Kermit G Phillips Ii Charitable Tr
- Assets
- $71.5m
- Revenue
- $5.2m
- Investments
- $69.9m
- Employees
- 0
- Location
- Greensboro, NC
- Founding
- 09/2002
- Data as of
- 12/2021
- EIN
- 04-6977585
Organization Overview
Kermit G Phillips Ii Charitable Tr is located in Greensboro, NC. The organization was established in 2002. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kermit G Phillips Ii Charitable Tr is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Kermit G Phillips Ii Charitable Tr generated $5.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 50.4% each year . All expenses for the organization totaled $3.3m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Kermit G Phillips Ii Charitable Tr has awarded 55 individual grants totaling $13,312,370. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
PUBLIC RESPONSIBILITY: THE PHILLIPS FOUNDATION SEEKS TO ENHANCE THE RESULTS OF ITS GRANTMAKING IN EDUCATION TO GROW EDUCATION-RELATED INITIATIVES. LEVERAGING ITS BODY OF WORK, THE FOUNDATION WILL DEVELOP PROGRAMS, COLLABORATIONS AND TECHNOLOGY DESIGNED TO INSPIRE LEARNING AND ADDRESS IMPEDIMENTS TO CHILDREN, YOUTH AND ADULTS REACHING THEIR FULL POTENTIAL AS GENEROUS AND IMPACT DRIVEN INDIVIDUALS. THROUGH EXPLORATION OF PARTNERSHIPS WITH OTHERS IN THE FIELD, COUPLED WITH ORIGINAL PROGRAMS DESIGNED TO EDUCATE CHILDREN, YOUTH AND ADULTS ABOUT GENEROSITY, STEWARDSHIP, COMMUNITY NEEDS AND SOCIAL RESPONSIBILITY, THE FOUNDATION WILL INNOVATE, CONVENE AND COLLABORATE TO EFFECT POSITIVE CHANGE.
IMPACT INVESTING: THE PHILLIPS FOUNDATION SEEKS TO CREATE A PLATFORM TO AMPLIFY SOCIAL AND ENVIRONMENTAL VALUE THROUGH FINANCIAL INVESTMENTS, A PRACTICE KNOWN AS IMPACT INVESTING. THROUGH A SERIES OF EVENTS, GATHERINGS AND COLLABORATIONS THAT BRING TOGETHER A VARIETY OFSTAKEHOLDERS, THE FOUNDATION WILL MEET THIS MISSION-RELATED GOAL THROUGH ACTIVITIES INCLUDING BUT NOT LIMITED TO: PROVIDING EDUCATIONAL PROGRAMS, CONDUCTING RESEARCH, PUBLISHING RESOURCES, CONVENING PARTNERS, FOSTERING COLLABORATION, CREATING DEALFLOWAND EXPLORING OPPORTUNITIES.
SOCIAL SECTOR LEADERSHIP: THE PHILLIPS FOUNDATION SEEKS TO STRENGTHEN THE ABILITY OF NONPROFITS TO ACCOMPLISH THEIR CHARITABLE MISSIONS BY EMPOWERING THE NONPROFIT SECTOR TO EMPLOY EXEMPLARY GOVERNANCE AND EXECUTIVE LEADERSHIP PRACTICES. THE FOUNDATION WILL CONDUCT RESEARCH, ENGAGE WITH STRATEGIC PARTNERS AND DEVELOP PROGRAMS AND RESOURCES DESIGNED TO EQUIP NONPROFITS, PHILANTHROPIC INSTITUTIONS AND THEIR LEADERS TO ENACT SYSTEMIC CHANGE. WITH AN EMPHASIS ON ACCOUNTABILITY AND INNOVATION, THE FOUNDATIONWILL PROMOTE AND ADVOCATE FOR EXEMPLARY LEADERSHIP AND GOVERNANCE. IN TURN, THIS WILL ENABLE NONPROFITS AND PHILANTHROPISTS TO MAXIMIZE THEIR LEVEL OF IMPACT.
