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Caroline Foundation INC FY2021 filing

Tax-deductible

Denton, MD501(c)(3) EIN 52-0906348Revenue $2.9M in FY2021

On file with the IRSPo Box 607, 21629-0607 · Denton, MDTax-exempt since May 1976Publicly supported — 509(a)(2)

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To award grants to nonprofit organizations that benefit the local community.

501(c)(3) charity; gifts are tax-deductible.
78¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $12K a year · 1% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
78%
of spending
Looks good: 78% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
11 mo
of spending, in cash
Plus $17.5M in investments, Pt X · Ln 11–13
Looks good: 11.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% 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
$2.9M
+192% vs prior year
Spent
$753K
To programs
78%
Net assets
$18.2M
By yearFY2020–FY2025
Revenue
$2.9M
FY2021▲ +192%
Tap a bar for its year
Revenue by fiscal year
FY2020$981K
FY2021$2.9M
FY2022$257K
FY2023−$677K
FY2024$663K
FY2025$1.4M
Expenses
$753K
FY2021▼ -18%
Tap a bar for its year
Expenses by fiscal year
FY2020$921K
FY2021$753K
FY2022$926K
FY2023$859K
FY2024$945K
FY2025$1.0M
Net assets
$18.2M
FY2021▲ +19%
Tap a bar for its year
Net assets by fiscal year
FY2020$15.3M
FY2021$18.2M
FY2022$15.1M
FY2023$15.7M
FY2024$17.2M
FY2025$18.6M

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

990 PDF Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 1976.

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

Where the money goes

78 cents of each dollar spent went to programs.

Program services 78% · $588K Management & general 22% · $164K

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 · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Terry Mead
President
$0Pt VII · Sec A
Robert E Jarrell ESQ.
Vice-President
$0Pt VII · Sec A
$0Pt VII · Sec A
Berl Lovelace
Secretary
$0Pt VII · Sec A
Wayne a Cole
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Jerry Garey
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Caroline Foundation INC 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 15aNo

Programs and updates

Awards grants to local community-benefiting nonprofits.

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Provided by the organization

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1 program · $588K · in their own filed words · FY2020
01

Grants to nonprofit organizations to benefit the local community.

$588Kprogram 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 · FY2024
Mid Shore Community Foundation INCFY2024$10K
Total grants receivedfrom 1 funder$10K
Grants paid · 111 grants · $4.4M · 2019–2024
Saint Martins Ministries INCMD · FY2024$120,000
His Hope Ministries INCMD · FY2024$115,000
Compass Regional Hospice INCMD · FY2024$100,000
Aarons Place INCMD · FY2024$70,000
Young Mens Christian Association of the Chesapeake INCMD · FY2024$60,000
Choptank Community Health System INCMD · FY2024$60,000
Caroline County Public SchoolsFY2024$60,000
For All Seasons INCMD · FY2024$50,000
Community Civic League of Federalsburg INCMD · FY2024$45,150
Friends of the Grape INCMD · FY2024$35,000
Channel Marker INCMD · FY2024$30,000
Critical Repairs Caroline County Maryland INCMD · FY2024$24,110
DC CenterMD · FY2024$23,240
Casa of Caroline INCMD · FY2024$20,000
Partners in Care Maryland INCMD · FY2024$20,000
The Salvation ArmyNY · FY2024$10,000
Mid-Shore Restoring Hope in WomenMD · FY2024$10,000
Union Bethel AME ChurchFY2024$7,500
See all 111 grants →

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.9M
Ln 12
Investment incomeLn 3$2.9M
Gifts and grantsLn 1h$6K
Money outPt IX
$753K
Ln 25
Programscol B$588K
Managementcol C$164K
Owns and owesPt X
$18.2M
net assets · Ln 32
Cash and savingsLn 1–2$707K
Total assetsLn 16$18.2M
LiabilitiesLn 26$0
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$6K
Investment incomeLn 3$2.9M
Gains on assetsLn 7$2.5M
Total revenueLn 12$2.9M
Assets in detailPt X, end of year
CashLn 1$172K
SavingsLn 2$535K
Cash and savings togetherLn 1–2$707K
InvestmentsLn 11–13$17.5M
Total assetsLn 16$18.2M
LiabilitiesLn 26$0
Net assetsLn 32$18.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$222K$707K
InvestmentsLn 11–13$15.0M$17.5M
Total assetsLn 16$15.3M$18.2M
LiabilitiesLn 26$14K$0
Net assetsLn 32$15.3M$18.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$588K$588K
Accounting feesLn 11c$4K$4K
Investment management feesLn 11f$94K$94K
Other fees for servicesLn 11g$57K$57K
Conferences, conventions and meetingsLn 19$240$240
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$5K$5K
Total functional expensesLn 25$753K$588K$164K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.4M$1.0M$387K$18.6M 990 PDF
FY2024 $663K$945K−$281K$17.2M 990 PDF
FY2023 −$677K$859K−$1.5M$15.7M 990 PDF
FY2022 $257K$926K−$669K$15.1M 990 PDF
FY2021 Viewing $2.9M$753K$2.1M$18.2M 990 PDF
FY2020 $981K$921K$60K$15.3M 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 FY2021 990 (6 parts)
Part I · Summary $2,862,530 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $227,968$5,700
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $752,859$2,856,830
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $980,827$2,862,530
I-13 Grants and similar amounts paidPrior year $758,000$588,500
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $162,598$164,170
I-18 Total expensesPrior year $920,598$752,670
I-19 Revenue less expensesPrior year $60,229$2,109,860
Part VI · Governance 14 of 14 board members independent, 2 to look at
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-12a Written conflict of interest policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $2,862,530 across 5 lines filed
VIII-1f All other contributions, gifts and grants$5,700
VIII-1h Total contributions, gifts and grants$5,700
VIII-3 Investment incomeExcluded from tax $331,747$331,747
VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,525,083$2,525,083
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $2,856,830$2,862,530
Part IX · Statement of functional expenses $752,670 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $588,500$588,500
IX-11c Accounting feesManagement $4,175$4,175
IX-11f Investment management feesManagement $93,785$93,785
IX-11g Other fees for servicesManagement $57,496$57,496
IX-19 Conferences, conventions and meetingsManagement $240$240
IX-23 InsuranceManagement $3,090$3,090
IX-24 Other expenses (24a–d)Management $5,384$5,384
IX-25 Total functional expensesPrograms $588,500 · Management $164,170 · Fundraising $0$752,670
Part X · Balance sheet $18,224,501 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $6,592$171,955
X-2 Savings and temporary cash investmentsStart of year $215,778$535,394
X-3 Pledges and grants receivableStart of year $73,427$0
X-11 Publicly traded securitiesStart of year $15,039,681$17,517,152
X-16 Total assetsStart of year $15,335,478$18,224,501
X-26 Total liabilitiesStart of year $14,374$0
X-27 Net assets without donor restrictionsStart of year $15,321,104$18,224,501
X-32 Total net assets or fund balancesStart of year $15,321,104$18,224,501
X-33 Total liabilities and net assetsStart of year $15,335,478$18,224,501
Part XI · Reconciliation of net assets $18,224,501 net assets at year end
XI-1 Total revenue$2,862,530
XI-2 Total expenses$752,670
XI-3 Revenue less expenses$2,109,860
XI-4 Net assets at start of year$15,321,104
XI-5 Net unrealized gains (losses) on investments$793,537
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$18,224,501

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

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