Mary Black Foundation Inc in Spartanburg, South Carolina (SC)

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Mary Black Foundation Inc
Employer Identification Number (EIN)570843135
Name of OrganizationMary Black Foundation Inc
Address349 E Main St Ste 100, Spartanburg, SC 29302-1985
ActivitiesGifts, grants, or loans to other organizations
SubsectionCharitable Organization
Ruling Date10/1987
DeductibilityContributions are deductible
FoundationPrivate non-operating foundation
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2012
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 - Not required to file (all other) (990-PF required)
Asset Amount$74,873,952
Amount of Income$17,357,094
Form 990 Revenue Amount$1,534,157
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Private Grantmaking Foundations


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Amount of income in 2012: $17,357,094
Mary Black Foundation Inc: 

 $17,357,094
Other organizations performing similar types of work: 

 $97,434

Assets in 2012: $74,873,952
Mary Black Foundation Inc: 

 $74,873,952
Other organizations performing similar types of work: 

 $303,611

Expenses in 2001: $3,372,675
Mary Black Foundation Inc: 

 $3,372,675
Other organizations performing similar types of work: 

 $787,130

Income to expenses ratio in 2001: 0.5
Mary Black Foundation Inc: 

 0.5
Other organizations performing similar types of work: 

 1.3

Expenses allocated to program services in 2001: 89.9%
This organization: 

 89.9%
Other organizations performing similar types of work: 

 81.7%

Number of employees in 2001: 6
This organization: 

 6
Other organizations performing similar types of work: 

 6

Employees paid over $50,000 in 2001: 16.7%
This organization: 

 16.7%
Other organizations performing similar types of work: 

 16.2%

Grants share in income in 2001: 27.8%
This organization: 

 27.8%
Other organizations performing similar types of work: 

 1.5%

Financial snapshot ($)

Revenue for 2001

Assets at end of 2001

Expenses for 2001

Functional Expenses for 2001 ($)

