Red Bank Farm Foundation in Camden, South Carolina (SC)

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Red Bank Farm Foundation
Employer Identification Number (EIN)454007597
Name of OrganizationRed Bank Farm Foundation
In Care of NamePowdermill Financial Solutions
AddressPO BOX 675, Camden, SC 29021-0675
SubsectionCharitable Organization
Ruling Date11/2013
DeductibilityContributions are deductible
FoundationPrivate operating foundation (other)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$1 to $9,999
Income$100,000 to $499,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$2,920
Amount of Income$296,151
Form 990 Revenue Amount$296,151
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Private Independent Foundations


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Amount of income in 2013: $296,151 (it was $325,083 in 2012)
Red Bank Farm Foundation: 

 $296,151
Other organizations performing similar types of work: 

 $103,138

Assets in 2013: $2,920 (it was $14,108 in 2012)
Red Bank Farm Foundation: 

 $2,920
Other organizations performing similar types of work: 

 $338,623

Expenses in 2013: $313,139
Red Bank Farm Foundation: 

 $313,139
Other organizations performing similar types of work: 

 $46,867

Income to expenses ratio in 2013: 0.9
Red Bank Farm Foundation: 

 0.9
Other organizations performing similar types of work: 

 1.1

Grants share in income in 2013: 100.0%
This organization: 

 100.0%
Other organizations performing similar types of work: 

 79.6%

Financial snapshot ($)