CRISIS PREVENTION: THE PHILLIPS FOUNDATION SEEKS TO LEVERAGE THE FOUNDATION'S EXISTING GRANT PARTNERSHIPS TO EVOLVE TOWARD UPSTREAM PREVENTION OF SOCIAL ISSUES BY ADDRESSING ROOT PROBLEMS OF FAMILY BREAKDOWN AND DYSFUNCTION THROUGH RESEARCH-BASED TOOLS FOR HEALTHY RELATIONSHIPS, SELF-SUFFICIENCY AND FAMILY WELLNESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christina M Geyer Employee | 40 | $117,879 | |
Erica K Shields Employee | 40 | $116,732 | |
Catherine H Burnett Chief Operating Offi | 40 | $106,797 | |
Mandi R Freeman Employee | 40 | $63,778 | |
Lori G Underhill Administrative | 40 | $56,659 | |
Katherine Phillips Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Morgan Stanley | 12/30/20 | $198,609 |
9thwonder | 12/30/20 | $100,750 |
Persona Media | 12/30/20 | $81,816 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $963,706 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $3,761,306 |
| Capital Gain Net Income | $3,761,306 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $510,452 |
| Total Revenue | $5,235,464 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $106,797 |
| Other employee salaries and wages | $415,625 |
| Pension plans, employee benefits | $79,568 |
| Interest | $0 |
| Taxes | $34,586 |
| Depreciation | $2,717 |
| Occupancy | $144,097 |
| Travel, conferences, and meetings | $4,417 |
| Printing and publications | $0 |
| Other expenses | $572,315 |
| Total operating and administrative expenses | $1,785,515 |
| Contributions, gifts, grants paid | $1,500,092 |
| Total expenses and disbursements | $3,285,607 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $67,074 |
| Savings and temporary cash investments | $868,320 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $23,638,456 |
| Net Land, buildings, and equipment | $488,752 |
| Other assets | $201,796 |
| Total assets | $71,515,607 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $33,535 |
| Total liabilities | $33,535 |
Grants Awarded
Over the last fiscal year, Kermit G Phillips Ii Charitable Tr has awarded $1,500,092 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Greensboro, NC PURPOSE: SAY YES TO EDUCATION | $500,000 |
Greensboro, NC PURPOSE: COVID 19 GRANT | $300,000 |
Washington, DC PURPOSE: THE TIPPING POINT | $250,000 |
Menlo Park, CA PURPOSE: OPERATIONS AND PROGRAM SUPPORT | $200,000 |
Greensboro, NC PURPOSE: ONGOING OPERATIONS | $200,000 |
Greensboro, NC PURPOSE: HEALTHY RELATIONSHIPS INITIATIVE | $35,092 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
United Charitable Ashburn, VA | $209,799,923 | $22,185,205 |
Wnc Bridge Foundation Asheville, NC | $146,559,840 | $12,380,465 |
Hope For The Warriors Springfield, VA | $4,615,443 | $8,207,781 |
The Savannah Community Foundation Inc Savannah, GA | $54,173,792 | $9,998,384 |
Spookstock Foundation Leesburg, VA | $1,341,695 | $5,091,159 |
The Methuselah Foundation Springfield, VA | $18,792,317 | $14,799,805 |
The Giving Kitchen Initiative Inc Atlanta, GA | $5,202,127 | $3,829,430 |
Kermit G Phillips Ii Charitable Tr Greensboro, NC | $71,515,607 | $5,235,464 |
Troon Foundation Elon, NC | $48,656,909 | $2,507,639 |
Frances P Bunnelle Foundation Pawleys Island, SC | $50,346,506 | $4,044,110 |
Glass Family Foundation Inc Asheville, NC | $24,447,807 | $3,179,935 |
Speedway Childrens Charities Concord, NC | $415,792 | $1,752,353 |