Income-Producing Activities for 2001

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2001
Total revenue$1,534,157
Contributions, gifts, grants, and similar amounts received$427,183
Contributions to donor advised funds
Direct public support$427,183
Indirect public support$0
Government contributions (grants)$0
Program service revenue including government fees and contracts$0
Membership dues and assessments$0
Interest on savings and temporary cash investments$4,848
Dividends and interest from securities$1,452,424
Net rental income or (loss)$0
Gross rents$0
Less: rental expenses$0
Other investment income$0
Gain or (loss) from sales of assets other than inventory$-352,981
Gross amount from sales of assets other than inventory$10,636,608
Less: cost or other basis and sales expenses$10,989,589
Net income or (loss) from special events and activities$0
Gross revenue$0
Less: direct expenses other than fundraising expenses$0
Gross profit or (loss) from sales of inventory$0
Gross sales of inventory, less returns and allowances$0
Less: cost of goods sold$0
Other revenue$2,683
Total expenses$3,372,675
Program services$3,033,400
Management and general$339,275
Fundraising$0
Payments to affiliates$0
Net assets or fund balances at end of year$63,409,001
Excess or (deficit) for the year$-1,838,518
Net assets or fund balances at beginning of year$73,463,597
Other changes in net assets or fund balances$-8,216,078
Statement of Functional Expenses (for 2001)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$3,372,675$3,033,400$339,275$0
Grants paid from donor advised funds
Other grants and allocations$2,439,345
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$137,439$103,079$34,360$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$228,836$171,627$57,209$0
Pension plan contributions not included above$33,543$25,157$8,386$0
Employee benefits not included above$41,548$31,161$10,387$0
Payroll taxes$23,039$17,279$5,760$0
Professional fundraising fees$0$0$0$0
Accounting fees$22,368$16,776$5,592$0
Legal fees$11,317$8,488$2,829$0
Supplies$11,656$8,742$2,914$0
Telephone$0$0$0$0
Postage and shipping$4,117$3,088$1,029$0
Occupancy$36,181$27,136$9,045$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$42,152$31,614$10,538$0
Travel$1,379$1,034$345$0
Conferences, conventions, and meetings$0$0$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$26,475$19,856$6,619$0
Other expenses not covered above$313,280$129,018$184,262$0
Balance Sheets
2001
Total assets$65,630,099
Cash - non-interest-bearing$0
Savings and temporary cash investments$447,531
Accounts receivable less allowance for doubtful accounts$0
Pledges receivable less allowance for doubtful accounts$0
Grants receivable$0
Receivables from current and former officers, directors, trustees, and key employees$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0
Inventories for sale or use$0
Prepaid expenses and deferred charges$0
Investments - publicly-traded securities
Investments - other securities$65,146,059
Investments - land, buildings, and equipment less accumulated depreciation$0
Investments - other$0
Land, buildings, and equipment less accumulated depreciation$36,121
Other assets, including program-related investments$388
Total liabilities$2,221,098
Accounts payable and accrued expenses$0
Grants payable$2,186,543
Deferred revenue$0
Loans from officers, directors, trustees, and key employees$0
Tax-exempt bond liabilities$0
Mortgages and other notes payable$0
Other liabilities$34,555
Total liabilities and net assets/fund balances$65,630,099
Total net assets or fund balances$63,409,001
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2001
Total revenue$1,534,157
Total revenue, gains, and other support per audited financial statements$-6,681,921
Other expenses$-8,216,078
Net unrealized gains on investments$-8,216,078
Donated services and use of facilities$0
Recoveries of prior year grants$0
Other$0
Other revenue$0
Investment expenses$0
Other$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2001
Total expenses$3,372,675
Total expenses and losses per audited financial statements$3,372,675
Other revenue$0
Donated services and use of facilities$0
Prior year adjustments$0
Losses$0
Other$0
Other expenses$0
Investment expenses$0
Other$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20066
Analysis of Income-Producing Activities (for 2001)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$1,106,974$0
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$4,848$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$1,452,424$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$-352,981$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$2,683$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2001)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2001)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$81,900$8,275$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2001)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
2000
Total$3,710,044
Gifts, grants, and contributions received$18,067
Membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$3,687,863
Net income from unrelated business activities not included above$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0
Other income$4,114
Lobbying Expenditures by Electing Public Charities (for 2001)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Analysis of Revenue and Expenses (for 2011)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$3,188,908$3,188,808$0
Contributions, gifts, grants, etc., received$0
Interest on savings and temporary cash investments$0
Dividends and interest from securities$1,329,478
Gross rents$198,014
Gross profit from sales of goods$0
Other income$843
Other$1,660,573
Total expenses and disbursements$4,312,432$708,216$0$3,514,593
Compensation of officers, directors, trustees, etc.$188,250
Total operating and administrative expenses$1,943,389$708,216$1,271,909
Contributions, gifts, grants paid$2,369,043
Excess of revenue over expenses and disbursements$-1,123,524
Net investment income$2,480,592
Adjusted net income$0
Balance Sheets (for 2011)
Book ValueFair Market Value
Total assets$69,886,178$69,886,178
Cash - non-interest-bearing$0
Investments-U.S. and state government obligations$0
Investments-corporate stock$39,539,547
Investments-corporate bonds$12,576,222
Investments-mortgage loans$0
Investments-other$10,231,120
Other$7,539,289
Total liabilities$1,349,257
Mortgages and other notes payable$0
Other$1,349,257
Total liabilities and net assets/fund balances$68,536,921
Capital Gains and Losses for Tax on Investment Income (for 2011)
