Sorenson Impact Foundation
- Assets
- $142.1m
- Revenue
- $2.2m
- Investments
- $138.7m
- Employees
- 0
- Location
- Salt Lake City, UT
- Founding
- 10/2011
- Data as of
- 12/2023
- EIN
- 45-3203840
Organization Overview
Sorenson Impact Foundation is located in Salt Lake City, UT. The organization was established in 2011. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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. Sorenson Impact 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 12/2023, Sorenson Impact Foundation generated $2.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $4.1m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Sorenson Impact Foundation has awarded 123 individual grants totaling $20,250,085. 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 |
|---|---|---|---|
James Lee Sorenson Director | 20 | $0 | |
Krista Sorenson Director | 5 | $0 | |
Luke Sorenson Director | 1 | $0 | |
Paul Ludlow CFO & Secretary | 10 | $0 | |
Lindsay Zizumbo Program Manager | 40 | $218,115 | |
Savannah Johnson Investment Manager | 40 | $204,752 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sorenson Impact Advisory Llc | 12/30/23 | $229,499 |
Confluence Philanthropy | 12/30/23 | $160,000 |
Kirton Mcconkie | 12/30/23 | $145,194 |
Sorenson Associates The Pointe Llc | 12/30/23 | $120,840 |
Ross Aronstam & Moritz Llp | 12/30/23 | $90,065 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $968,881 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $993,570 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $281,823 |
| Total Revenue | $2,244,274 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $546,380 |
| Pension plans, employee benefits | $37,666 |
| Interest | $0 |
| Taxes | $36,350 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $70,579 |
| Printing and publications | $2,066 |
| Other expenses | $62,018 |
| Total operating and administrative expenses | $1,782,028 |
| Contributions, gifts, grants paid | $2,350,000 |
| Total expenses and disbursements | $4,132,028 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $509,205 |
| Savings and temporary cash investments | $679,275 |
| 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 | $101,316,400 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $2,215,917 |
| Total assets | $142,073,772 |
| Accounts payable and accrued expenses | $492 |
| 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 | $29,938 |
| Total liabilities | $30,430 |
Grants Awarded
Over the last fiscal year, Sorenson Impact Foundation has awarded $2,350,000 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
ACCESS VENTURES PURPOSE: PROMOTING ECONOMIC OPPORTUNITY FOR DISADVANTAGED GROUPS AND PROVIDING EDUCATION | $175,000 |
B LAB COMPANY PURPOSE: DEVELOPMENT OF B CORP CERTIFICATION PROCESS AND ASSISTANCE | $50,000 |
COMMUNITY INITIATIVES PURPOSE: PROGRAMS TO ADDRESS SYSTEMIC AND SYSTEMATIC RISKS INCLUDING INEQUALITY, CLIMATE CHANGE AND BIODIVERSITY LOSS | $200,000 |
NEW VENTURE FUND PURPOSE: IMPACT INVESTING ALLIANCE | $250,000 |
NORTH AMERICAN STUDENTS OF COOPERATION PURPOSE: CONVENING FIELD-BUILDING PEER NETOWRKS AMONG WORKERS AND CO-OP ORGANIZERS | $125,000 |
OK FOUNDATION PURPOSE: CREATION OF JOB OPPORTUNITIES FOR HARD-OF-HEARING AND DEAF INDIVIDUALS | $250,000 |