Civic Intelligence

The Community Foundation of Gaston County Inc

990 • Fiscal year 2020 • EIN 58-1340834

Jan 01, 2020 to Dec 31, 2020 • Filed on May 13, 2021

Organization ProfileWWW.CFGASTON.ORG
PO Box 123Gastonia, NC 28053

(704) 864-0927

Siviq Scores

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

Liabilities / Assets

44th percentile

0.25x

Higher debt load relative to assets than 44% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Liabilities / Revenue

88th percentile

3.76x

Higher debt load relative to revenue than 88% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Net Margin

69th percentile

11%

Higher net margin than 69% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Top Officer Pay

8th percentile

$166,069

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Asset Growth

67th percentile

11%

Faster asset growth than 67% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Revenue Growth

60th percentile

5.4%

Faster revenue growth than 60% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets44th percentile

Assets

Flat

$102,747,982

Flat from 2020

Net Assets

Flat

$76,820,665

Flat from 2020

Liabilities

Flat

$25,927,317

Flat from 2020

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin69th percentile

Revenue

Flat

$6,893,354

Flat from 2020

Expenses

Flat

$6,125,066

Flat from 2020

Net Income

Flat

$768,288

Flat from 2020

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

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

$150M$100M$50M$0Assets 2011: $52,574,986Liabilities 2011: $13,908,575Net Assets 2011: $38,666,4112011Assets 2012: $60,174,142Liabilities 2012: $18,092,639Net Assets 2012: $42,081,5032012Assets 2013: $69,984,305Liabilities 2013: $21,678,615Net Assets 2013: $48,305,6902013Assets 2014: $72,875,069Liabilities 2014: $22,864,339Net Assets 2014: $50,010,7302014Assets 2015: $81,636,753Liabilities 2015: $23,230,093Net Assets 2015: $58,406,6602015Assets 2016: $84,122,549Liabilities 2016: $23,859,835Net Assets 2016: $60,262,7142016Assets 2017: $97,010,137Liabilities 2017: $28,847,071Net Assets 2017: $68,163,0662017Assets 2018: $83,337,826Liabilities 2018: $22,481,191Net Assets 2018: $60,856,6352018Assets 2019: $92,745,726Liabilities 2019: $23,774,861Net Assets 2019: $68,970,8652019Assets 2020: $102,747,982Liabilities 2020: $25,927,317Net Assets 2020: $76,820,6652020Assets 2020: $102,747,982Liabilities 2020: $25,927,317Net Assets 2020: $76,820,6652020Assets 2021: $124,627,590Liabilities 2021: $30,072,266Net Assets 2021: $94,555,3242021Assets 2022: $120,059,448Liabilities 2022: $32,361,249Net Assets 2022: $87,698,1992022Assets 2023: $126,209,800Liabilities 2023: $32,836,711Net Assets 2023: $93,373,0892023Assets 2024: $145,388,423Liabilities 2024: $45,226,758Net Assets 2024: $100,161,6652024

Highlighted filing

2020

Assets$102,747,982
Liabilities$25,927,317
Net Assets$76,820,665
Open 2020 Filing

Operations Trend

Revenue Growth60th percentile

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2011: $3,416,4212011Revenue 2012: $3,991,323Expenses 2012: $3,859,121Net Income 2012: $132,2022012Revenue 2013: $8,114,424Expenses 2013: $4,621,382Net Income 2013: $3,493,0422013Revenue 2014: $7,476,197Expenses 2014: $4,770,015Net Income 2014: $2,706,1822014Revenue 2015: $17,344,755Expenses 2015: $5,911,343Net Income 2015: $11,433,4122015Revenue 2016: $7,135,812Expenses 2016: $5,833,932Net Income 2016: $1,301,8802016Revenue 2017: $10,638,126Expenses 2017: $8,266,067Net Income 2017: $2,372,0592017Revenue 2018: $6,828,548Expenses 2018: $7,605,213Net Income 2018: -$776,6652018Revenue 2019: $6,541,595Expenses 2019: $7,170,989Net Income 2019: -$629,3942019Revenue 2020: $6,893,354Expenses 2020: $6,125,066Net Income 2020: $768,2882020Revenue 2020: $6,893,354Expenses 2020: $6,125,066Net Income 2020: $768,2882020Revenue 2021: $17,636,833Expenses 2021: $7,216,671Net Income 2021: $10,420,1622021Revenue 2022: $13,988,192Expenses 2022: $7,152,255Net Income 2022: $6,835,9372022Revenue 2023: $9,263,491Expenses 2023: $8,944,535Net Income 2023: $318,9562023Revenue 2024: $12,089,275Expenses 2024: $11,491,725Net Income 2024: $597,5502024

