Civic Intelligence

Philip Hofer Charitable Trust

990 • Fiscal year 2024 • EIN 04-6469904

Jan 01, 2024 to Dec 31, 2024 • Filed on Apr 21, 2025

Organization ProfileN/A
Choate Hall Stewart PO Box 96101Boston, MA 02196

(617) 248-5255

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

18th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

18th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

93rd percentile

62%

Higher net margin than 93% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

66th percentile

11%

Faster asset growth than 66% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

85th percentile

58%

Faster revenue growth than 85% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets18th percentile

Assets

Up

$4,471,539

Up $444,281 (+11%) from 2023

Net Assets

Up

$4,471,539

Up $444,281 (+11%) from 2023

Liabilities

Flat

$0

Flat from 2023

Revenue And Expenses
Liabilities / Revenue18th percentileNet Margin93rd percentile

Revenue

Up

$347,078

Up $127,982 (+58%) from 2023

Expenses

Up

$133,543

Up $24,338 (+22%) from 2023

Net Income

Up

$213,535

Up $103,644 (+94%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth66th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0M$4.0M$2.0M$0Assets 2011: $2,301,038Liabilities 2011: $0Net Assets 2011: $2,301,0382011Assets 2012: $3,192,000Liabilities 2012: $0Net Assets 2012: $3,192,0002012Assets 2013: $3,239,506Liabilities 2013: $0Net Assets 2013: $3,239,5062013Assets 2014: $3,690,126Liabilities 2014: $02014Assets 2020: $4,341,360Liabilities 2020: $0Net Assets 2020: $4,341,3602020Assets 2021: $4,712,537Liabilities 2021: $0Net Assets 2021: $4,712,5372021Assets 2022: $3,585,004Liabilities 2022: $0Net Assets 2022: $3,585,0042022Assets 2023: $4,027,258Liabilities 2023: $0Net Assets 2023: $4,027,2582023Assets 2024: $4,471,539Liabilities 2024: $0Net Assets 2024: $4,471,5392024Assets 2025: $4,973,357Liabilities 2025: $0Net Assets 2025: $4,973,3572025

Highlighted filing

2024

Assets$4,471,539
Liabilities$0
Net Assets$4,471,539
Open 2024 Filing

Operations Trend

Revenue Growth85th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2011: $88,273Expenses 2011: $108,874Net Income 2011: -$20,6012011Revenue 2012: $1,003,529Expenses 2012: $108,450Net Income 2012: $895,0792012Revenue 2013: $144,353Expenses 2013: $97,424Net Income 2013: $46,9292013Revenue 2014: $133,358Expenses 2014: $106,421Net Income 2014: $26,9372014Revenue 2020: $198,387Expenses 2020: $219,896Net Income 2020: -$21,5092020Revenue 2021: $460,682Expenses 2021: $184,955Net Income 2021: $275,7272021Revenue 2022: -$138,735Expenses 2022: $93,721Net Income 2022: -$232,4562022Revenue 2023: $219,096Expenses 2023: $109,205Net Income 2023: $109,8912023Revenue 2024: $347,078Expenses 2024: $133,543Net Income 2024: $213,5352024Revenue 2025: $214,111Expenses 2025: $152,561Net Income 2025: $61,5502025

Highlighted filing

2024

Revenue$347,078
Expenses$133,543
Net Income$213,535
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 21, 2025
Return Version
2024v5.1
Gross Receipts
$1,731,730
Mission and Program Overview

Mission

The Trust was created and shall be operated exclusively for the benefit of and in connection with the Department of Printing and Graphic Arts of the Houghton Library at Harvard University, a Massachusetts charitable and educational corporation.

Grants to the Houghton Library at Harvard University

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$4,027,258$4,471,539▲ $444,281
Investments in Publicly Traded Securities$3,882,539$4,237,985▲ $355,446
Savings and Temporary Cash Investments$144,719$233,554▲ $88,835
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Total Assets$4,027,258$4,471,539▲ $444,281
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,027,258$4,471,539▲ $444,281
Total Liabilities and Net Assets / Fund Balance$4,027,258$4,471,539▲ $444,281
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Alexander ThorndikeTrustee
Charles A CheeverTrustee
Kristin T AbatiTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$347,078
Other Revenue
$0
Change in Net Assets
$213,535
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$87,959
Other Expenses$45,584
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$87,959--$87,959
Fees for Service Investment Mgmnt Fees$26,225$16,074-$42,299
Fees for Services Accounting$1,625$1,625-$3,250
Other Expenses$35--$35
Total Functional Expenses$115,844$17,699$0$133,543
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
President and Fellows of Harvard CollegeCambridge, MA501(c)(3)Support for the Houghton Library at Harvard University$87,959
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, line 2

“The Trustees Charles A. Cheever, Kristin T. Abati, and Alexander Thorndike share a business relationship.”

