Hollingsworth Funds Inc
- Assets
- $393.5m
- Revenue
- $12.4m
- Investments
- $93.7m
- Employees
- 6
- Location
- Greenville, SC
- Founding
- 12/1994
- Data as of
- 12/2020
- EIN
- 57-1003814
Organization Overview
Hollingsworth Funds Inc is located in Greenville, SC. The organization was established in 1994. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Hollingsworth Funds Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hollingsworth Funds 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 12/2020, Hollingsworth Funds Inc generated $12.4m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $14.9m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Hollingsworth Funds Inc has awarded 98 individual grants totaling $19,230,107. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
HOLLINGSWORTH FUNDS IS A SUPPORTING ORGANIZATION TO WHICH APPROXIMATELY 45% OF THE ANNUAL DISTRIBUTIONS ARE AWARDED TO FURMAN UNIVERSITY, APPROXIMATELY 10% TO THE GREENVILLE YMCA, AND THE REMAINDER TO PUBLIC CHARITIES THAT OPERATE OR CONDUCT AFFAIRS FOR THE BENEFIT OF GREENVILLE COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A CASH GRANT OF 4,495,645 WAS MADE TO FURMAN UNIVERSITY AND WAS DESIGNATED TO BE USED FOR THE HOLLINGSWORTH SCHOLARS PROGRAM AND TO BE USED FOR VARIOUS EXPENSES OF THE DEPARTMENT OF BUSINESS AND ECONOMICS.A CASH GRANT OF 1,072,069 WAS MADE TO THE YMCA OF GREENVILLE COUNTY TO BE USED TO SUPPORT THE ACTIVITIES OF THE ORGANIZATION. THE REMAINING FUNDS OF 4,373,093 WERE DISTRIBUTED TO DIFFERENT TAX-EXEMPT CHARITABLE ORGANIZATIONS TO MEET VARIOUS UNFUNDED NEEDS IN GREENVILLE COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
B Gage Weekes President | Officer | 40 | $328,570 |
W Kenneth Hunt III Chief Financial Officer | Officer | 40 | $281,484 |
Tamela Spann VP Of Strategic Initiative | 40 | $140,625 | |
Pamela Prashad VP Of Finance & Operations | Officer | 35 | $120,978 |
Anne S Ellefson Board Chair | OfficerTrustee | 2 | $5,000 |
Sam Erwin Secretary | OfficerTrustee | 3 | $5,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Wall Real Estate Real Estate Advisory | 12/30/21 | $180,000 |
Coldwell Caine Commercial Property Mang & Commissions | 12/30/21 | $135,190 |
Hr&a Advisors Inc Property Advisory | 12/30/21 | $523,065 |
Alex Brownraymond James Investment Advisory | 12/30/21 | $119,088 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $3,703,549 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,358,260 |
| Net Gain/Loss on Asset Sales | $6,082,419 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,387,637 |
| Statement of Expenses | |
|---|---|
| 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. | $825,708 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $382,431 |
| Pension plan accruals and contributions | $148,627 |
| Other employee benefits | $85,585 |
| Payroll taxes | $69,453 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $150,493 |
| Fees for services: Accounting | $78,527 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $504,486 |
| Fees for services: Other | $743,057 |
| Advertising and promotion | $0 |
| Office expenses | $40,231 |
| Information technology | $38,371 |
| Royalties | $0 |
| Occupancy | $72,065 |
| Travel | $4,610 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,439 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,021 |
| Insurance | $39,212 |
| All other expenses | $0 |
| Total functional expenses | $14,907,822 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,284,871 |
| Savings and temporary cash investments | $7,411,705 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $274,604 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,387,807 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,721 |
| Investments—publicly traded securities | $179,436,823 |
| Investments—other securities | $93,728,789 |
| Investments—program-related | $0 |
| Intangible assets | $4,103 |
| Other assets | $3,041,915 |
| Total assets | $393,513,843 |
| Accounts payable and accrued expenses | $1,336,058 |
| 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 | $101,455 |
| Other liabilities | $0 |
| Total liabilities | $1,437,513 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $392,076,330 |
Grants Awarded
Over the last fiscal year, Hollingsworth Funds Inc has awarded $9,940,807 in support to 49 organizations.
| Grant Recipient | Amount |
|---|---|
Greenville, SC PURPOSE: GENERAL OPERATING SUPPORT | $4,495,645 |
Greenville, SC PURPOSE: GENERAL OPERATING SUPPORT | $1,072,069 |
Greenville, SC PURPOSE: GENERAL OPERATING SUPPORT FOR ONTRACK | $500,000 |
Greenville, SC PURPOSE: PROJECT SUPPORT FOR GREENVILLE CONNECTS, GPP, NPA, GHA, STL, AND ABUNDANCE CAPITAL | $270,000 |
Greenville, SC PURPOSE: GENERAL OPERATING SUPPORT | $250,000 |
Greenville, SC PURPOSE: PROJECT SUPPORT FOR PHASE ONE OF SUNSET PLAN | $229,593 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Illuminations Foundation Inc Alpharetta, GA | $6,093,722 | $37,103,304 |
A J Fletcher Foundation Raleigh, NC | $168,653,502 | $53,698,336 |
Hollingsworth Funds Inc Greenville, SC | $393,513,843 | $12,387,637 |
Cf Foundation Inc Atlanta, GA | $60,851,215 | $5,130,874 |
The David Belk Cannon Foundation Gastonia, NC | $0 | $4,765,855 |
World Poultry Foundation Inc Tucker, GA | $28,014,565 | $2,601,293 |
Seymour Family Foundation Irrev Charitable Trust Uad 12-21-15 Charlotte, NC | $3,421,952 | $6,290,943 |
Waterfall Foundation Inc Atlanta, GA | $17,781,141 | $467,284 |
Charity Assets Trust Cumming, GA | $3,483 | $1,605,049 |
Stanley & Dorothy Frank Family Foundation Greensboro, NC | $39,060,672 | $2,145,860 |
Wtvi Foundation Inc Charlotte, NC | $160,743 | $1,470,825 |
Give Hope Inc Fort Mill, SC | $274,248 | $1,115,551 |