Highlighted filing

2020

Revenue$6,893,354
Expenses$6,125,066
Net Income$768,288
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 13, 2021
Return Version
2020v4.1
Gross Receipts
$28,039,955
Mission and Program Overview

Mission

Gaston community foundation is the primary steward of philanthropic giving by connecting donors with community needs to enhance the lives of present and future generations.

Provide support to charitable organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$72,392,572$78,806,911▲ $6,414,339
Investments Other Securities$17,623,163$18,903,502▲ $1,280,339
Savings and Temporary Cash Investments$1,672,132$2,908,597▲ $1,236,465
Land, Buildings, and Equipment, Net$261,466$1,338,387▲ $1,076,921
Cash and Non-Interest-Bearing Accounts$297,660$277,789▼ $19,871
Other Notes and Loans Receivable, Net$125,656$69,442▼ $56,214
Prepaid Expenses and Deferred Charges$18,977$33,255▲ $14,278
Accounts Receivable$2,331$2,062▼ $269
Total Assets$92,745,726$102,747,982▲ $10,002,256
Other Assets Total$351,769$408,037▲ $56,268
Liabilities
Escrow Account Liability$21,332,484$23,631,641▲ $2,299,157
Other Liabilities$1,579,636$1,471,715▼ $107,921
Grants Payable$862,741$821,021▼ $41,720
Deferred Revenue-$2,940-
Total Liabilities$23,774,861$25,927,317▲ $2,152,456
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$49,202,539$55,512,505▲ $6,309,966
Net Assets With Donor Restrictions$19,768,326$21,308,160▲ $1,539,834
Total Net Assets Fund Balance$68,970,865$76,820,665▲ $7,849,800
Total Liabilities and Net Assets / Fund Balance$92,745,726$102,747,982▲ $10,002,256

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,317,000-$675,000
Equipment$10,075$113,936$124,011
Leasehold Improvements$11,312$6,918$18,230
Other Securities$18,903,502--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$29,191,294$1,034,618▲ $3,640,085-$32,080,605
2019$25,716,485$847,875▲ $4,118,442-$29,191,294
2018$28,550,407$-874,507▼ $374,794-$25,716,485
2017$13,741,070$87,720▲ $1,758,729-$14,724,615
2016$13,807,004$35,422▲ $276,750-$13,741,070
Compensation and Service Providers
Top Officer Pay8th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ernest W SumnerPresidentFT$150,000$16,069$166,069

Board Members and Trustees

NameTitle
Tim EfirdBoard Chair
Nancy PaschallBoard Vice Chair
Arthur Spencer IvDevelopment Director
Anderson WarlickDirector
Christa HeiligDirector
Danny JacksonDirector
David WoffordDirector
Dr Ben HintonDirector
Dr Johnathan WilliamsDirector
Dr Ramada SmithDirector
Gayle KershDirector
Harding StoweDirector
John McgillDirector
Kathleen BoyceDirector
May BargerDirector
May RobinsonDirector
Robert CaldwellDirector
David RogersInvestment Director
Laurie NessSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,059,558
Program Service Revenue
$210,757
Investment Income
$1,558,283
Other Revenue
$64,756
All Other Contributions
$5,059,558
Change in Net Assets
$768,288

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded26$759,966Fair Market Value
Real Estate Commercial1$675,000Fair Market Value
Real Estate Other1$400,000Fair Market Value
Total Noncash Contributions28$1,834,966-

