Joseph C Bancroft Charitable & Educational Fund FY2020 filing

Tax-deductible

McComb, MS501(c)(3)Since 1997Foundations & GrantmakersEIN 58-2340181Revenue $7.1M in FY2020

On file with the IRSPo Box 826, 39649-0826 · McComb, MSTax-exempt since Aug 1998Supporting organization — 509(a)(3)

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To support Charitable and Educational organizations

501(c)(3) charity; gifts are tax-deductible.
51¢ of each $1 spent went to programs.
$612K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · 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
4 of 5
filings with a surplus
Average surplus $1.2M a year · 19% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
51%
of spending
Worth a look: 51% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$612K
to officers and key staff · 16% of spending
Fine: pay to officers and key staff is 16% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
257 mo
of spending, in cash
Looks good: 256.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$12.4M
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 4 voting members
Concern: none of 4 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.1M
Spent
$3.8M
To programs
51%
Net assets
$180.1M
By yearFY2020–FY2024
Revenue
$7.1M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$7.1M
FY2021$4.3M
FY2022$6.2M
FY2023$6.2M
FY2024$6.8M
Expenses
$3.8M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$3.8M
FY2021$3.9M
FY2022$4.4M
FY2023$4.8M
FY2024$7.8M
Net assets
$180.1M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$180.1M
FY2021$181.2M
FY2022$177.2M
FY2023$181.7M
FY2024$182.2M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim
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 Aug 1998.

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

Where the money goes

51 cents of each dollar spent went to programs.

Program services 51% · $1.9M Management & general 49% · $1.9M

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

4 people listed on the 990; $612K paid to officers and key staff.

Part VII, Section A · reportable compensation
$222,500Pt VII · Sec A
$130,000Pt VII · Sec A
Director, Sec & Treas
$130,000Pt VII · Sec A
President, Director
$130,000Pt VII · Sec A

Gerald M Abdalla JR’s $282K as Director is at the 94th percentile of top reported officer pay among 1690 $1–10M philanthropy & grantmaking nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Gerald M Abdalla JR$282,500$332,500$328,750$342,500$222,500
Robert M Bird$145,000$145,000$141,250$130,000$130,000
Tom a Abdalla$145,000$145,000$141,250$130,000$130,000
Gerald M Abdalla$145,000$145,000$141,250$130,000$130,000

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aYes

Programs and updates

Funds charitable and educational groups.

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Provided by the organization

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3 programs · $1.9M · in their own filed words · FY2020
01

Croft Institute for International Studies

The fund contributes a substantial portion of the cost to operate the institute. The croft institute for international studies, a 501(c)3 organization, provides for the study of international cultures, businesses, languages, politics and other affairs through its affiliation with the university of mississippi.

$1.7Mprogram expense
02

University of Mississippi Medical Center

For renovations and additions to the campus of the university of mississippi medical center. The university of mississippi medical center is the health sciences campus of the university of mississippi.

$250Kprogram expense
03

Minor contributions to other 501c(3) organizations for use by those organizations in pursuit of their exempt purposes

$2Kprogram 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 · 7 grants · $5.1M · 2020–2023
University of MississippiMS · FY2023$250,000
University of MississippiMS · FY2022$250,000
University of Mississippi Medical SchoolFY2020$250,000

