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
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
No grants recorded for .
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
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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