Salt Water Fund
Salt Water Fund is a private foundation based in Louisville, Kentucky. In 2024, it reported eight grants totaling $2,338,645, primarily to organizations in North Carolina.
Salt Water Fund at a glance
In short: Salt Water Fund gave $2.3M across 8 grants in 2024 (avg $292K), mostly in North Carolina. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $2,338,645
- -46.7% vs 2023
- Grants made (2024)
- 8
- -11.1% vs 2023
- Average grant
- $292,331
- -40.0% vs 2023
- Median grant
- $56,823
- Total assets
- $8,687,365
- -23.1% vs 2023
- Primary geography
- North Carolina (99% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026.
How to apply to Salt Water Fund
- Accepts unsolicited proposals
- No
- How to Apply
-
The foundation makes contributions only to preselected charitable organizations and does not accept unsolicited requests for funds.
- Contact
Mailing address: 10200 Forest Green Blvd 603, Louisville, KY 40223
Phone: (704) 383-0129
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Salt Water Fund funds
How this funder distributes its grants
Top Recipients
Top 7 recipients in 2024
The largest 2024 recipient was Cape Fear Collective ($1.1M across 2 grants). Together the top 7 received $2.3M.
Grant Size Distribution
40 grants across all recorded years
The most common grant size was under $50K: 15 grants of 40 (38%).
Geographic Focus
Where this funder awards grants
In 2024, 99% of grant dollars went to recipients in North Carolina and 1% to recipients in Georgia.
Grant Distribution by State
Share of 2024 grant dollars across all 8 itemized grants.
Cities
How Salt Water Fund gives
- Giving held roughly steady from 2021 to 2024 (−12%). Method
- In 2024 it paid out 466% of its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $1.0M (2020) to $4.4M (2023). In 2024 it made 8 grants totaling $2.3M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Boys and Girls Clubs of Southeastern North Carolina Wilmington, NC | General Contribution | $1,050,000 |
| Cape Fear Collective Wilmington, NC | General Contribution | $1,000,000 |
| Cape Fear Collective Wilmington, NC | General Contribution | $125,000 |
| Williams YMCA of Avery County Linville, NC | General Contribution | $60,000 |
| Beacon Education Wilmington, NC | General Contribution | $53,645 |
| Kentucky Christian Foundation Alpharetta, GA | General Contribution | $25,000 |
| Grandfather Mountain Linville, NC | General Contribution | $15,000 |
| Crossnore Communities for Children Newland, NC | General Contribution | $10,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $8,687,365 | $1,084,789 | $2,601,415 | $2,338,645 | 8 | $2,338,645 | $1,084,789 | $502,093 |
| 2023 | $11,294,611 | $-259,809 | $4,466,934 | $4,385,404 | 9 | $4,385,404 | $387,052 | $573,674 |
| 2022 | $16,416,547 | $-449,035 | $4,589,633 | $4,205,000 | 7 | $4,205,000 | $402,005 | $928,804 |
| 2021 | $21,450,589 | $21,693,873 | $2,726,691 | $2,670,000 | 4 | — | $19,117,829 | $709,483 |
| 2020 | $2,491,304 | $-652,379 | $1,031,496 | $1,009,940 | 12 | — | $1,114,071 | $109,739 |
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.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
No mission statement for Salt Water Fund is provided. Its 2024 recipients included Beacon Education, which says it raises funds and develops programs supporting transportation, facilities, food services, enrichment, and college preparedness for affiliated North Carolina schools. Crossnore Communities for Children says it champions the well-being of children and families by fostering change that builds resilience in homes, schools, and communities. Kentucky Christian Foundation describes its mission as mobilizing resources by inspiring Biblical generosity, with a vision of reaching and restoring every person through the love of Christ.
Grantmaking
In 2024, Salt Water Fund made eight grants totaling $2,338,645. Grant amounts ranged from $10,000 to $1,050,000, with a median of $56,822. Its largest listed awards were $1,050,000 to Boys and Girls Clubs of Southeastern North Carolina and two grants of $1,000,000 and $125,000 to Cape Fear Collective. Other grants included $60,000 to Williams YMCA of Avery County, $53,645 to Beacon Education, $25,000 to Kentucky Christian Foundation, $15,000 to Grandfather Mountain, and $10,000 to Crossnore Communities for Children. All listed grants were for general contributions.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists James S Mahan III as chairman and Marguerite D Mahan as secretary.
Salt Water Fund is led by James S. Mahan III, Chairman on every filing since 2020; none of the 2 officers listed in 2024 report compensation.
Officers on the 2024 filing
James S. Mahan III
Chairman
On filings since 2020
No compensation reported
Marguerite D. Mahan
Secretary
On filings since 2020
No compensation reported
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about Salt Water Fund
How much does Salt Water Fund give each year?
Salt Water Fund gave $2.3M across 8 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $4.4M across 9 grants.
What is Salt Water Fund's typical grant size?
Salt Water Fund's median grant in 2024 was $56,823, and its average grant was $292,331, across 8 grants on its 2024 IRS Form 990-PF.
Where does Salt Water Fund give grants?
Salt Water Fund gives mostly in North Carolina: 99% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Wilmington, NC (4 grants) and Linville, NC (2 grants).
Does Salt Water Fund give general operating support?
Yes: 100% of Salt Water Fund's 2024 grants with a stated purpose (8 of 8) were for general or operating support, per its 2024 IRS Form 990-PF.
Who are Salt Water Fund's largest grantees?
Salt Water Fund's largest 2024 grantees include Cape Fear Collective ($1,125,000 across 2 grants), Boys and Girls Clubs of Southeastern North Carolina ($1,050,000) and Williams YMCA of Avery County ($60,000), according to its 2024 IRS Form 990-PF. Together they received 96% of its itemized 2024 grant dollars.
How large is Salt Water Fund?
Salt Water Fund reported $8.7M in total assets on its 2024 IRS Form 990-PF. It paid out $2.3M in qualifying distributions that year, against a required minimum of $502K (roughly 5% of its investment assets).
What does Salt Water Fund fund?
No mission statement for Salt Water Fund is provided. Its 2024 recipients included Beacon Education, which says it raises funds and develops programs supporting transportation, facilities, food services, enrichment, and college preparedness for affiliated North Carolina schools. See mission & focus areas ↑
How do I apply for a grant from Salt Water Fund?
The foundation makes contributions only to preselected charitable organizations and does not accept unsolicited requests for funds. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
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.
Does Salt Water Fund accept unsolicited proposals?
No, according to Grantable's research on the foundation's published guidelines. See how to apply ↑
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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