Irene W And C B Pennington Foundation
- Assets
- $23.9m
- Revenue
- $5.9m
- Investments
- $23.3m
- Employees
- 0
- Location
- Baton Rouge, LA
- Founding
- 06/1982
- Data as of
- 12/2023
- EIN
- 72-0938097
Organization Overview
Irene W And C B Pennington Foundation is located in Baton Rouge, LA. The organization was established in 1982. 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. Irene W And C B Pennington 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 12/2023, Irene W And C B Pennington Foundation generated $5.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (12.8%) each year. All expenses for the organization totaled $7.8m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (4.9%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Irene W And C B Pennington Foundation has awarded 486 individual grants totaling $22,415,241. 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 |
|---|---|---|---|
Claude B Pennington III Trustee | 0 | $0 | |
Paula P Delabretonne Trustee | 0 | $0 | |
Daryl B Pennington Sr Trustee | 0 | $0 | |
Sharon Palmer Pennington Trustee | 0 | $0 | |
Shannon Smith Trustee | 0 | $0 | |
Mary Pennington Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Equitas Capital Advisors | 12/30/23 | $141,807 |
Ubs Financial Services | 12/30/23 | $155,860 |
Merrill Lynch | 12/30/23 | $90,163 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1,185 |
| Dividends & Interest | $2,489,122 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,703,354 |
| Capital Gain Net Income | $1,703,354 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,710,991 |
| Total Revenue | $5,904,652 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $492,030 |
| Pension plans, employee benefits | $22,205 |
| Interest | $9,811 |
| Taxes | $66,037 |
| Depreciation | $17,066 |
| Occupancy | $12,195 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,166,803 |
| Total operating and administrative expenses | $2,303,143 |
| Contributions, gifts, grants paid | $5,544,032 |
| Total expenses and disbursements | $7,847,175 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,312 |
| Savings and temporary cash investments | $309,609 |
| Net Accounts receivable | $11,246 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $300,000 |
| 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 | $23,260,360 |
| Net Land, buildings, and equipment | $10 |
| Other assets | $900 |
| Total assets | $23,932,437 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Irene W And C B Pennington Foundation has awarded $5,544,032 in support to 130 organizations.
| Grant Recipient | Amount |
|---|---|
ST JAMES EPISCOPAL DAY SCHOOL PURPOSE: 2023 ANNUAL GIFT | $500 |
LOUISIANA SPORTS HALL OF FAME FOUNDATION PURPOSE: FRIDAY THE 13TH NIGHT FIGHTS - VIP SPONSORSHIP | $1,500 |
OPERA SOUTHERN PURPOSE: EMMETT TILL: OPERA IN 3 ACTS | $1,000 |
LOUISIANA SYMPHONY ASSOCIATION PURPOSE: IRENE W. AND C.B. PENNINGTON FOUNDATION | $2,500 |
KIDS ORCHESTRA PURPOSE: PATHWAYS TO PUBLIC PERFORMANCE ART | $5,000 |
LSU AGCENTER EBR PARISH 4-H PURPOSE: MONEY MINDS: MASTERING YOUR FINANCIAL FUTURE | $2,500 |