Patrick Peterson Foundation For Success Inc
- Assets
- $246.8k
- Revenue
- $210.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 03/2013
- Data as of
- 12/2019
- EIN
- 80-0764100
Organization Overview
Patrick Peterson Foundation For Success Inc is located in Charlotte, NC. The organization was established in 2013. According to its NTEE Classification (T30) the organization is classified as: Public 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. Patrick Peterson Foundation For Success 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 12/2019, Patrick Peterson Foundation For Success Inc generated $210.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (10.8%) each year. All expenses for the organization totaled $199.7k during the year ending 12/2019. As we would expect to see with falling revenues, expenses have declined by (3.9%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE PATRICK PETERSON FOUNDATION FOR SUCCESS IS TO PROVIDE LOW-INCOME AND INNER-CITY YOUTH WITH OPPORTUNITIES AND RESOURCES TO REACH THEIR FULL POTENTIAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PATRICKS MINI CORNER - A PROGRAM PROVIDES AT-RISK STUDENTS ACCESS TO BOOKS AND A FUN READING ENVIRONMENT THROUGH PLACING LIBRARIES IN TITLE I SCHOOLS AND INNER-CITY COMMUNITY CENTERS. EACH CORNER IS FURNISHED WITH BOOKSHELVES, BEANBAG CHAIRS, A READING MODULE, AUDIO LIBRARY, AND A STEREO LISTENING CENTER-PROVIDING ACCESS TO 1,200 AGE-APPROPRIATE BOOKS AND SERVING AS A DEDICATED AREA WHERE STUDENTS AND THEIR FAMILIES CAN READ, LEARN, AND EXPLORE TOGETHER.
SHOP WITH A JOCK - WITH THE HELP OF SANTA, PATRICK HOSTS SHOP WITH A JOCK-A FESTIVE HOLIDAY EVENT FOR LOW-INCOME AND AT-RISK INNER-CITY FAMILIES, WHO WOULD, OTHERWISE, HAVE A VERY LIMITED CHRISTMAS. THE EVENT IS HELD AT A PHOENIX-AREA RETAILER WHERE THEY RECEIVE A PRE-BAGGED HOLIDAY MEAL AND A UNIQUE HOLIDAY SHOPPING EXPERIENCE.
TURKEY GIVEAWAY - THE FOUNDATION PROVIDED LOCAL FAMILIES WITH THANKSGIVING MEALS. THE FOUNDATION ACCOMPLISHED THIS GOAL BY PROVIDING A $10,000 DONATION TO THE COMMUNITY FOOD BANK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Peterson Presidentdirector | OfficerTrustee | 2 | $0 |
Antonique Peterson Secretarytreasurerdirector | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $144,566 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $144,566 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $66,198 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $210,764 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $60,000 |
| Fees for services: Legal | $5,147 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $20,230 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,856 |
| Advertising and promotion | $11,216 |
| Office expenses | $4,475 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $19,905 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,201 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,052 |
| All other expenses | $0 |
| Total functional expenses | $199,727 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $246,825 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $246,825 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $246,825 |
| Total liabilities and net assets/fund balances | $246,825 |
Grants Awarded
Over the last fiscal year, Patrick Peterson Foundation For Success Inc has awarded $15,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COMMUNITY FOOD BANK PURPOSE: FOOD BANK | $5,500 |
UNITED FOOD BANK PURPOSE: FOOD BANK | $10,000 |