Capital gain net income$1,660,573
Net capital loss$0
Excise Tax Based on Investment Income (for 2011)
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)No
Tax based on investment income$24,806
Total credits and payments$62,498
2011 estimated tax payments and 2010 overpayment credited to 2011$62,498
Exempt foreign organizations-tax withheld at source$0
Tax paid with application for extension of time to file (Form 8868)$0
Backup withholding erroneously withheld$0
Any penalty for underpayment of estimated tax$0
Overpayment$37,692
Amount to be credited to 2012 estimated tax$37,692
Statements Regarding Activities (for 2011)
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?No
Was there a liquidation, termination, dissolution, or substantial contraction during the year?No
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011?No
Statements Regarding Activities for Which Form 4720 May Be Required (for 2011)
During the year did the foundation (either directly or indirectly):
Engage in the sale or exchange, or leasing of property with a disqualified person?No
Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person?No
Furnish goods, services, or facilities to (or accept them from) a disqualified person?No
Pay compensation to, or pay or reimburse the expenses of, a disqualified person?Yes
Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)?No
Agree to pay money or property to a government official?No
At the end of tax year 2011, did the foundation have any undistributed income for tax year(s) beginning before 2011?No
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year?No
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?No
During the year did the foundation pay or incur any amount to:
Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?No
Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive?No
Provide a grant to an individual for travel, study, or other similar purposes?No
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)?No
Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals?No
Minimum Investment Return (for 2011)
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$70,005,492
Net value of noncharitable-use assets$68,955,420
Minimum investment return$3,447,771
Distributable Amount (for 2011)
Distributable amount$3,475,503
Undistributed Income (for 2011)
Distributable amount for 2011$3,475,503
Undistributed income for 2011. This amount must be distributed in 2012$0
Private Operating Foundations (for 2011)
2011201020092008Total
The lesser of the adjusted net income or the minimum investment return$0$0$0$0$0
Qualifying distributions made directly for active conduct of exempt activities$0$0$0$0$0
Value of all assets$0$0$0$0$0
Value of assets qualifying under section 4942(j)(3)(B)(i)$0$0$0$0$0
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
Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Marine Toys For Tots Foundation18251 Quantico Gateway Drive, Triangle, VA 22172-1776VA2006-04$295,012,655
2Connecticut Health Foundation Inc100 Pearl Street, Hartford, CT 06103-4506CT2002-10$174,299,539
3Williamsburg Community Health Foundation Inc5308 Discovery Park Blvd, Williamsburg, VA 23188-2880VA1997-02$156,093,653
4Osteopathic Heritage Foundation1500 Lake Shore Dr Ste 230, Columbus, OH 43204-3800OH2004-03$141,668,418
5United Israel Appeal Of Canada IncToronto On M2r 3v3, Canadainternational2001-05$54,245,721
6United Methodist Retirement Homes Incorporated2600 Croasdaile Farm Pkwy No A-500, Durham, NC 27705-1331NC2011-08$46,081,175
7Charles A Cannon Charitable Trust No One1525 W Wt Harris Blvd D1114, Charlotte, NC 28288-0001NC1981-09$43,447,640
8The American Electric Power System Retiree Medical Benefit Trust For, Certain Union EmployeesPO BOX 535007, Pittsburgh, PA 15253-5007PA2004-09$27,602,685
9Uga Real Estate Foundation IncSuite 200, Athens, GA 30601GA1999-12$26,390,599
10Mary Black Foundation Inc349 E Main St Ste 100, Spartanburg, SC 29302-1985SC1987-10$17,357,094
11Drs Bruce & Lee Foundation201 S Dargan St, Florence, SC 29506-2535SC2001-08$20,755,263
12Ceres Foundation Inc328 E Bay St, Charleston, SC 29401-1593SC1999-11$17,804,346
13Lifepoint Inc3950 Faber Place Dr, Charleston, SC 29405-8534SC2006-03$17,378,192
14Michael J Mungo Foundation Inc441 Western Lane, Irmo, SC 29063-9230SC2008-12$7,090,102
15Barnet Foundation Trust Inc424 E Kennedy St, Spartanburg, SC 29302-1916SC1999-01$2,521,103
16J Marion Sims Foundation IncPO BOX 818, Lancaster, SC 29721-0818SC1946-04$2,127,333
17First Citizens Foundation1230 Main St, Columbia, SC 29201-3213SC2002-04$2,086,189
18Canal Charitable FoundationPO BOX 7, Greenville, SC 29602-0007SC2006-03$1,493,193
19Gods Pantry Mission Of Messiah Lutheran Church1100 Log Shoals Rd, Mauldin, SC 29662-2714SC2006-04$1,388,885
20Francis T Smith Endowment TrustPO BOX 408, Greenville, SC 29602-0408SC2008-09$1,243,927
21Brotherton Foundation524 Sheffield Rd, Easley, SC 29642-3405SC2008-07$1,179,617
22Betsy M Campbell Foundation, Brown William W Ttee104 Broadus Ave, Greenville, SC 29601-3040SC1999-01$1,135,084
23David W & Susan G Robinson Foundation1901 Main St Ste 1200, Columbia, SC 29201-2436SC1999-02$1,114,244
24Dennis And Deborah Getterfoundation512 Cooleewee Ct, Fort Mill, SC 29715-7855SC2007-08$830,721
25Priester Foundation713 Crescent Ave, Greenville, SC 29601-4349SC1998-01$756,432
26Kellett Family Foundation190 Fairview Farms Dr, Landrum, SC 29356-9109SC2001-01$732,962
27Dining For WomenPO BOX 25633, Greenville, SC 29616-0633SC2004-07$697,318
28Ann C T Brown FoundationPO BOX 3167, Pawleys Isl, SC 29585-3167SC2007-06$672,658
29Darby Family Foundation Inc635 Rutledge Ave Ste 201, Charleston, SC 29403-4464SC2001-03$550,204
30Abbas Ambassadors IncPO BOX 523, N Myrtle Bch, SC 29597-0523SC2007-09$510,238
Number of organizations performing similar types of work
Alaska25
Alabama192
Arkansas70
Arizona288
California2,416
Colorado378
Connecticut382
District of Columbia106
Delaware539
Florida1,396
Georgia456
Hawaii80
Iowa165
Idaho53
Illinois1,024
Indiana284
Kansas148
Kentucky156
Louisiana147
Massachusetts669
Maryland401
Maine82
Michigan596
Minnesota362
Missouri307
Mississippi62
Montana62
North Carolina519
North Dakota20
Nebraska159
New Hampshire72
New Jersey843
New Mexico87
Nevada190
New York2,482
Ohio691
Oklahoma217
Oregon198
Pennsylvania1,160
Rhode Island172
South Carolina161
South Dakota27
Tennessee240
Texas1,146
Utah259
Virginia453
Vermont52
Washington359
Wisconsin355
West Virginia66
Wyoming57
International34
Total20,865

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