Rhi Legacy Foundation Inc
- Assets
- $38.0m
- Revenue
- $3.9m
- Investments
- $32.0m
- Employees
- 0
- Location
- Rutherfordton, NC
- Founding
- 12/1929
- Data as of
- 12/2023
- EIN
- 56-0619367
Organization Overview
Rhi Legacy Foundation Inc is located in Rutherfordton, NC. The organization was established in 1929. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rhi Legacy Foundation Inc 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, Rhi Legacy Foundation Inc generated $3.9m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.4% each year . All expenses for the organization totaled $1.8m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Rhi Legacy Foundation Inc has awarded 139 individual grants totaling $4,531,556. 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
THE FOUNDATION MAKES CHARITABLE CONTRIBUTIONS AND GRANTS TO VARIOUS NONPROFITS AND GOVERNMENT SERVICE ORGANIZATIONS IN RUTHERFORD COUNTY, NORTH CAROLINA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Condrey Chair | 1 | $0 | |
Kerry Giles Vice Chair | 1 | $0 | |
Jimmy Dancy Sec/treas | 1 | $0 | |
Maggie Bell Trustee | 1 | $0 | |
Judy Bond Trustee | 1 | $0 | |
Matt Bright Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $5,198 |
| Interest on Savings | $81,536 |
| Dividends & Interest | $689,780 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,858,290 |
| Capital Gain Net Income | $2,858,290 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $286,567 |
| Total Revenue | $3,921,371 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $187,599 |
| Other employee salaries and wages | $15,511 |
| Pension plans, employee benefits | $14,351 |
| Interest | $0 |
| Taxes | $15,916 |
| Depreciation | $0 |
| Occupancy | $11,824 |
| Travel, conferences, and meetings | $742 |
| Printing and publications | $4,326 |
| Other expenses | $115,546 |
| Total operating and administrative expenses | $582,047 |
| Contributions, gifts, grants paid | $1,173,858 |
| Total expenses and disbursements | $1,755,905 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $356,534 |
| Savings and temporary cash investments | $4,768,983 |
| 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 | $4,374,823 |
| Net Land, buildings, and equipment | $943,432 |
| Other assets | $0 |
| Total assets | $38,040,265 |
| Accounts payable and accrued expenses | $4,112 |
| 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 | $4,112 |
Grants Awarded
Over the last fiscal year, Rhi Legacy Foundation Inc has awarded $1,173,858 in support to 53 organizations.
| Grant Recipient | Amount |
|---|---|
ADAVILLE BAPTIST CHURCH FOOD PANTRY PURPOSE: ACTIVE LIVING | $4,800 |
ARTIFACTURING LLC PURPOSE: ACTIVE LIVING | $2,500 |
BASICS CHRISTIAN MINISTRIES INC PURPOSE: HEALTHY EATING | $25,000 |
BLUE RIDGE HOPE PURPOSE: CHRONIC DISEASE | $20,000 |
CAROLINA FOOTHILLS FOUNDATION PURPOSE: ACTIVE LIVING | $1,000 |
CHASE YOUTH SPORTS INC PURPOSE: ACTIVE LIVING | $2,500 |