions
received, net gain from sale of assets, and dividends
and interest from securities comprised 93 percent of
that amount. A significant increase of 15 percent in
contributions received was diminished by decreases
of 21 percent and 1 percent, in net gain from sales of
assets and dividends and interest from securities,
respectively.
Despite the decrease in revenue from net gain
from sales of assets, this item was the largest component of charitable trust revenue, representing 48
percent of the total, as shown in Figure J. Smaller
proportions of revenue included dividends and interest
from securities (23 percent) and contributions received (22 percent).
Figure J
Sources of Domestic Charitable Trust Revenue,
1998
3%
4%
22%
$580.8 Million
48%
23%
Contributions, gifts, and
grants received
Net gain (less loss)
from sales of assets
Dividends and interest
from securities
Other interest¹
Other income²
¹ Represents "Interest on savings and temporary cash investments," as reported on
Form 990-PF.
² Includes "Gross rents and royalties" and "Gross profit (or loss) from business activities"
as reported on Form 990-PF, as well as items such as imputed interest on deferred
payments and program-related investment income.
Net investment income totaling $444 million was
reported for 1998. Like foundations, most charitable
trusts are required to pay an excise tax on their net
investment income. For 1998, some $6.6 million in
excise tax were reported by charitable trusts filing
Form 990-PF. Of the charitable trusts that paid this
tax, 30 percent qualified for the reduced rate of 1
percent, while most others paid tax on 2 percent of
investment income.
For 1998, assets held by charitable trusts totaled
$5.1 billion, an 8-percent increase from 1997. Small
charitable trusts, which accounted for 70 percent of
returns filed, represented only 12 percent of total
asset holdings. In contrast, 48 percent of total asset
holdings were reported by large trusts, which represented just 3 percent of these organizations.
Like private foundations, charitable trusts hold
the majority of assets as investments. More than 97
percent of charitable trust assets were held as investments for 1998, the majority of which were investments in securities. The composition of charitable
trust investment assets is shown in Figure K. Holdings in corporate stock, which increased 11 percent
from 1997, represented 57 percent of total investment
holdings. Investments in corporate bonds, at 14
percent, were the second-largest component of
investment assets, followed by "other investments,"
which include investments in land, buildings, and
equipment, investments in mortgage loans, advances,
certificates of investments, industrial development
bonds, and investments such as art or coins.
CharitableTrustDistributions
There were $257 million in contributions, gifts, and
grants paid by section 4947(a)(1) trusts for 1998,
some 15 percent more than for 1997. Nonoperating
charitable trusts paid out $273 million in qualifying
distributions, 94 percent of which was made up of
grants. Small charitable trusts distributed nearly
three times more than the distributable amount, while
medium and large trusts each distributed 4 percent
less than the required amount.
DataSourcesandLimitations
The statistics in this article are based on a sample of
Reporting Year 1998 Forms 990-PF that were filed
with the Internal Revenue Service. Organizations
having accounting periods beginning in 1998 (and
therefore ending between December 1998 and
55
Domestic Private Foundations and Charitable Trusts, 1998
Figure K
Composition of Domestic Charitable Trust
Investment Assets, 1998
13%
percent. The 8,758 returns in the sample (7,783
foundations and 975 trusts) were drawn from an
estimated population of 61,425 foundations and 3,170
trusts. The magnitude of sampling error, measured
by coefficients of variation for selected items, is
shown in Figure L.
6%
Figure L
10%
$5.0 Billion
57%
Coefficients of Variation for Selected Items, by
Type of Domestic Organization, 1998
Item
Private
Charitable
foundations
trusts ¹
Coefficients of variation (percentages)
14%
Total assets (fair market value).......................................................................
0.08
0.55
Total revenue.......................................................................
0.93
1.42
Total expenses.......................................................................
1.77
1.16
¹ Coefficients of variation for charitable trusts exclude one return with
Corporate stock
Corporate bonds
Savings and temporary cash
investments
56
Government
obligations
Other investments¹
¹ Sum of "Investments in land, buildings, and equipment (less accumulated depreciation),"
"Investments in mortgage loans," and "Other investments," as reported on Form 990-PF.
"Other investments" includes items such as advances; certificates of investment; and
investments in art, coins, gold, and gems.
NOTE: Data based on the fair market value of investment assets.
November 1999) were required by IRS to file a Form
990-PF. Some part-year returns were included in the
samples for organizations that changed their accounting periods, or filed initial or final returns. Some 66
percent of the domestic private foundations in the
sample had accounting periods covering Calendar
Year 1998 or, in some cases, part-year periods that
ended in December 1998. For domestic charitable
trusts, 59 percent filed calendar year returns. The
1998 sample was stratified based on both the size of
fair market value of total assets and the type of
organization (either a private foundation or a
4947(a)(1) charitable trust).
Foundation returns were selected at rates that
ranged from approximately 0.7 percent (for the more
numerous but very small asset-size returns) to 100
percent (for the relatively few returns with large
amounts of assets). Charitable trust returns were
selected at rates that ranged from 1.5 percent to 100
56
unusually large revenue and expense amounts for 1998.
The samples were designed to provide reliable
estimates of total assets and total revenue. To accomplish this, 100 percent of foundation returns with
fair market asset value of $10 million or more and
100 percent of charitable trust returns with fair market asset value of $1 million or more were included in
the samples, since these were the returns that accounted for the majority of financial activity. The
populations and sample rates and sizes for each asset
size class are shown in Figure M. Efforts were
made to verify that organizations that were selected
for the sample were properly classified as foundations or trusts. The relatively small number of foundations in the sample that were incorrectly selected
as trusts were ultimately reclassified as foundations
(for the statistics) using identification codes from the
IRS Exempt Organization Master File. However, the
weights used for these organizations were based on
the original sample selection classification. These
same methods were used for the trusts that were
incorrectly sampled as foundations.
Approximately 7 percent of all foundations,
including those reclassified as foundations, reported
$10 million or more in fair market value of total
assets for 1998. While these foundations were
selected at a rate of 100 percent, the remaining
Domestic Private Foundations and Charitable Trusts, 1998
Figure M
Populations, Sample Rates, and Sample Sizes, by Type of Organization and Size of
Fair Market Value of Total Assets, 1998
Total assets
(fair market value)
Population ¹
Sample rate
Sample
(percentage)
size
(2)
(3)
(1)
Grand total..........................................................................................................................
64,595
--
8,758
Private foundations
Total..........................................................................................................................
61,425
Under $125,000..........................................................................................................................
21,248
$125,000 under $400,000..........................................................................................................................
10,834
-0.7
1.3
7,783
153
144
$400,000 under $1,000,000..........................................................................................................................
9,648
$1,000,000 under $2,500,000..........................................................................................................................
8,320
2.7
7.1
265
593
$2,500,000 under $10,000,000..........................................................................................................................
7,221
$10,000,000 under $25,000,000..........................................................................................................................
2,301
$25,000,000 or more..........................................................................................................................
1,853
34.3
100.0
100.0
2,474
2,301
1,853
Total..........................................................................................................................3,170
Charitable trusts
--
Under $100,000..........................................................................................................................
917
$100,000 under $1,000,000..........................................................................................................................
1,448
$1,000,000 or more..........................................................................................................................
805
1.5
10.8
100.0
975
14
156
805
¹ Population figures may not match the data published in other tables and figures because certain returns were rejected or reclassified during
data entry. Refer to the Data Sources and Limitations section for additional information.
foundation population was randomly selected for the
sample at various rates of less than 100 percent
depending on asset size: 0.7 percent for returns with
assets zero, unreported, or less than $125,000; 1.3
percent for returns with assets of $125,000 to less
than $400,000; 2.7 percent for returns with assets of
$400,000 to less than $1 million; 7.1 percent for
returns with assets of $1 million to less than $2.5
million; and 34.3 percent for returns with assets of
$2.5 million to less than $10 million.
Approximately 25 percent of all 4947(a)(1)
charitable trusts reported $1 million or more in fair
market value of total assets for 1998. While these
trusts were selected at a rate of 100 percent, the
remaining trust population was randomly selected for
the sample at various rates of less than 100 percent
depending on asset size: 1.5 percent for returns with
assets zero, unreported, or less than $100,000; and
10.8 percent for returns with assets of $100,000 to
less than $1 million.
The population from which the 1998 sample was
drawn consisted of Form 990-PF records posted to
the IRS Business Master File during 1998 and 1999.
Some of the records designated were for organizations that were deemed inactive or terminated. Inactive and terminated organizations are not reflected in
the estimates. Approximately 2,500 of the private
foundations that were included in the 1997 population
data did not file returns with IRS for 1998. Additionally, nearly 6,400 returns were filed for 1998 by
private foundations that did not appear in the 1997
population. Of those nonexempt charitable trusts for
which returns appeared in the 1997 population, nearly
200 did not have subsequent 1998 population entries.
Approximately 300 new returns appeared for nonexempt charitable trusts in the 1998 population.
The data presented were obtained from returns
as originally filed with IRS. The data were subject to
comprehensive testing and correction procedures in
order to ensure statistical reliability and validity. In
cases where returns were incorrectly filed, were
blank, were duplicates of previously entered data, or
had other types of problems, returns were "rejected"
from the final sample. In most cases, changes made
to the original return as a result of administrative
processing, audit procedures, or a taxpayer amendment were not incorporated. A general discussion of
the reliability of estimates based on samples, methods
for evaluating both the magnitude of sampling and
non-sampling error, and the precision of sample
estimates can be found in the general Appendix to
this issue of the SOI Bulletin.
57
Domestic Private Foundations and Charitable Trusts, 1998
ExplanationofSelectedTerms
58
58
The following explanations describe terms as they
applied to both private foundations and charitable
trusts for 1998. Unless otherwise indicated, all
references to foundations also apply to trusts.
Adjusted Net Income.--In general, this is the
amount by which a private foundation's gross income
exceeded the expenses associated with earning the
income. Amounts derived from, or connected with,
property held by the foundation, such as net shortterm capital gain, ordinary investment income (dividends, interest, rents, and royalties), and income from
amounts set aside for future charitable use, from all
charitable functions, or from unrelated trade or business activities were included in this calculation.
Excluded items were contributions received and longterm capital gains. Long-term capital losses could be
reported as "other expenses" for the calculation of
adjusted net income. This item is primarily used to
determine if an operating foundation met the required
"income test." This test is used to determine whether
the operating foundation spent the vast majority of its
investment income on the direct, active conduct of
tax-exempt charitable activities. See Operating
Foundations (and Charitable Trusts) in this section.
This item was reported on Form 990-PF, Part I, line
27c, column (c).
