The Nemec Abbott Foundation
EIN 883230696 Private FoundationAbout
As explained below, the Foundation has no plans for dissolution. This statement is submitted to report the distribution of certain assets during the year. The distributions resulted in a substantial contraction of assets. The following information is submitted in accordance with Treasury Regulation Section 1.6043-3(a)(1) and the Form 990-PF instructions: Typically, a finding of a substantial contraction of assets is made by reference to the fair market value of a foundation's net assets on the first day of its calendar year. However, the taxable year ending December 31, 2023 was the year in which the Foundation received its initial endowment and the finding of a substantial contraction in this case was made by reference to the fair market value of the Foundation's assets on the date that it received its initial endowment. Accordingly, the degree of contraction of the Foundation's net assets may have been exaggerated. During the taxable year ending December 31, 2023, the Foundation made distributions from assets from sources other than current income. Collectively, the distributions in excess of current income totaled $253,631. This amount represents 25% or more of the Foundation's net assets of $4,000 (as measured by fair market value) on the day that the Foundation received its initial endowment in the Foundation's taxable year ending December 31, 2023. Although the Foundation technically experienced a substantial contraction, it will continue in existence and has no plans for dissolution. The Foundation made distributions of cash to the grantees listed in the attachment to Part XIV, Line 3a; each such grant was made solely for the charitable purpose specified therein.
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 |
|---|---|---|---|---|
| 2022 | N/A | $0 | $0 | N/A |
| 2023 | $254K | $5.3M | $5.6M | 10 |
Grant Size Distribution
Based on 10 grants on record
Geographic Distribution
Officers & Directors
Grants Awarded (10 total)
| Purpose | ||||
|---|---|---|---|---|
| South Carolina Legal Services | Columbia, SC | $88,500 | General & Unrestricted | 2023 |
| Jade Bridge | Florence, SC | $35,000 | General & Unrestricted | 2023 |
| Jonathan C Smith Foundation for Bipolar Teens | Columbia, SC | $25,000 | General & Unrestricted | 2023 |
| Florence 1 School District | Florence, SC | $21,375 | General & Unrestricted | 2023 |
| Florence 1 School District | Florence, SC | $20,741 | To support Henry L. Sneed Middle School | 2023 |
| Florence 1 School District | Florence, SC | $20,000 | John W. Moore Middle School | 2023 |
| Growing Home Southeast Inc | Cayce, SC | $18,575 | General & Unrestricted | 2023 |
| Carolina Elementary | Hartsville, SC | $10,000 | General & Unrestricted | 2023 |
| Jw Moore Middle Band Booster | Florence, SC | $10,000 | General & Unrestricted | 2023 |
| House of Refuge Refuge Outreach Ministry | Darlington, SC | $4,440 | General & Unrestricted (see general explanation) | 2023 |
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