Private Foundations—1974 to 1978

1974=78 Pri .Awe Statistics Found ions of Income Department of the Treasury Internal Revenue Service Publication 1073 (4-81) Statistics of Income Other Publications 1974-78 and Statistics Foundations Related Information of Income Publicallion 1073 (4-81) Publications for sale Publications In preparation Individual Income Tax Returns, 1978 International Income and Taxes, U.S. Department of the Treasury Statistics Division This report was prepared In the Statistics DlvI- Zip Code Area Data, Individual Income Corporations and their Controlled Internal Revenue Service Sion Tax Returns, 1969 (131 Foreign Corporations, 1974 by Dan Skelly of the Wealth and Tax- pp., $2.75) Fritz Schouten ~xempt Section under the direction of Keith Sole Proprietorship Returns, 19T7 International Income and Taxes, William E Williams Director Gilmour. Other major contributors within the Partnership Returns, 19T7 Domesticr'OrporalionInternational Sales Acting Commissioner Division included John Sullivan, who assisted In Corporation Income Tax Returns, 1977 Returns, 1975-1978 Howls Wilson reviewing the data and preparing the manuscript, Joseph T. Davis Assistant Director Larry Campion. who was responsible for coor. Preliminary Individual Income Tax Returns, 1979 Acting Deputy Commissioner Sennett R. Moss dinating the data Processing and systems Corporation Income Tax Returns, 1975 Preliminary Russell E Dyke Chief, Planning and Review design with the Date Center In Detroit, Michigan, Staff and James Harte, who designed (235 pp.. $6.00) Corporation Income Tax Returns, 1976 Assistant Commissioner Robert A. Wilson the statistical Estate Tax Returns, 1976 (60 pp., $3.25) Organizations Exempt from Income (Planning and sample. Contributions to the development of Research) Chief, Statistics of Income Branch I specifications, prMedures, and systems design Personal Wealth Estimated from Estate Tax, 1975-1978 John DIPaolo were also made by David Johnston, David Tax Returns, 1972 (62 pp., $1.75) International Income and Taxes, Chief, Statistics of Kaufman, and James Duffy. Statistical abstract- Income Branch 11 Ing of the date was Fiduciary Income Tax Returns, 1974 Foreign Income Taxes on Individual John P. done at the Philadelphia (98 pp., $2.75) Income Tax Returns, 1975 Hiniker Service Center. Curtis Howard of the Data Chief, Projections and Special Studies Center designed and conducted the computer Small Area Date from Individual Income Branch processing. Tax Returns, 1974 (447 pp., $6.00) Raymond C. Sensing international Income and Taxes, Chief, Mathematical Statistics Branch Foreign Tax Credit Claimed on Corporation Returns, 1974 (158 pp., Other related Information Charles A. Harris Acting Chief, Operations Branch $5.50) Individual Tax Model Fite, 1966-78 International Income and Taxes, U.S. State Tax Model File, 1977-78 Corporations and their Controlled Corporate Source Book, 1965-76 Foreign Corporations, 1968 and 1972 This report presents data on private foundations for (235 pp.. $5.50) income years 1974-1978 based on Forms 990-PF (Returns of Private Foundation Sales of Capital Assets Reported on These public use computer tape files, Exempt from Income Individual Income Tax Returns, 1973 Tax). Estimates are shown for receipts and along with a tape file of the 1973 and expenditures, assets and liabilities, and distributions, (263 pp., $7.00) 1974 Private Foundation returns in- by size of Individual Retirement Arraingments, total book value of assets. Other significant classifiers include activ- cluded In this report, are available on a ity (exempt purpose), 1976 (37 pp., $2.50) reimbursable basis from the National size of total receipts, size of net income (less International Income and Taxes, Archives and Records Service, -deficit), year of exemption, accounting period, and State. Domestic International Sales Machine-Readable Division. Corporation Returns, 1972,1973, and 1974 (192 pp., $6.00) Individual Income Tax Returns, Statistics of Income publications are for Contents of reports for 1967-1976 sale by the Superintendent of Documents, (15 pp., $1.50) U.S. Government. Printing Office, Washington, OC 20402 Suggested Citation Internal Revenue Service Statistics of Income - 1974-1978 Private Foundations Washington, D.C. 1981 Library of Congress Card No. 6 1 -600019 COMMISSIONER OF INTERNAL REVENUE Washington, DC 20224 March 3, 1981 The Honorable Donald I. Regan Secretary of the Treasury Washington, DC 20220 Dear Mr. Secretary: I am transmitting the report, Statistics of Income--1974-1978, Private Foundations. Most of the data in this first-time report are estimates derived from a probability sample of Form 990-PF return19". t,d from the nearly 21,000 filed during Calendar Year aTh:'remaining' " data, for 1977 and 1978, were obtained from extracts of the IRS Exempt Organizations Master File. t.This foundation report presents detail on income, deductions, .see liabilities,total and distributions--shown by size of total assets, size i receipts, and =Jet activity. Other significant classifiers ine lude type of foundation, year of exemption, accounting period, State, size of net income, and size of distributions. With kind regards, Sincerely, Acting Commissioner Department of the Treasury Internal Re,e,ue Samice Iff A Ear al ur ir Rqj af K r I ~-j g I - I , FW,l ag i k9i. WR M, o mN - g 1 0 0 f g 0 Q . all a i I Introduction Section I Summary of Foundation Data, 1974-1978 Table A shows the number of foundations and amount of Table A-Number of Foundations and Amount of Total total assets classified by the size of the foundation Assets, by Size of Total Assets. 