The Wallace Family Foundation Inc

Salisbury, NC
Tax-exempt since July 2014
EIN: 20-8798457

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Type of Nonprofit

Designated as a 501(c)(3) Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Category: Philanthropy, Voluntarism and Grantmaking Foundations / Private Grantmaking Foundations (NTEE)

Donations to this organization are tax deductible.

Revenue

$797k (2023)

Expenses

$656k (2023)

Total Assets

$5.52M (2023)

Total Liabilities

$516 (2023)

Years with multiple filings

Source: Form 990 tax filings from 2008 to 2023

Tax Filings by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Fiscal Year Ending Dec.
2023

Revenue

$797,170

Expenses

$656,247

Net Income

$140,923

Net Assets

$5,521,597

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$500,000	62.7%
Interest Revenue	$87,063	10.9%
Dividends	$208,538	26.2%
Sales of Assets	$16	0.0%
Other Income	$1,553	0.2%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$650,321	99.1%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$5,522,113
Total Liabilities	$516
Net Assets	$5,521,597

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on Nov. 15, 2024

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

XML

Fiscal Year Ending Dec.
2022

Revenue

$1,650,745

Expenses

$917,821

Net Income

$732,924

Net Assets

$5,427,416

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$1,400,000	84.8%
Interest Revenue	$101,591	6.2%
Dividends	$147,563	8.9%
Sales of Assets	$962	0.1%
Other Income	$629	0.0%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$882,030	96.1%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$5,427,932
Total Liabilities	$516
Net Assets	$5,427,416

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on Nov. 15, 2023

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

PDF XML

Fiscal Year Ending Dec.
2021

Revenue

$1,798,197

Expenses

$904,213

Net Income

$893,984

Net Assets

$4,697,367

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$1,550,000	86.2%
Interest Revenue	$66,974	3.7%
Dividends	$93,071	5.2%
Sales of Assets	$0
Other Income	$88,152	4.9%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$882,160	97.6%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$4,697,367
Total Liabilities	$0
Net Assets	$4,697,367

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on Nov. 16, 2022

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

PDF XML

Fiscal Year Ending March
2021

Revenue

$785,602

Expenses

$19,838

Net Income

$765,764

Net Assets

$3,801,394

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$699,000	89.0%
Interest Revenue	$3,900	0.5%
Dividends	$63,231	8.0%
Sales of Assets	$0
Other Income	$19,471	2.5%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$19,760	99.6%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$3,801,394
Total Liabilities	$0
Net Assets	$3,801,394

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on Feb. 15, 2022

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

XML

Fiscal Year Ending March
2020

Revenue

$3,066,867

Expenses

$76,861

Net Income

$2,990,006

Net Assets

$3,035,629

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$3,061,000	99.8%
Interest Revenue	$0
Dividends	$5,867	0.2%
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$76,846	100.0%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$3,035,629
Total Liabilities	$0
Net Assets	$3,035,629

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on Feb. 15, 2022

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

XML

Fiscal Year Ending March
2019

Revenue

$1,290,000

Expenses

$1,267,934

Net Income

$22,066

Net Assets

$36,680

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$1,290,000	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$1,267,009	99.9%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$36,680
Total Liabilities	$0
Net Assets	$36,680

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on July 30, 2019

Primary tax return for a private foundation's activities, finances, and governance

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Schedules ▼

PDF XML

Fiscal Year Ending March
2018

Revenue

$75,000

Expenses

$140,554

Net Income

-$65,554

Net Assets

$14,614

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$75,000	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$139,352	99.1%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$14,614
Total Liabilities	$0
Net Assets	$14,614

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on Aug. 13, 2018

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

PDF XML

Fiscal Year Ending March
2017

Revenue

$150,000

Expenses

$137,107

Net Income

$12,893

Net Assets

$80,168

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$150,000	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$136,207	99.3%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$80,168
Total Liabilities	$0
Net Assets	$80,168

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on Aug. 14, 2017

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

PDF XML

Fiscal Year Ending March
2016

Revenue

$550,000

Expenses

$506,571

Net Income

$43,429

Net Assets

$67,275

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$550,000	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$504,564	99.6%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$67,275
Total Liabilities	$0
Net Assets	$67,275

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on Oct. 11, 2016

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

PDF XML

PDF (2 of 2)

