Sorenson Legacy Foundation
- Assets
- $495.7m
- Revenue
- $38.6m
- Investments
- $451.3m
- Employees
- 0
- Location
- Midvale, UT
- Founding
- 10/2011
- Data as of
- 12/2020
- EIN
- 45-3240491
Organization Overview
Sorenson Legacy Foundation is located in Midvale, 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 Legacy 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, Sorenson Legacy Foundation generated $38.6m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $37.0m during the year ending 12/2020. While expenses have increased by 0.8% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Sorenson Legacy Foundation has awarded 1,527 individual grants totaling $134,977,689. 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 |
|---|---|---|---|
Ralph Johnson Director | 6 | $78,500 | |
Dale Harris Director | 5 | $76,000 | |
Christine Harris Director | 3 | $72,500 | |
Gary Crocker Director | 4 | $72,000 | |
Shauna Johnson Director | 5 | $68,000 | |
Carol Smith Director | 5 | $68,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Eagle Capital Management Llc | 12/30/21 | $301,518 |
Pacific Ridge Capital | 12/30/21 | $165,511 |
Sdi Residual Assets Llc | 12/30/21 | $440,450 |
Atlanta Capital Management Company Llc | 12/30/21 | $167,607 |
Sepio Capital Llc | 12/30/21 | $782,825 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $7,710,866 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $30,938,962 |
| Capital Gain Net Income | $12,373,644 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $38,649,828 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $550,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $4,590 |
| Taxes | $257,814 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $4,875 |
| Other expenses | $47,465 |
| Total operating and administrative expenses | $2,848,369 |
| Contributions, gifts, grants paid | $34,168,650 |
| Total expenses and disbursements | $37,017,019 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $402,093 |
| Savings and temporary cash investments | $19,368,006 |
| Net Accounts receivable | $174,527 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $24,474,187 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,170 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $60,233,190 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $495,708,411 |
| Accounts payable and accrued expenses | $731,589 |
| 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 | $731,589 |
Grants Awarded
Over the last fiscal year, Sorenson Legacy Foundation has awarded $24,479,736 in support to 309 organizations.
| Grant Recipient | Amount |
|---|---|
CROCKER CATALYST FOUNDATION PURPOSE: GENERAL CHARITABLE PURPOSES | $3,725,000 |
ELIZABETH ACADEMY PURPOSE: GENERAL CHARITABLE PURPOSES | $1,750,000 |
Salt Lake City, UT PURPOSE: GENERAL CHARITABLE PURPOSES | $1,500,000 |
BRIGHAM YOUNG UNIVERSITY PURPOSE: GENERAL CHARITABLE PURPOSES | $1,205,000 |
THOM & GAIL WILLIAMSEN FAMILY FOUNDATION PURPOSE: GENERAL CHARITABLE PURPOSES | $1,000,000 |
Salt Lake City, UT PURPOSE: GENERAL CHARITABLE PURPOSES | $788,006 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Sorenson Legacy Foundation has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
United Way Of Northern Utah Ogden, UT PURPOSE: GENERAL OPERATIONS | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Holland M Ware Charitable Foundation Eagle, ID | $219,618,856 | $24,900,954 |
Engelstad Fam Foundation Las Vegas, NV | $835,390,513 | $95,367,626 |
Sorenson Legacy Foundation Midvale, UT | $495,708,411 | $38,649,828 |
Diane And Bruce Halle Foundation Scottsdale, AZ | $130,264 | $31,307,586 |
Cyrus Tang Foundation Las Vegas, NV | $882,448,132 | $23,435,848 |
Kate B Reynolds Charitable Trust Las Vegas, NV | $458,547,474 | $24,205,244 |
Charles K Blandin Residuary Trust 30/15962 Las Vegas, NV | $0 | $17,582,870 |
Troesh Family Foundation Henderson, NV | $90,271,272 | $18,993,634 |
Bia Echo Foundation Reno, NV | $26,357,504 | $25,798,977 |
Kennys Kids Sedona, AZ | $0 | $509,065 |
Brent Eley Center Inc Aurora, CO | $0 | $0 |
Boettcher Foundation Denver, CO | $266,743,315 | $22,782,794 |