Nonprofit · EIN 58-1368915
LIPSCOMB FAMILY FOUNDATION
Tax-exempt · MINNEAPOLIS, MN 55439
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990-PF | $1,895,299 | $1,144,653 | $750,646 | $14,129,332 | $10,000 | $14,119,332 |
| December 31, 2023 | 990-PF | $828,588 | $996,901 | -$168,313 | $13,263,554 | $0 | $13,263,554 |
Financial details: 990-PF for the year ended December 31, 2024
Revenue
- Dividends
- $175,061
- Interest
- $138,345
- Net gain from sales of assets
- $1,580,086
- Other income
- $1,807
Expenses
- Grants and similar amounts paid
- $772,300
- Compensation of officers, directors and key employees
- $171,000
- Disbursements for charitable purposes
- $962,024
- Excise tax on investment income
- $23,806
Balance sheet and other
- Total assets, start of year
- $13,263,554
- Total assets, end of year
- $14,129,332
- Total liabilities, end of year
- $10,000
- Net assets, end of year
- $14,119,332
- Fair market value of assets
- $16,831,665
- Qualifying distributions
- $962,024
- Net investment income
- $1,895,299
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.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MARGARET FOSTER 8360 Xylon Circle S, Bloomington, MN 55438 | EXECUTIVE DIRECTOR | 40 | $126,000 | $8,255 |
| LOUISE L HOWELL 90 N SHELMORE BLVD, MT PLEASANT, SC 29464 | Vice President | 2 | $5,000 | $0 |
| ELIZABETH L TRACY 564 NORTH FORK ROAD, BLACK MOUNTAIN, NC 28711 | TRUSTEE | 2 | $5,000 | $0 |
| Ben Cheek 6910 SE Taggart Street, Portland, OR 97206 | Trustee | 2 | $5,000 | $0 |
| Savannah Tracy 5108 W 74th Street, Box 390024, Minneapolis, MN 554392300 | Trustee | 2 | $5,000 | $0 |
| Kristen Tufts 1499 Ravens Bluff Rd, Johns Island, SC 29455 | Secretary | 2 | $5,000 | $0 |
| MARSHALL FOSTER 126 Creekside Rd, Greenville, SC 29607 | Trustee | 2 | $5,000 | $0 |
| Christopher Cheek 941 ENDICOTT STREET, CHATTANOOGA, TN 37405 | Treasurer | 2 | $5,000 | $0 |
| Guy Tracy 7207 CORDELIA COURT, AUSTIN, TX 78741 | President | 2 | $5,000 | $0 |
| GEORGIA L CHEEK 209 GLASGOW TRAIL, BLACK MOUNTAIN, NC 28711 | Trustee | 2 | $5,000 | $0 |
990-PF for the year ended December 31, 2023: 10 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MARGARET FOSTER 8360 Xylon Circle S, Bloomington, MN 55438 | EXECUTIVE DIRECTOR | 40 | $126,000 |
| MARSHALL FOSTER 126 Creekside Rd, Greenville, SC 29607 | PRESIDENT | 2 | $5,000 |
| Christopher Cheek 941 ENDICOTT STREET, CHATTANOOGA, TN 37405 | VICE PRESIDENT | 2 | $5,000 |
| Guy Tracy 7207 CORDELIA COURT, AUSTIN, TX 78741 | SECRETARY | 2 | $5,000 |
| GEORGIA L CHEEK 209 GLASGOW TRAIL, BLACK MOUNTAIN, NC 28711 | TREASURER | 2 | $5,000 |
| LOUISE L HOWELL 90 N SHELMORE BLVD, MT PLEASANT, SC 29464 | TRUSTEE | 2 | $5,000 |
| ELIZABETH L TRACY 564 NORTH FORK ROAD, BLACK MOUNTAIN, NC 28711 | TRUSTEE | 2 | $5,000 |
| Ben Cheek 6910 SE Taggart Street, Portland, OR 97206 | truSTEE | 2 | $5,000 |
| Charlie Mather 8484 Winnsboro Rd, Blythewood, SC 29016 | truSTEE | 2 | $5,000 |
| Kristen Tufts 1499 Ravens Bluff Rd, Johns Island, SC 29455 | Trustee | 2 | $5,000 |
Address and contacts
- Address (IRS master file)
- 5108 W 74TH ST UNIT 390024, MINNEAPOLIS, MN 55439-2375
- Signed the 990-PF
- Margaret Foster, Executive Director
- Phone
- (803) 765-4567
- 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 year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990-PF on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990-PF on file |
IRS record
- EIN
- 58-1368915
- 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
- 1979
- Accounting year ends
- December
- Files
- Form 990-PF
- Category (NTEE)
- Philanthropy, voluntarism and grantmaking foundations (T22Z)
- Assets (IRS master file)
- $14,129,332
- Income (IRS master file)
- $5,726,029
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-PF | December 2024 | $1,895,299 | $1,144,653 | $14,129,332 | XML |
| 990-PF | December 2023 | $828,588 | $996,901 | $13,263,554 | XML |
| 990-PF | December 2022 | – | – | – | IRS |
| 990-PF | December 2021 | – | – | – | IRS |
| 990-PF | December 2020 | – | – | – | IRS |
| 990-PF | December 2018 | – | – | – | 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 58-1368915).
Questions about LIPSCOMB FAMILY FOUNDATION
- What is the EIN of LIPSCOMB FAMILY FOUNDATION?
- The employer identification number (EIN) of LIPSCOMB FAMILY FOUNDATION is 58-1368915.
- Is LIPSCOMB FAMILY FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1979.
- Are donations to LIPSCOMB FAMILY FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Private foundation, 30% limit).
- Which annual return does LIPSCOMB FAMILY FOUNDATION file?
- Form 990-PF. Private foundations file every year.
- When is the next return of LIPSCOMB FAMILY 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 LIPSCOMB FAMILY 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 LIPSCOMB FAMILY FOUNDATION?
- The 990-PF for the year ended December 31, 2024 lists 10 people; 10 received compensation from the organization, the highest $126,000 (MARGARET FOSTER, EXECUTIVE DIRECTOR).
- How much revenue does LIPSCOMB FAMILY FOUNDATION have?
- On its 990-PF for the year ended December 31, 2024 it reported revenue of $1,895,299, expenses of $1,144,653 and total assets of $14,129,332 at year end.
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