Hollingsworth Funds Inc

Nonprofit profile at a glance

EIN
571003814
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Greenville, SC, USA
Phone
8646278306
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$18,619,297
Expenses
$17,878,851
Assets
$406,730,156
Liabilities
$910,470

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • B GAGE WEEKES (PRESIDENT)

Highest reported compensation

  • B GAGE WEEKES (PRESIDENT): $478,342 total reported compensation
  • TAMELA SPANN (VP OF STRATEGIC INITIATIVE): $224,841 total reported compensation
  • PAMELA PRASHAD (VP OF FINANCE & OPERATIONS): $201,804 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Hollingsworth funds is a supporting organization to which approximately 45% of the annual distributions are awarded to furman university, approximately 10% to the greenville ymca, and the remainder to public charities that operate or conduct affairs for the benefit of greenville county.

What it reported doing in 2024

A cash grant of 5,447,114 was made to furman university and was designated to be used for the hollingsworth scholars program and to be used for various expenses of the department of business and economics.a cash grant of 1,298,964 was made to the ymca of greenville county to be used to support the activities of the organization. The remaining funds of 5,298,625 were distributed to different tax-exempt charitable organizations to meet various unfunded needs in greenville county.

Operating model

Revenue model
Investment-supported. 75% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 91% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 79
  • Accountability: 95
  • Sustainability: 69
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 73.7%; rating input score 74
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 40th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 91.7%; rating input score 92; 24th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 4%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 22.75; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 95; 95th percentile among comparable filings
  • Officer compensation ratio: 5.4%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: 6.7% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: 7.9% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: 0.8% per year; rating input score 100; 13th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 73.7% of spending went to programs
  • Governance: 11 of 12 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $13.2M in reported program spending
  • Leadership: top reported pay $478K · 15 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $4M reported
  • Consistency: 35 of 35 current checks pass
  • Schedules: 8 filed schedules · includes foreign activity, grants, executive pay, and related organizations
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 71 filed money-flow records
  • Related organizations: 67 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Review — Sustainability: Operating margin scored 50/100.
  • Moderate — Sustainability: Officer compensation ratio scored 47/100.