1974 (m ured in terms of total book value of assets) . (All figures are estimates based on samples-oney Foundations with under $100,000 in assets (small founds- mounts are in millions of dollars] tians) couprised 63 percent of the number of foundations but amounted for only 2 percent of total assets. Foun- Number Percent Federal tax law grants preferential treatment to is also presented. A more comprehensive description of dations with $100,000 under $1,000,000 in assets onedium of Percent Total of of certain charitable and other philanthropic the sample design and of the limitations of the data are size foundations) numbered 7,313 arid accounted for 9 per- Size of total assets f..otic. total assets total organizations. The income of these organizations is presented in Section 3, "Description of the Sample and cent of total assets. Foundations with $1 million or exempt from income taxes. In addition, income, estate Limitations of the Data." more in assets (large foundations) comprised 2,717 or 10 and gift tax deductions we permitted (subject bD Foundations in existence at any time during the year percent of the number of foundations and accounted for (1) (2) (3) (4) certain limitations and conditions) for contributions to were required to file a return regardless of their in- 89 percent of total assets. There were 354 foundations organizations. cone or assets. This included all domestic and foreign with $10 million or more in assets (less than 2 percent certain of these Total .......... 26,889 100.0 25,514 100.0 Private foundations (referred to as "foundations' in organizations that obtained rulings from the lInternal of the total number of foundations) and these accounted this report) are organizations with a narrow base of Revenue Service recognizing them exempt from income tax for 62 percent of total assets. Under $100,000 ....... 16,859 61.1 40~ l.6 financial support. Foundations are restricted in their under Internal Revenue Code (IRC) section 501(c)(3) and Chart I illustrates the three largest components of $100,000 under activities and their contributors, generally, are subject that had met the definition of a private foundation total assets, classified by the size of total book value $1,000,000 .......... 7,313 27.2 2,417 9.5 bD more strengent contribution limitations, than apply within the meaning of IRC 509(a). Organizations claiming of assets. In general, the asset composition of founds- $1,000,000 under to publicly supported charities. to be tax~exempt private foundations that had applied ticns was predominantly related to the size of the foun~ $10,000,000 ......... 2,363 8.8 6,879 27.0 Foundations in this report were those that filed on for but not yet received rulings from the internal dation (measured in term of total book value of assets) . $10,000,000 or more.. 354 1.3 15,813 62.0 Form 990-PF (Return of Private Foundation Exempt from Revenue Service were still required to file Form 990-PF For all foundations, corporate stock amounted for 53 Income Tax). They were norxgovernment, not-for-profit and were also included in the statistics. percent of total assets, while investments in nongovern- lExcluded were duplicate returns, returns for 1972 and organizations with funds and programs managed by their Foundations filed returns for the accounting period ment bonds accounted for 20 percent, and cash holdings 5 prior years, and 1973 returns of foundations whose 1973 own trustees or directors, whose goal was to maintain or customarily used in keeping their books. Returns were percent. For "small" foundations, investments in oorpo- and 1974 returns were selected for the ample, whenever aid social, educational, religious, ar other activities due an or before the 15th day of the fifth month follow- rate stock represented 35 percent of total assets while one of the returns had assets of $1 million or more. holdings of cash represented deased to serve the common good. Foundations were clas- ing the close of the accounting period. Foundation 25 percent. For "medium (See Section 3, Description of the Sample and Limitations size" foundations, sified as either nonoperating ar operating foundations. statistics for 1974 included data from returns for Calen- investments in corporate stock repre- of the Data.) smted 44 percent of total licnoperating foundations, which comprised 96 percent of der Yew 1974, as well as from returns with noncalenda assets, nor~government bonds NOTE: Detail may not add to total due to rounding.

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