Kathrine R Everett Charitable Testamentary Trust EIN 56-6473809 Form 990 (PDF) Claim this org

Kathrine R Everett Charitable Testamentary Trust

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Funds law schools at UNC Chapel Hill and Duke University. For fiscal year 2024 it reported $1.2M in revenue, $1.7M in expenses, and $14.4M in net assets.Pt I

Type
Supporting organization · Foundations & Grantmakers
Location
Durham, NC
Filings
5 on file (2020–2024)
Revenue
$1.2MFY2024
Expenses
$1.7M
Net assets
$14.4M
People
3
Filings
5
Updates
0
More identity details & actions ⌄
EIN  56-6473809 Supporting organization Durham, NC
Form 990 (PDF)
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Size
$1–10M
What they do
Funds law schools at UNC Chapel Hill and Duke University.
Leadership
Money in and out
$1.2M revenue, $1.7M expenses
Bottom line
-38% net inflow
Money in and out · FY2024
Total revenue
$1.2M
Pt VIII · Ln 12
Total expenses
$1.7M
Pt IX · Ln 25
Net assets
$14.4M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$451K
Where spending went · Part IX cols B–D
Program services $1.00 Management & general $0.00
Net inflow
-38%
revenue over expenses, this year▼ -138% vs prior filing year
Pass-through gifts
0%
of revenue from contributions
Program spending
100%
of expenses reach stated programs

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$1.2M
FY2024▲ +24%
Expenses
$1.7M
FY2024▲ ×873
Total assets
$14.4M
FY2024▼ -3%
Total liabilities
$0
FY2024
Total revenue
$1.2M
Pt VIII · Ln 12
Total expenses
$1.7M
Pt IX · Ln 25
Net assets
$14.4M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$451K
Total assetsPt X · Ln 16$14.4M
Program-expense ratioPt IX · col B100%
Voting members of governing bodyPt I · Ln 33
Independent voting membersPt I · Ln 42

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CKathrine R Everett Charitable Testamentary Trust
EINHdr · item D56-6473809
Principal addressHdr · item CDurham, NC
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MNC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFFoundations & Grantmakers (T30Z)
Ruling yearIRS BMFNov 1997

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a3
Independent voting membersPt VI · Ln 1b2
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
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Mission & Programs · Part III

Where the work happens

2 program services account for $1.6M of program spending, described in the organization's own filed words · FY2023.
01

The gift to the university of north carolina at chapel hill law school provides additional funding for the law library enabling unc law graduates to better serve the general public.

$825Kprogram expense
02

The gift to the duke university law school provides additional funding for the law library enabling duke law graduates to better serve the general public.

$825Kprogram expense

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Statement of Revenue

Part VIII
Investment income100%$1.2M
Total revenueLn 12$1.2M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $1.00 Management & general $0.00
Program services100%$1.6M
Management & general$4K
Total functional expensesLn 25$1.7M

Balance Sheet

Part X · end of year
CashLn 1$66K
Total assetsLn 16$14.4M
Total liabilitiesLn 26$0
Total net assetsLn 32$14.4M
Months of cash on handcomputed0.5

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $280K · Operating expenses/yr $1.7M
2.0 months
Where the money goes
Program services
Program services $1.6M · Total expenses $1.7M
100%
Management & General
Management & general $4K · Total expenses $1.7M
0.3%
Fundraising
Fundraising $0 · Total expenses $1.7M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $1.2M
0%
Government reliance
Government grants — · Total revenue $1.2M
Earned-income share
Program service revenue $0 · Total revenue $1.2M
0%
Investment reliance
Investment income $1.2M · Total revenue $1.2M
+100%
Program self-sufficiency
Program service revenue $0 · Total expenses $1.7M
0%
Growth & trend
Revenue growth (YoY)
This year $1.2M · Prior year $972K
+24%
Revenue CAGR
FY2019 $719K · FY2023 $1.2M
+14%
Net-asset trend (YoY)
End of year $14.4M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $1.2M · Expenses $1.7M
-38%
Liabilities-to-Assets
Total liabilities — · Total assets $14.4M
Net-asset ratio
Net assets $14.4M · Total assets $14.4M
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) $215K · Total assets (Pt X, ln 16) $14.4M
1%
People & payroll
Highest Reported Total Compensation
Individual James McGregor Everett · Reported title TRUSTEE · Highest reported compensation $0 · Total expenses $1.7M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $1.7M
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 100%
Overhead ratio 0.3%
Revenue growth 24%
Accounting fee ratio 0.2%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · this organization's grantmaking
Grants paid · 8 grants · $4.8M · 2019–2023
Duke Law SchoolFY2023$825,000
Unc Law SchoolFY2023$825,000
Duke Law SchoolFY2021$1,000,000
Unc Law SchoolFY2021$1,000,000
Duke Law SchoolFY2020$150,000
Unc Law SchoolFY2020$150,000
Duke Law SchoolFY2019$412,500
Unc Law SchoolFY2019$412,500

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$1.2M revenue · viewing · ⤓ 990 PDF
FY2023$972K revenue · ⤓ 990 PDF
FY2022$457K revenue · ⤓ 990 PDF
FY2021$531K revenue · ⤓ 990 PDF
FY2020$719K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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