Assets Zero or Unreported.--This asset-size
category included: (1) final returns of liquidating or
dissolving foundations that had disposed of all assets;
(2) returns of those foundations reporting zero endof-year assets that had apparently distributed (or
disposed of) all assets and income received during
the year; and (3) returns of those foundations that did
not report assets. A liquidating or dissolving foundation is required to transfer its assets on to another
foundation or to a public charity.
Capital Gain Net Income.--This is the amount
of net gains from sales or dispositions of property
used for investment purposes (property used for
charitable purposes was excluded). Capital losses
from the sale or other disposition of property could be
subtracted from capital gains only to the extent of
such gains. Capital gain net income was used in the
computation of "net investment income" (on which an
excise tax generally had to be paid). In contrast, the
net gain (or loss) per the books from the sale of all
assets (other than inventory), including those used for
both investment and charitable purposes, was reported as "net gain (or loss) from the sale of assets"
on Form 990-PF, Part I, line 6, column (a). This item,
capital gain net income, was reported on Form 990PF, Part I, line 7, column (b).
Charitable Trust.--A charitable trust, also referred to as a "nonexempt" charitable trust, is defined in Internal Revenue Code section 4947(a)(1) as
an organization (1) that is not considered tax-exempt
under section 501(a); (2) that has exclusively charitable interests; and (3) that has amounts in trust for
which donors are allowed to claim a tax deduction for
charitable contributions. Nonexempt charitable trusts
that are not publicly supported are subject to the
excise tax provisions that apply to private foundations
and are required to file the same Form 990-PF.
("Publicly supported" nonexempt charitable trusts are
required to file Form 990, Return of Organization
Exempt From Income Tax, and are, therefore, not
included in these statistics.) Nonexempt charitable
trusts that are treated as private foundations must
pay an annual tax on income (usually from investments) that is not distributed for charitable purposes,
and they must report such income and tax on Form
1041, U.S. Fiduciary Income Tax Return. Data
from this form are not included in this article.
Disbursements for Exempt Purposes.--These
deductions comprised the largest component of
"qualifying distributions" and include grants paid,
operating expenses, and necessary and reasonable
administrative expenditures for activities that were
directly related to the tax-exempt purposes of the
foundation. These amounts were determined solely
on the basis of the cash receipts and disbursements
method of accounting, as required by law and regulations. This item was reported on Form 990-PF, Part
I, line 26, column (d).
Disqualified Person.--In general, a disqualified
person is a substantial contributor,; a foundation
manager; person who owns more than 20 percent of
a corporation, partnership, trust, or unincorporated
enterprise that is itself a substantial contributor; or a
family member of one of the types of disqualified
persons described above.
Distributable (Payout) Amount.--This is the
minimum payout amount that was required to be
distributed by nonoperating foundations by the end of
the year following the year for which the return was
Domestic Private Foundations and Charitable Trusts, 1998
filed. Failure to distribute income within this time
period resulted in a 15-percent excise tax on the
undistributed portion. The distributable amount was
computed as 5 percent of net investment assets,
called the "minimum investment return," minus the
excise tax on net investment income and the income
tax under Subtitle A, plus or minus other adjustments,
either allowed or required (see Net Adjustments to
Distributable Amount in this section).
Excess Distributions Carryover.--This is the
amount distributed, after fulfilling the charitable
payout requirement, that equaled the excess of qualifying distributions for 1998 over the distributable
amount. If necessary, excess amounts from the
current year could be carried forward to be applied to
the distributable amount for the 5 following years.
This item was reported on Form 990-PF, Part XIII,
line 9.
Grantmaking Foundations (and Charitable
Trusts).--For the statistics in this article, grantmaking
foundations and trusts are those organizations that
reported $1 or more in contributions, gifts, and grants
paid for charitable purposes on Form 990-PF, Part I,
line 25, column (d).
Inventories.--The value of materials, goods, and
supplies purchased or manufactured by the organization and held for sale or use in some future period is
included in this item. This item was reported on
Form 990-PF, Part II, line 8, columns (a) (beginningof-year book value), (b) (end-of-year book value),
and (c) (end-of-year fair market value).
Land, Buildings, and Equipment, Charitableuse.--This represents either the book value (less
accumulated depreciation) or fair market value of all
land, buildings, and equipment not held for investment
purposes and used by the organization in conducting
its charitable activities. This item was reported on
Form 990-PF, Part II, line 14, columns (a) (beginningof-year book value), (b) (end-of-year book value),
and (c) (end-of-year fair market value).
Land, Buildings, and Equipment, Investmentuse.--This represents either the book value (less
accumulated depreciation) or fair market value of all
land, buildings, and equipment held for investment
purposes, such as rental properties. This item was
reported on Form 990-PF, Part II, line 11, columns
(a) (beginning-of-year book value), (b) (end-of-year
book value), and (c) (end-of-year fair market value).
Minimum Investment Return.--This is the aggregate fair market value of assets not used for charitable purposes, less both the indebtedness incurred to
acquire these assets and the cash held for charitable
activities, multiplied by 5 percent. The minimum
investment return was used as the base for calculating the "distributable amount." This item was reported on Form 990-PF, Part X, line 6.
Net Adjustments to Distributable Amount.-Adjustments that increase the "distributable amount"
consist of increases attributable to the income portion
(as distinct from the principal portion) of distributions
from split-interest trusts on amounts placed in trust
after May 26, 1969. (A split-interest trust is a trust
that is not exempt from tax and not all of whose
interests are devoted to charitable, religious, educational, and like purposes, but that have amounts in
trust for which a charitable contribution deduction
was allowed. These organizations file Form 5227,
Split-Interest Trust Information Return.) Recoveries of amounts previously treated as qualifying distributions also had to be added back to the distributable
amount. Adjustments that decreased the distributable
amount were the result of income required to be
accumulated by the terms of an organization's governing instrument. These adjustments were allowed
only for foundations or trusts organized before May
27, 1969, whose governing instrument continued to
require such accumulation, because State Courts
would not allow the organization to change its governing instrument. These items were reported on
Form 990-PF, Part XI, lines 4a, 4b, and 6.
Net Gain (or Loss) from Sales of Assets.-Profits and losses from sales of items such as securities, land, buildings, or equipment are included in this
item. Gain or loss reflected the amount shown on the
books of the foundation and included any amount
from the sale of property used for either investment
or tax-exempt charitable purposes. Most of the gain
or loss was from sales of stocks and bonds. Profit or
loss from the sale of inventory items was not included in this item, but was rather included in gross
profit (loss) from business activities. This item was
reported on Form 990-PF, Part I, line 6, column (a).
Net Investment Assets (Noncharitable-use
Assets).--For purposes of calculating the "minimum
investment return," only the average (as calculated
monthly), rather than end-of-year, fair market value
59
Domestic Private Foundations and Charitable Trusts, 1998
60
60
of assets that were not used or held for use for
charitable purposes enters into the computation. An
asset was considered an investment asset if it was
not used in carrying out a charitable, educational, or
other similar function which gave rise to the taxexempt status of the foundation. Examples include
the fair market value of securities and rental property
owned by the foundation for investment purposes.
The asset amounts reported on the balance sheet in
Part II of Form 990-PF included both investment and
charitable-use assets. This item, which was reported
on Form 990-PF, Part X, line 5, is not shown separately in the tables of this article. However, "minimum investment return," which is based on net investment assets, is shown in the tables.
Net Investment Income.--This is the amount by
which the sum of gross investment income plus
realized capital gain net income exceeds allowable
deductions. Included in investment income were
interest, dividends, capital gain net income, rents,
payments with respect to securities loans (as defined
in Code section 512(a)(5)), and royalties. Any investment income derived from unrelated trade or
business activities that were subject to the "unrelated
business income" tax reported on Form 990-T, Exempt Organization Business Income Tax Return,
was excluded. This item was reported on Form 990PF, Part I, line 27b, column (b).
Nonoperating Foundations (and Charitable
Trusts).--These are organizations that generally
carried on their charitable activities in an indirect
manner by making grants to other organizations
directly engaged in charitable activities, in contrast to
operating foundations and trusts that engaged in
charitable activities themselves. However, some
nonoperating foundations and trusts were actively
involved in charitable programs of their own, in addition to making grants. Nonoperating foundations and
trusts were subject to an excise tax (and possible
additional penalties) for failure to distribute an annual
minimum amount for charitable purposes within a
required time period. An organization's status as a
nonoperating foundation or trust was indicated on
Form 990-PF, Part VII, line 9.
Operating Foundations (and Charitable
Trusts).--These organizations generally expended
their incomes for direct, active involvement in a taxexempt activity, such as operating a library or mu-
seum, or conducting scientific research. Operating
foundations and trusts were excepted from the income distribution requirement and related excise
taxes that were applicable to their nonoperating
counterparts. To qualify as an operating foundation
or trust for 1998, the foundation or trust had to meet
both an "income test" and one of three other tests: an
"assets test," an "endowment test," or a "support test."
To meet the income test, a foundation or trust
had to spend at least 85 percent of the lesser of its
"adjusted net income" or "minimum investment return" on the direct, active conduct of tax-exempt,
charitable activities (as opposed to the payout of
grants in support of such programs). Simply put, to
meet the assets test, a foundation or trust had to
directly use 65 percent or more of its assets for the
active conduct of charitable activities. To meet the
endowment test, a foundation or trust had to regularly
make distributions for the active conduct of charitable
activities in an amount not less than two-thirds of its
"minimum investment return." To meet the support
test, a foundation or trust had to regularly receive
substantially all of its support (other than from gross
investment income) from the public or from five or
more qualifying exempt organizations, and (a) no
more than 25 percent of its support (other than from
gross investment income) from any one such qualifying exempt organization; and (b) no more than 50
percent of its support from gross investment income.
Distributions made by a private nonoperating
foundation or trust to an operating foundation or trust
qualified toward meeting the nonoperating
organization's distribution requirement. (Distributions
made by one nonoperating foundation or trust to
another were subject to a number of conditions and
restrictions requiring a "pass-through" of the distribution, whereby the donor organization received credit
for a qualifying distribution but the donee organization
did not.) Additionally, contributions to operating
foundations or trusts were deductible on the donors'
individual income tax returns, up to 50 percent of
their "adjusted gross incomes" (as opposed to 30
percent for contributions to nonoperating foundations).
While most operating foundations paid the excise
tax on net investment income, 17 percent of operating
foundations were considered exempt from this tax for
1998 under section 4940(d)(2) of the Internal Revenue Code. In order to be exempt, an operating
Domestic Private Foundations and Charitable Trusts, 1998
foundation was required to meet the following requirements in any given year: (1) maintain public
support for a minimum of 10 taxable years; (2) maintain a governing body at all times that is broadly
representative of the general public and that is comprised of no more than 25 percent disqualified individuals; and (3) at no time during the year include a
disqualified individual as an officer of the foundation.
