The Ray Charles Foundation
- Assets
- $41.0m
- Revenue
- $3.5m
- Investments
- $6.4m
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 07/1986
- Data as of
- 12/2022
- EIN
- 95-4047622
Organization Overview
The Ray Charles Foundation is located in Los Angeles, CA. The organization was established in 1986. 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. Ray Charles 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 12/2022, Ray Charles Foundation generated $3.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $4.5m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Ray Charles Foundation has awarded 60 individual grants totaling $10,079,558. 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 |
|---|---|---|---|
V Ervin President | 40 | $334,009 | |
R C Davidson Jr Chairman | 1 | $0 | |
C Daniels Director | 1 | $0 | |
D Brokaw Director | 1 | $0 | |
W Coleman Director | 1 | $0 | |
K L Johnson Secretary | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Black & White Tv Inc | 12/30/22 | $150,500 |
Steve Orsini | 12/30/22 | $119,150 |
Home Remodeling Inc | 12/30/22 | $335,827 |
Hutchinson & Bloodgoodllp | 12/30/22 | $77,815 |
Mitchell Silberberg & Knupp Llp | 12/30/22 | $294,363 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $512,742 |
| Dividends & Interest | $0 |
| Net Rental Income | $170,365 |
| Net Gain on Sale of Assets | -$769,840 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $3,130,774 |
| Total Revenue | $3,531,214 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $334,009 |
| Other employee salaries and wages | $401,562 |
| Pension plans, employee benefits | $19,167 |
| Interest | $0 |
| Taxes | $96,901 |
| Depreciation | $322,599 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $65,951 |
| Printing and publications | $0 |
| Other expenses | $2,411,044 |
| Total operating and administrative expenses | $4,376,880 |
| Contributions, gifts, grants paid | $120,000 |
| Total expenses and disbursements | $4,496,880 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $675,182 |
| Savings and temporary cash investments | $21,787,392 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| 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 | $84,303 |
| Net Investments - land, buildings, equipment | $5,925,105 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,276,184 |
| Net Land, buildings, and equipment | $2,164,681 |
| Other assets | $3,944,100 |
| Total assets | $40,954,501 |
| 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 | $100,010 |
| Total liabilities | $100,010 |
Grants Awarded
Over the last fiscal year, The Ray Charles Foundation has awarded $120,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
HAMPTON UNIVERSITY PURPOSE: EDUCATIONAL PURPOSES | $7,500 |
SOUTHERN POVERTY LAW CENTER PURPOSE: CHARITABLE PURPOSES | $5,000 |
ART CENTER COLLEGE OF DESIGN PURPOSE: EDUCATION | $12,500 |
JACKIE ROBINSON FOUNDATION INC PURPOSE: CHARITABLE PURPOSES | $25,000 |
CHILDREN'S DEFENSE FUND CALIFORNIA PURPOSE: YOUTH DEVELOPMENT | $5,000 |
THE BOULE FOUNDATION PURPOSE: CHARITABLE PURPOSES | $15,000 |