The Greater Charlotte Cultural Trust
- Assets
- $173.7m
- Revenue
- $2.4m
- Investments
- $170.4m
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 05/2003
- Data as of
- 06/2020
- EIN
- 82-0576292
Organization Overview
The Greater Charlotte Cultural Trust is located in Charlotte, NC. The organization was established in 2003. According to its NTEE Classification (A12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Charlotte Cultural Trust 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 06/2020, Greater Charlotte Cultural Trust generated $2.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (17.8%) each year. All expenses for the organization totaled $14.7m during the year ending 06/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Greater Charlotte Cultural Trust has awarded 84 individual grants totaling $48,042,617. 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
THE GREATER CHARLOTTE CULTURAL TRUST MANAGES CHARITABLE PERMANENT FUNDS IN SUPPORT OF THE ARTS & SCIENCE COUNCIL CHARLOTTE/MECKLENBURG AND ITS CULTURAL PARTNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HISTORIC, ARTS & SCIENCES: THE TRUST OVERSEES THE CULTURAL ENDOWMENT TO HELP SUSTAIN AND GROW THE PERMANENT FUNDS OF THE ARTS & SCIENCE COUNCIL OF CHARLOTTE/MECKLENBURG AND ITS CULTURAL PARTNERS THROUGH INVESTMENT MANAGEMENT. BY AGGREGATING THE ENDOWMENTS OF ALL CULTURAL ORGANIZATIONS WITH THE ASSETS OF FOUNDATION FOR THE CAROLINAS, THE TRUST PROVIDES COMPETITIVE FEES AND ACCESS TO INVESTMENT MANAGERS AND EXPERTISE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Boland Chair | OfficerTrustee | 0.5 | $0 |
Sam Bowles Vice-Chair | OfficerTrustee | 0.5 | $0 |
Holly Welch Stubbing Secretary | OfficerTrustee | 0.5 | $0 |
Baker Burleson Director | Trustee | 0.5 | $0 |
Joy Kenefick Director | Trustee | 0.5 | $0 |
Kelly Katterhagen Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,357,962 |
| Investment income | -$106 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$120 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,357,736 |
| 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. | $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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $568,243 |
| Fees for services: Other | $433,758 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,706 |
| All other expenses | $0 |
| Total functional expenses | $14,679,534 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$903,245 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,176,768 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $170,398,946 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $69,852 |
| Total assets | $173,742,321 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $750,000 |
| 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 | $750,000 |
| 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 | $172,992,321 |
Grants Awarded
Over the last fiscal year, The Greater Charlotte Cultural Trust has awarded $7,331,879 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
Charlotte, NC PURPOSE: ARTS & CULTURE | $1,235,609 |
Charlotte, NC PURPOSE: ARTS & CULTURE | $1,072,371 |
Charlotte, NC PURPOSE: ARTS & CULTURE | $1,018,469 |
Charlotte, NC PURPOSE: ARTS & CULTURE | $706,000 |
Charlotte, NC PURPOSE: ARTS & CULTURE | $655,325 |
Charlotte, NC PURPOSE: ARTS & CULTURE | $637,533 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that The Greater Charlotte Cultural Trust has recieved totaling $40.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $30 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $10 |
Endowment Analysis
| Beg. Balance | $159,067,031 |
| Earnings | $46,110,916 |
| Admin Expense | $455,861 |
| Net Contributions | $3,181,579 |
| Grants | $5,406,093 |
| Ending Balance | $202,497,572 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Greater Charlotte Cultural Trust Charlotte, NC | $173,742,321 | $2,357,736 |
Etv Endowment Of South Carolina Inc Spartanburg, SC | $31,848,009 | $11,204,274 |
Virginia Foundation For The Humanities And Public Policy Charlottesville, VA | $13,497,972 | $6,667,303 |
Gwinnett Championship Foundation Inc Duluth, GA | $476,337 | $4,123,025 |
Americans For Public Trust Alexandria, VA | $249,074 | $3,628,537 |
Cobb Community Foundation Inc Atlanta, GA | $18,425,025 | $3,579,591 |
Gaillard Performance Hall Foundation Charleston, SC | $7,942,999 | $750,731 |
Memphis Museums Inc Memphis, TN | $7,243,926 | $3,293,679 |
Artsbuild Chattanooga, TN | $20,819,407 | $7,133,514 |
William R Kenan Jr Fund For The Arts Chapel Hill, NC | $30,178,263 | $1,461,510 |
Chesterfield Cultural Arts Foundation Chester, VA | $1,189,257 | $621,062 |
Fuquay-Varina Arts Foundation Inc Fuquayvarina, NC | $0 | $383,560 |