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Mount Olivet Foundation FY2021 filing

Tax-deductible

Arlington, VA501(c)(3)EIN 54-6073008Revenue $87K in FY2021

On file with the IRSmountolivetfoundation.org1500 N Glebe Rd, 22207-2123 · Arlington, VATax-exempt since Apr 1968Publicly supported charity — 170(b)(1)(A)(vi)

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The Foundation makes grants and interest-free loans to post-secondary students and supports community organizations with grants for specific purposes. The Foundation provides stewardship of the financial resources entrusted to it.

501(c)(3) charity; gifts are tax-deductible.
94¢ 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
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
2 of 5
filings with a surplus
Average surplus $2K a year · 4% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
10 mo
of spending, in cash
Looks good: 9.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $25K
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
22
of 22 voting members
Looks good: 22 of 22 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$87K
-5% vs prior year
Spent
$34K
To programs
94%
Net assets
$1.8M
By yearFY2020–FY2024
Revenue
$87K
FY2021▼ -5%
Tap a bar for its year
Revenue by fiscal year
FY2020$91K
FY2021$87K
FY2022$1K
FY2023$17K
FY2024$48K
Expenses
$34K
FY2021▼ -6%
Tap a bar for its year
Expenses by fiscal year
FY2020$36K
FY2021$34K
FY2022$48K
FY2023$54K
FY2024$65K
Net assets
$1.8M
FY2021▲ +14%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.6M
FY2021$1.8M
FY2022$1.5M
FY2023$1.7M
FY2024$1.9M

From the FY2021 Form 990 · 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 ruling in Apr 1968.

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

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $32K Management & general 6% · $2K

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

22 people listed on the 990.

Part VII, Section A · reportable compensation
Lucinda Maine
President
$0Pt VII · Sec A
Cheryl Moore
VP President & Development Chair
$0Pt VII · Sec A
Cynthia Nelson
Loans Co-Chair
$0Pt VII · Sec A
Elizabeth Wray
Loans Co-Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Charlie Mullin
Investments Chair
$0Pt VII · Sec A
Rick Ritter
Treasurer
$0Pt VII · Sec A
Wayne Witting
Assistant Treasurer
$0Pt VII · Sec A
See Mount Olivet 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides grants and loans to students and community groups, managing financial resources responsibly.

Questions for Mount Olivet Foundation

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Provided by the organization

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3 programs · $32K · in their own filed words · FY2021
01

During 2021 the Foundation made educational grants ranging from $800 to $5,000 to 15 different students.

$23Kprogram expense
02

During 2021 the Foundation provided grants ranging from $1,000 to $2,000 to five community organizations that provide services to low-income persons.

$8Kprogram expense
03

During 2021 the Foundation made loans of $5,000 and $10,000 to 3 students to cover educational expenses. The Foundation at the end of 2021 had a total of $329,425 on loan.

Pt IX · col B

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 · FY2021
Fidelity Investments Charitable Gift FundFY2021$25K
Total grants receivedfrom 1 funder$25K
Grants paid · 5 grants · $158K · 2020–2024
Unitemized GrantFY2024$40,088
Unitemized GrantFY2023$36,520
Unitemized GrantFY2022$32,500
Unitemized GrantFY2021$23,100
Unitemized GrantFY2020$26,000

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$87K
Ln 12
Gifts and grantsLn 1h$87K
Fees for servicesLn 2g$250
Money outPt IX
$34K
Ln 25
Programscol B$32K
Managementcol C$2K
Owns and owesPt X
$1.8M
net assets · Ln 32
Cash and savingsLn 1–2$27K
Total assetsLn 16$1.8M
LiabilitiesLn 26$0
PeoplePt VI, VII
22
listed · VII A
PaidVII A0
Voting boardVI 1a22
IndependentVI 1b22
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$87K
Government grantsLn 1e$0
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$250
Total revenueLn 12$87K
Assets in detailPt X, end of year
CashLn 1$27K
Cash and savings togetherLn 1–2$27K
InvestmentsLn 11–13$1.5M
Total assetsLn 16$1.8M
LiabilitiesLn 26$0
Net assetsLn 32$1.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 622
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
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$71K$27K
InvestmentsLn 11–13$1.2M$1.5M
Total assetsLn 16$1.6M$1.8M
LiabilitiesLn 26$0$0
Net assetsLn 32$1.6M$1.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$8K$8K
Grants to domestic individualsLn 2$23K$23K
Accounting feesLn 11c$1K$1K
Information technologyLn 14$685$685
All other expensesLn 24e$274$274
Total functional expensesLn 25$34K$32K$2K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $48K$65K−$17K$1.9M 990 PDF
FY2023 $17K$54K−$37K$1.7M 990 PDF
FY2022 $1K$48K−$46K$1.5M 990 PDF
FY2021 Viewing $87K$34K$53K$1.8M 990 PDF
FY2020 $91K$36K$55K$1.6M 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 $86,913 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $91,044$86,663
I-9 Program service revenuePrior year $375$250
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $91,419$86,913
I-13 Grants and similar amounts paidPrior year $34,000$31,500
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 $1,980$2,159
I-18 Total expensesPrior year $35,980$33,659
I-19 Revenue less expensesPrior year $55,439$53,254
Part VI · Governance 22 of 22 board members independent, 3 to look at
VI-1a Voting members of the governing body22
VI-1b Independent voting members22
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $86,913 across 10 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$0
VIII-1f All other contributions, gifts and grants$86,663
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$86,663
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $250 · Unrelated business $0 · Excluded from tax $0$250
VIII-12 Total revenueRelated to mission $250 · Unrelated business $0 · Excluded from tax $0$86,913
Part IX · Statement of functional expenses $33,659 across 5 lines filed
IX-1 Grants to domestic organizationsPrograms $8,400$8,400
IX-2 Grants to domestic individualsPrograms $23,100$23,100
IX-11c Accounting feesManagement $1,200$1,200
IX-14 Information technologyManagement $685$685
IX-24e All other expensesManagement $274$274
IX-25 Total functional expensesPrograms $31,500 · Management $2,159 · Fundraising $0$33,659
Part X · Balance sheet $1,809,126 assets, 6 lines filed
Asset lines not itemized here account for $329,425; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $70,729$27,109
X-11 Publicly traded securitiesStart of year $1,177,240$1,452,592
X-16 Total assetsStart of year $1,587,713$1,809,126
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $1,587,713$1,809,126
X-33 Total liabilities and net assetsStart of year $1,587,713$1,809,126
Part XI · Reconciliation of net assets $1,809,126 net assets at year end
XI-1 Total revenue$86,913
XI-2 Total expenses$33,659
XI-3 Revenue less expenses$53,254
XI-4 Net assets at start of year$1,587,713
XI-5 Net unrealized gains (losses) on investments$168,159
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,809,126

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

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