An organization's status as an operating foundation or
trust was indicated on Form 990-PF, Part VII, line 9.
Other Assets.--This category includes: (1) those
assets not allocable to a specific asset item on the
Form 990-PF balance sheet or not included elsewhere on the return; and (2) certain amounts given
special treatment in the course of statistical processing. The first category included such items as dividends receivable, escrow deposits, income tax refunds, interest discounts, interest-free loans, overdraft
protection, and program-related investments. The
second category included atypical amounts reported
by the return filer as "negative liabilities." These
items were reported on Form 990-PF, Part II, line 15,
columns (a) beginning-of-year book value, (b) end-ofyear book value, and (c) end-of-year fair market
value.
Other Investments.--Investments reported as
"other" include such items as advances, bank certificates of deposit, cash values of life insurance, certificates of investment, miscellaneous loan income, and
holdings in art, coins, gold, and gems. These items
were reported on Form 990-PF, Part II, line 13, columns
(a) beginning-of-year book value, (b) end-of-year
book value, and (c) end-of-year fair market value.
Private Foundation.--A private foundation is
defined in Internal Revenue Code section 501(c)(3)
as a nonprofit organization with a narrow source of
funds that operated or supported educational, scientific, charitable, religious, and other programs dedicated to improving the general welfare of society. A
private foundation qualified for tax-exempt status
under Code section 501(c)(3) but was not (1) a
church, school, hospital, or medical research organization; (2) an organization with broad public support
in the form of contributions or income from taxexempt activities; (3) an organization that was operated by, or in connection with, any of the above
described organizations; or (4) an organization that
conducted tests for public safety. The primary difference between a private foundation and a public
charity was the sources of the organization's funding.
A foundation was typically funded primarily by an
individual, a family, or a corporation, while a public
charity received its funds from a large number of
sources among the general public.
Qualifying Distributions.--Qualifying distributions include disbursements for charitable purposes
(grants, direct expenditures to accomplish charitable
purposes, and charitable-purpose operating and
administrative expenses); amounts paid to acquire
assets used directly to accomplish tax-exempt functions; charitable program-related investments; and
amounts set aside for future charitable projects.
Qualifying distributions could be credited against the
foundation's or trust's obligation to pay out its "distributable amount." This item was reported on Form
990-PF, Part XII, line 4.
Rate of Total Return.--The formula for the rate
of total return was calculated as follows:
Rate of Total Return =
[Ending Fair Market Value of Assets
- Indexed Beginning Fair Market Value of Assets
- Contributions Received
+ Grants Paid
+ Operating and Administrative Expenses
+ Excise Tax Paid on Net Investment Income]
DIVIDED BY
-----------------------------------------------[Indexed Beginning Fair Market Value of Assets
+ 50 percent of Contributions Received]
To calculate the rate of total return shown in
Figure G, samples of private foundation information
returns for 1997 and 1998 were matched in order to
analyze both the beginning and end-of-year fair
market value data.
The beginning fair market value of assets for
1998 equals the ending fair market value reported on
the 1997 tax return. Thus, in order to provide a
consistent form of measurement by which to compare
rates of total return among different years, the ending
fair market value of asset amounts (reported for both
the year subject to the computation and the prior year)
was used to compute the rate of return. In order to
obtain an inflation-adjusted real rate of return, the
figure equaling the beginning-of-year fair market
value of assets was indexed based on the 1992 chaintype price index for Gross Domestic Product as
published by the Bureau of Economic Analysis.
61
Domestic Private Foundations and Charitable Trusts, 1998
62
62
Set-Asides.--Amounts set aside for specific
charitable purposes can be treated as qualifying
distributions only if the foundation or charitable trust
establishes to the satisfaction of the IRS that the
amount will be paid for the specific project within 60
months from the date of the first set-aside and if the
foundation meets either the suitability test or the cash
distribution test. To meet the suitability test, a foundation must receive prior approval from the IRS and
must demonstrate that the project can be better
accomplished by a set-aside than by an immediate
payment of funds. To meet the cash distribution test
under IR Code section 4942(g)(2)(B)(ii), a foundation
must complete a schedule with its annual return
showing how the requirements are met. The foundation must submit a schedule for the year of the setaside and for each subsequent year until the set-aside
amount has been distributed. Set-asides were reported on Form 990-PF, Part XII, lines 3a and 3b.
Total Assets.—This is the sum of all assets
reported in the foundation's balance sheet, shown at
both book value and fair market value. Total assets
were reported on Form 990-PF, Part II, line 16,
columns (a) beginning-of-year book value, (b) end-ofyear book value, and (c) end-of-year fair market value.
Total Expenses.--This is the sum of contributions, gifts, and grants paid, plus various operating and
administrative expenses related to both investment
and charitable-purpose activities. Total expense
items were reported as shown on the books and
records of the foundation and were based on either
the cash receipts and disbursement or the accrual
method of accounting. Total expenses were reported
on Form 990-PF, Part I, line 26, column (a).
Total Revenue.--This is the sum of gross contributions, gifts, and grants received; interest on savings
and temporary cash investments; dividends and
interest from securities; net gain (or loss) from sales
of assets (mostly investment assets, but also charitable-use assets); gross rents and royalties; gross
profit (or loss) from business activities; and other
income (such as royalty income, program-related
investment income, interest earned on assets used for
charitable purposes, and imputed interest on certain
deferred payments). These other income items were
reported on Form 990-PF, Part I, line 11, column (a).
Total revenue items, which included both investment
and charitable-use items, were reported as shown on
the books and records of the foundation, and were
based on either the cash receipts and disbursements
method or the accrual method of accounting. Total
revenues were reported on Form 990-PF, Part I, line
12, column (a).
Undistributed Income.--This is the portion of
the required "distributable amount" still undistributed
after applying against it the sum of current-year
qualifying distributions and any excess distributions
carried over from prior years. Sanctions were imposed in the form of excise taxes on private foundations that did not pay out an amount equal to the
"distributable amount" by the end of the following tax
year. This item was reported on Form 990-PF, Part
XIII, line 6f, column (d).
Unrelated Business Income (UBI).--This is an
exempt organization's income from a trade or business that was regularly carried on by the organization
and that was not substantially related to the performance of the organization's exempt purpose or function (other than that the organization needed the
profits derived from the unrelated activity). The term
"trade or business" generally comprised any activity
carried on for the production of income from selling
goods or performing services. A tax, as reported on
Form 990-T, Exempt Organization Business Income
Tax Return, is imposed on "unrelated business taxable
income (UBTI)." Unrelated business taxable income
is gross unrelated business income, less deductions
directly connected with carrying on the trade or business, and less certain other deductions. The unrelated business income tax was determined based on
the corporate or trust tax rates that were in effect for
a given tax year. (Gross) unrelated business income
and the associated business codes were reported on
Form 990-PF, Part XVI-A, columns (a) and (b).
NotesandReferences
[1] The amount of contributions, gifts, and grants paid
by foundations is based on the amount that foundations actually disbursed for 1998 using the cash
receipts and disbursements method of accounting.
[2] For purposes of the analyses, "charitable trusts"
refers only to the section 4947(a)(1) charitable
trusts that file Form 990-PF, while "private
foundations" refers to the section 501(c)(3)
private foundations that file Form 990-PF.
[3] The data presented in this article are from Forms
990-PF, filed for Reporting Year 1998, by
Domestic Private Foundations and Charitable Trusts, 1998
organizations that had accounting periods
beginning in 1998. Therefore, the statistics
include organizations with accounting periods
that ended sometime during the period December 1998 through November 1999. For a more
detailed discussion, see the Data Sources and
Limitations section.
[4] See "Private Foundations" in the Explanation of
Selected Terms section for a detailed description of the requirements for Form 990 versus
Form 990-PF filers.
[5] For an indepth discussion of organizations other
than private foundations that are tax-exempt
under Internal Revenue Code section 501(c)(3),
see Arnsberger, Paul "Charities and Other TaxExempt Organizations, 1998," Statistics of
Income Bulletin, Fall 2001, Volume 21, Number 2.
[6] Programs termed "charitable" refer to tax-exempt
activities that are charitable, educational,
scientific, social, literary, or religious in nature.
[7] The net value of noncharitable-use assets was
reported on Form 990-PF, Part X, line 5. For
more information, see "Net Investment Assets"
in the Explanation of Selected Terms section.
[8] See "Operating Foundations (and Charitable
Trusts)" in the Explanation of Selected Terms
section for a further explanation of exempt
operating foundations.
[9] A foundation or charitable trust is considered
domestic if it is organized in the United States.
However, this does not necessarily imply that
all of its assets, activities, or grant recipients
are domestic.
[10] Excise taxes collected for private foundations
generally account for less than 1 percent of all
Federal excise tax revenue.
[11] For detailed information on foreign private
foundations and charitable trusts, for 1996, see
Whitten, Melissa, "Private Foundations and
Charitable Trusts, 1996," Statistics of Income
Bulletin, Fall 1999, Volume 19, Number 2.
[12] See "Distributable (Payout) Amount" in the
Explanation of Selected Terms for further
information.
[13] Six of the ten largest foundations had calendar
year accounting periods, meaning that all of
their activity occurred during the calendar year
period. However, four of the ten had other
fiscal year accounting periods. For instance, for
the 1998 Reporting Year, the Ford Foundation
had an accounting period ending in September
1999 and the J. Paul Getty Trust in June 1999;
therefore, much of their activity for Reporting
Year 1998 occurred in Calendar Year 1999.
See the Data Sources and Limitations section.
[14] For more information on the unrelated business
income of exempt organizations, see Riley,
Margaret, "Unrelated Business Income of Nonprofit Organizations: 1997," Statistics of Income
Bulletin, Spring 2001, Volume 20, Number 4.
[15] The J. Paul Getty Trust, the largest operating
foundation, is exempt from the excise tax on net
investment income.
[16] Net investment income is comprised of income
that is not related to a foundation's charitable
purpose, such as interest, dividends, and capital
gains net income. The net investment income
amount used in calculating the NII yield was
obtained from column (b) of the income statement, found in Part I of Form 990-PF.
[17] 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. (1989), Managing Foundation Assets: An Analysis of Foundation
Investment and Payout Procedures and
Performance, The Council on Foundations,
Washington, DC, p. 32. The formula for this
calculation is presented in the Explanation of
Selected Terms section of this article. The
indexed beginning-of-year fair market value of
assets amount is adjusted based on the 1992
chain-type price index for Gross Domestic
Product from the U.S. Department of Commerce, Bureau of Economic Analysis, Survey
of Current Business, Volume 78, Number 8,
August 1998, Table 7.1.
