Edward M Armfield Sr Foundation Inc

Greensboro, NC
Tax-exempt since Feb. 2000
EIN: 56-2156876

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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

$2.59M (2023)

Expenses

−$1.72M (2023)

Total Assets

$53.5M (2023)

Total Liabilities

$13.7M (2023)

Years with missing data

Source: Form 990 tax filings from 2011 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

$2,592,654

Expenses

-$1,722,988

Net Income

$4,315,642

Net Assets

$39,846,834

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$3,563	0.1%
Dividends	$0
Sales of Assets	$2,589,091	99.9%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$3,253,514
Compensation of Officers*	$170,201
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$53,543,121
Total Liabilities	$13,696,287
Net Assets	$39,846,834

Compensation

Key Employees and Officers	Compensation	Other
Melinda W Oakley (Officer)	$144,413	$5,787
Diana Hedgspeth (Office Mgr)	$89,509	$3,570
Adair P Armfield (Director)	$4,000	$0
Phifer Crute (Director)	$4,000	$0
James C B Hancock (Director)	$4,000	$0
R David Sprinkle (Director)	$4,000	$0
Laura Armfield Cannon (Director)	$4,000	$0

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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

$4,850,821

Expenses

$33,662,907

Net Income

-$28,812,086

Net Assets

$35,531,192

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$733	0.0%
Dividends	$738,721	15.2%
Sales of Assets	$4,111,367	84.8%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$3,832,251	11.4%
Compensation of Officers*	$168,026	0.5%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$51,338,483
Total Liabilities	$15,807,291
Net Assets	$35,531,192

Compensation

Key Employees and Officers	Compensation	Other
Melinda W Oakley (Officer)	$138,860	$4,166
Diana Hedgspeth (Office Mgr)	$86,067	$2,570
Adair P Armfield (Director)	$5,000	$0
Phifer Crute (Director)	$5,000	$0
James C B Hancock (Director)	$5,000	$0
R David Sprinkle (Director)	$5,000	$0
Bedford Cannon (Director)	$3,000	$0
Laura Armfield Cannon (Director)	$2,000	$0

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990-PF

Filed on Nov. 15, 2023

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

View Filing

Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2021

Revenue

$5,451,551

Expenses

$3,394,574

Net Income

$2,056,977

Net Assets

$64,343,278

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$133	0.0%
Dividends	$1,593,600	29.2%
Sales of Assets	$3,857,818	70.8%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$3,769,412	> 100%
Compensation of Officers*	$166,151	4.9%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$68,779,889
Total Liabilities	$4,436,611
Net Assets	$64,343,278

Compensation

Key Employees and Officers	Compensation	Other
Diana Hedgspeth (Office Mgr)	$84,379	$2,406
Adair P Armfield (Director)	$0	$0
Bedford Cannon (Director)	$0	$0
Phifer Crute (Director)	$0	$0
James C B Hancock (Director)	$0	$0
R David Sprinkle (Director)	$0	$0
Melinda W Oakley (Officer)	$0	$0

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990-PF

Filed on Dec. 15, 2023

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

View Filing

Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2020

Revenue

$5,669,903

Expenses

$4,506,112

Net Income

$1,163,791

Net Assets

$59,536,279

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$222	0.0%
Dividends	$621,281	11.0%
Sales of Assets	$2,548,400	44.9%
Other Income	$2,500,000	44.1%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$3,609,432	80.1%
Compensation of Officers*	$162,999	3.6%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$65,188,265
Total Liabilities	$5,651,986
Net Assets	$59,536,279

Compensation

Key Employees and Officers	Compensation	Other
Melinda W Oakley (Officer)	$136,137	$5,862
Diana Hedgspeth (Office Mgr)	$82,725	$2,482
Adair P Armfield (Director)	$5,000	$0
Bedford Cannon (Director)	$4,000	$0
Phifer Crute (Director)	$4,000	$0
James C B Hancock (Director)	$4,000	$0
R David Sprinkle (Director)	$4,000	$0

