Arnold & Winnie Palmer Foundation Inc

The information for Arnold & Winnie Palmer Foundation Inc is as of the organization's most recent filing in June '21. This organization is located in Orlando, FL. It has been in existence for 7 years, following its founding in 2014.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Arnold & Winnie Palmer Foundation Inc's NTEE code is T90. The "T" tells us that the organization is classified along with Philanthropy, Voluntarism & Grantmaking Foundations. The "90" tells us that the organization is a Named Trusts N.E.C. The NTEE describes Named Trusts N.E.C. as trusts that are not classified elsewhere. The organization is also identified as a 501(c)(3) organization, which means it is engaged in Religious, Educational, Charitable, Scientific, Literary, Public Safety, Amateur Sports, or Prevention of Cruelty to Children or Animals work. The mission of the Arnold & Winnie Palmer Foundation Inc is to promote youth character development, children's health, environmental stewardship, and well-being. Additionally, the foundation aims to preserve, enhance, and promote the legacy of Arnold Palmer in golf and American history, sharing it with the public as a practical and inspirational component of its charitable and educational pillars.

Program Areas

Program Area 1: The organization provides financial support to institutions and organizations that promote youth character development, children's health, environmental stewardship, and well-being. They also focus on preserving, enhancing, and promoting the legacy of Arnold Palmer in golf and American history. Additionally, in 2021, "Arnie's Challenge" was held to grant funds to an organization fulfilling its mission to invest in the well-being of children and youth, ensuring and creating opportunities for them to live safe, healthy, and fulfilling lives.

Program Area 2: During FY20/21, the organization held two Palmer Cups, with the first event taking place in December 2020 and the second in June 2021. The purpose of these collegiate events is to promote the development of youth golfers and pass on Mr. Arnold Palmer's values to the next generation of golfers. This program area focuses on the specific activities and initiatives related to the Palmer Cups, which are not reported under any other fund or program.

Board Governance

The Arnold & Winnie Palmer Foundation Inc appears to be well-governed based on the provided information. The organization has a total of 6 voting members, all of whom are independent. This indicates that there is no potential for conflicts of interest among the decision-making body of the organization. Furthermore, the organization has a conflict of interest policy in place, which requires the disclosure of any conflicts that may arise. Both board meetings and committee meetings are documented, ensuring transparency and accountability within the organization. This documentation allows for a clear record of discussions and decisions made during these meetings. Additionally, the organization provides copies of the 990 form to the board prior to filing, which indicates a commitment to financial transparency. However, there are some areas where the organization could improve its governance practices. The absence of a written whistleblower policy and a document retention policy leaves room for potential gaps in reporting and record-keeping processes. Additionally, the organization does not substantiate or review leadership salaries or officer's salaries, which could raise concerns about the fairness and appropriateness of compensation within the organization. Overall, the Arnold & Winnie Palmer Foundation Inc demonstrates strong governance practices, particularly in terms of independence, transparency, and conflict of interest management. However, there are areas where the organization could enhance its governance framework to ensure even greater accountability and compliance.

Grant History

Our dataset includes four years of grant history for the Arnold & Winnie Palmer Foundation Inc. In those four years, they have awarded a total of 26 grants, with an average check size of $311,757. The organization primarily awards grants in the Philanthropy, Voluntarism & Grantmaking Foundations sector. In terms of geographical distribution, the majority of their grants were awarded in Florida (16), followed by Pennsylvania (5), Georgia (2), Colorado (2), and Arkansas (1). On average, they award around 7 grants per year.

Organization Growth

The Arnold & Winnie Palmer Foundation Inc has experienced a decrease in contributions and grants received over the given time period, from $17.4M in 2015 to $2.3M in 2020. However, their investment income has increased from $21.6K in 2015 to $316.0K in 2020. The other revenue line item is not meaningful over this time period as it went from $0 in 2015 to -$6000 in 2020. The total revenue has also decreased from $17.4M in 2015 to $2.6M in 2020. On the other hand, grants paid by the organization have increased significantly from $34.5K in 2015 to $2.0M in 2020. Employee salaries, which were initially $0 in 2015, have reached $356.5K in 2020, but this line item is not meaningful over this time period. The total expenses of the organization have increased from $54.8K in 2015 to $3.1M in 2020. Lastly, the number of total volunteers has seen an increase from 8 in 2015 to 25 in 2020. Overall, the organization has experienced a mixed growth pattern with decreases in certain areas, such as contributions and total revenue, but increases in others, such as investment income, grants paid, total expenses, and total volunteers.