[18] See “Distributable (Payout) Amount,” “Net
Investment Assets,” “Minimum Investment
63
Domestic Private Foundations and Charitable Trusts, 1998
Return,” and “Net Adjustments to Distributable Amount” in the Explanation of Selected
Terms section.
[19] To calculate the payout rate, the amount of
(adjusted) qualifying distributions was divided
by the amount of the monthly average of net
investment (or noncharitable-use) assets. This
payout formula adjusts qualifying distributions
with additions and subtractions that are made to
the required "distributable amount" on Form
990-PF. The numerator of the formula also
includes excess distributions made in the past
and applied to the requirement of the current
filing year.
[20] For further information on split-interest trusts,
see Belvedere, Melissa, "Charitable Remainder
Trusts, 1998," Statistics of Income Bulletin,
Winter 2000-2001, Volume 20, Number 1.
SOURCE: IRS, Statistics of Income Bulletin, Winter 20012002, Publication 1136 (Rev. 3-2002).
64
64
Domestic Private Foundations and Charitable Trusts, 1998
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets
[All figures are estimates based on a sample--money amounts are in thousands dollars]
Selected sources of revenue
Type of foundation,
Number
size of fair market value
of
of total assets
returns
Total revenue
Number
of returns
(1)
(2)
Amount
(3)
Contributions, gifts,
Dividends and interest
Net gain (less loss)
and grants received
from securities
from sales of assets
Number
of returns
Amount
Number
of returns
Amount
Number
of returns
Amount
(4)
(5)
(6)
(7)
(8)
(9)
Total............................................................................
56,658
55,027
59,734,972
Zero or unreported.........................................................................
*833
*417
*279,809
$1 under $100,000.........................................................................
14,999
13,888
834,819
$100,000 under $1,000,000.........................................................................
21,271
21,198
2,614,840
$1,000,000 under $10,000,000.........................................................................
15,450
15,422
9,374,108
$10,000,000 under $25,000,000.........................................................................
2,289
2,288
6,072,349
$25,000,000 under $50,000,000.........................................................................
876
876
4,996,774
$50,000,000 under $100,000,000.........................................................................
463
463
5,222,399
$100,000,000 or more.........................................................................
477
476
30,339,874
27,123
*417
8,055
10,164
6,650
1,037
391
198
211
20,604,822
*62,978
743,584
1,821,529
4,996,372
2,853,709
2,141,325
2,125,072
5,860,253
41,094
*139
5,555
17,302
14,167
2,178
841
445
467
8,624,735
*57,614
12,439
224,202
1,157,260
853,508
726,400
732,639
4,860,673
31,814
*139
2,778
12,769
12,388
2,038
810
438
455
26,959,617
*152,110
68,260
307,411
2,552,752
1,948,552
1,762,587
2,068,452
18,099,493
Nonoperating foundations
Total...............................................................................
52,460
51,109
54,710,549
Zero or unreported.........................................................................
*833
*417
*279,809
$1 under $100,000.........................................................................
13,332
12,499
795,743
$100,000 under $1,000,000.........................................................................
20,098
20,025
2,371,348
$1,000,000 under $10,000,000.........................................................................
14,407
14,379
8,582,293
$10,000,000 under $25,000,000.........................................................................
2,110
2,109
5,645,349
$25,000,000 under $50,000,000.........................................................................
814
814
4,570,605
$50,000,000 under $100,000,000.........................................................................
425
425
4,565,491
$100,000,000 or more.........................................................................
441
441
27,899,912
24,366
*417
7,083
9,474
5,805
898
343
164
182
18,649,437
*62,978
705,022
1,748,341
4,535,798
2,690,448
1,978,453
1,688,290
5,240,107
39,176
*139
5,277
16,673
13,425
2,027
788
411
435
8,143,617
*57,614
11,951
216,004
1,098,674
806,543
688,676
677,104
4,587,051
30,446
*139
2,639
12,325
11,863
1,903
756
402
420
25,197,482
*152,110
68,642
305,165
2,429,090
1,859,493
1,669,151
1,954,460
16,759,370
Operating foundations
Total...............................................................................
4,198
3,919
5,024,423
Zero or unreported.........................................................................
---$1 under $100,000.........................................................................
1,667
1,389
39,076
$100,000 under $1,000,000.........................................................................
1,173
1,173
243,493
$1,000,000 under $10,000,000.........................................................................
1,043
1,043
791,815
$10,000,000 under $25,000,000.........................................................................
179
179
427,000
$25,000,000 under $50,000,000.........................................................................
62
62
426,169
$50,000,000 under $100,000,000.........................................................................
38
38
656,907
$100,000,000 or more.........................................................................
36
35
2,439,962
2,757
-*972
690
845
139
48
34
29
1,955,385
-*38,561
73,188
460,574
163,262
162,872
436,782
620,146
1,918
-*278
629
742
151
53
34
32
481,117
-*487
8,198
58,586
46,965
37,724
55,535
273,622
1,368
-*139
*444
525
135
54
36
35
1,762,135
-*-382
*2,246
123,662
89,059
93,436
113,992
1,340,122
Grantmaking foundations
Total...............................................................................
45,998
45,858
55,248,489
Zero or unreported.........................................................................
*278
*278
*278,827
$1 under $100,000.........................................................................
9,722
9,583
763,134
$100,000 under $1,000,000.........................................................................
18,088
18,088
1,830,527
$1,000,000 under $10,000,000.........................................................................
14,064
14,064
7,895,169
$10,000,000 under $25,000,000.........................................................................
2,125
2,124
5,476,743
$25,000,000 under $50,000,000.........................................................................
829
829
4,527,294
$50,000,000 under $100,000,000.........................................................................
436
436
4,661,935
$100,000,000 or more.........................................................................
456
456
29,814,861
20,880
*278
5,277
8,075
5,613
913
350
176
198
17,647,542
*61,996
675,868
1,234,233
3,849,172
2,478,073
1,868,594
1,817,311
5,662,293
37,625
*139
4,583
15,864
13,314
2,052
803
420
450
8,408,830
*57,614
11,454
214,534
1,108,088
813,755
703,457
696,896
4,803,031
29,535
*139
2,222
11,856
11,766
1,930
772
413
437
26,314,212
*152,110
67,962
300,576
2,406,969
1,874,643
1,693,590
1,878,506
17,939,855
Grantmaking-nonoperating foundations
Total...............................................................................
43,398
43,397
52,238,083
Zero or unreported.........................................................................
*278
*278
*278,827
$1 under $100,000.........................................................................
8,472
8,472
743,888
$100,000 under $1,000,000.........................................................................
17,323
17,323
1,767,420
$1,000,000 under $10,000,000.........................................................................
13,616
13,616
7,499,381
$10,000,000 under $25,000,000.........................................................................
2,057
2,056
5,316,626
$25,000,000 under $50,000,000.........................................................................
799
799
4,376,108
$50,000,000 under $100,000,000.........................................................................
417
417
4,406,353
$100,000,000 or more.........................................................................
436
436
27,849,480
19,269
*278
4,583
7,606
5,271
860
330
160
181
16,616,212
*61,996
657,137
1,184,709
3,599,124
2,409,068
1,804,594
1,659,489
5,240,095
36,400
*139
4,305
15,384
12,967
1,993
776
405
431
8,077,331
*57,614
10,967
208,029
1,076,413
796,723
683,586
671,765
4,572,234
28,747
*139
2,083
11,559
11,528
1,876
748
396
417
24,942,820
*152,110
68,344
298,616
2,351,172
1,843,689
1,663,870
1,833,936
16,731,083
Grantmaking-operating foundations
Total...............................................................................
2,600
2,461
3,010,406
Zero or unreported.........................................................................
---$1 under $100,000.........................................................................
*1,250
*1,111
*19,246
$100,000 under $1,000,000.........................................................................
765
765
63,106
$1,000,000 under $10,000,000.........................................................................
448
448
395,788
$10,000,000 under $25,000,000.........................................................................
68
68
160,117
$25,000,000 under $50,000,000.........................................................................
30
30
151,186
$50,000,000 under $100,000,000.........................................................................
19
19
255,581
$100,000,000 or more.........................................................................
20
20
1,965,381
1,611
-*694
*469
342
53
20
16
17
1,031,329
-*18,732
*49,524
250,048
69,006
64,000
157,822
422,198
1,225
-*278
481
346
59
27
15
19
331,498
-*487
6,505
31,675
17,032
19,871
25,131
230,797
788
-*139
*296
238
54
24
17
20
1,371,392
-*-382
*1,960
55,798
30,954
29,720
44,570
1,208,772
All foundations
Footnotes at end of table.
65
Domestic Private Foundations and Charitable Trusts, 1998
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands dollars]
Excess of revenue
Type of foundation,
Total expenses
(less loss)
over expenses
size of fair market value
of total assets
Number
of returns
(10)
66
(11)
Number
of returns
(12)
for exempt
purposes
Amount
(13)
Number
of returns
(14)
Amount
(15)
Number
of returns
(16)
Amount
(17)
All foundations
Total...............................................................................
54,677
25,901,828
Zero or unreported.........................................................................
*694
*144,651
$1 under $100,000.........................................................................
14,166
879,219
$100,000 under $1,000,000.........................................................................
20,476
1,463,467
$1,000,000 under $10,000,000.........................................................................
15,249
4,083,021
$10,000,000 under $25,000,000.........................................................................
2,283
2,881,818
$25,000,000 under $50,000,000.........................................................................
872
2,268,610
$50,000,000 under $100,000,000.........................................................................
462
2,036,594
$100,000,000 or more.........................................................................
476
12,144,448
55,287
*417
14,166
21,161
15,441
2,288
875
463
476
33,833,144
*135,158
-44,400
1,151,373
5,291,086
3,190,532
2,728,164
3,185,805
18,195,427
48,043
*139
9,166
19,740
14,932
2,265
867
459
475
39,313,424
*212,211
81,497
808,417
4,588,025
3,516,277
2,915,912
3,267,925
23,923,159
50,605
*417
11,527
19,594
15,002
2,259
869
461
476
22,287,843
*135,717
827,044
1,207,514
3,500,991
2,522,941
2,003,559
1,741,997
10,348,080
Nonoperating foundations
Total...............................................................................
50,637
23,375,378
Zero or unreported.........................................................................
*694
*144,651
$1 under $100,000.........................................................................
12,638
836,041
$100,000 under $1,000,000.........................................................................
19,303
1,263,219
$1,000,000 under $10,000,000.........................................................................
14,222
3,567,189
$10,000,000 under $25,000,000.........................................................................
2,104
2,578,476
$25,000,000 under $50,000,000.........................................................................
810
2,082,385
$50,000,000 under $100,000,000.........................................................................
424
1,812,600
$100,000,000 or more.........................................................................