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990-PF

Filed on Nov. 12, 2021

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

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Schedules ▼

XML

Fiscal Year Ending Dec.
2019

Revenue

$2,966,238

Expenses

$6,558,544

Net Income

-$3,592,306

Net Assets

$54,379,389

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$1,085	0.0%
Dividends	$873,229	29.4%
Sales of Assets	$2,091,179	70.5%
Other Income	$745	0.0%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$3,334,101	50.8%
Compensation of Officers*	$166,629	2.5%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$64,022,815
Total Liabilities	$9,643,426
Net Assets	$54,379,389

Compensation

Key Employees and Officers	Compensation	Other
Melinda W Oakley (Officer)	$141,373	$4,256
Diana Hedgspeth (Office Mgr)	$83,348	$2,409
Adair P Armfield (Director)	$5,000	$0
Bedford Cannon (Director)	$4,000	$0
Phifer Crute (Director)	$4,000	$0
James C B Hancock (Director)	$4,000	$0
R David Sprinkle (Director)	$4,000	$0

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990-PF

Filed on Nov. 12, 2020

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

View Filing

Schedules ▼

XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2018

Revenue

$2,451,338

Expenses

$4,248,360

Net Income

-$1,797,022

Net Assets

$51,490,973

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$1,210	0.0%
Dividends	$1,588,954	64.8%
Sales of Assets	$861,174	35.1%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$3,473,684	81.8%
Compensation of Officers*	$162,849	3.8%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$59,069,159
Total Liabilities	$7,578,186
Net Assets	$51,490,973

Compensation

Key Employees and Officers	Compensation	Other
Melinda W Oakley (Officer)	$135,935	$3,914
Diana Hedgspeth (Office Mgr)	$78,624	$2,229
Adair P Armfield (Director)	$6,000	$0
Bedford Cannon (Director)	$5,000	$0
Phifer Crute (Director)	$4,000	$0
James C B Hancock (Director)	$4,000	$0
R David Sprinkle (Director)	$4,000	$0

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990-PF

Filed on Nov. 13, 2019

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

View Filing

Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2017

Revenue

$9,207,090

Expenses

$2,961,822

Net Income

$6,245,268

Net Assets

$58,088,203

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$2,254	0.0%
Dividends	$507,060	5.5%
Sales of Assets	$1,452,075	15.8%
Other Income	$7,245,701	78.7%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$3,022,328	> 100%
Compensation of Officers*	$154,707	5.2%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$63,708,529
Total Liabilities	$5,620,326
Net Assets	$58,088,203

Compensation

Key Employees and Officers	Compensation	Other
Melinda W Oakley (Officer)	$130,707	$6,535
Diana Hedgspeth (Office Mgr)	$75,600	$4,812
Adair P Armfield (Director)	$8,000	$0
Bedford Cannon (Director)	$4,000	$0
Phifer Crute (Director)	$4,000	$0
James C B Hancock (Director)	$4,000	$0
R David Sprinkle (Director)	$4,000	$0
Wj Armfield Deceased (Director)	$0	$0

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990-PF

Filed on Nov. 15, 2018

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

View Filing

Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2016

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

990-PF

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

PDF

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2015

Revenue

$1,941,633

Expenses

$10,500,134

Net Income

-$8,558,501

Net Assets

$52,048,921

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$2,409	0.1%
Dividends	$412,083	21.2%
Sales of Assets	$1,526,826	78.6%
Other Income	$315	0.0%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$3,250,096	31.0%
Compensation of Officers*	$147,025	1.4%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$59,974,447
Total Liabilities	$7,925,526
Net Assets	$52,048,921

Compensation

Key Employees and Officers	Compensation	Other
Melinda W Oakley (Officer)	$121,025	$9,870
Diana Hedgspeth (Office Mgr)	$70,000	$4,231
Adair P Armfield (Director)	$8,000	$0
Bedford Cannon (Director)	$6,000	$0
Wj Armfield (Director)	$4,000	$0
Phifer Crute (Director)	$4,000	$0
James C B Hancock (Director)	$4,000	$0

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990-PF

Filed on Nov. 15, 2016

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

View Filing

Schedules ▼

PDF XML

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2014

Revenue

$2,108,335

Expenses

$3,447,160

Net Income

-$1,338,825

Net Assets

$60,607,422

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$961	0.0%
Dividends	$563,738	26.7%
Sales of Assets	$1,332,389	63.2%
Other Income	$211,247	10.0%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$2,970,548	86.2%
Compensation of Officers*	$144,025	4.2%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$64,138,377
Total Liabilities	$3,530,955
Net Assets	$60,607,422