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,789,239
Revenue Not Reported on Financial Statements
$104,115
Revenue Not Reported on Form 990
$7,081,512
Total Revenue per Audited Statements
$13,870,751
Total Revenue per Form 990
$6,893,354
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,293,118
Salaries, Compensation, and Employee Benefits$507,116
Other Expenses$324,832
Total Fundraising Expense$201,601
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$5,293,118--$5,293,118
Other Salaries and Wages$73,250$111,527$71,590$256,367
Current Officers, Directors, Trustees, and Key Employees$47,450$72,245$46,374$166,069
Fees for Service Investment Mgmnt Fees-$104,115-$104,115
Occupancy$20,423$36,990$19,962$77,375
Other Employee Benefits$15,520$23,630$15,169$54,319
Office Expenses$11,318$17,233$11,062$39,613
Payroll Taxes$8,675$13,208$8,478$30,361
Advertising$7,900$12,029$7,721$27,650
Information Technology$6,358$9,681$6,214$22,253
Fees for Services Accounting$5,947$9,055$5,812$20,814
Insurance$3,815$5,808$3,728$13,351
Other Expenses$2,985$4,545$2,917$10,447
Depreciation Depletion$1,273$1,939$1,245$4,457
Conferences and Meetings$851$1,296$832$2,979
Travel$465$708$455$1,628
Fees for Services Legal$43$65$42$150
Total Functional Expenses$5,499,391$424,074$201,601$6,125,066