Fiscal Year Ending March
2015

Revenue

$75,000

Expenses

$108,772

Net Income

-$33,772

Net Assets

$23,846

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$75,000	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$106,584	98.0%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$23,846
Total Liabilities	$0
Net Assets	$23,846

Compensation

Key Employees and Officers	Compensation	Other
Mona Lisa Wallace (President)	$0	$0
Lee Wallace (Treas/Secret)	$0	$0

990-PF

Filed on Aug. 31, 2015

Primary tax return for a private foundation's activities, finances, and governance

View Filing

Schedules ▼

PDF XML

Fiscal Year Ending March
2014

Revenue

$90,750

Expenses

$224,153

Net Income

-$133,403

Net Assets

$57,618

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$90,750	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$223,364	99.6%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$57,618
Total Liabilities	$0
Net Assets	$57,618

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending March
2013

Revenue

$235,000

Expenses

$47,591

Net Income

$187,409

Net Assets

$191,021

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$235,000	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$41,741	87.7%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$191,021
Total Liabilities	$0
Net Assets	$191,021

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending March
2012

Revenue

$30,000

Expenses

$30,382

Net Income

-$382

Net Assets

$3,611

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$30,000	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$30,353	99.9%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$3,611
Total Liabilities	$0
Net Assets	$3,611

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending March
2011

Revenue

$20,000

Expenses

$53,740

Net Income

-$33,740

Net Assets

$3,993

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$20,000	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$53,712	99.9%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$3,993
Total Liabilities	$0
Net Assets	$3,993

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending March
2010

Revenue

$75,000

Expenses

$49,199

Net Income

$25,801

Net Assets

$37,733

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$75,000	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$48,501	98.6%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$37,733
Total Liabilities	$0
Net Assets	$37,733

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending March
2009

Revenue

$41,782

Expenses

$73,138

Net Income

-$31,356

Net Assets

$11,932

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$41,782	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$73,138	100%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$11,932
Total Liabilities	$0
Net Assets	$11,932

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending March
2008

Revenue

$100,100

Expenses

$56,812

Net Income

$43,288

Net Assets

$43,288

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$100,100	100%
Interest Revenue	$0
Dividends	$0
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$56,775	99.9%
Compensation of Officers*	$0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$43,288
Total Liabilities	$0
Net Assets	$43,288

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

About This Data

What Is This Data?

Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.

The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.

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Every organization that has been recognized as tax exempt by the IRS has to file Form 990 every year, unless they make less than $200,000 in revenue and have less than $500,000 in assets, in which case they have to file form 990-EZ. Organizations making less than $50,000 don’t have to file either form but do have to let the IRS they’re still in business via a Form 990N "e-Postcard."

Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Taxable trusts and private foundations that are required to file a form 990PF are also included. Small organizations filing a Form 990N "e-Postcard" are not included in this data.

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The Wallace Family Foundation Inc

Organization summary

Type of Nonprofit

Summary charts: organization finances over time

Revenue $797k (2023)

Expenses $656k (2023)

Total Assets $5.52M (2023)

Total Liabilities $516 (2023)

Tax Filings by Year

Fiscal Year Ending Dec. 2023

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2022

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2021

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending March 2021

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending March 2020

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending March 2019

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending March 2018

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending March 2017

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending March 2016

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending March 2015

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending March 2014

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Document Links

990-PF

Fiscal Year Ending March 2013

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Document Links

990-PF

Fiscal Year Ending March 2012

Revenue

$797k (2023)

Expenses

$656k (2023)

Total Assets

$5.52M (2023)

Total Liabilities

$516 (2023)

Fiscal Year Ending Dec.
2023

Fiscal Year Ending Dec.
2022

Fiscal Year Ending Dec.
2021

Fiscal Year Ending March
2021

Fiscal Year Ending March
2020

Fiscal Year Ending March
2019

Fiscal Year Ending March
2018

Fiscal Year Ending March
2017

Fiscal Year Ending March
2016

Fiscal Year Ending March
2015

Fiscal Year Ending March
2014

Fiscal Year Ending March
2013

Fiscal Year Ending March
2012

Fiscal Year Ending March
2011

Fiscal Year Ending March
2010

Fiscal Year Ending March
2009

Fiscal Year Ending March
2008