Margaret W And Lorimer W Midgett Trust
- Assets
- $2.7m
- Revenue
- $173.7k
- Investments
- $2.7m
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 09/2000
- Data as of
- 12/2023
- EIN
- 52-7100207
Organization Overview
Margaret W And Lorimer W Midgett Trust is located in Detroit, MI. The organization was established in 2000. 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. Margaret W And Lorimer W Midgett Trust 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, Margaret W And Lorimer W Midgett Trust generated $173.7k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $192.3k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.3%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Margaret W And Lorimer W Midgett Trust has awarded 27 individual grants totaling $1,363,616. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $124 |
| Dividends & Interest | $86,080 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $76,192 |
| Capital Gain Net Income | $76,192 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $11,309 |
| Total Revenue | $173,705 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $18,282 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $2,153 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $48,475 |
| Contributions, gifts, grants paid | $143,859 |
| Total expenses and disbursements | $192,334 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $75,274 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,732,568 |
| 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, Margaret W And Lorimer W Midgett Trust has awarded $143,859 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ELIZABETH CITY STATE UNIVERSITY PURPOSE: SUPPORT OF DAILY OPERATIONS | $35,965 |
MEDICAL FOUNDATION OF NC INC PURPOSE: SUPPORT OF DAILY OPERATIONS | $71,929 |
COLLEGE OF THE ALBEMARLE PURPOSE: SUPPORT OF DAILY OPERATIONS | $35,965 |