990-PF

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

PDF

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2013

Revenue

$10,648,262

Expenses

$4,443,835

Net Income

$6,204,427

Net Assets

$61,946,247

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$1,088	0.0%
Dividends	$466,241	4.4%
Sales of Assets	$289,569	2.7%
Other Income	$9,891,364	92.9%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$2,867,559	64.5%
Compensation of Officers*	$162,959	3.7%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$65,804,838
Total Liabilities	$3,858,591
Net Assets	$61,946,247

990-PF

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

PDF

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2012

Revenue

$8,695,220

Expenses

$4,952,062

Net Income

$3,743,158

Net Assets

$57,260,164

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$1,417	0.0%
Dividends	$816,665	9.4%
Sales of Assets	$748,780	8.6%
Other Income	$7,128,358	82.0%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$2,545,954	51.4%
Compensation of Officers*	$222,356	4.5%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$60,448,098
Total Liabilities	$3,187,934
Net Assets	$57,260,164

990-PF

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

PDF

990-T

For unrelated business income from activities not substantially related to the organization's tax-exempt purpose

PDF

Fiscal Year Ending Dec.
2011

Revenue

$6,033,636

Expenses

$12,341,016

Net Income

-$6,307,380

Net Assets

$53,517,006

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$8,993	0.1%
Dividends	$859,911	14.3%
Sales of Assets	$5,041,893	83.6%
Other Income	$122,839	2.0%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$5,235,566	42.4%
Compensation of Officers*	$145,000	1.2%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$55,095,515
Total Liabilities	$1,578,509
Net Assets	$53,517,006

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

PDF

PDF (2 of 2)

Fiscal Year Ending Dec.
2002

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

990-PF

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

PDF

Fiscal Year Ending Dec.
2001

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

990-PF

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

PDF

About 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.

In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.

We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.

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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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Edward M Armfield Sr Foundation Inc

Organization summary

Type of Nonprofit

Summary charts: organization finances over time

Revenue $2.59M (2023)

Expenses −$1.72M (2023)

Total Assets $53.5M (2023)

Total Liabilities $13.7M (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

990-T

Fiscal Year Ending Dec. 2021

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

990-T

Fiscal Year Ending Dec. 2020

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2019

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

990-T

Fiscal Year Ending Dec. 2018

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

990-T

Fiscal Year Ending Dec. 2017

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

990-T

Fiscal Year Ending Dec. 2016

No Extracted Financial Data

Document Links

990-PF

990-T

Fiscal Year Ending Dec. 2015

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

990-T

Fiscal Year Ending Dec. 2014

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Document Links

990-PF

990-T

Fiscal Year Ending Dec. 2013

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Document Links

990-PF

990-T

Revenue

$2.59M (2023)

Expenses

−$1.72M (2023)

Total Assets

$53.5M (2023)

Total Liabilities

$13.7M (2023)

Fiscal Year Ending Dec.
2023

Fiscal Year Ending Dec.
2022

Fiscal Year Ending Dec.
2021

Fiscal Year Ending Dec.
2020

Fiscal Year Ending Dec.
2019

Fiscal Year Ending Dec.
2018

Fiscal Year Ending Dec.
2017

Fiscal Year Ending Dec.
2016

Fiscal Year Ending Dec.
2015

Fiscal Year Ending Dec.
2014

Fiscal Year Ending Dec.
2013

Fiscal Year Ending Dec.
2012

Fiscal Year Ending Dec.
2011

Fiscal Year Ending Dec.
2010

Fiscal Year Ending Dec.
2009

Fiscal Year Ending Dec.
2008

Fiscal Year Ending Dec.
2007

Fiscal Year Ending Dec.
2006

Fiscal Year Ending Dec.
2005

Fiscal Year Ending Dec.
2004

Fiscal Year Ending Dec.
2003

Fiscal Year Ending Dec.
2002

Fiscal Year Ending Dec.
2001