Heritage Classic Foundation

Analysis

Heritage Classic Foundation is a registered charity in United States, based in Hilton Head, SC. It received its IRS tax-exemption ruling in August 1989, 37 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Heritage Classic Foundation reported income of $14.5m and spending of $13.9m, spending 96% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $14.6m to $14.5m (-0.5%), an average of -0.1% a year. The sharpest change came in the year to December 2020, when income dropped by 58%. Over the whole period it spent 96% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Heritage Classic Foundation sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within SC. Charities of a similar size with the same main cause include Joy in Childhood Foundation Inc ($14.5m), Pritzker Family Philanthropic Fund ($14.5m) and Licking County Foundation ($14.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 16% and program service revenue 77% of the total. Compensation of current officers, directors and key employees was $1.0m (7.3% of expenses). Other salaries and wages came to $554k. At year end it held assets of $14.2m against liabilities of $8.5m, net assets of $5.8m. It reported 13 employees.