Alabama Power Foundation Inc
- Assets
- $164.3m
- Revenue
- $18.8m
- Investments
- $159.6m
- Employees
- 0
- Location
- Birmingham, AL
- Founding
- 01/1990
- Data as of
- 12/2021
- EIN
- 57-0901832
Organization Overview
Alabama Power Foundation Inc is located in Birmingham, AL. The organization was established in 1990. 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. Alabama Power 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 12/2021, Alabama Power Foundation Inc generated $18.8m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $17.9m during the year ending 12/2021. While expenses have increased by 10.9% per year over the past 4 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 2019, Alabama Power Foundation Inc has awarded 2,703 individual grants totaling $38,864,729. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
IN 2018, THE ALABAMA POWER FOUNDATION, INC. ("THE FOUNDATION"), DETERMINED TO EXTEND ITS FOCUS ON EDUCATION AND RELIEF OF THE POOR AND DISTRESSED AND OF THE UNDERPRIVILEGED THROUGH PARTICIPATION IN STATE AND LOCAL WORKFORCE DEVELOPMENT EFFORTS. THE FOUNDATION'S EFFORTS WERE FOCUSED ON HELPING SCHOOLS, COLLEGES, AND UNIVERSITIES PREPARE GRADUATES FOR TOMORROW'S JOB OPPORTUNITIES, IN ADDITION TO HELPING THE POOR AND DISTRESSED AND THE UNDERPRIVILEGED ACCESS THE STATE'S WORKFORCE EDUCATION AND TRAINING PROGRAMS. THE PURPOSE OF THESE EFFORTS WAS TO INCREASE ACCESS TO EDUCATION, TO PROMOTE SOCIAL WELFARE BY PREVENTING COMMUNITY DETERIORATION, AND TO PROVIDE RELIEF TO THE POOR AND DISTRESSED AND THE UNDERPRIVILEGED. IN ADDITION TO MAKING GRANTS TO ELIGIBLE TAX-EXEMPT ORGANIZATIONS, THE FOUNDATION DEVOTED SOME STAFF AND CONSULTANT TIME TO THESE EFFORTS. THE FOUNDATION ANTICIPATES THAT SUCH EFFORTS WILLCONTINUE IN 2022 AND THEREAFTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tequila Smith President & Director Until 9/20/21 | 24 | $122,391 | |
Halley Bradley Charitable Giving, M | 20 | $89,099 | |
Allison Swagler Charitable Giving Sp | 32 | $78,503 | |
Sharon Luna Charitable Giving, B | 28 | $71,282 | |
Marsha Morgan Charitable Giving, P | 16 | $67,596 | |
Mark Bernstiel Charitable Giving Sp | 32 | $60,377 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Starr & Associates Llc | 12/30/21 | $235,580 |
Keecha Harris And Associates | 12/30/21 | $226,560 |
Cayenne Creative Group Inc | 12/30/21 | $212,199 |
Fortif Law Partners Llc | 12/30/21 | $190,532 |
Markstein Consulting Llc | 12/30/21 | $171,232 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,314 |
| Interest on Savings | $0 |
| Dividends & Interest | $5,501,555 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $13,271,392 |
| Capital Gain Net Income | $13,271,392 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $20,216 |
| Total Revenue | $18,795,477 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $212,400 |
| Other employee salaries and wages | $773,793 |
| Pension plans, employee benefits | $0 |
| Interest | $3,324 |
| Taxes | $281,064 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $18,578 |
| Printing and publications | $0 |
| Other expenses | $225,052 |
| Total operating and administrative expenses | $3,199,498 |
| Contributions, gifts, grants paid | $14,677,610 |
| Total expenses and disbursements | $17,877,108 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,991,574 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $64,576 |
| 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 | $7,943,744 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $1,684,948 |
| Total assets | $164,336,755 |
| Accounts payable and accrued expenses | $274,437 |
| Grants payable | $1,477,993 |
| 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 | $1,752,430 |
Grants Awarded
Over the last fiscal year, Alabama Power Foundation Inc has awarded $15,356,714 in support to 1,106 organizations.
| Grant Recipient | Amount |
|---|---|
PROSPER BIRMINGHAM LLC PURPOSE: GENERAL/OPERATING | $1,000,000 |
PROSPER BIRMINGHAM LLC PURPOSE: GENERAL/OPERATING | $500,000 |
AUBURN UNIVERSITY FOUNDATION PURPOSE: GENERAL/OPERATING | $467,335 |
CRIMSON TIDE FOUNDATION PURPOSE: GENERAL/OPERATING | $400,000 |
Birmingham, AL PURPOSE: GENERAL/OPERATING | $300,000 |
JEFFERSON STATE COMMUNITY COLLEGE FOUNDATION PURPOSE: GENERAL/OPERATING | $300,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dollywood Foundation Pigeon Forge, TN | $23,282,143 | $42,750,755 |
Harry T Mangurian Jr Foundation Inc Fort Lauderdale, FL | $88,622,200 | $12,675,522 |
Alabama Power Foundation Inc Birmingham, AL | $164,336,755 | $18,795,477 |
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 |
Blue Cross & Blue Shield Of Mississippi Foundation Flowood, MS | $119,611,651 | $5,854,084 |
Caring Foundation Birmingham, AL | $70,981,159 | $5,434,235 |
Malone Family Foundation Hobe Sound, FL | $111,664,161 | $13,667,566 |
The Fairholme Foundation Coral Gables, FL | $289,766,586 | $285,369 |
Nicklaus Childrens Health Care Foundation Inc North Palm Beach, FL | $45,302,726 | $13,320,876 |
Albert L Ueltschi Foundation Vero Beach, FL | $287,931,919 | $1,247,906 |