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$7.1M
Ln 12
Investment incomeLn 3$6.9M
Gifts and grantsLn 1h$235K
Other incomeLn 4–11$756
Money outPt IX
$3.8M
Ln 25
Programscol B$1.9M
Managementcol C$1.9M
Owns and owesPt X
$180.1M
net assets · Ln 32
Cash and savingsLn 1–2$81.2M
Total assetsLn 16$192.5M
LiabilitiesLn 26$12.4M
PeoplePt VI, VII
4
listed · VII A
PaidVII A4
Voting boardVI 1a4
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$235K
Investment incomeLn 3$6.9M
Other incomeLn 4–11$756
Gains on assetsLn 7$5.1M
Total revenueLn 12$7.1M
Assets in detailPt X, end of year
CashLn 1$81.2M
Cash and savings togetherLn 1–2$81.2M
InvestmentsLn 11–13$94.0M
Total assetsLn 16$192.5M
LiabilitiesLn 26$12.4M
Net assetsLn 32$180.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$79.2M$81.2M
InvestmentsLn 11–13$94.0M$94.0M
Total assetsLn 16$189.0M$192.5M
LiabilitiesLn 26$10.7M$12.4M
Net assetsLn 32$178.3M$180.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.3M$1.3M
Pay of current officers, directors and key staffLn 5$612K$612K
Accounting feesLn 11c$14K$14K
Investment management feesLn 11f$22K$22K
Office expensesLn 13$417$417
InsuranceLn 23$846$846
Other expenses (24a–d)Ln 24$1.8M$1.8M
Total functional expensesLn 25$3.8M$1.9M$1.9M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $6.8M$7.8M−$1.0M$182.2M 990 PDF
FY2023 $6.2M$4.8M$1.4M$181.7M 990 PDF
FY2022 $6.2M$4.4M$1.7M$177.2M 990 PDF
FY2021 $4.3M$3.9M$395K$181.2M 990 PDF
FY2020 Viewing $7.1M$3.8M$3.4M$180.1M 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 FY2020 990 (6 parts)
Part I · Summary $7,148,604 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $242,005$235,108
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $5,046,679$6,912,740
I-11 Other revenuePrior year $1,296$756
I-12 Total revenuePrior year $5,289,980$7,148,604
I-13 Grants and similar amounts paidPrior year $1,323,023$1,319,946
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $595,000$612,500
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,751,041$1,863,723
I-18 Total expensesPrior year $3,669,064$3,796,169
I-19 Revenue less expensesPrior year $1,620,916$3,352,435
Part VI · Governance 0 of 4 board members independent, 1 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members0
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $7,148,604 across 6 lines filed
VIII-1d Related organizations$235,108
VIII-1h Total contributions, gifts and grants$235,108
VIII-3 Investment incomeExcluded from tax $1,776,488$1,776,488
VIII-5 RoyaltiesExcluded from tax $756$756
VIII-7 Net gain or loss on sales of assetsExcluded from tax $5,136,252$5,136,252
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $6,913,496$7,148,604
Part IX · Statement of functional expenses $3,796,169 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $1,319,946$1,319,946
IX-5 Pay of current officers, directors and key staffPrograms $612,500$612,500
IX-11c Accounting feesManagement $14,300$14,300
IX-11f Investment management feesManagement $21,973$21,973
IX-13 Office expensesManagement $417$417
IX-23 InsuranceManagement $846$846
IX-24 Other expenses (24a–d)Management $1,826,187$1,826,187
IX-25 Total functional expensesPrograms $1,932,446 · Management $1,863,723 · Fundraising $0$3,796,169
Part X · Balance sheet $192,521,165 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $79,179,896$81,192,077
X-4 Accounts receivableStart of year $15,820,000$17,320,000
X-12 Other securitiesStart of year $93,982,961$94,009,088
X-16 Total assetsStart of year $188,982,857$192,521,165
X-25 Other liabilitiesStart of year $10,660,420$12,446,095
X-26 Total liabilitiesStart of year $10,660,420$12,446,095
X-32 Total net assets or fund balancesStart of year $178,322,437$180,075,070
X-33 Total liabilities and net assetsStart of year $188,982,857$192,521,165
Part XI · Reconciliation of net assets $180,075,070 net assets at year end
XI-1 Total revenue$7,148,604
XI-2 Total expenses$3,796,169
XI-3 Revenue less expenses$3,352,435
XI-4 Net assets at start of year$178,322,437
XI-5 Net unrealized gains (losses) on investments−$2,105,459
XI-9 Other changes in net assets$505,657
XI-10 Net assets at end of year$180,075,070

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

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