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Philip Banks Memorial Trust Fund is a private trust based in STUART, FL. The foundation received its IRS ruling in 2004. The principal officer is Larry M Stewart. It holds total assets of $312K. Annual income is reported at $32K. Total assets have decreased from $1.2M in 2011 to $390K in 2023. The foundation is governed by 1 officer or trustee. The foundation operates in the area of philanthropy & grantmaking. According to its most recent filing, the foundation only makes contributions to preselected charitable organizations. Tax records are available from 2016 to 2023. According to available records, Philip Banks Memorial Trust Fund has made 5 grants totaling $312K, with a median grant of $60K. The foundation has distributed between $60K and $132K annually from 2020 to 2023. Grantmaking activity was highest in 2022 with $132K distributed across 2 grants. Individual grants have ranged from $60K to $66K, with an average award of $62K. Grant recipients are concentrated in Florida. Contributions to this foundation are tax-deductible.
No program descriptions are available for this foundation. Many private foundations report program activities in their annual 990-PF filings — check the Tax Filings section below for the most recent filing.
Philip Banks Memorial Trust Fund primarily funds organizations in the area of philanthropy & grantmaking. Based on available records, the foundation has funded 5 grants. Its grantmaking reaches organizations primarily in FL.
Philip Banks Memorial Trust Fund has distributed a total of $312K across 5 grants. The median grant size is $60K, with an average of $62K. Individual grants have ranged from $60K to $66K.
Philip Banks Memorial Trust Fund typically selects its grantees rather than accepting unsolicited proposals. The application deadline is JANUARY 31 OF EACH SCHOOL YEAR. Graduate of a high school in martin county, florida.
Philip Banks Memorial Trust Fund is headquartered in STUART, FL.
| Name | Title | Compensation | Benefits | Total |
|---|---|---|---|---|
| Larry M Stewart | Trustee | $26K | $0 | $26K |
Total Giving
$92K
Total Assets
$390K
Fair Market Value
$402K
Net Worth
$390K
Grants Paid
$60K
Contributions
N/A
Net Investment Income
$17K
Distribution Amount
$20K
Total: $389K
Total Grants
5
Total Giving
$312K
Average Grant
$62K
Median Grant
$60K
Unique Recipients
1
Most Common Grant
$60K
of 2023 grantees were first-time recipients
| Recipient | Location | Amount | Year |
|---|---|---|---|
| Indian River State CollegeEDUCATION | Ft Pierce, FL | $60K | 2023 |
WEST PALM BCH, FL
WEST PALM BCH, FL
POMPANO BEACH, FL