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Nonprofit · EIN 56-2002871

SOUTHERN BANK FOUNDATION

Tax-exempt · MOUNT OLIVE, NC 28365

Financials

$1.8M$989K2023$1.5M$1.2M2024
Revenue Expenses · by fiscal year end
Financials of SOUTHERN BANK FOUNDATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990-PF$1,480,995$1,204,549$276,446$16,297,091$445,000$15,852,091
December 31, 2023990-PF$1,829,801$989,106$840,695$15,850,644$275,000$15,575,644
Financial details: 990-PF for the year ended December 31, 2024

Revenue

Dividends
$949,644
Net gain from sales of assets
$531,192
Other income
$159

Expenses

Grants and similar amounts paid
$1,161,294
Disbursements for charitable purposes
$1,161,294
Excise tax on investment income
$20,584

Balance sheet and other

Total assets, start of year
$15,850,644
Total assets, end of year
$16,297,091
Total liabilities, end of year
$445,000
Net assets, end of year
$15,852,091
Fair market value of assets
$19,199,784
Qualifying distributions
$1,161,294
Net investment income
$1,480,836

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990-PF for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensation
Hope H Bryant
PO Box 729, Mt Olive, NC 283650729
Director0$0
John C Pegram Jr
PO Box 729, Mt Olive, NC 283650729
Director0$0
Julian R Aycock
PO Box 729, Mt Olive, NC 283650729
Director0$0
William H Bryan
PO Box 729, Mt Olive, NC 283650729
Director0$0
David L Sauls Jr
PO Box 729, Mt Olive, NC 283650729
Treasurer0$0
Drew M Covert
PO Box 729, Mt Olive, NC 283650729
President & Director0$0
Hope M Fields
PO Box 729, Mt Olive, NC 283650729
Secretary0$0
John H Gray
PO Box 729, Mt Olive, NC 283650729
Assistant Treasurer0$0
Lisa R Sanderson
PO Box 729, Mt Olive, NC 283650729
Assistant Secretary0$0
Stacey D Herring
PO Box 729, Mt Olive, NC 283650729
Assistant Treasurer0$0
Samuel A Clark
PO Box 729, Mt Olive, NC 283650729
Assistant Treasurer0$0
990-PF for the year ended December 31, 2023: 9 people
NameTitleHours / weekCompensation
Lisa R Sanderson
PO Box 729, Mt Olive, NC 283650729
Assistant Secretary0$0
David L Sauls
PO Box 729, Mt Olive, NC 283650729
Treasurer0$0
Hope M Fields
PO Box 729, Mt Olive, NC 283650729
Secretary0$0
Drew M Covert
PO Box 729, Mt Olive, NC 283650729
President & Director0$0
John C Pegram Jr
PO Box 729, Mt Olive, NC 283650729
Director0$0
Julian R Aycock
PO Box 729, Mt Olive, NC 283650729
Director0$0
William H Bryan
PO Box 729, Mt Olive, NC 283650729
Director0$0
Hope H Bryant
PO Box 729, Mt Olive, NC 283650729
Director0$0
John H Gray
PO Box 729, Mt Olive, NC 283650729
Assistant Treasurer0$0

Address and contacts

Address (IRS master file)
PO BOX 729, MOUNT OLIVE, NC 28365-0729
In care of
% DAVID SAULS
Signed the 990-PF
David L Sauls, Treasurer
Phone
(919) 658-7000
Return prepared by
Forvis Mazars LLP

What it must file and when

IRS records say it files Form 990-PF. Private foundations file every year. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990-PF on file
2023December 31, 2023May 15, 2024990-PF on file

IRS record

EIN
56-2002871
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Private non-operating foundation
Donations deductible (Pub 78)
Private foundation, 30% limit
Exempt since
1997
Accounting year ends
December
Files
Form 990-PF
Assets (IRS master file)
$16,297,091
Income (IRS master file)
$3,199,803

Filing history

FormYear endedRevenueExpensesAssetsReturn
990-PFDecember 2024$1,480,995$1,204,549$16,297,091XML
990-PFDecember 2023$1,829,801$989,106$15,850,644XML
990-PFDecember 2022–––IRS
990-TDecember 2022–––IRS
990-PFDecember 2021–––IRS
990-TDecember 2021–––IRS
990-PFDecember 2020–––IRS
990-TDecember 2020–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 56-2002871).

Questions about SOUTHERN BANK FOUNDATION

What is the EIN of SOUTHERN BANK FOUNDATION?
The employer identification number (EIN) of SOUTHERN BANK FOUNDATION is 56-2002871.
Is SOUTHERN BANK FOUNDATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1997.
Are donations to SOUTHERN BANK FOUNDATION tax-deductible?
Yes. It is listed in IRS Publication 78 (Private foundation, 30% limit).
Which annual return does SOUTHERN BANK FOUNDATION file?
Form 990-PF. Private foundations file every year.
When is the next return of SOUTHERN BANK FOUNDATION due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did SOUTHERN BANK FOUNDATION last file with the IRS?
The latest return in the IRS public files is the 990-PF for the year ended December 2024.
Who are the officers and directors of SOUTHERN BANK FOUNDATION?
The 990-PF for the year ended December 31, 2024 lists 11 people; 0 received compensation from the organization.
How much revenue does SOUTHERN BANK FOUNDATION have?
On its 990-PF for the year ended December 31, 2024 it reported revenue of $1,480,995, expenses of $1,204,549 and total assets of $16,297,091 at year end.

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