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Porter-Gaud Foundation FY2021 filing

Charleston, SCUnknown exempt organizationSince 2011EIN 45-2701202Revenue $3.2M in FY2021

On file with the IRSportergaud.edu300 Albemarle Rd · Charleston, SC

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The Foundation is operated for the benefit of, to perform the functions of, and to carry out the purposes of, the Porter academy d/b/a Porter-Gaud school and its affiliated entities (the "supported charities"). The Foundation supports the supported charities by stimulating, receiving and granting charitable gifts to advance programs of education.

60¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
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
3 of 3
filings with a surplus
Average surplus $4.9M a year · 64% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
60%
of spending
Worth a look: 60% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
18 mo
of spending, in cash
Looks good: 18.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $12K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1K
<0.01% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
15
of 15 voting members
Looks good: 15 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.2M
Spent
$1.7M
To programs
60%
Net assets
$29.0M
By yearFY2021–FY2024
Revenue
$3.2M
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$3.2M
FY2023$12.1M
FY2024$7.5M
Expenses
$1.7M
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$1.7M
FY2023$2.6M
FY2024$3.9M
Net assets
$29.0M
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$29.0M
FY2023$38.7M
FY2024$0

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 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 Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

60 cents of each dollar spent went to programs.

Program services 60% · $1.0M Fundraising 40% · $678K

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

20 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
Ford Menefee
Ex Officio
$0Pt VII · Sec A
Ashley Thiem
Ex Officio
$0Pt VII · Sec A
Jennifer Black
Ex Officio
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Porter-Gaud 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 charitable gifts to advance educational programs at Porter-Gaud School.

Questions for Porter-Gaud Foundation

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Provided by the organization

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1 program · $1.0M · in their own filed words · FY2020
01

Grants, allocations and other transfers of foundation assets to supported organizations for use in their programs and operations.

$1.0Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2025
Dreamcatcher FoundationFY2025$10K
O W Havens FoundationFY2025$2K
Total grants receivedfrom 2 funders$12K
Grants paid · 3 grants · $5.6M · 2020–2023
Porter-Gaud SchoolSC · FY2023$2,903,782
Porter-Gaud SchoolSC · FY2022$1,642,046
Porter-Gaud SchoolSC · FY2020$1,022,885

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.2M
Ln 12
Gifts and grantsLn 1h$2.5M
Investment incomeLn 3$626K
Other incomeLn 4–11$54K
Money outPt IX
$1.7M
Ln 25
Programscol B$1.0M
Fundraisingcol D$678K
Owns and owesPt X
$29.0M
net assets · Ln 32
Cash and savingsLn 1–2$2.6M
Total assetsLn 16$29.0M
LiabilitiesLn 26$1K
PeoplePt VI, VII
20
listed · VII A
PaidVII A0
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.5M
Noncash giftsLn 1g$155K
Investment incomeLn 3$626K
Other incomeLn 4–11$54K
Gains on assetsLn 7$30K
Total revenueLn 12$3.2M
Assets in detailPt X, end of year
CashLn 1$2.6M
Cash and savings togetherLn 1–2$2.6M
InvestmentsLn 11–13$24.6M
Other assetsLn 15$236K
Total assetsLn 16$29.0M
LiabilitiesLn 26$1K
Net assetsLn 32$29.0M
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$2.5M$2.6M
InvestmentsLn 11–13$19.8M$24.6M
Total assetsLn 16$23.8M$29.0M
LiabilitiesLn 26$664K$1K
Net assetsLn 32$23.2M$29.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.0M$1.0M
Accounting feesLn 11c$1K$1K
Other fees for servicesLn 11g$28K$28K
Office expensesLn 13$21K$21K
TravelLn 17$2K$2K
Conferences, conventions and meetingsLn 19$30K$30K
Payments to affiliatesLn 21$415K$415K
Other expenses (24a–d)Ln 24$154K$154K
All other expensesLn 24e$27K$27K
Total functional expensesLn 25$1.7M$1.0M$0$678K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $7.5M$3.9M$3.6M$0 990 PDF
FY2023 $12.1M$2.6M$9.6M$38.7M 990 PDF
FY2022 Not on file
FY2021 Viewing $3.2M$1.7M$1.5M$29.0M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $3,156,665 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,049,431$2,476,663
I-9 Program service revenue$0
I-10 Investment incomePrior year $588,836$626,111
I-11 Other revenuePrior year $191,766$53,891
I-12 Total revenuePrior year $1,830,033$3,156,665
I-13 Grants and similar amounts paidPrior year $1,105,249$1,022,885
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $514,076$677,556
I-18 Total expensesPrior year $1,619,325$1,700,441
I-19 Revenue less expensesPrior year $210,708$1,456,224
Part VI · Governance 15 of 15 board members independent, 2 to look at
VI-1a Voting members of the governing body15
VI-1b Independent voting members15
VI-13 Written whistleblower policyNo
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-15a Process for setting top official's payYes
Part VIII · Statement of revenue $3,156,665 across 7 lines filed
Lines not itemized here account for $28,226 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$2,476,663
VIII-1g Noncash contributions (included above)$154,929
VIII-1h Total contributions, gifts and grants$2,476,663
VIII-3 Investment incomeExcluded from tax $595,708$595,708
VIII-7 Net gain or loss on sales of assetsRelated to mission $30,403$30,403
VIII-8 Net income from fundraising events$25,665
VIII-12 Total revenueRelated to mission $58,629 · Excluded from tax $595,708$3,156,665
Part IX · Statement of functional expenses $1,700,441 across 9 lines filed
IX-1 Grants to domestic organizationsPrograms $1,022,885$1,022,885
IX-11c Accounting feesFundraising $1,300$1,300
IX-11g Other fees for servicesFundraising $27,500$27,500
IX-13 Office expensesFundraising $21,487$21,487
IX-17 TravelFundraising $1,843$1,843
IX-19 Conferences, conventions and meetingsFundraising $30,030$30,030
IX-21 Payments to affiliatesFundraising $415,000$415,000
IX-24 Other expenses (24a–d)Fundraising $153,632$153,632
IX-24e All other expensesFundraising $26,764$26,764
IX-25 Total functional expensesPrograms $1,022,885 · Management $0 · Fundraising $677,556$1,700,441
Part X · Balance sheet $28,975,027 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $2,451,409$2,604,063
X-3 Pledges and grants receivableStart of year $1,549,269$1,492,997
X-9 Prepaid expenses and deferred chargesStart of year $13,082$18,475
X-11 Publicly traded securitiesStart of year $19,776,928$24,623,373
X-15 Other assetsStart of year $41,156$236,119
X-16 Total assetsStart of year $23,831,844$28,975,027
X-17 Accounts payable and accrued expensesStart of year $1,444$1,460
X-26 Total liabilitiesStart of year $663,643$1,460
X-27 Net assets without donor restrictionsStart of year $10,963,984$13,385,406
X-28 Net assets with donor restrictionsStart of year $12,204,217$15,588,161
X-32 Total net assets or fund balancesStart of year $23,168,201$28,973,567
X-33 Total liabilities and net assetsStart of year $23,831,844$28,975,027
Part XI · Reconciliation of net assets $28,973,567 net assets at year end
XI-1 Total revenue$3,156,665
XI-2 Total expenses$1,700,441
XI-3 Revenue less expenses$1,456,224
XI-4 Net assets at start of year$23,168,201
XI-5 Net unrealized gains (losses) on investments$4,349,142
XI-10 Net assets at end of year$28,973,567

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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