Summer Rest Foundation
- Assets
- $7.8m
- Revenue
- $623.8k
- Investments
- $7.2m
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 03/1999
- Data as of
- 12/2021
- EIN
- 56-6534008
Organization Overview
Summer Rest Foundation is located in Raleigh, NC. The organization was established in 1999. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Summer Rest Foundation 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 12/2021, Summer Rest Foundation generated $623.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $487.0k during the year ending 12/2021. While expenses have increased by 1.5% 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 2016, Summer Rest Foundation has awarded 124 individual grants totaling $2,449,155. 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 |
|---|---|---|---|
Sue M Turner Board Chair | 0.5 | $0 | |
Jay G Loftin Jr Trustee | 0.5 | $0 | |
Tish Turner Executive Director | 0.5 | $0 | |
Todd Turner Treasurer | 0.5 | $0 | |
George Turner Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $24,711 |
| Dividends & Interest | $115,922 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $483,026 |
| Capital Gain Net Income | $483,026 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $186 |
| Total Revenue | $623,845 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $9,496 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $57,688 |
| Total operating and administrative expenses | $72,084 |
| Contributions, gifts, grants paid | $414,874 |
| Total expenses and disbursements | $486,958 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $606,821 |
| Savings and temporary cash investments | $0 |
| 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 | $7,832,713 |
| Accounts payable and accrued expenses | $146,500 |
| 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 | $146,500 |
Grants Awarded
Over the last fiscal year, Summer Rest Foundation has awarded $414,874 in support to 25 organizations.
| Grant Recipient | Amount |
|---|---|
THE HARRELSON CENTER PURPOSE: GENERAL SUPPORT | $100,000 |
FELLOWSHIP OF CHRISTIAN ATHLETES PURPOSE: GENERAL SUPPORT | $36,000 |
Wilmington, NC PURPOSE: GENERAL SUPPORT | $30,000 |
BOYS AND GIRLS CLUBS OF WAKE COUNTY PURPOSE: GENERAL SUPPORT | $25,500 |
RALEIGH RESCUE MISSION PURPOSE: CHARITABLE | $25,000 |
Raleigh, NC PURPOSE: GENERAL SUPPORT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Company Charitable Foundation Inc Atlanta, GA | $133,098,319 | $27,836,912 |
Burroughs Wellcome Fund Research Triangle Park, NC | $946,804,754 | $86,337,046 |
Dollywood Foundation Pigeon Forge, TN | $23,282,143 | $42,750,755 |
Blue Cross And Blue Shield Of North Carolina Foundation Durham, NC | $253,862,813 | $27,558,288 |
Tennessee Health Foundation Inc Chattanooga, TN | $243,056,353 | $3,261,329 |
Masters Tournament Foundation Inc Augusta, GA | $56,432,291 | $20,283,494 |
Assisi Foundation Of Memphis Inc Memphis, TN | $238,137,134 | $32,851,811 |
Commonwealth Foundations Richmond, VA | $819,010 | $12,460,000 |
Carmax Foundation Richmond, VA | $6,340,369 | $9,797,991 |
Ingersoll-Rand Charitable Foundation Davidson, NC | $949,422 | $5,202,263 |
Speedwell Foundation Atlanta, GA | $165,926,993 | $26,115,784 |
Teleios Collaborative Network Flat Rock, NC | $1,937,761 | $5,692,077 |