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$6,125,066
Expenses per Audited Statements$6,020,951
Total Expenses per Audited Statements$6,020,951
Expenses Not Reported on Financial Statements$104,115
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
First United Methodist Church of GastoniaGastonia, NC501(c)(3)General Support$310,550
Gaston County Family YmcaGastonia, NC501(c)(3)General Support$309,882
Habitat for Humanity of Gaston CountyGastonia, NC501(c)(3)General Support$280,970
United Way of Gaston CountyGastonia, NC501(c)(3)General Support$260,862
Gaston College Foundation IncDallas, NC501(c)(3)General Support$230,568
Crisis Assistance MinistryGastonia, NC501(c)(3)General Support$171,879
First Arp Church of GastoniaGastonia, NC501(c)(3)General Support$164,888
Gaston Community ChurchGastonia, NC501(c)(3)General Support$152,000
Boys and Girls Clubs of Greater GastonGastonia, NC501(c)(3)General Support$140,139
Piedmont Council Boy Scouts of AmericaGastonia, NC501(c)(3)General Support$110,580
First Presbyterian Church of GastoniaGastonia, NC501(c)(3)General Support$109,400
Salvation ArmyGastonia, NC501(c)(3)General Support$98,113
Dream Center Academy IncGastonia, NC501(c)(3)General Support$90,261
Gaston Day SchoolGastonia, NC501(c)(3)General Support$87,493
Moments of Hope ChurchCharlotte, NC501(c)(3)General Support$70,000
Gaston County Parks and RecreationDallas, NCGovernmentGeneral Support$66,638
Holy Angels IncBelmont, NC501(c)(3)General Support$55,785
Girl Scouts Carolinas Peaks to PiedmontColfax, NC501(c)(3)General Support$55,675
Gaston Literacy Council IncGastonia, NC501(c)(3)General Support$52,576
Gaston TogetherGastonia, NC501(c)(3)General Support$51,973
Animal League of Gaston CountyGastonia, NC501(c)(3)General Support$46,838
First Presbyterian Church of BelmontBelmont, NC501(c)(3)General Support$42,620
Catawba Lands ConservancyCharlotte, NC501(c)(3)General Support$41,910
Gastonia Potters House IncLowell, NC501(c)(3)General Support$40,891
Crisis Pregnancy CenterGastonia, NC501(c)(3)General Support$40,340
Philadelphia Evangelical Lutheran ChurchDallas, NC501(c)(3)General Support$40,000
Backpack Weekend Food Program IncGastonia, NC501(c)(3)General Support$39,648
Daniel Stowe Botanical GardenBelmont, NC501(c)(3)General Support$39,640
Schiele MuseumGastonia, NC501(c)(3)General Support$38,858
Gaston School of the ArtsGastonia, NC501(c)(3)General Support$38,494
Nc State UniversityRaleigh, NCGovernmentGeneral Support$38,250
University of North Carolina Chapel HillChapel Hill, NCGovernmentGeneral Support$37,300
Heart Society of Gaston County IncGastonia, NC501(c)(3)General Support$36,408
World WitnessGreenville, SC501(c)(3)General Support$35,500
Tarheel TrailblazersMooresville, NC501(c)(3)General Support$33,296
Gaston Christian School IncGastonia, NC501(c)(3)General Support$32,065
Unc CharlotteCharlotte, NCGovernmentGeneral Support$31,750
Smile for a Lifetime FoundationColorado Springs, CO501(c)(3)General Support$30,000
Gaston HospiceGastonia, NC501(c)(3)General Support$29,567
PurehopeCincinnati, OH501(c)(3)General Support$25,000
Gaston CollegeDallas, NC501(c)(3)General Support$24,901
Gaston County Education FoundationGastonia, NC501(c)(3)General Support$24,320
Least of These CarolinasGastonia, NC501(c)(3)General Support$23,800
Tri-county Animal Rescue IncAlexis, NC501(c)(3)General Support$22,315
Second Harvest Food Bank of MetrollinaCharlotte, NC501(c)(3)General Support$21,850
Cornerstone Christian CenterGastonia, NC501(c)(3)General Support$20,950
CATHERINE'S HOUSE INCBelmont, NC501(c)(3)General Support$20,848
Davidson United Methodist ChurchDavidson, NC501(c)(3)General Support$20,000
Camp SunshineDecatur, GA501(c)(3)General Support$19,594
Gaston County Family PromiseGastonia, NC501(c)(3)General Support$19,024
Victory Farm IncGastonia, NC501(c)(3)General Support$19,005
First United Methodist Church of BelmontBelmont, NC501(c)(3)General Support$19,000
Cathy Mabry Cloninger Center - Domestic Violence ShelterGastonia, NCGovernmentGeneral Support$18,251
Off the Streets Program IncGastonia, NC501(c)(3)General Support$17,835
Shining Hope FarmsMount Holly, NC501(c)(3)General Support$17,645
Fellowship of Christian AthletesGastonia, NC501(c)(3)General Support$17,408
Eastern Lincoln Historical Society IncDenver, NC501(c)(3)General Support$17,123
Hospice of the Carolinas FoothillsForest City, NC501(c)(3)General Support$17,000
Gaston Arts CouncilGastonia, NC501(c)(3)General Support$16,975
Friends of the Gaston Co Public LibraryGastonia, NC501(c)(3)General Support$16,823
Belmont Community OrganizationBelmont, NC501(c)(3)General Support$15,118
Climb for HaitiHuxley, IA501(c)(3)General Support$15,000
Gaston Innovation GroupBelmont, NC501(c)(3)General Support$15,000
Greater Gaston Baptist AssociationGastonia, NC501(c)(3)General Support$15,000
Habitat for Humanity CharlotteCharlotte, NC501(c)(3)General Support$15,000
Now OutreachLowell, NC501(c)(3)General Support$15,000
