Tom Russell Charitable Foundation Inc
EIN 366082517About
We respectfully request that the Foundation's quarterly estimated tax payments be treated as timely and request that no underpayment penalties be assessed because the payment delay was due to reasonable cause. Treasury Regulations SEC. 301.6651-1(c)(1) defines reasonable cause by asking whether the taxpayer exercised ordinary business care and prudence. The Foundation exercised care and prudence in seeking a reputable firm knowledgeable about exempt organizations to submit a payment in a timely fashion for Form 990-PF. Quarterly estimates for the taxable year ending August 31, 2024 990-PF were underpaid due to administrative error. During the taxable year the Foundation changed financial institutions and subsequently sold securities held. While the transfer of assets was correctly recorded, the cost basis of these assets was not. The Foundation's administrator relied upon these statements to calculate and determine required quarterly estimated tax payments. Consequently, this error caused capital gains to be underreported resulting in underpayments. According to the standards set forth in Rev. Proc. 92-85, we believe the Foundation's actions were reasonable and in good faith. The underpayment of quarterly estimates was not in any way due to an intentional disregard of IRS rules, but rather a clerical error. We respectfully request that no penalties be assessed in connection with underpayment penalties for estimated taxes.
Focus Areas
Application Information
Financial Trends
Giving Over Time
Total Assets Over Time
View financial data as table
| Year | Total Giving | Total Assets | Revenue | Grants |
|---|---|---|---|---|
| 2020 | N/A | $25.1M | $666K | N/A |
| 2021 | $550K | $31.2M | $3.3M | 40 |
| 2022 | $680K | $25.9M | $2.2M | 43 |
| 2023 | $660K | $28.4M | $266K | 51 |
| 2024 | $540K | $33.5M | $9.4M | 39 |
Grant Size Distribution
Based on 173 grants on record
Geographic Distribution
Officers & Directors
Grants Awarded (173 total)
| Purpose | ||||
|---|---|---|---|---|
| Inter-Faith Food Shuttle | Raleigh, NC | $100,000 | In support of a nimble and targeted response to the sustained elevation in child food insecurity due to the pandemic | 2021 |
| Marcy Lab Inc | Brooklyn, NY | $100,000 | General Operating Support to aid the continued growth of the core program, the Software Engineering Fellowship | 2021 |
| Partnership With Native Americans | Addison, TX | $100,000 | Tribal College & University Elementary Education Cohort Support - American Indian Education Fund (AIEF) | 2023 |
| Marcy Lab Inc | Brooklyn, NY | $95,000 | Support the continued expansion of our Software Engineering Fellowship, specifically to nearly double our enrollment... | 2022 |
| Southeast Raleigh Charter Foundation Inc | Raleigh, NC | $82,000 | General & Unrestricted | 2022 |
| Thrive Scholars | Los Angeles, CA | $75,000 | To support a Thrive Scholars North Carolina Six Year Program Cohort | 2024 |
| Latino Educational Achievement Partnership | Durham, NC | $55,000 | operate two high-quality preschool programs as well as a tutoring program for older students | 2022 |
| Donka Incorporated | Wheaton, IL | $50,000 | General & Unrestricted | 2021 |
| Erie Family Health Foundation Inc | Chicago, IL | $50,000 | to provide comprehensive prenatal, labor and delivery and postpartum services to low income women and their babies... | 2021 |
| Donka Incorporated | Wheaton, IL | $50,000 | General & Unrestricted | 2023 |
| The Lotus Campaign Inc | Charlotte, NC | $50,000 | Landlord Participation Program - Raleigh Expansion | 2023 |
| Chess-In-The-Schools Inc | New York, NY | $50,000 | Expansion of CIS's Teacher Training Institute | 2024 |
| Donka Incorporated | Wheaton, IL | $50,000 | General & Unrestricted | 2024 |
| Rise Southeast Raleigh Charter School Inc | Raleigh, NC | $50,000 | General & Unrestricted | 2024 |
| Young Mens Christian Association | Oklahoma City, OK | $50,000 | YMCA Getting Ahead, a transformative 16-week program empowering families facing poverty | 2024 |
| Chess-In-The-Schools Inc | New York, NY | $50,000 | Teachers will receive customized training and access to technology tools that allow offering chess instruction to... | 2022 |
| Colorado Uplift | Denver, CO | $50,000 | to support the Teaching/Mentoring Program | 2022 |
| Donka Incorporated | Wheaton, IL | $50,000 | General & Unrestricted | 2022 |
| Erie Family Health Foundation Inc | Chicago, IL | $50,000 | enable Erie to leverage the return to in-person services, harness new technology, and collaborate with a new Youth... | 2022 |
| Se Raleigh Promise Inc | Raleigh, NC | $40,000 | General & Unrestricted | 2024 |
| Se Raleigh Promise Inc | Raleigh, NC | $38,000 | General & Unrestricted | 2023 |
| Se Raleigh Promise Inc | Raleigh, NC | $35,000 | General & Unrestricted | 2022 |
| The Young Mens Christian Association of the Triang | Raleigh, NC | $33,500 | Southeast Raleigh YMCA Leadership Program | 2024 |
| Southeast Raleigh Charter Foundation Inc | Raleigh, NC | $30,000 | General & Unrestricted | 2023 |
| Se Raleigh Promise Inc | Raleigh, NC | $25,000 | General & Unrestricted | 2021 |