Richard Bennett Trust
- Assets
- $14.0m
- Revenue
- $422.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Suffolk, VA
- Founding
- 06/1967
- Data as of
- 12/2023
- EIN
- 54-6068391
Organization Overview
Richard Bennett Trust is located in Suffolk, VA. The organization was established in 1967. According to its NTEE Classification (P60) the organization is classified as: Emergency Assistance, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richard Bennett Trust is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Since 2016, Richard Bennett Trust has awarded 71 individual grants totaling $690,500. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
AID TO THOSE IN NEED
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE AID TO ORGANIZATIONS IN THE VICINITY OF SUFFOLK, VIRGINIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas A Hazelwood Secretary-Treasurer | OfficerTrustee | 10 | $18,000 |
C Robert Johnson III Chairman | OfficerTrustee | 2 | $1,500 |
G Wayne Rhoads Vice-Chairman | Trustee | 2 | $1,500 |
A Scott Overton Trustee | Trustee | 2 | $1,500 |
Capt W G Saunders Jr Trustee | Trustee | 2 | $1,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $60,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $60,000 |
| Total Program Service Revenue | $0 |
| Investment income | $253,613 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $32,121 |
| Net Gain/Loss on Asset Sales | $76,783 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $422,517 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $173,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $24,000 |
| Compensation of current officers, directors, key employees. | $18,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $35,437 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $419 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,189 |
| All other expenses | $0 |
| Total functional expenses | $260,295 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $296,064 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $6,724,300 |
| Investments—publicly traded securities | $6,950,764 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,971,128 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $13,971,128 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $13,971,128 |
Grants Awarded
Over the last fiscal year, Richard Bennett Trust has awarded $95,000 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
EDMARC INC PURPOSE: TO AID OPERATIONS. | $8,000 |
WESTERN TIDEWATER FREE CLINIC PURPOSE: TO AID OPERATIONS. | $10,000 |
SUFFOLK CENTER FOR CULTURAL ARTS PURPOSE: TO AID OPERATIONS. | $6,000 |
RED CROSS PURPOSE: TO AID OPERATIONS. | $6,000 |
SALVATION ARMY PURPOSE: TO AID OPERATIONS. | $10,000 |
ACCESS FOUNDATION PURPOSE: TO PROVIDE SCHOLARSHIPS TO DESERVING STUDENTS IN THE AREA. | $25,000 |