Edward M Armfield Sr Foundation Inc
- Assets
- $51.3m
- Revenue
- $4.9m
- Investments
- $48.3m
- Employees
- 0
- Location
- Greensboro, NC
- Founding
- 02/2000
- Data as of
- 12/2022
- EIN
- 56-2156876
Organization Overview
Edward M Armfield Sr Foundation Inc is located in Greensboro, NC. The organization was established in 2000. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Edward M Armfield Sr 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 12/2022, Edward M Armfield Sr Foundation Inc generated $4.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $33.7m during the year ending 12/2022. While expenses have increased by 18.1% per year over the past 7 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 2015, Edward M Armfield Sr Foundation Inc has awarded 462 individual grants totaling $34,183,255. 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 |
|---|---|---|---|
Adair P Armfield Director | 2 | $5,000 | |
Bedford Cannon Director | 2 | $3,000 | |
Phifer Crute Director | 2 | $5,000 | |
James C B Hancock Director | 2 | $5,000 | |
R David Sprinkle Director | 2 | $5,000 | |
Melinda W Oakley Officer | 40 | $138,860 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Weaver Consulting Group | 12/30/22 | $447,415 |
Geosyntec Consultants | 12/30/22 | $429,136 |
Davis Wright Trem Llp | 12/30/22 | $241,477 |
Monticello Associates | 12/30/22 | $125,000 |
Dmj & Co Pllc | 12/30/22 | $58,070 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $733 |
| Dividends & Interest | $738,721 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $4,111,367 |
| Capital Gain Net Income | $3,842,561 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $4,850,821 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $168,026 |
| Other employee salaries and wages | $86,066 |
| Pension plans, employee benefits | $2,570 |
| Interest | $0 |
| Taxes | $71,330 |
| Depreciation | $4,425 |
| Occupancy | $3,155 |
| Travel, conferences, and meetings | $3,088 |
| Printing and publications | $0 |
| Other expenses | $28,138,710 |
| Total operating and administrative expenses | $28,915,582 |
| Contributions, gifts, grants paid | $4,747,325 |
| Total expenses and disbursements | $33,662,907 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1 |
| Savings and temporary cash investments | $2,835,642 |
| Net Accounts receivable | $56,018 |
| 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 | $147,685 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $32,199,077 |
| Net Land, buildings, and equipment | $6,518 |
| Other assets | $17,509 |
| Total assets | $51,338,483 |
| Accounts payable and accrued expenses | $110,860 |
| Grants payable | $5,597,608 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $10,098,823 |
| Total liabilities | $15,807,291 |
Grants Awarded
Over the last fiscal year, Edward M Armfield Sr Foundation Inc has awarded $7,483,003 in support to 85 organizations.
| Grant Recipient | Amount |
|---|---|
ACTION GREENSBORO PURPOSE: GRANT | $20,000 |
ALLEGHANY MEMORIAL HOSPITAL FOUNDATION PURPOSE: GRANT | $50,000 |
APPALACHIAN STATE UNIVERSITY PURPOSE: SCHOLARSHIP | $126,400 |
ARIZONA STATE UNIVERSITY PURPOSE: SCHOLARSHIP | $2,500 |
ARTSGREENSBORO PURPOSE: GRANT | $1,500 |
BACKPACK BEGINNINGS PURPOSE: GRANT | $200,000 |