Covenant Village IncGastonia, NC501(c)(3)General Support$14,888
Gardner-webb UniversityBoiling Springs, NC501(c)(3)General Support$14,495
Caromont Health FoundationGastonia, NC501(c)(3)General Support$13,400
Mount Holly Community GardenMount Holly, NC501(c)(3)General Support$13,343
Cancer Services of Gaston County IncGastonia, NC501(c)(3)General Support$13,310
Belmont Abbey CollegeBelmont, NC501(c)(3)General Support$13,258
Kintegra HealthGastonia, NC501(c)(3)General Support$13,165
Mended HeartsGastonia, NC501(c)(3)General Support$13,118
Ignited Minds ChildcareGastonia, NC501(c)(3)General Support$12,582
Young Life Gaston CountyGastonia, NC501(c)(3)General Support$12,579
Baptist State Convention of North CarolinaPleasant Garden, NC501(c)(3)General Support$12,498
Gaston Area Lutheran FoundationGastonia, NC501(c)(3)General Support$12,498
Carolina Thread TrailCharlotte, NC501(c)(3)General Support$12,149
With Friends IncGastonia, NC501(c)(3)General Support$12,112
First Presbyterian Church of StanleyStanley, NC501(c)(3)General Support$12,000
Second HelpingsHilton Head Island, SC501(c)(3)General Support$12,000
Davidson CollegeDavidson, NC501(c)(3)General Support$11,841
Ashbrook Foundation IncGastonia, NC501(c)(3)General Support$11,523
Place of RefugeGastonia, NC501(c)(3)General Support$11,012
Presbyterian Church USAPittsburgh, PA501(c)(3)General Support$11,000
Stowe Family YmcaBelmont, NC501(c)(3)General Support$11,000
Western Carolina UniversityCullowhee, NCGovernmentGeneral Support$10,750
American Red Cross Carolina Piedmont RegionGastonia, NC501(c)(3)General Support$10,250
BAPTIST CHILDREN'S HOME OF NC INCThomasville, NC501(c)(3)General Support$10,245
Cherryville Area MinistriesCherryville, NC501(c)(3)General Support$10,225
Bit of Hope RanchGastonia, NC501(c)(3)General Support$10,103
Central Presbyterian ChurchAnderson, SC501(c)(3)General Support$10,000
City of BelmontBelmont, NCGovernmentGeneral Support$10,000
Cultivate LifeBelmont, NC501(c)(3)General Support$10,000
Dry Ridge Historical MuseumWeaverville, NC501(c)(3)General Support$10,000
Erskine CollegeDue West, SC501(c)(3)General Support$10,000
HopequestWoodstock, GA501(c)(3)General Support$10,000
Pines at DavidsonDavidson, NC501(c)(3)General Support$10,000
Promise for HaitiNashville, TN501(c)(3)General Support$10,000
Rebuilding ParadiseCharlotte, NC501(c)(3)General Support$10,000
University of South CarolinaColumbia, SCGovernmentGeneral Support$10,000
Worldteam USA IncWarrington, PA501(c)(3)General Support$10,000
Camp Sertoma of Gaston CountyDallas, NC501(c)(3)General Support$9,755
Nc a & T UniversityGreensboro, NCGovernmentGeneral Support$9,500
Socks IncMcadenville, NC501(c)(3)General Support$9,180
Mount Holly Farmers MarketMount Holly, NC501(c)(3)General Support$9,171
Gaston Aquatics IncGastonia, NC501(c)(3)General Support$9,100
Black Mountain Home for Children Youth and FamiliesBlack Mountain, NC501(c)(3)General Support$8,850
Keep Gastonia BeautifulGastonia, NC501(c)(3)General Support$8,560
Mount Holly Community Relief OrganizationMount Holly, NC501(c)(3)General Support$8,541
Appalachian State UniversityBoone, NCGovernmentGeneral Support$8,500
Belmont Historical Society IncBelmont, NC501(c)(3)General Support$8,446
Gaston Residential Services IncGastonia, NC501(c)(3)General Support$8,040
Wingate UniversityWingate, NCGovernmentGeneral Support$8,000
Dallas Christian MinistryDallas, NC501(c)(3)General Support$7,989
Crowders Ridge Camp & Retreat CenterLowell, NC501(c)(3)General Support$7,518
Averett UniversityDanville, VA501(c)(3)General Support$7,500
ST MARK'S EPISCOPAL CHURCHGastonia, NC501(c)(3)General Support$7,350
Unc GreensboroGreensboro, NCGovernmentGeneral Support$7,000
York County Animal ShelterYork, SCGovernmentGeneral Support$7,000
Pleasant Ridge Elementary SchoolGastonia, NCGovernmentGeneral Support$6,500
American Legion Post 23Gastonia, NC501(c)(3)General Support$6,464
Central Piedmont Community CollegeCharlotte, NCGovernmentGeneral Support$6,400
Christ Community Baptist ChurchGastonia, NC501(c)(3)General Support$6,100
Howard UniversityWashington, DC501(c)(3)General Support$6,000
Kings Mountain High SchoolKings Mountain, NCGovernmentGeneral Support$6,000
Queens University of CharlotteCharlotte, NC501(c)(3)General Support$6,000
Mount Holly Community Development FoundationMount Holly, NC501(c)(3)General Support$5,680
Covenant Community School IncGastonia, NC501(c)(3)General Support$5,565
NavigatorsAlbert Lea, MN501(c)(3)General Support$5,500
Covenant Baptist ChurchGastonia, NC501(c)(3)General Support$5,496
First Wesleyan Christian SchoolGastonia, NC501(c)(3)General Support$5,496
Southern Wesleyan UniversityCentral, SC501(c)(3)General Support$5,496
Rotary Community Garden of Gastonia IncGastonia, NC501(c)(3)General Support$5,386
Smith Cemetery Historic Preservation AssociationCharlotte, NC501(c)(3)General Support$5,264
Gaston Dance IncGastonia, NC501(c)(3)General Support$5,256

