Drake Foundation Inc in Collierville, Tennessee (TN)

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Drake Foundation Inc
Employer Identification Number (EIN)621684643
Name of OrganizationDrake Foundation Inc
In Care of NameMichael Drake
Address482 Halle Park Dr Ste 101, Collierville, TN 38017-7089
ActivitiesOther religious activities
SubsectionCharitable Organization
Ruling Date11/1997
DeductibilityContributions are deductible
FoundationPrivate non-operating foundation
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2012
Assets$500,000 to $999,999
Income$100,000 to $499,999
Filing Requirement990 - Not required to file (all other) (990-PF required)
Asset Amount$501,648
Amount of Income$328,692
Form 990 Revenue Amount$329,791
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Private Independent Foundations


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Amount of income in 2012: $328,692 (it was $329,791 in 2011)
Drake Foundation Inc: 

 $328,692
Other organizations performing similar types of work: 

 $109,612

Assets in 2012: $501,648 (it was $509,562 in 2011)
This organization: 

 $501,648
Other organizations performing similar types of work: 

 $459,695

Financial snapshot ($)

Revenue for 2011

Analysis of Revenue and Expenses (for 2011)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$329,791$5,617$0
Contributions, gifts, grants, etc., received$324,174
Interest on savings and temporary cash investments$5,617
Dividends and interest from securities$0
Gross rents$0
Gross profit from sales of goods$0
Other income$0
Total expenses and disbursements$76,000$0$0$76,000
Compensation of officers, directors, trustees, etc.$0
Total operating and administrative expenses$0$0$0
Contributions, gifts, grants paid$76,000
Excess of revenue over expenses and disbursements$253,791
Net investment income$5,617
Adjusted net income$0
Balance Sheets (for 2011)
Book ValueFair Market Value
Total assets$509,562$509,562
Cash - non-interest-bearing$0
Investments-U.S. and state government obligations$0
Investments-corporate stock$0
Investments-corporate bonds$0
Investments-mortgage loans$0
Investments-other$0
Other$509,562
Total liabilities$0
Total liabilities and net assets/fund balances$509,562
Capital Gains and Losses for Tax on Investment Income (for 2011)
Capital gain net income$0
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$112
Total credits and payments$0
Any penalty for underpayment of estimated tax$0
Tax due$112
Amount to be credited to 2012 estimated tax$0
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?No
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$382,667
Net value of noncharitable-use assets$376,920
Minimum investment return$18,846
Distributable Amount (for 2011)
Distributable amount$18,734
Undistributed Income (for 2011)
Distributable amount for 2011$18,734
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
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Van Andel Institute333 Bostwick Ave Ne, Grand Rapids, MI 49503-2518MI1997-08$1,823,572,667
2Columbia Lutheran Charities, Columbia Memorial Hospital2111 Exchange St, Astoria, OR 97103-3329OR1976-07$68,174,711
3Buttonwood Foundation Inc11 Wall St 21st Floor, New York, NY 10005-1905NY1964-08$1,950,171
4Lauritz Melchior Helden Tenor Foundation2403 Windrow Dr, Princeton, NJ 08540-5019NJ1964-10$1,329,825
5Leonard And Jerry Greenbaum Family Foundation Inc1440 Spring St Nw, Atlanta, GA 30309-2832GA1991-01$803,254
6Nagda Foundation Inc150 Se 17th St Ste 400, Ocala, FL 34471FL1992-07$101,423
7Elk Regional Health System763 Johnsonburg Rd, St Marys, PA 15857-3417PA1994-12$34,199
8Mark Schulman And Esther Schulman Foundation6505 Wilshire Blvd Ste 1200, Los Angeles, CA 90048-4960CA1990-02$6,176
9Poplar Foundation6410 Poplar Ave Ste 900, Memphis, TN 38119-4841TN1995-03$55,095,757
10Plough Foundation62 N Main St Ste 201, Memphis, TN 38103-2198TN1973-10$32,651,962
11Jack C Massey Foundation5123 Virginia Way Ste B-22, Brentwood, TN 37027-7598TN1996-10$16,922,519
12Haslam Family Foundation IncPO BOX 10146, Knoxville, TN 37939-0146TN1997-12$5,931,922
13Deborah And Ca Craig Ii Family Foundation206 Paddock Ln, Nashville, TN 37205-3337TN1995-03$5,056,773
14Martha Christine White Foundation IncPO BOX 400, Winchester, TN 37398-0400TN1995-03$2,696,966
15Eastman Chemical Company Foundation IncPO BOX 511, Kingsport, TN 37662-5000TN1995-12$2,598,729
16Julia Carell Stadler Foundation Tr, Stadler Julia Carell Ttee1109 Belle Meade Blvd, Nashville, TN 37205-4505TN1998-02$1,221,524
17J C Garrett Iii Family Foundation131 Saundersville Road, Hendersonville, TN 37075-8903TN1995-03$452,833
18Lamberth Foundation Of Mississippi IncPO BOX 33, Hixson, TN 37343-0033TN1998-03$411,025
19Adams Family Foundation I2217 Battleground Dr, Murfreesboro, TN 37129-6006TN1993-01$410,967
20Drake Foundation Inc482 Halle Park Dr Ste 101, Collierville, TN 38017-7089TN1997-11$328,692
21Dudley And Walter Morgan Foundation210 Evelyn Ave, Nashville, TN 37205-3308TN1996-04$274,765
22Heller Family Foundation Inc1344 Carnton Ln, Franklin, TN 37064-3258TN1997-07$254,078
23Gamma Mu Foundation Inc1005 8th Ave S, Nashville, TN 37203-4721TN1993-11$241,213
24Donald J And Katherine T Israel FoundationPO BOX 2285, Brentwood, TN 37024-2285TN1995-01$113,755
25Judy And Noah Liff Foundation209 Tenth Ave S Ste 429, Nashville, TN 37203TN1995-04$102,624
26James C & Charlotte Wardlaw Charitable Foundation IncPO BOX 2549, Chattanooga, TN 37409-0549TN1997-10$98,617
27David Foundation605 Granny White Pike, Brentwood, TN 37027-5732TN1995-02$95,002
28Cadieux Martin Foundation, Cadieux Robert D & M Martin Ttees3824 Compass Pointe Dr, Louisville, TN 37777-3169TN1996-12$91,313
29Hawthorn Charitable Foundation4094 Hillsboro Pike Ste 204, Nashville, TN 37215-2751TN1996-03$53,910
30Julien Hohenberg FoundationPO BOX 3046, Memphis, TN 38173-0046TN1997-04$52,671
Number of organizations performing similar types of work
Alabama58
Arkansas13
Arizona25
California193
Colorado53
Connecticut32
District of Columbia18
Delaware17
Florida268
Georgia93
Hawaii12
Iowa17
Idaho7
Illinois122
Indiana58
Kansas19
Kentucky17
Louisiana34
Massachusetts75
Maryland78
Maine6
Michigan103
Minnesota44
Missouri17
Mississippi18
Montana6
North Carolina96
North Dakota2
Nebraska18
New Hampshire9
New Jersey117
New Mexico4
Nevada17
New York231
Ohio148
Oklahoma28
Oregon19
Pennsylvania181
Rhode Island22
South Carolina28
South Dakota2
Tennessee53
Texas162
Utah23
Virginia76
Vermont8
Washington23
Wisconsin57
West Virginia17
Wyoming7
International3
Total2,754

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