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Lycoming Foundation FY2020 filing

Not tax-deductible

Williamsport, PA501(c)(6)Mutual / membership EIN 23-6391089Revenue $354K in FY2020

On file with the IRSlycomingedf.com2450 E 3rd St, 17701-4006 · Williamsport, PATax-exempt since Jun 1957

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The organization makes loans through a revolving loan fund, to promote Lycoming county.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
90¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $295K a year · 54% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
17 mo
of spending, in cash
Plus $11.0M in investments, Pt X · Ln 11–13
Looks good: 16.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$545K
4% of total assets
Looks good: liabilities are 4% of assets; 50% or less.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$354K
Spent
$856K
To programs
90%
Net assets
$11.6M
By yearFY2020–FY2024
Revenue
$354K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$354K
FY2021$727K
FY2022$476K
FY2023$456K
FY2024$703K
Expenses
$856K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$856K
FY2021$90K
FY2022$82K
FY2023$91K
FY2024$121K
Net assets
$11.6M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$11.6M
FY2021$12.9M
FY2022$11.3M
FY2023$12.7M
FY2024$13.8M

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 1957.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $767K Management & general 10% · $89K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

14 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Lycoming Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides loans to promote Lycoming County's development.

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Provided by the organization

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1 program · $767K · in their own filed words · FY2020
01

The foundation is operated by a board of trustees and its purpose is to promote the economic, commercial, andindustrial welfare of lycoming county. The foundation has created a revolving loan fund to construct and repair buildings, purchase,sell and lease real estate, and to lend funds for the economic development of the county.

$767Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 2 grants · $789K · 2020–2024
Individual RecipientFY2024$25,000
City of Williamsport GatewayFY2020$764,272

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$354K
Ln 12
Investment incomeLn 3$290K
Fees for servicesLn 2g$64K
Money outPt IX
$856K
Ln 25
Programscol B$767K
Managementcol C$89K
Owns and owesPt X
$11.6M
net assets · Ln 32
Cash and savingsLn 1–2$1.2M
Total assetsLn 16$12.2M
LiabilitiesLn 26$545K
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$64K
Investment incomeLn 3$290K
Gains on assetsLn 7$119K
Total revenueLn 12$354K
Assets in detailPt X, end of year
SavingsLn 2$1.2M
Cash and savings togetherLn 1–2$1.2M
InvestmentsLn 11–13$11.0M
Total assetsLn 16$12.2M
LiabilitiesLn 26$545K
Net assetsLn 32$11.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 614
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$892K$1.2M
InvestmentsLn 11–13$10.4M$11.0M
Total assetsLn 16$11.3M$12.2M
LiabilitiesLn 26$16K$545K
Net assetsLn 32$11.3M$11.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$764K$764K
Investment management feesLn 11f$64K$64K
Other fees for servicesLn 11g$17K$3K$14K
Advertising and promotionLn 12$10K$10K
InsuranceLn 23$1K$1K
Total functional expensesLn 25$856K$767K$89K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $703K$121K$582K$13.8M 990 PDF
FY2023 $456K$91K$365K$12.7M 990 PDF
FY2022 $476K$82K$393K$11.3M 990 PDF
FY2021 $727K$90K$637K$12.9M 990 PDF
FY2020 Viewing $354K$856K−$502K$11.6M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $354,485 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $89,168$64,362
I-10 Investment incomePrior year $322,769$290,123
I-11 Other revenue$0
I-12 Total revenuePrior year $411,937$354,485
I-13 Grants and similar amounts paidPrior year $150,000$764,272
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $78,151$92,046
I-18 Total expensesPrior year $228,151$856,318
I-19 Revenue less expensesPrior year $183,786−$501,833
Part VI · Governance 14 of 14 board members independent, 1 to look at
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $354,485 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $64,362$64,362
VIII-3 Investment incomeRelated to mission $171,424$171,424
VIII-7 Net gain or loss on sales of assetsRelated to mission $118,699$118,699
VIII-12 Total revenueRelated to mission $290,123 · Excluded from tax $64,362$354,485
Part IX · Statement of functional expenses $856,318 across 5 lines filed
IX-1 Grants to domestic organizationsPrograms $764,272$764,272
IX-11f Investment management feesManagement $63,560$63,560
IX-11g Other fees for servicesPrograms $2,877 · Management $13,922$16,799
IX-12 Advertising and promotionManagement $10,350$10,350
IX-23 InsuranceManagement $1,337$1,337
IX-25 Total functional expensesPrograms $767,149 · Management $89,169 · Fundraising $0$856,318
Part X · Balance sheet $12,185,318 assets, 11 lines filed
X-2 Savings and temporary cash investmentsStart of year $892,131$1,182,950
X-9 Prepaid expenses and deferred chargesStart of year $1,114$1,114
X-11 Publicly traded securitiesStart of year $8,502,584$9,556,286
X-13 Program-related investmentsStart of year $1,935,986$1,444,968
X-16 Total assetsStart of year $11,331,815$12,185,318
X-17 Accounts payable and accrued expensesStart of year $875$895
X-18 Grants payableStart of year $15,000$544,272
X-26 Total liabilitiesStart of year $15,875$545,167
X-27 Net assets without donor restrictionsStart of year $11,315,940$11,640,151
X-32 Total net assets or fund balancesStart of year $11,315,940$11,640,151
X-33 Total liabilities and net assetsStart of year $11,331,815$12,185,318
Part XI · Reconciliation of net assets $11,640,151 net assets at year end
XI-1 Total revenue$354,485
XI-2 Total expenses$856,318
XI-3 Revenue less expenses−$501,833
XI-4 Net assets at start of year$11,315,940
XI-5 Net unrealized gains (losses) on investments$826,044
XI-10 Net assets at end of year$11,640,151

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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