International Summary

Offices
0
Employees
0
Spending
$18,903,502

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$13,786,775
EuropeInvestments-00$5,116,727
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuities Payable$1,382,032
Annuity Remainder Payable$89,683
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“In order to protect the privacy of the donors, a public disclosure copy of the form 990 is reviewed by the board prior to filing the return.”

Form 990, Part VI, Section B, Line 12C

“Board members review annually for any conflicts of interest. The president and financial coordinator review all transactions to ensure compliance. In the event of a potential conflict, that member will recuse themselves from all discussion and vote.”

Form 990, Part VI, Section B, Line 15

“The executive committee reviews compensation and compares to the data available through the council on foundations. All discussions are documented in the meeting minutes.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Gaston Community Foundation
EIN
58-1340834
Phone
7048640927
Address
PO BOX 123, GASTONIA, NC 28053

Signing Officer

Name
Ernest W Sumner
Title
President
Phone
7048640927
Signed
2021-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ernest W Sumner
Formed
1978
Legal Domicile
Nc
Voting Board Members
19
Independent Board Members
19
Employees
7
Volunteers
250

Preparer

Firm
Cherry Bekaert Llp
Address
1111 METROPOLITAN AVE STE 900, CHARLOTTE, NC 28204
Preparer
Amanda Adams
Phone
7043771678
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in cash surrender value of life insurance 56,268. Change in value of annuity obligations 126,996.”

Financial Statement Notes

PART IV, LINE 2B:

“When a fund is established at gcf with funds contributed by an organization (the "donor") and the donor is also named the beneficiary of the fund and receives distributions of income, subject to gcf's spending policy, it is considered a reciprocal transfer in accordance with asc 958-605. Accordingly, gcf reports such funds as assets with an offsetting liability.”

PART V, LINE 4:

“The foundation's endowment consists of 43 individual donor restricted funds established for a variety of purposes. Net assets associated with endowment funds, including funds designated by the board of directors to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions.”

PART X, LINE 2:

“The foundation is exempt from federal income tax under the provisions of section 501(c)(3) of the internal revenue code ("irc"). In accordance with irc regulations, the foundation is taxed on unrelated business income, which consists of earnings from activities not related to the exempt purpose of the foundation. The foundation accounts for tax uncertainties based on a more likely than not recognition threshold whereby tax benefits are only recognized when the foundation believes that they have a greater than 50% likelihood of being sustained upon examination by taxing authorities. The foundation has evaluated all of its tax positions and determined that it had no uncertain income tax positions as of december 31, 2020 or 2019. Management believes that the foundation continues to satisfy the requirements of a tax exempt organization and is not subject to tax. Accordingly, no provision for income taxes has been reflected in the accompanying financial statements.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Change in cash surrender value of life insurance 56,268. Change in value of annuity obligations 126,996.”

Raw XML AppendixShowing 400 of 1,917 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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IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0768288

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$102,747,982
Liabilities
$25,927,317
Net assets
$76,820,665
Revenue
$6,893,354
Expenses
$6,125,066
Net income
$768,288
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$145$45.2$100$12.1$11.5$0.60
2023Summary only. Only limited summary data is available for this year.$126$32.8$93.4$9.26$8.94$0.32
2022Summary only. Only limited summary data is available for this year.$120$32.4$87.7$14.0$7.15$6.84
2021Summary only. Only limited summary data is available for this year.$125$30.1$94.6$17.6$7.22$10.4
2020Detailed filing. Detailed filing data is available for this year.$103$25.9$76.8$6.89$6.13$0.77
2020Summary only. Only limited summary data is available for this year.$103$25.9$76.8$6.89$6.13$0.77
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$92.7$23.8$69.0$6.54$7.17$0.63
2018Summary only. Only limited summary data is available for this year.$83.3$22.5$60.9$6.83$7.61$0.78
2017Summary only. Only limited summary data is available for this year.$97.0$28.8$68.2$10.6$8.27$2.37
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$84.1$23.9$60.3$7.14$5.83$1.30
2015Detailed filing. Detailed filing data is available for this year.$81.6$23.2$58.4$17.3$5.91$11.4
2014Detailed filing. Detailed filing data is available for this year.$72.9$22.9$50.0$7.48$4.77$2.71
2013Detailed filing. Detailed filing data is available for this year.$70.0$21.7$48.3$8.11$4.62$3.49
2012Summary only. Only limited summary data is available for this year.$60.2$18.1$42.1$3.99$3.86$0.13
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$52.6$13.9$38.7$3.42