Salt Water Fund is a private foundation based in Louisville, Kentucky, established in 2018. It operates as a 501(c)(3) organization with a focus on philanthropic grantmaking.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$8.7M
-23.1% YoY
Annual Giving
$2.3M
-46.7% YoY
Grant Count
8
-11.1% YoY
Avg Grant Size
$292K
-40.0% YoY
Under IRS private-foundation payout rules, Salt Water Fund reported a distributable amount of $502K for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation's primary funding focus areas include:
- Philanthropy and Foundations
- Education
- Human Services
- Voluntarism and Grantmaking
The foundation has demonstrated particular interest in supporting initiatives related to children, youth programs, science education, and STEM education.
Grantmaking
The foundation is open to new applicants, with approximately 12% of new applicants receiving funding.
Grant Range
s & Activity:**
Average Grant
approximately $2,000
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Geographic Focus
Where this funder awards grants
The foundation primarily funds initiatives in North Carolina and Georgia, with specific grantmaking activity documented in North Carolina communities including Arapahoe, Crossnore, Linville, and Wilmington.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
Assets & Giving:
- Total assets: $8,687,365 (as of 2024)
- Total annual giving: $2,338,645
- Total revenues (2024): $1,084,789
- Total expenses (2024): $2,601,415
Revenue Composition (2024):
- Investment income and dividends: $459,083
- Net gain from sale of non-inventory assets: $625,326
- Net rental income: -$64,623
- Miscellaneous revenues: $380
Year-over-Year Growth:
- Total assets increased 2.6% from the previous year
- Total revenues increased 321.8% from 2023 ($257,156)
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $8,687,365 | $11,294,611 | $16,416,547 |
| Revenue | $1,084,789 | $-259,809 | $-449,035 |
| Expenses | $2,601,415 | $4,466,934 | $4,589,633 |
| Qualifying Distributions | $2,338,645 | $4,385,404 | $4,205,000 |
| Net Investment Income | $1,084,789 | $387,052 | $402,005 |
| Distributable Amount | $502,093 | $573,674 | $928,804 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 8 recipients in 2024
Grant Size Distribution
40 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Boys and Girls Clubs of Southeastern North Carolina ($1,050,000), Cape Fear Collective ($1,000,000), Cape Fear Collective ($125,000).
| Recipient | Purpose | Amount |
|---|---|---|
| BEACON EDUCATION WILMINGTON, NC | GENERAL CONTRIBUTION | $53,645 |
| WILLIAMS YMCA OF AVERY COUNTY LINVILLE, NC | GENERAL CONTRIBUTION | $60,000 |
| CAPE FEAR COLLECTIVE WILMINGTON, NC | GENERAL CONTRIBUTION | $1,000,000 |
| CAPE FEAR COLLECTIVE WILMINGTON, NC | GENERAL CONTRIBUTION | $125,000 |
| CROSSNORE COMMUNITIES FOR CHILDREN NEWLAND, NC | GENERAL CONTRIBUTION | $10,000 |
| GRANDFATHER MOUNTAIN LINVILLE, NC | GENERAL CONTRIBUTION | $15,000 |
| KENTUCKY CHRISTIAN FOUNDATION ALPHARETTA, GA | GENERAL CONTRIBUTION | $25,000 |
| BOYS AND GIRLS CLUBS OF SOUTHEASTERN NORTH CAROLINA WILMINGTON, NC | GENERAL CONTRIBUTION | $1,050,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
- James S. Mahan III - Chairman (serves without compensation)
- Marguerite D. Mahan - Secretary (serves without compensation)
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| JAMES S MAHAN III | CHAIRMAN | — | — |
| MARGUERITE D MAHAN | SECRETARY | — | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Salt Water Fund fund?
The foundation's primary funding focus areas include: • Philanthropy and Foundations • Education • Human Services • Voluntarism and Grantmaking The foundation has demonstrated particular interest in supporting initiatives related to children, youth programs, science education, and STEM education.
How do I apply for a grant from Salt Water Fund?
**Grant Sizes & Activity:** • Typical grant awards range from $2,000 to $2,975,000 • Average grant size: approximately $2,000 • The foundation made seven grants in the most recent fiscal year • Recent grants include: • Williams YMCA of Avery County: $60,000 (General Contribution, 2024) • Beacon Education: $53,645 (General Contribution, 2024) • Crossnore Communities for Children: $10,000 (General Contribution, 2024) **Application Status:** The foundation is open to new applicants, with approxima…
Where does Salt Water Fund make grants?
The foundation primarily funds initiatives in North Carolina and Georgia, with specific grantmaking activity documented in North Carolina communities including Arapahoe, Crossnore, Linville, and Wilmington.
What size grants does Salt Water Fund award?
In 2024, Salt Water Fund awarded 8 grants totaling $2.3M — an average of about $292K per grant, based on its IRS Form 990 filings.
How much is Salt Water Fund required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Salt Water Fund reported a distributable amount of $502K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Salt Water Fund's EIN?
Salt Water Fund's EIN (Employer Identification Number) is 81-0698838. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Salt Water Fund's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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