Form 990, Part VI, Section A, line 3

“The trustees of the Organization delegate investment responsibility to Choate Investment Advisors, LLC, a registered investment advisor subsidiary of Choate Hall & Stewart, LLP.”

Form 990, Part VI, Section A, line 8B

“The Trust does not have committees with the authority to act on behalf of the governing body.”

Form 990, Part VI, Section B, line 11B

“The annual Form 990 (and state Form PC) are provided to the managing trustees review prior to those forms being filed.”

Form 990, Part VI, Section C, line 19

“The Trust makes all documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Philip Hofer Charitable Trust
EIN
04-6469904
Phone
6172485255
Address
Choate Hall Stewart PO Box 96101, Boston, MA 02196

Signing Officer

Name
Charles A Cheever
Title
Trustee
Phone
6172485255
Signed
2025-04-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Charles A Cheever
Formed
1981
Legal Domicile
Ma
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Baker Newman & Noyes
Address
PO Box 507, Portland, ME 04112
Preparer
Connor Smart
Phone
2078792100
Raw XML AppendixShowing 400 of 435 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0The Philip Hofer Charitable Trust exists exclusively to generate earnings on its investments in order to fund charitable grants to the Houghton Library at Harvard College. Almost all annual cash outlays paid by the Trust, other than grants, are for investment advisory fees, tax-compliance costs, minor administrative expenses, and state and tax filing fees. These costs are incurred by the Trust as a direct result of its investment activity, its grant-generating process, and its tax compliance requirements. Accordingly, all Trust expenditures in a given year are incurred in pursuit of the Trust's primary mission to support the Houghton Library. Therefore, all other operating costs incurred by the Trust can accurately be said to represent other monetary support paid for by the Trust for the benefit of Harvard College, the named supported organization.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1Due to the nature of the relationship between the Philip Hofer Charitable Trust's (the Trust) and the President and Fellows of Harvard College (the College), the College maintains a significant voice in the Trust's operations, and the Trust is responsive to the needs and demands of the College. The Trust's governing and trust documents mandate that the Trust's Board of Trustees shall always have three members, one of whom shall always be an individual appointed by the governing board of Harvard College, the named supported organization of the Trust. Additionally, it is mandated in the Trust's governing documents that the Trust is created to be operated exclusively for the benefit of and in connection with the Department of Printing and Graphic Arts of the Houghton Library at Harvard University (recognized as part of the President and Fellows of Harvard College). The Trust's governing documents further stipulate distribution requirements for grants paid to the College. The Trust's active trustees are required to submit an account of their administration of Trust-assets to the College each year, indicating the nature and performance of the Trust's investments. Additionally, every year, after the close of the Trust's tax year, the Trust submits to the College a notice of its type and amount of support, its most recently filed tax returns, and its most recently adopted governing documents (if amended or altered since the previous notice). As the College has direct influence over appointments to the Trust's Board, and because the Trust's investments must be reportable to the College and meet certain performance standards (in annual accountings provided to the College, the Trustees must ensure that the assets of the Trust meet a reasonable rate of return), the College holds a significant voice in the supporting organization's operations. For these reasons, the Trust satisfies the Responsiveness Test.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2In its tax year ending December 31, 2024, the Philip Hofer Charitable Trust (the Trust) paid direct grants of $87,959 to the President and Fellows of Harvard College (the College) for the purpose of maintaining and funding the Houghton Library. The Trust's operations and relationship with the College satisfies the attentiveness test for the following reasons: (1) the Trust only pays grants to Harvard College; (2) the grants paid to Harvard College are to be used exclusively to support the Houghton Library, one of many programs and initiatives at the College. The Library relies heavily on donations from the general public to maintain operations. Accordingly, the Trust's grants are significant to the Library, an on-going function and activity of the supported organization; (3) the College exercises significant influence and oversight over the Trust's operations, including the administration of the Trust's investments and decisions over board composition; and (4) the Trust and the College have worked together to provide funding for the College's Library since 1981, as of the Trust's inception. As addressed in the supplementary disclosure for the Trust's Form 990, Schedule A, Part IV, Section D, Lines 2-3, the Trust's operations and relationship with the College also satisfy the Responsiveness Test. Therefore, the Trust satisfies both the Responsiveness and the Attentiveness Tests. Accordingly, 100% of the Trust's annual grants paid to the College have been shown on the Trust's Schedule A, Part V, Section D, Line 8, distributions to attentive supported organizations to which the organization is responsive.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Schedule A, Part I, Line 12g, Column (vi):