Expenses for 2013

Analysis of Revenue and Expenses (for 2013)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$296,151$0$0
Contributions, gifts, grants, etc., received$296,151
Interest on savings and temporary cash investments$0
Dividends and interest from securities$0
Gross rents$0
Gross sales price for all assets$0
Gross profit from sales of goods$0
Other income$0
Total expenses and disbursements$313,139$0$0$313,139
Compensation of officers, directors, trustees, etc.$0
Pension plans, employee benefits$0
Legal fees$1,548
Accounting fees$0
Interest$477
Depreciation$0
Occupancy$0
Travel, conferences, and meetings$0
Printing and publications$0
Total operating and administrative expenses$313,139$0$313,139
Contributions, gifts, grants paid$0
Excess of revenue over expenses and disbursements$-16,988
Net investment income$0
Adjusted net income$0
Balance Sheets
20122013
Book ValueFair Market ValueBook ValueFair Market Value
Total assets$14,108$14,108$2,920$2,920
Cash - non-interest-bearing$14,108$2,920
Investments-U.S. and state government obligations$0$0
Investments-corporate stock$0$0
Investments-corporate bonds$0$0
Investments-mortgage loans$0$0
Investments-other$0$0
Other assets$0$0
Total liabilities$2,456$8,256
Mortgages and other notes payable$0$0
Other liabilities$0$0
Total liabilities and net assets/fund balances$11,652$-5,336
Capital Gains and Losses for Tax on Investment Income
20122013
Capital gain net income$0$0
Net capital loss$0$0
Excise Tax Based on Investment Income
20122013
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)NoNo
Tax based on investment income$0$0
Total credits and payments$0$0
Any penalty for underpayment of estimated tax$0$0
Tax due$0$0
Overpayment$0$0
Amount to be credited to next year's estimated tax$0$0
Statements Regarding Activities
20122013
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign?NoNo
Has the foundation engaged in any activities that have not previously been reported to the IRS?NoNo
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of incorporation, or bylaws, or other similar instruments?NoNo
Has the foundation filed a tax return on Form 990-T for this year?NoNo
Was there a liquidation, termination, dissolution, or substantial contraction during the year?NoNo
Has the foundation furnished a copy of Form 990-PF to the Attorney General (or designate) of each state?YesNo
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for current calendar year or the taxable year beginning in this year?YesYes
Did any persons become substantial contributors during the tax year?YesNo
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had advisory privileges?NoNo
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?YesYes
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041NoNo
Statements Regarding Activities for Which Form 4720 May Be Required
20122013
During the year did the foundation (either directly or indirectly):
Engage in the sale or exchange, or leasing of property with a disqualified person?YesYes
Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person?NoNo
Furnish goods, services, or facilities to (or accept them from) a disqualified person?NoNo
Pay compensation to, or pay or reimburse the expenses of, a disqualified person?NoNo
Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)?NoNo
Agree to pay money or property to a government official?NoNo
Did any of the acts fail to qualify under the exceptions described in Regulations section 53.4941(d)-3 or in a current notice regarding disaster assistance?NoNo
Did the foundation engage in a prior year in any of the acts, other than excepted acts, that were not corrected before the first day of the tax year beginning in this year?NoNo
At the end of this tax year, did the foundation have any undistributed income for tax year(s) beginning before this year?NoNo
Are there any years listed above for which the foundation is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income?NoNo
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year?NoNo
Did the foundation have excess business holdings in this year as a result of (1) any purchase by the foundation or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3) the lapse of the 10-, 15-, or 20-year first phase holding period?NoNo
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?NoNo
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in this year?NoNo
During the year did the foundation pay or incur any amount to:
Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?NoNo
Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive?NoNo
Provide a grant to an individual for travel, study, or other similar purposes?NoNo
Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)?NoNo
Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals?NoNo
Did any of the transactions fail to qualify under the exceptions described in Regulations section 53.4945 or in a current notice regarding disaster assistance?NoNo
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
Minimum Investment Return
20122013
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$7,634$6,094
Net value of noncharitable-use assets$7,519$6,003
Minimum investment return$376$300
Distributable Amount
20122013
Distributable amount$0$0
Undistributed Income
20122013
Distributable amount for this year$0$0
Undistributed income for this year. This amount must be distributed in the next year$0$0
Private Operating Foundations (for 2010 - 2013)
2013201220112010Total
The lesser of the adjusted net income or the minimum investment return$1$0$0$0$1
Qualifying distributions made directly for active conduct of exempt activities$313,139$313,431$0$0$626,570
Value of all assets$2,920$14,108$0$0$17,028
Value of assets qualifying under section 4942(j)(3)(B)(i)$2,920$14,108$0$0$17,028
2/3 of minimum investment return$0$0$0$0$0
Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties)$0$0$0$0$0
Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)$0$0$0$0$0
Gross investment income$0$0$0$0$0
Supplementary Information (for 2013)
Grants approved for future payment$0
Analysis of Income-Producing Activities (for 2013)
AmountRelated or exempt function income
Program service revenue
Fees and contracts from government agencies$0$0
Membership dues and assessments$0$0
Interest on savings and temporary cash investments$0$0
Dividends and interest from securities$0$0
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations (for 2013)
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Transfers from the reporting foundation to a noncharitable exempt organization of:
CashNo
Other assetsNo
Other transactions:
Sales of assets to a noncharitable exempt organizationNo
Purchases of assets from a noncharitable exempt organizationNo
Rental of facilities, equipment, or other assetsNo
Reimbursement arrangementsNo
Loans or loan guaranteesNo
Performance of services or membership or fundraising solicitationsNo
Sharing of facilities, equipment, mailing lists, other assets, or paid employeesNo
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1The Mcalister Foundation330 Church St, Laurens, SC 29360-2362SC2002-03$11,389,882
2Darla Moore And Richard Rainwater Foundation133-B E Main St, Lake City, SC 29560SC2011-08$5,789,267
3Darnall W Boyd Foundation Inc7700 Trenholm Road Ext, Columbia, SC 29223-1724SC2010-09$4,341,107
4Solomon Jackson Jr FoundationPO BOX 90326, Columbia, SC 29290-1326SC2010-07$2,673,718
5Marilynn And John Hill Foundation Inc2015 Allandale Plantation Rd, Wadmalaw Is, SC 29487-6905SC2011-03$2,277,467
6Stephen D Mitchell Foundation IncPO BOX 3666, Greenville, SC 29608-3666SC2013-02$2,266,022
7Tsc Foundation Inc104 E Springs St, Lancaster, SC 29720-2159SC2001-07$2,221,185
8Tim And Cathy Grant Family Foundation30 Round Pond Rd, Greenville, SC 29607-3717SC2015-04$1,746,181
9Wilbur S Smith And Margaret P Smith Foundation Inc1901 Main St Ste 900, Columbia, SC 29201-2457SC2004-02$1,455,768
10Mcnaughton Family FoundationPO BOX 171281, Spartanburg, SC 29301-0041SC2010-04$1,133,187
11Rose Sipocz Revocable Trust, Perricone Philp Per Rep333 Reflection Dr, Lyman, SC 29365-9582SC2007-05$946,809
12Parrish Family Foundation106 Misty Oaks Pl, Lexington, SC 29072-7406SC2011-02$656,867
13Russ And Andrea Gullotti Charitable Foundation, Gullotti Russell A & Etal Ttee7 Ballybunion Way, Bluffton, SC 29910-4977SC2001-02$515,367
14The Cart Fund IncPO BOX 1916, Sumter, SC 29151-1916SC1996-08$481,076
15Wayne & Pauline Thrift Family Foundation1408 Cross Creek Dr, Seneca, SC 29678-1613SC2009-07$377,107
16Stouffer Fam Charitable Tr Ua 111898, Stouffer Spencer R Ttee19 Mckays Point Rd, Hilton Head, SC 29928-3321SC1999-02$352,916
17Rogers-Slater Foundation Inc3104 Devine St, Columbia, SC 29205-1846SC2003-04$342,993
18Red Bank Farm FoundationPO BOX 675, Camden, SC 29021-0675SC2013-11$296,151
19The H Neel Hipp And Scott Timmons Hipp Foundation, Hipp Scott Timmons TteePO BOX 546, Greenville, SC 29602-0546SC2000-04$216,997
20Joye Cottage Foundation129 1st Ave Sw, Aiken, SC 29801-4862SC2009-10$180,694
Number of organizations performing similar types of work
Alaska9
Alabama199
Arkansas82
Arizona267
California2,351
Colorado400
Connecticut391
District of Columbia107
Delaware405
Florida1,490
Georgia455
Hawaii86
Iowa147
Idaho73
Illinois1,069
Indiana261
Kansas152
Kentucky147
Louisiana127
Massachusetts713
Maryland422
Maine67
Michigan549
Minnesota327
Missouri308
Mississippi56
Montana59
North Carolina649
North Dakota15
Nebraska126
New Hampshire66
New Jersey849
New Mexico78
Nevada194
New York2,454
Ohio628
Oklahoma223
Oregon179
Pennsylvania935
Rhode Island181
South Carolina141
South Dakota32
Tennessee192
Texas1,225
Utah217
Virginia452
Vermont36
Washington375
Wisconsin334
West Virginia49
Wyoming61
International38
Total20,448

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