441
11,090,816
51,230
*417
12,638
19,988
14,398
2,110
813
425
441
31,335,171
*135,158
-40,298
1,108,128
5,015,103
3,066,873
2,488,220
2,752,891
16,809,096
45,283
*139
8,749
18,603
14,028
2,095
806
422
440
36,778,255
*212,211
80,792
791,299
4,362,777
3,334,859
2,767,324
3,094,486
22,134,507
46,668
*417
9,999
18,494
13,999
2,087
808
423
441
20,569,205
*135,717
784,491
1,148,147
3,103,619
2,323,869
1,855,882
1,601,339
9,616,141
Operating foundations
Total...............................................................................
4,041
2,526,451
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
1,528
43,179
$100,000 under $1,000,000.........................................................................
1,173
200,248
$1,000,000 under $10,000,000.........................................................................
1,026
515,832
$10,000,000 under $25,000,000.........................................................................
179
303,342
$25,000,000 under $50,000,000.........................................................................
62
186,225
$50,000,000 under $100,000,000.........................................................................
38
223,994
$100,000,000 or more.........................................................................
35
1,053,631
4,057
-1,528
1,173
1,043
178
62
38
35
2,497,972
--4,103
43,245
275,983
123,659
239,944
432,913
1,386,331
2,760
-*417
1,136
904
170
61
37
35
2,535,169
-*706
17,118
225,248
181,418
148,589
173,439
1,788,652
3,937
-1,528
1,100
1,003
172
61
38
35
1,718,638
-42,553
59,368
397,372
199,072
147,677
140,658
731,939
Grantmaking foundations
Total...............................................................................
45,998
24,611,979
Zero or unreported.........................................................................
*278
*143,647
$1 under $100,000.........................................................................
9,722
832,115
$100,000 under $1,000,000.........................................................................
18,088
1,196,115
$1,000,000 under $10,000,000.........................................................................
14,064
3,763,106
$10,000,000 under $25,000,000.........................................................................
2,125
2,695,953
$25,000,000 under $50,000,000.........................................................................
829
2,136,358
$50,000,000 under $100,000,000.........................................................................
436
1,921,088
$100,000,000 or more.........................................................................
456
11,923,598
45,675
*139
9,583
18,052
14,055
2,125
829
436
456
30,636,509
*135,180
-68,980
634,411
4,132,064
2,780,791
2,390,936
2,740,847
17,891,263
42,463
*139
7,083
17,605
13,812
2,114
822
433
455
38,215,513
*212,211
77,660
779,194
4,299,545
3,332,052
2,813,345
3,045,463
23,656,044
45,998
*278
9,722
18,088
14,064
2,125
829
436
456
21,525,365
*135,699
799,306
1,109,038
3,297,539
2,418,822
1,900,493
1,680,002
10,184,466
Grantmaking-nonoperating foundations
Total...............................................................................
43,398
23,057,525
Zero or unreported.........................................................................
*278
*143,647
$1 under $100,000.........................................................................
8,472
811,729
$100,000 under $1,000,000.........................................................................
17,323
1,150,424
$1,000,000 under $10,000,000.........................................................................
13,616
3,472,945
$10,000,000 under $25,000,000.........................................................................
2,057
2,543,206
$25,000,000 under $50,000,000.........................................................................
799
2,067,312
$50,000,000 under $100,000,000.........................................................................
417
1,797,230
$100,000,000 or more.........................................................................
436
11,071,034
43,075
*139
8,333
17,287
13,607
2,057
799
417
436
29,180,557
*135,180
-67,841
616,996
4,026,436
2,773,420
2,308,796
2,609,124
16,778,446
40,817
*139
6,666
16,877
13,445
2,047
793
415
435
36,327,665
*212,211
76,954
767,503
4,205,942
3,247,341
2,754,519
2,968,158
22,095,037
43,398
*278
8,472
17,323
13,616
2,057
799
417
436
20,397,638
*135,699
779,546
1,065,426
3,070,795
2,302,573
1,844,771
1,592,756
9,606,072
Grantmaking-operating foundations
Total...............................................................................
2,600
1,554,453
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*1,250
*20,386
$100,000 under $1,000,000.........................................................................
765
45,692
$1,000,000 under $10,000,000.........................................................................
448
290,161
$10,000,000 under $25,000,000.........................................................................
68
152,746
$25,000,000 under $50,000,000.........................................................................
30
69,046
$50,000,000 under $100,000,000.........................................................................
19
123,858
$100,000,000 or more.........................................................................
20
852,564
2,600
-*1,250
765
448
68
30
19
20
1,455,952
-*-1,140
17,415
105,627
7,371
82,139
131,723
1,112,817
1,646
-*417
729
366
67
29
18
20
1,887,848
-*706
11,692
93,603
84,710
58,826
77,305
1,561,007
2,600
-*1,250
765
448
68
30
19
20
1,127,727
-*19,760
43,611
226,744
116,249
55,722
87,246
578,394
Footnotes at end of table.
66
Amount
Disbursements
Net investment income
Domestic Private Foundations and Charitable Trusts, 1998
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands dollars]
Contributions,
Type of foundation,
gifts, and
grants paid ¹
size of fair market value
of total assets
Number
of returns
(18)
Total
Excise tax on net investment income
Amount
(19)
Number
of returns
Amount
Total assets (book value)
Number
of returns
Amount
(23)
investment assets
(book value)
Number
of returns
(24)
Amount
(20)
(21)
(22)
All foundations
Total...............................................................................
45,998
19,394,153
Zero or unreported.........................................................................
*278
*133,391
$1 under $100,000.........................................................................
9,722
781,135
$100,000 under $1,000,000.........................................................................
18,088
1,030,279
$1,000,000 under $10,000,000.........................................................................
14,064
3,041,251
$10,000,000 under $25,000,000.........................................................................
2,125
2,275,692
$25,000,000 under $50,000,000.........................................................................
829
1,748,457
$50,000,000 under $100,000,000.........................................................................
436
1,504,647
$100,000,000 or more.........................................................................
456
8,879,301
(25)
46,388
*139
8,194
19,407
14,703
2,205
840
442
458
523,438
*2,122
959
12,321
71,698
51,474
43,368
47,514
293,981
55,788
-14,999
21,234
15,450
2,289
876
463
477
325,671,794
-445,299
7,420,164
37,777,261
27,000,092
23,489,526
24,591,033
204,948,420
49,423
-10,416
19,723
15,191
2,278
875
463
476
310,308,707
-345,031
6,507,435
34,694,223
25,239,711
22,097,288
23,281,913
198,143,105
Nonoperating foundations
Total...............................................................................
43,398
18,965,756
Zero or unreported.........................................................................
*278
*133,391
$1 under $100,000.........................................................................
8,472
775,699
$100,000 under $1,000,000.........................................................................
17,323
1,009,174
$1,000,000 under $10,000,000.........................................................................
13,616
2,925,802
$10,000,000 under $25,000,000.........................................................................
2,057
2,200,740
$25,000,000 under $50,000,000.........................................................................
799
1,737,464
$50,000,000 under $100,000,000.........................................................................
417
1,495,478
$100,000,000 or more.........................................................................
436
8,688,009
44,162
*139
7,916
18,380
13,975
2,087
804
422
439
501,371
*2,122
947
12,067
68,774
49,343
41,762
45,427
280,929
51,591
-13,332
20,061
14,407
2,110
814
425
441
297,759,388
-409,407
6,966,054
34,882,663
24,691,705
21,584,883
22,027,462
187,197,213
46,470
-9,583
18,837
14,267
2,104
813
425
441
288,593,202
-330,699
6,245,511
32,840,166
23,620,248
20,735,234
21,223,197
183,598,147
Operating foundations
Total...............................................................................
2,600
428,397
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*1,250
*5,436
$100,000 under $1,000,000.........................................................................
765
21,105
$1,000,000 under $10,000,000.........................................................................
448
115,448
$10,000,000 under $25,000,000.........................................................................
68
74,952
$25,000,000 under $50,000,000.........................................................................
30
10,992
$50,000,000 under $100,000,000.........................................................................
19
9,170
$100,000,000 or more.........................................................................
20
191,292
2,226
-*278
1,027
728
118
36
20
19
22,067
-*12
254
2,924
2,132
1,606
2,088
13,052
4,198
-1,667
1,173
1,043
179
62
38
36
27,912,407
-35,892
454,111
2,894,597
2,308,386
1,904,642
2,563,572
17,751,207
2,952
-*833
886
924
174
62
38
35
21,715,504
-*14,333
261,924
1,854,057
1,619,464
1,362,054
2,058,716
14,544,958
Grantmaking foundations
Total...............................................................................
45,998
19,394,153
Zero or unreported.........................................................................
*278
*133,391
$1 under $100,000.........................................................................
9,722
781,135
$100,000 under $1,000,000.........................................................................
18,088
1,030,279
$1,000,000 under $10,000,000.........................................................................
14,064
3,041,251
$10,000,000 under $25,000,000.........................................................................
2,125
2,275,692
$25,000,000 under $50,000,000.........................................................................
829
1,748,457
$50,000,000 under $100,000,000.........................................................................
436
1,504,647
$100,000,000 or more.........................................................................
456
8,879,301
41,816
*139
6,666
17,494
13,743
2,092
809
426
447
508,840
*2,122
885
11,847
67,166
48,744
42,248
43,895
291,933
45,684
-9,722
18,052
14,064
2,125
829
436
456
311,568,738
-345,482
6,379,752
34,174,316
24,898,566
22,081,277
23,012,485
200,676,860
43,225
-8,194
17,236
13,956
2,119
828
436
456
299,819,517
-288,537
5,849,724
32,306,370
23,666,263
21,071,845
21,893,280
194,743,498
Grantmaking-nonoperating foundations
Total...............................................................................
43,398
18,965,756
Zero or unreported.........................................................................
*278
*133,391
$1 under $100,000.........................................................................
8,472
775,699
$100,000 under $1,000,000.........................................................................
17,323
1,009,174
$1,000,000 under $10,000,000.........................................................................
13,616
2,925,802
$10,000,000 under $25,000,000.........................................................................
2,057
2,200,740
$25,000,000 under $50,000,000.........................................................................
799
1,737,464
$50,000,000 under $100,000,000.........................................................................
417
1,495,478
$100,000,000 or more.........................................................................
436
8,688,009
40,384
*139
6,388
16,765
13,412
2,039
792
415
434
492,621
*2,122
873
11,636
65,733
47,634
41,566
42,916
280,140
43,083
-8,472
17,287
13,616
2,057
799
417
436
292,257,571
-311,806
6,077,659
32,954,219
23,989,489
21,149,471
21,667,242
186,107,684
41,216
-7,361
16,610
13,542
2,053
798
417
436
284,165,133
-274,205
5,637,889
31,387,476
23,037,031
20,355,058
20,915,221
182,558,254
Grantmaking-operating foundations
Total...............................................................................