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1Schedule A, Part IV, Section D, Lines 2-3:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2Schedule A, Part V, Section D, Line 8:
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IRS990ScheduleA/MinimumAssetAmountGrp/CashDeemedCharitableGrp/CurrentYearAmt065354
IRS990ScheduleA/MinimumAssetAmountGrp/CashDeemedCharitableGrp/PriorYearAmt056725
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IRS990ScheduleA/MinimumAssetAmountGrp/RecoveriesPYDistriMinAssetGrp/PriorYearAmt00
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IRS990ScheduleA/MinimumAssetAmountGrp/TotalMinimumAssetGrp/PriorYearAmt0130373
IRS990ScheduleA/OtherSupportSumAmt027850
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt087959
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0President and Fellows of Harvard College
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IRS990ScheduleA/SupportingOrgType3NonFuncInd0X
IRS990ScheduleA/SupportSumAmt087959
IRS990/ScheduleBRequiredInd00
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt087959
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Support for the Houghton Library at Harvard University
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0President and Fellows of Harvard College
IRS990ScheduleI/RecipientTable/RecipientEIN0042103580
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt01033 Massachusetts Avenue Suite 3
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Cambridge
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd002138
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The Philip Hofer Charitable Trust's primary exempt mission is to generate funds and investment-earnings to be used in the support of the Houghton Library at the President and Fellows of Harvard College. As such, Harvard College is the only organization to which the Trust awards charitable donations. Records and documentation of the Trust's annual giving and support of Harvard College is maintained in the Trust's portfolio statements. In addition, Harvard College approves a portion of the Trust's appointees to its Board of Directors, the Trust must submit administration-reports to the College annually, and the College also has certain oversight and control powers over the Trust.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 2:
IRS990ScheduleI/Total501c3OrgCnt01
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Trustees Charles A. Cheever, Kristin T. Abati, and Alexander Thorndike share a business relationship.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The trustees of the Organization delegate investment responsibility to Choate Investment Advisors, LLC, a registered investment advisor subsidiary of Choate Hall & Stewart, LLP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Trust does not have committees with the authority to act on behalf of the governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The annual Form 990 (and state Form PC) are provided to the managing trustees review prior to those forms being filed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Trust makes all documents available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, line 19
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IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0Line 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt01033 Massachusetts Avenue Suite 3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Cambridge
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IRS990/USAddress/AddressLine1Txt0Choate Hall Stewart PO Box 961019
IRS990/USAddress/CityNm0Boston

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,471,539
Liabilities
$0
Net assets
$4,471,539
Revenue
$347,078
Expenses
$133,543
Net income
$213,535
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$4.97$0.00$4.97$0.21$0.15$0.06
2024Detailed filing. Detailed filing data is available for this year.$4.47$0.00$4.47$0.35$0.13$0.21
2023Detailed filing. Detailed filing data is available for this year.$4.03$0.00$4.03$0.22$0.11$0.11
2022Detailed filing. Detailed filing data is available for this year.$3.59$0.00$3.59$0.14$0.09$0.23
2021Detailed filing. Detailed filing data is available for this year.$4.71$0.00$4.71$0.46$0.18$0.28
2020Detailed filing. Detailed filing data is available for this year.$4.34$0.00$4.34$0.20$0.22$0.02
2014Summary only. Only limited summary data is available for this year.$3.69$0.00$0.13$0.11$0.03
2013Summary only. Only limited summary data is available for this year.$3.24$0.00$3.24$0.14$0.10$0.05
2012Summary only. Only limited summary data is available for this year.$3.19$0.00$3.19$1.00$0.11$0.90
2011Summary only. Only limited summary data is available for this year.$2.30$0.00$2.30$0.09$0.11$0.02