Petters Family Foundation
- Assets
- $24.8m
- Revenue
- $3.8m
- Investments
- $22.5m
- Employees
- 0
- Location
- Newport News, VA
- Founding
- 01/2012
- Data as of
- 12/2020
- EIN
- 45-2323642
Organization Overview
Petters Family Foundation is located in Newport News, VA. The organization was established in 2012. According to its NTEE Classification (T21) the organization is classified as: Corporate Foundations, 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. Petters Family Foundation 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 12/2020, Petters Family Foundation generated $3.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (11.7%) each year. All expenses for the organization totaled $3.2m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Petters Family Foundation has awarded 89 individual grants totaling $10,990,040. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy B Petters President | 1 | $0 | |
Caroline G Sauer Vice President | 1 | $0 | |
Sarah Fletcher Vice President | 1 | $0 | |
C Michael Petters Secretary/treasurer | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $3,160,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $1,069,762 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$396,303 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $3,237 |
| Total Revenue | $3,836,696 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $5,579 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $82,206 |
| Contributions, gifts, grants paid | $3,082,300 |
| Total expenses and disbursements | $3,164,506 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,308,381 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $160 |
| 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 | $12,025,830 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $24,802,843 |
| 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 | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Petters Family Foundation has awarded $1,955,000 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
COLLEGE OF WILLIAM & MARY FOUNDATION PURPOSE: SPONSORSHIP OF CAMP LAUNCH PROGRAM AND GENERAL SUPPORT | $1,000,000 |
Richmond, VA PURPOSE: GENERAL SUPPORT | $200,000 |
US NAVAL ACADEMY FOUNDATION PURPOSE: SUPPORT OF NAVAL ACADEMY ANNUAL FUND, STEM AND MINORITY OUTREACH FOR ADMISSIONS. | $200,000 |
Newport News, VA PURPOSE: GENERAL SUPPORT | $100,000 |
Atlanta, GA PURPOSE: CAPITAL AND OPERATIONAL SUPPORT | $100,000 |
JESUIT HIGH SCHOOL PURPOSE: GENERAL SUPPORT | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tennessee Health Foundation Inc Chattanooga, TN | $243,056,353 | $3,261,329 |
Assisi Foundation Of Memphis Inc Memphis, TN | $238,137,134 | $32,851,811 |
Commonwealth Foundations Richmond, VA | $819,010 | $12,460,000 |
Brown-Forman Foundation Louisville, KY | $0 | $24,207,060 |
Carmax Foundation Richmond, VA | $6,340,369 | $9,797,991 |
Ingersoll-Rand Charitable Foundation Davidson, NC | $949,422 | $5,202,263 |
Teleios Collaborative Network Flat Rock, NC | $1,937,761 | $5,692,077 |
Berry Charitable Foundation Greensboro, NC | $66,443,887 | $19,441,279 |
Mcleod Family Foundation Inc Roanoke, VA | $24,622,922 | $3,411,070 |
Petters Family Foundation Newport News, VA | $24,802,843 | $3,836,696 |
Louisiana First Horizon Foundation Memphis, TN | $16,881,232 | $5,299 |
Richmond Community Foundation Inc Charlotte, NC | $38,277,506 | $4,248,751 |