2,600
428,397
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*1,250
*5,436
$100,000 under $1,000,000.........................................................................
765
21,105
$1,000,000 under $10,000,000.........................................................................
448
115,448
$10,000,000 under $25,000,000.........................................................................
68
74,952
$25,000,000 under $50,000,000.........................................................................
30
10,992
$50,000,000 under $100,000,000.........................................................................
19
9,170
$100,000,000 or more.........................................................................
20
191,292
1,432
-*278
729
331
53
17
11
13
16,218
-*12
211
1,433
1,110
681
979
11,793
2,600
-*1,250
765
448
68
30
19
20
19,311,166
-*33,675
302,093
1,220,096
909,077
931,806
1,345,243
14,569,176
2,009
-*833
626
414
66
30
19
20
15,654,384
-*14,333
211,835
918,894
629,233
716,787
978,059
12,185,244
Footnotes at end of table.
67
Domestic Private Foundations and Charitable Trusts, 1998
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands dollars]
Investments in securities (book value)
Type of foundation,
Total
size of fair market value
of total assets
Number
of returns
(26)
68
(27)
Corporate
obligations
stock
Number
of returns
(28)
Amount
(29)
Number
of returns
(30)
Corporate
bonds
Amount
(31)
Number
of returns
(32)
Amount
(33)
All foundations
Total...............................................................................
37,844
252,964,364
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
4,166
123,981
$100,000 under $1,000,000.........................................................................
15,812
4,381,217
$1,000,000 under $10,000,000.........................................................................
13,984
26,400,646
$10,000,000 under $25,000,000.........................................................................
2,131
19,319,525
$25,000,000 under $50,000,000.........................................................................
837
17,147,725
$50,000,000 under $100,000,000.........................................................................
449
18,482,072
$100,000,000 or more.........................................................................
465
167,109,199
15,666
-1,389
4,964
6,772
1,337
551
307
346
34,894,948
-25,036
735,761
4,845,500
3,829,728
3,323,912
3,392,552
18,742,460
33,547
-2,778
13,926
13,094
2,043
805
440
462
185,644,837
-63,650
2,951,748
17,414,040
12,257,835
11,156,849
12,380,082
129,420,633
15,376
-*1,250
4,712
6,880
1,340
530
305
359
32,424,579
-*35,295
693,708
4,141,106
3,231,963
2,666,964
2,709,437
18,946,105
Nonoperating foundations
Total...............................................................................
36,241
236,548,622
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
4,028
121,199
$100,000 under $1,000,000.........................................................................
15,295
4,261,098
$1,000,000 under $10,000,000.........................................................................
13,297
25,227,287
$10,000,000 under $25,000,000.........................................................................
1,996
18,230,177
$25,000,000 under $50,000,000.........................................................................
783
16,228,931
$50,000,000 under $100,000,000.........................................................................
412
17,011,151
$100,000,000 or more.........................................................................
431
155,468,779
14,842
-*1,250
4,855
6,379
1,240
511
281
326
32,228,376
-*22,254
710,685
4,567,951
3,579,159
3,119,690
3,100,575
17,128,062
32,272
-2,778
13,482
12,507
1,915
756
406
429
174,012,690
-63,650
2,874,789
16,673,985
11,612,060
10,578,608
11,453,217
120,756,382
14,727
-*1,250
4,603
6,516
1,248
496
280
334
30,307,556
-*35,295
675,624
3,985,351
3,038,959
2,530,633
2,457,359
17,584,335
Operating foundations
Total...............................................................................
1,603
16,415,742
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*139
*2,782
$100,000 under $1,000,000.........................................................................
517
120,119
$1,000,000 under $10,000,000.........................................................................
687
1,173,359
$10,000,000 under $25,000,000.........................................................................
135
1,089,348
$25,000,000 under $50,000,000.........................................................................
54
918,794
$50,000,000 under $100,000,000.........................................................................
37
1,470,921
$100,000,000 or more.........................................................................
34
11,640,420
824
-*139
*109
393
97
40
26
20
2,666,573
-*2,782
*25,076
277,549
250,569
204,221
291,977
1,614,398
1,276
--*444
587
128
49
34
33
11,632,147
--*76,959
740,055
645,775
578,242
926,865
8,664,252
649
--*109
364
92
34
25
25
2,117,023
--*18,084
155,755
193,005
136,331
252,078
1,361,770
Grantmaking foundations
Total...............................................................................
33,965
245,866,958
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
3,194
88,038
$100,000 under $1,000,000.........................................................................
14,058
4,009,294
$1,000,000 under $10,000,000.........................................................................
13,033
24,901,373
$10,000,000 under $25,000,000.........................................................................
2,014
18,323,642
$25,000,000 under $50,000,000.........................................................................
796
16,437,944
$50,000,000 under $100,000,000.........................................................................
424
17,621,991
$100,000,000 or more.........................................................................
446
164,484,676
14,659
-*1,250
4,641
6,370
1,252
525
286
335
33,913,842
-*24,651
713,220
4,587,947
3,635,975
3,210,811
3,159,883
18,581,356
29,960
-1,944
12,208
12,246
1,931
768
420
443
180,701,983
-36,798
2,611,037
16,348,581
11,653,880
10,662,551
11,885,415
127,503,721
14,319
-*972
4,425
6,525
1,255
510
289
343
31,251,132
-*26,589
685,036
3,964,845
3,033,787
2,564,582
2,576,694
18,399,598
Grantmaking-nonoperating foundations
Total...............................................................................
33,008
233,684,501
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
3,055
85,256
$100,000 under $1,000,000.........................................................................
13,652
3,903,859
$1,000,000 under $10,000,000.........................................................................
12,738
24,274,385
$10,000,000 under $25,000,000.........................................................................
1,960
17,917,063
$25,000,000 under $50,000,000.........................................................................
770
15,931,417
$50,000,000 under $100,000,000.........................................................................
406
16,879,665
$100,000,000 or more.........................................................................
427
154,692,856
14,187
-*1,111
4,532
6,221
1,219
506
275
323
31,908,397
-*21,869
688,144
4,439,314
3,532,643
3,086,419
3,041,299
17,098,709
29,256
-1,944
11,876
11,982
1,883
744
402
425
171,920,859
-36,798
2,548,763
15,956,577
11,414,323
10,366,520
11,397,328
120,200,550
13,968
-*972
4,316
6,356
1,226
491
277
330
29,855,246
-*26,589
666,952
3,878,495
2,970,097
2,478,478
2,441,038
17,393,597
Grantmaking-operating foundations
Total...............................................................................
956
12,182,457
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*139
*2,782
$100,000 under $1,000,000.........................................................................
*405
*105,434
$1,000,000 under $10,000,000.........................................................................
295
626,988
$10,000,000 under $25,000,000.........................................................................
54
406,579
$25,000,000 under $50,000,000.........................................................................
26
506,527
$50,000,000 under $100,000,000.........................................................................
18
742,326
$100,000,000 or more.........................................................................
19
9,791,820
473
-*139
*109
150
33
19
11
12
2,005,446
-*2,782
*25,076
148,633
103,333
124,392
118,583
1,482,647
704
--*333
264
48
24
18
18
8,781,124
--*62,274
392,005
239,556
296,031
488,087
7,303,171
351
--*109
168
29
19
12
13
1,395,887
--*18,084
86,350
63,690
86,104
135,656
1,006,002
Footnotes at end of table.
68
Amount
Government
Domestic Private Foundations and Charitable Trusts, 1998
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands dollars]
Type of foundation,
Total assets
Total
(fair market value)
investment assets
size of fair market value
of total assets
Investments in securities (fair market value)
Number
of returns
(34)
Amount
(35)
Number
of returns
(36)
Amount
(37)
Government
Total
(fair market value)
Number
of returns
(38)
obligations
Amount
(39)
Number
of returns
(40)
Amount
(41)
All foundations
Total...............................................................................
55,825
397,084,457
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
14,999
466,984
$100,000 under $1,000,000.........................................................................
21,271
8,670,483
$1,000,000 under $10,000,000.........................................................................
15,450
48,764,936
$10,000,000 under $25,000,000.........................................................................
2,289
35,657,372
$25,000,000 under $50,000,000.........................................................................
876
30,793,398
$50,000,000 under $100,000,000.........................................................................
463
32,239,566
$100,000,000 or more.........................................................................
477
240,491,718
49,547
-10,416
19,833
15,205
2,279
875
463
476
380,530,583
-366,583
7,771,239
45,448,940
33,730,374
29,243,878
30,749,203
233,220,366
37,840
-4,166
15,773
14,018
2,132
837
449
465
317,900,349
-147,052
5,568,209
36,549,906
27,311,956
23,850,351
25,400,502
199,072,374
15,665
-1,389
4,964
6,772
1,337
551
306
346
35,726,528
-25,555
760,622
5,032,669
3,984,546
3,472,810
3,462,945
18,987,382
Nonoperating foundations
Total...............................................................................
51,627
365,035,968
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
13,332
431,039
$100,000 under $1,000,000.........................................................................
20,098
8,176,834
$1,000,000 under $10,000,000.........................................................................
14,407
45,356,470
$10,000,000 under $25,000,000.........................................................................
2,110
32,960,627
$25,000,000 under $50,000,000.........................................................................
814
28,614,062
$50,000,000 under $100,000,000.........................................................................
425
29,429,069
$100,000,000 or more.........................................................................
441
220,067,866
46,558
-9,583
18,910
14,281
2,105
813
425
441
355,294,777
-352,198
7,463,143
43,209,237
31,813,463
27,678,489
28,506,502
216,271,745
36,237
-4,028
15,256
13,331
1,997
783
412
431
299,711,206
-144,217
5,431,051
35,092,355
25,982,639
22,787,690
23,815,182
186,458,072
14,841
-*1,250
4,855
6,379
1,240
511
280
326
33,031,193
-*22,720
735,176
4,745,308
3,731,469
3,259,855
3,170,367
17,366,298
Operating foundations
Total...............................................................................
4,198
32,048,490
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
1,667
35,945
$100,000 under $1,000,000.........................................................................
1,173
493,649
$1,000,000 under $10,000,000.........................................................................
1,043
3,408,466
$10,000,000 under $25,000,000.........................................................................
179
2,696,745
$25,000,000 under $50,000,000.........................................................................
62
2,179,335
$50,000,000 under $100,000,000.........................................................................
38
2,810,497
$100,000,000 or more.........................................................................
