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Celebrating 80 Years - Foundations and Tax Day, 1959, The Internal Revenue Service

Tags: #Celebrating80Years

#Celebrating80Years: 2017 marked 80 years of working with Colorado’s nonprofits as they seek to strengthen their communities. Throughout 2018, we will be looking back on this history of the outstanding organizations and the people the Trustees have had the opportunity to support. On the blog you will find a history of the Foundation’s grant making and a representative organization from every year since our founding in 1937.

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While it is well known that nonprofit grant making foundations like El Pomar maintain and grow their assets via financial investments, it is less well known that this means that foundations also pay a considerable sum in taxes each year. Foundations pay an excise tax on all realized capital gains, at the rate of one or two percent depending on the amount of grant funding the foundation provides in a given year.

In fact, in the case of El Pomar, the Foundation has paid more than $16 million in taxes over its 80 year history. This means that if the Internal Revenue Service were a grantee organization, it would be El Pomar’s sixth highest grantee to date!

The nonprofit, public, and private sectors all play an important role for Colorado communities, and El Pomar is proud to be able to convene and work amongst all three in the service of our great state.

 

El Pomar in 1959:

El Pomar’s $1.5 million of grants in 1959 included funding towards a camp pickup truck for the Girl Scouts Wagon Wheel Council, a high altitude observatory at the University of Colorado, enlargement of the dining room at the Fountain Valley School, and a dictograph system for Penrose Hospital.

 

Spotlight by Corey Baron