Drexel Foundation Incorporated in Morganton, North Carolina (NC)

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Drexel Foundation Incorporated
Employer Identification Number (EIN)560579548
Name of OrganizationDrexel Foundation Incorporated
Address233 Westwood Dr, Morganton, NC 28655-8965
ActivitiesOther recreational activities, Other social activities, Other sports or athletic activities
SubsectionCharitable Organization
Ruling Date04/1954
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period05/2014
Assets$100,000 to $499,999
Income$25,000 to $99,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$103,413
Amount of Income$82,005
Form 990 Revenue Amount$82,005
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Private Independent Foundations


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Amount of income in 2014: $82,005 (it was $91,630 in 2013)
This organization: 

 $82,005
Other organizations performing similar types of work: 

 $120,021

Assets in 2014: $103,413 (it was $85,589 in 2013)
Drexel Foundation Incorporated: 

 $103,413
Other organizations performing similar types of work: 

 $470,342

Expenses in 2014: $64,181
Drexel Foundation Incorporated: 

 $64,181
Other organizations performing similar types of work: 

 $61,754

Income to expenses ratio in 2014: 1.3
Drexel Foundation Incorporated: 

 1.3
Other organizations performing similar types of work: 

 2.0

Financial snapshot ($)

Revenue for 2014

Revenue, Expenses, and Changes in Net Assets or Fund Balances
201220132014
Total revenue$90,330$91,630$82,005
Contributions, gifts, grants, and similar amounts received$0$0$0
Program service revenue including government fees and contracts$0$0$0
Membership dues and assessments$0$0$0
Investment income$6$3$5
Gain/Loss from sale of assets other than inventory$0$0$0
Net income/loss from gaming and fundraising events$0$0$0
Gross profit/loss from sales of inventory$0$0$0
Other revenue$90,324$91,627$82,000
Total expenses$97,762$69,645$64,181
Total net assets$63,604$85,589$103,413
Excess/Deficit for the year$-7,432$21,985$17,824
Net assets or fund balances at beginning of year$71,036$63,604$85,589
Other changes in net assets or fund balances$0$0$0
Net assets or fund balances at end of year$85,589$103,413
Balance Sheets
201220132014
Total assets$63,604$85,589$103,413
Total liabilities$0$0$0
Net assets or fund balances$63,604$85,589$103,413
Other Information
201220132014
Did the organization engage in any significant activity not previously reported to the IRS?NoNo
Were any significant changes made to the organizing or governing documents?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNoNo
Has the organization filed a Form 990-T for the year?NoNo
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?NoNo
Amount of political expenditures, direct or indirect$0$0
Did the organization file Form 1120-POL for this year?NoNo
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?NoNo
Total amount involved$0$0
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities$0$0$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?NoNo
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?NoNo
Reason for Public Charity Status (for 2014)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Section 509(a)(2) (for 2010 - 2014)
2010 - 2014 Total
Public support$28,424
Subtotal$28,424
Gifts, grants, contributions, and membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$0
Gross receipts from activities that are not an unrelated trade or business under section 513$28,424
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Less$0
Amounts received from disqualified persons$0
Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support$0
Total support$438,424
Public support$28,424
Subtotal$410,000
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$410,000
Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$0
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Trust Uwo Estelle Hunter1 W 4th St 4th Fl, Winston Salem, NC 27101-3818NC1972-06$4,423,389
2The Sylvester Family Foundation IncPO BOX 295, Richlands, NC 28574-0295NC1996-09$2,279,513
3Thomas R & Elizabeth E Mclean Foundation IncPO BOX 58329, Fayetteville, NC 28305-8329NC1996-08$2,278,881
4Strickland Family Foundation2000 West First Street, Winston Salem, NC 27104-4225NC1995-01$1,736,118
5Rostan Family FoundationPO BOX 970, Valdese, NC 28690-0970NC1995-03$1,688,837
6The Wilson Family FoundationPO BOX 2278, High Point, NC 27261-2278NC1997-10$1,336,381
7Thomas H Pitts Trust Uw1 W 4th St 4th Fl, Winston Salem, NC 27101-3818NC1996-02$1,109,087
8Russell Wismer Char Tr Christ Ch1 W 4th St 4th Fl Mac D4000-041, Winston Salem, NC 27101-3818NC2001-10$1,008,203
9Cape Fear Clinic Inc1605 Doctors Cir, Wilmington, NC 28401-7405NC1997-09$942,479
10Ranger Tua Fbo Salvation Army1 W 4th St 4th Fl Mac D4000-041, Winston Salem, NC 27101-3818NC1995-03$709,025
11The Carson Family Foundation IncPO BOX 26262, Greensboro, NC 27402-6262NC1996-03$548,445
12Wilfred E Mccarthy And Elise Mccarthy Memorial Trust1 W 4th St 4th Floor, Winston Salem, NC 27101-3818NC1995-09$513,541
13Tolly Vinik Bascom Palmer Charitable Trust1 W 4th St 4th Floor, Winston Salem, NC 27101-3818NC1996-12$419,027
14Thomas And Kate Fonville Account, Fonville Thomas L Et Al Ttee1018 Harvey St, Raleigh, NC 27608-2332NC1995-05$413,503
15Ross C Griffith Charitable Remainder Unitrust1 W 4th St 4th Fl Mac D4000-041, Winston Salem, NC 27101-3818NC1997-11$399,531
16Raymond And Mary Grace Rogstad Foundation 801318001 W 4th St 4th Fl, Winston Salem, NC 27101-3818NC1996-07$253,739
17Tom & Elaine Wright Family Foundation Inc4315 Galax Trl, Greensboro, NC 27410-8861NC1995-04$244,742
18The Rosenthal Foundation, Norwest Bank Fort Wayne N A1 W 4th St 4th Fl, Winston Salem, NC 27101-3818NC1995-06$170,288
19Drexel Foundation Incorporated233 Westwood Dr, Morganton, NC 28655-8965NC1954-04$82,005
20William M Gilfillin Foundation1 W 4th St 4th Floor, Winston Salem, NC 27101-3818NC1997-12$56,873
Number of organizations performing similar types of work
Alabama57
Arkansas13
Arizona25
California194
Colorado52
Connecticut33
District of Columbia19
Delaware17
Florida265
Georgia95
Hawaii12
Iowa17
Idaho7
Illinois126
Indiana58
Kansas19
Kentucky18
Louisiana33
Massachusetts75
Maryland77
Maine8
Michigan100
Minnesota45
Missouri17
Mississippi18
Montana7
North Carolina122
North Dakota2
Nebraska18
New Hampshire11
New Jersey112
New Mexico4
Nevada17
New York230
Ohio138
Oklahoma29
Oregon20
Pennsylvania166
Rhode Island22
South Carolina27
South Dakota2
Tennessee51
Texas160
Utah24
Virginia74
Vermont8
Washington23
Wisconsin52
West Virginia16
Wyoming7
International2
Total2,744

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