36
20,423,852
2,989
-*833
922
924
174
62
38
35
25,235,806
-*14,385
308,096
2,239,704
1,916,911
1,565,389
2,242,701
16,948,621
1,603
-*139
517
687
135
54
37
34
18,189,143
-*2,835
137,158
1,457,551
1,329,317
1,062,660
1,585,320
12,614,302
824
-*139
*109
393
97
40
26
20
2,695,335
-*2,835
*25,446
287,361
253,078
212,955
292,577
1,621,084
Grantmaking foundations
Total...............................................................................
45,720
380,159,807
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
9,722
362,217
$100,000 under $1,000,000.........................................................................
18,088
7,594,087
$1,000,000 under $10,000,000.........................................................................
14,064
44,489,346
$10,000,000 under $25,000,000.........................................................................
2,125
33,176,558
$25,000,000 under $50,000,000.........................................................................
829
29,140,515
$50,000,000 under $100,000,000.........................................................................
436
30,380,015
$100,000,000 or more.........................................................................
456
235,017,069
43,262
-8,194
17,272
13,956
2,120
828
436
456
367,506,670
-305,237
7,059,441
42,514,638
31,850,902
28,020,840
29,102,886
228,652,726
33,947
-3,194
14,019
13,053
2,015
796
424
446
309,575,132
-106,251
5,175,128
34,611,520
26,055,653
22,985,893
24,414,145
196,226,542
14,658
-*1,250
4,641
6,370
1,252
525
285
335
34,733,965
-*25,149
738,148
4,769,838
3,788,495
3,357,125
3,229,218
18,825,992
Grantmaking-nonoperating foundations
Total...............................................................................
43,120
358,414,178
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
8,472
328,489
$100,000 under $1,000,000.........................................................................
17,323
7,273,954
$1,000,000 under $10,000,000.........................................................................
13,616
43,087,965
$10,000,000 under $25,000,000.........................................................................
2,057
32,132,221
$25,000,000 under $50,000,000.........................................................................
799
28,043,352
$50,000,000 under $100,000,000.........................................................................
417
28,920,244
$100,000,000 or more.........................................................................
436
218,627,953
41,253
-7,361
16,646
13,542
2,054
798
417
436
349,796,883
-290,851
6,830,954
41,423,723
31,119,732
27,186,365
28,063,653
214,881,604
32,990
-3,055
13,613
12,758
1,961
770
406
427
296,270,126
-103,416
5,052,775
33,852,228
25,557,985
22,400,555
23,621,020
185,682,149
14,186
-*1,111
4,532
6,221
1,219
506
274
323
32,706,314
-*22,314
712,702
4,614,984
3,684,249
3,224,426
3,110,693
17,336,946
Grantmaking-operating foundations
Total...............................................................................
2,600
21,745,630
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*1,250
*33,728
$100,000 under $1,000,000.........................................................................
765
320,134
$1,000,000 under $10,000,000.........................................................................
448
1,401,381
$10,000,000 under $25,000,000.........................................................................
68
1,044,337
$25,000,000 under $50,000,000.........................................................................
30
1,097,163
$50,000,000 under $100,000,000.........................................................................
19
1,459,771
$100,000,000 or more.........................................................................
20
16,389,116
2,009
-*833
626
414
66
30
19
20
17,709,787
-*14,385
228,487
1,090,915
731,170
834,475
1,039,233
13,771,122
956
-*139
*405
295
54
26
18
19
13,305,006
-*2,835
*122,353
759,292
497,669
585,339
793,125
10,544,393
473
-*139
*109
150
33
19
11
12
2,027,651
-*2,835
*25,446
154,854
104,246
132,699
118,525
1,489,046
Footnotes at end of table.
69
Domestic Private Foundations and Charitable Trusts, 1998
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands dollars]
Investments in securities (fair market value)--continued
Type of foundation,
Corporate
Corporate
size of fair market value
stock
bonds
of total assets
Number
of returns
(42)
70
(43)
Number
of returns
(44)
Amount
(45)
Number
of returns
(46)
Amount
(47)
Noncharitable-use assets
Number
of returns
(48)
Amount
(49)
All foundations
Total...............................................................................
33,549
249,301,619
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
2,778
85,648
$100,000 under $1,000,000.........................................................................
13,887
4,080,919
$1,000,000 under $10,000,000.........................................................................
13,133
27,294,513
$10,000,000 under $25,000,000.........................................................................
2,043
19,984,409
$25,000,000 under $50,000,000.........................................................................
805
17,573,975
$50,000,000 under $100,000,000.........................................................................
441
19,172,461
$100,000,000 or more.........................................................................
462
161,109,694
15,362
-*1,250
4,712
6,869
1,339
528
305
359
32,872,202
-*35,849
726,668
4,222,724
3,343,000
2,803,566
2,765,097
18,975,298
55,407
-14,582
21,271
15,450
2,288
876
463
477
315,436,905
-431,593
7,112,000
36,969,661
26,287,747
22,872,488
23,897,882
197,865,535
55,210
*139
14,305
21,234
15,430
2,289
875
462
476
346,059,455
*1,264,648
508,543
7,837,337
42,949,847
32,484,443
27,292,161
28,449,458
205,273,018
Nonoperating foundations
Total...............................................................................
32,273
235,927,558
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
2,778
85,648
$100,000 under $1,000,000.........................................................................
13,443
3,987,664
$1,000,000 under $10,000,000.........................................................................
12,546
26,280,233
$10,000,000 under $25,000,000.........................................................................
1,915
19,102,325
$25,000,000 under $50,000,000.........................................................................
756
16,860,531
$50,000,000 under $100,000,000.........................................................................
407
18,132,001
$100,000,000 or more.........................................................................
429
151,479,155
14,713
-*1,250
4,603
6,505
1,247
494
280
334
30,752,454
-*35,849
708,211
4,066,813
3,148,845
2,667,304
2,512,814
17,612,618
51,209
-12,916
20,098
14,407
2,109
814
425
441
289,137,843
-398,577
6,686,509
34,348,576
24,155,008
21,220,317
21,503,528
180,825,328
51,169
*139
12,777
20,061
14,404
2,110
813
424
441
326,066,611
*1,264,648
488,445
7,502,089
40,869,905
30,798,446
26,038,077
26,482,273
192,622,729
Operating foundations
Total...............................................................................
1,276
13,374,061
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
--$100,000 under $1,000,000.........................................................................
*444
*93,255
$1,000,000 under $10,000,000.........................................................................
587
1,014,280
$10,000,000 under $25,000,000.........................................................................
128
882,084
$25,000,000 under $50,000,000.........................................................................
49
713,444
$50,000,000 under $100,000,000.........................................................................
34
1,040,460
$100,000,000 or more.........................................................................
33
9,630,539
649
--*109
364
92
34
25
25
2,119,748
--*18,458
155,910
194,155
136,262
252,283
1,362,680
4,198
-1,667
1,173
1,043
179
62
38
36
26,299,063
-33,016
425,491
2,621,085
2,132,739
1,652,170
2,394,354
17,040,207
4,041
-1,528
1,173
1,026
179
62
38
35
19,992,844
-20,098
335,248
2,079,943
1,685,998
1,254,084
1,967,185
12,650,289
Grantmaking foundations
Total...............................................................................
29,950
243,151,810
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
1,944
54,258
$100,000 under $1,000,000.........................................................................
12,169
3,720,461
$1,000,000 under $10,000,000.........................................................................
12,274
25,798,119
$10,000,000 under $25,000,000.........................................................................
1,931
19,123,978
$25,000,000 under $50,000,000.........................................................................
768
16,929,271
$50,000,000 under $100,000,000.........................................................................
421
18,553,450
$100,000,000 or more.........................................................................
443
158,972,274
14,305
-*972
4,425
6,514
1,254
508
289
343
31,689,357
-*26,843
716,520
4,043,563
3,143,181
2,699,497
2,631,477
18,428,276
45,580
-9,583
18,088
14,064
2,124
829
436
456
302,740,014
-332,548
6,136,190
33,802,196
24,407,472
21,679,799
22,473,751
193,908,058
45,859
*139
9,722
18,088
14,064
2,125
829
436
456
335,821,782
*1,264,648
417,688
7,092,963
40,498,133
30,825,386
26,310,765
27,153,161
202,259,038
Grantmaking-nonoperating foundations
Total...............................................................................
29,246
233,270,459
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
1,944
54,258
$100,000 under $1,000,000.........................................................................
11,837
3,642,011
$1,000,000 under $10,000,000.........................................................................
12,010
25,279,540
$10,000,000 under $25,000,000.........................................................................
1,883
18,793,887
$25,000,000 under $50,000,000.........................................................................
744
16,562,773
$50,000,000 under $100,000,000.........................................................................
403
18,014,667
$100,000,000 or more.........................................................................
425
150,923,323
13,954
-*972
4,316
6,345
1,225
489
277
330
30,293,354
-*26,843
698,062
3,957,704
3,079,849
2,613,356
2,495,660
17,421,880
42,980
-8,333
17,323
13,616
2,056
799
417
436
284,261,898
-301,747
5,853,642
32,636,079
23,538,413
20,849,570
21,223,122
179,859,324
43,259
*139
8,472
17,323
13,616
2,057
799
417
436
321,677,649
*1,264,648
399,704
6,859,644
39,449,006
30,204,286
25,694,018
26,177,328
191,629,015
Grantmaking-operating foundations
Total...............................................................................
704
9,881,351
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
--$100,000 under $1,000,000.........................................................................
*333
*78,450
$1,000,000 under $10,000,000.........................................................................
264
518,578
$10,000,000 under $25,000,000.........................................................................
48
330,091
$25,000,000 under $50,000,000.........................................................................
24
366,498
$50,000,000 under $100,000,000.........................................................................
18
538,783
$100,000,000 or more.........................................................................
18
8,048,951
351
--*109
168
29
19
12
13
1,396,003
--*18,458
85,859
63,332
86,142
135,817
1,006,395
2,600
-*1,250
765
448
68
30
19
20
18,478,116
-*30,800
282,548
1,166,117
869,059
830,229
1,250,629
14,048,733
2,600
-*1,250
765
448
68
30
19
20
14,144,133
-*17,983
233,319
1,049,126
621,100
616,747
975,833
10,630,023
Footnotes at end of table.
70
Amount
Net worth (book value)
Domestic Private Foundations and Charitable Trusts, 1998
Table 1.--Domestic Private Foundations: Number and Selected Financial Data, by Type of Foundation and
Size of Fair Market Value of Total Assets--Continued
[All figures are estimates based on a sample--money amounts are in thousands dollars]
Type of foundation,
Minimum investment return
Distributable amount
Qualifying distributions
size of fair market value
of total assets
Number
of returns
(50)
Amount
Number
of returns
(51)
Number
of returns
Amount
Number
of returns
Amount
Excess distributions
carryover to 1999
Number
of returns
Amount
(53)
(54)
(55)
(56)
(57)
(58)
(59)
All foundations
Total...............................................................................
54,932
17,236,858
50,371
Zero or unreported.........................................................................
*139
*63,232
*139
$1 under $100,000.........................................................................
14,027
24,920
12,221
$100,000 under $1,000,000.........................................................................
21,234
384,689
19,911
$1,000,000 under $10,000,000.........................................................................
15,430
2,125,970
14,319
$10,000,000 under $25,000,000.........................................................................
2,289
1,616,072
2,106
$25,000,000 under $50,000,000.........................................................................
875
1,353,781
811
$50,000,000 under $100,000,000.........................................................................
462
1,419,374
424
$100,000,000 or more.........................................................................
476
10,248,820
440
15,831,712
*61,110
22,964
358,945
1,968,028
1,487,752
1,269,683
1,277,853
9,385,376
50,678
*417
11,527
19,631
15,034
2,264
869
461
476
23,388,751
*135,717
828,216
1,236,458
3,637,467
2,623,649
2,055,183
1,795,289
11,076,773
20,211
-4,028
7,796
6,558
994
378
220
237
5,206,205
-4,529
95,930
591,498
441,661
385,603
455,303
3,231,680
31,192
*556
8,611
12,301
7,779
1,105
435
204
202
22,310,717
*290,926
1,991,941
2,598,476
5,660,597
3,639,062
2,532,256
1,704,598
3,892,860
Nonoperating foundations
Total...............................................................................
50,891
16,244,030
50,371
Zero or unreported.........................................................................
*139
*63,232
*139
$1 under $100,000.........................................................................
12,499
23,915
12,221
$100,000 under $1,000,000.........................................................................
20,061
367,927
19,911
$1,000,000 under $10,000,000.........................................................................
14,404
2,022,282
14,319
$10,000,000 under $25,000,000.........................................................................
2,110
1,532,035
2,106
$25,000,000 under $50,000,000.........................................................................
813
1,291,076
811
$50,000,000 under $100,000,000.........................................................................
424
1,321,014
424
$100,000,000 or more.........................................................................
441
9,622,547
440
15,831,712
*61,110
22,964
358,945
1,968,028
1,487,752
1,269,683
1,277,853
9,385,376
46,682
*417
9,999
18,494
14,010
2,090
808
423
441
21,189,489
*135,717
784,491
1,174,653
3,147,479
2,381,894
1,878,746
1,624,167
10,062,342
20,211
-4,028
7,796
6,558
994
378
220
237
5,206,205
-4,529
95,930
591,498
441,661
385,603
455,303
3,231,680
31,192
*556
8,611
12,301
7,779
1,105
435
204
202
22,310,717
*290,926
1,991,941
2,598,476
5,660,597
3,639,062
2,532,256
1,704,598
3,892,860
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3,995
-1,528
1,136
1,023
174
61
38
35
2,199,262
-43,725
61,805
489,989
241,755
176,437
171,121
1,014,431
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...............................................................................
45,859
16,759,648
42,932
Zero or unreported.........................................................................
*139
*63,232
*139
$1 under $100,000.........................................................................
9,722
20,884
8,333
$100,000 under $1,000,000.........................................................................
18,088
352,948
17,173
$1,000,000 under $10,000,000.........................................................................
14,064
2,015,764
13,582
$10,000,000 under $25,000,000.........................................................................
2,125
1,537,103
2,055
$25,000,000 under $50,000,000.........................................................................
829
1,310,628
798
$50,000,000 under $100,000,000.........................................................................
436
1,356,054
417
$100,000,000 or more.........................................................................
456
10,103,036
436
15,670,999
*61,110
19,084
329,223
1,908,425
1,463,569
1,258,591
1,266,611
9,364,386
45,998
*278
9,722
18,088
14,064
2,125
829
436
456
22,397,626
*135,699
800,478
1,127,145
3,329,092
2,462,791
1,931,922
1,717,958
10,892,542
15,347
-1,528
6,008
6,018
972
369
217
235
5,124,882
-2,469
79,401
554,696
434,987
379,595
450,361
3,223,374
28,058
*278
6,944
11,351
7,581
1,077
429
199
199
21,691,652
*286,541
1,946,178
2,382,659
5,511,077
3,558,772
2,469,694
1,650,748
3,885,982
Grantmaking-nonoperating foundations
Total...............................................................................
43,259
16,058,943
42,932
Zero or unreported.........................................................................
*139
*63,232
*139
$1 under $100,000.........................................................................
8,472
19,985
8,333
$100,000 under $1,000,000.........................................................................
17,323
341,282
17,173
$1,000,000 under $10,000,000.........................................................................
13,616
1,963,307
13,582
$10,000,000 under $25,000,000.........................................................................
2,057
1,506,307
2,055
$25,000,000 under $50,000,000.........................................................................
799
1,279,791
798
$50,000,000 under $100,000,000.........................................................................
417
1,307,262
417
$100,000,000 or more.........................................................................
436
9,577,776
436
15,670,999
*61,110
19,084
329,223
1,908,425
1,463,569
1,258,591
1,266,611
9,364,386
43,398
*278
8,472
17,323
13,616
2,057
799
417
436
20,942,735
*135,699
779,546
1,083,406
3,086,637
2,330,299
1,867,634
1,608,854
10,050,659
15,347
-1,528
6,008
6,018
972
369
217
235
5,124,882
-2,469
79,401
554,696
434,987
379,595
450,361
3,223,374
28,058
*278
6,944
11,351
7,581
1,077
429
199
199
21,691,652
*286,541
1,946,178
2,382,659
5,511,077
3,558,772
2,469,694
1,650,748
3,885,982
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2,600
-*1,250
765
448
68
30
19
20
1,454,891
-*20,932
43,739
242,454
132,492
64,288
109,104
841,882
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
Operating foundations
Total...............................................................................
4,041
992,829
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
1,528
1,005
$100,000 under $1,000,000.........................................................................
1,173
16,762
$1,000,000 under $10,000,000.........................................................................
1,026
103,688
$10,000,000 under $25,000,000.........................................................................
179
84,037
$25,000,000 under $50,000,000.........................................................................
62
62,704
$50,000,000 under $100,000,000.........................................................................
38
98,359
$100,000,000 or more.........................................................................
35
626,273
Grantmaking-operating foundations
Total...............................................................................
2,600
700,705
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*1,250
*899
$100,000 under $1,000,000.........................................................................
765
11,666
$1,000,000 under $10,000,000.........................................................................
448
52,456
$10,000,000 under $25,000,000.........................................................................
68
30,795
$25,000,000 under $50,000,000.........................................................................
30
30,837
$50,000,000 under $100,000,000.........................................................................
19
48,792
$100,000,000 or more.........................................................................
20
525,260
(52)
Amount
Undistributed income for
1998
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A--Not applicable.
* Estimate should be used with caution because of the small number of sample returns on which it is based.
¹ The data shown in columns 18 and 19 are based on the amount of contributions, gifts, and grants that foundations actually disbursed for charitable purposes for 1998 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.
71
Domestic Private Foundations and Charitable Trusts, 1998
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 Fair Market Value of Total Assets
[All figures are estimates based on a sample--money amounts are in thousands dollars]
Selected sources of revenue
Type of trust,
Number
size of fair market value
of
of total assets
returns
Total revenue
Number
Amount
of returns
(1)
All charitable trusts
Total............................................................................
2,667
Net gain (less loss)
from securities
from sales of assets
Number
Amount
of returns
(2)
(3)
2,667
(4)
Number
Amount
of returns
Number
Amount
of returns
(5)
(6)
(7)
(8)
(9)
580,841
449
128,649
2,414
136,182
2,059
277,290
-*197
121
*46
-*3,213
8,340
*7,107
-*262
966
418
-*522
9,499
9,882
-*131
799
399
-*471
28,067
13,667
$1,000,000 under $10,000,000.........................................................................
704
704
229,297
$10,000,000 or more.........................................................................
84
84
268,929
74
11
56,194
53,795
686
82
58,172
58,108
647
83
101,861
133,224
571,021
379
122,280
2,396
135,146
2,045
276,437
-*3,253
46,147
-*131
121
-*2,057
8,340
-*262
966
-*522
9,499
-*131
799
-*471
28,067
$500,000 under $1,000,000.........................................................................
418
418
31,490
$1,000,000 under $10,000,000.........................................................................
695
695
221,841
$10,000,000 or more.........................................................................
83
83
268,289
*46
70
11
*7,107
50,981
53,795
408
679
81
9,523
57,754
57,849
390
643
82
13,474
101,361
133,064
9,820
70
6,369
17
1,036
14
853
-*1,156
--
-*66
--
-*1,156
--
----
----
----
----
$500,000 under $1,000,000.........................................................................
*9
*9
*568
$1,000,000 under $10,000,000.........................................................................
9
9
7,455
$10,000,000 or more.........................................................................
1
1
640
-4
--
-5,213
--
*9
7
1
*359
418
259
*9
4
1
*193
501
160
527,623
286
83,874
2,323
133,508
1,990
273,494
-*1,507
43,235
-*66
111
-*310
6,375
-*262
920
-*522
9,101
-*131
771
-*471
27,636
$500,000 under $1,000,000.........................................................................
408
408
24,603
$1,000,000 under $10,000,000.........................................................................
678
678
200,685
$10,000,000 or more.........................................................................
81
81
257,592
*37
62
10
*426
32,967
43,795
399
662
80
9,415
56,817
57,654
380
626
81
13,393
99,606
132,387
Grantmaking-nonoperating trusts
Total............................................................................
2,428
2,428
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*328
*328
526,261
-*1,507
286
-*66
83,874
-*310
2,319
--
133,052
--
1,988
--
272,944
--
$100,000 under $500,000.........................................................................
938
938
43,235
$500,000 under $1,000,000.........................................................................
408
408
24,603
$1,000,000 under $10,000,000.........................................................................
674
674
199,963
$10,000,000 or more.........................................................................
80
80
256,952
111
*37
62
10
6,375
*426
32,967
43,795
*262
920
*522
9,101
399
659
79
9,415
56,619
57,395
*131
771
380
625
80
*471
27,636
13,393
99,216
132,228
1,362
---
----
----
4
---
457
---
2
---
550
---
$100,000 under $500,000.........................................................................
---$500,000 under $1,000,000.........................................................................
---$1,000,000 under $10,000,000.........................................................................
4
4
722
----
----
--3
--198
--1
--390
$10,000,000 or more.........................................................................
1
1
--
--
1
259
1
160
2,583
Zero or unreported.........................................................................
--$1 under $100,000.........................................................................
*393
*393
$100,000 under $500,000.........................................................................
994
994
Operating trusts
Total............................................................................
85
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