Southern Bank Foundation

MOUNT OLIVE, NC EIN: 56-2002871

The Southern Bank Foundation is a private foundation established in 1997 and based in Mount Olive, North Carolina. As a 501(c)(3) organization, it operates as a grantmaking foundation supporting nonprofit organizations across its service region.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$16.3M

+2.8% YoY

Annual Giving

$1.2M

+26.1% YoY

Grant Count

101

+3.1% YoY

Avg Grant Size

$11K

+22.4% YoY

Under IRS private-foundation payout rules, Southern Bank Foundation reported a distributable amount of $918K for 2024 — the minimum it must pay out in qualifying distributions.

Research compiled by Grantable AI from public sources. Last updated April 2026.

Grantmaking

The foundation awarded $801,056 in grants during 2023. Recent grants include:

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Geographic Focus

Where this funder awards grants

The foundation supports organizations in North Carolina and Virginia, with documented grantmaking to nonprofits in the Wilmington, North Carolina area and Hampton Roads, Virginia region.

Grant Distribution by State

North Carolina $1.8M (79%)

Virginia $409K (18%)

Florida $29K (1%)

Tennessee $15K (1%)

North Dakota $10K (0%)

New York $4K (0%)

Ohio $2K (0%)

Illinois $1K (0%)

+3 more states

States

Alabama Florida Illinois Michigan North Carolina North Dakota New York Ohio Tennessee Texas Virginia

Cities

AhoskieAkronAlbemarleAuroraAydenBathBelhavenBismarckBrenhamBuies CreekCaryCharlotteChesapeakeChocowinityCincinnatiComoDupoDurhamEdentonElizabeth City

Financial History

Multi-year comparison from IRS filings

2023 Financial Summary:

Total Assets: $15,850,644
Total Revenues: $1,829,801
Total Expenses: $989,106
Employees: 0

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023	2022
Total Assets	$16,297,091	$15,850,644	$15,193,905
Revenue	$1,480,995	$1,829,801	$725,592
Expenses	$1,204,549	$989,106	$776,242
Qualifying Distributions	$1,161,294	$920,887	$746,750
Net Investment Income	$1,480,836	$1,828,861	$728,356
Distributable Amount	$918,215	$817,073	$837,833

Giving Over Time

Total grant dollars and number of grants per year

Grant Insights

How this funder distributes its grants

Top Recipients

Top 10 recipients in 2024

Grant Size Distribution

250 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest include Nc Aquarium Society Inc ($125,000), Outer Banks Hosptial Development Council ($50,000), Hospice House of Hampton Roads ($25,000).

Recipient	Purpose	Amount
ALL THE KING'S CHILDREN FOUNDATION MOUNT OLIVE, NC	Public Benefit	$1,000
HOPE HOUSE FOUNDATION INC NORFOLK, VA	Public Benefit	$7,000
UNITY ORGANIZATION INC MOUNT OLIVE, NC	Public Benefit	$1,000
VIRGINIA MUSEUM OF CONTEMPORARY ARTS VIRGINIA BEACH, VA	Public Benefit	$15,000
WAYNE COUNTY 4 H GOLDSBORO, NC	Public Benefit	$2,500
NORTH CAROLINA PICKLE FESTIVAL MOUNT OLIVE, NC	Public Benefit	$5,000
FREE WILL BAPTIST CHILDREN'S HOME INC MIDDLESEX, NC	Public Benefit	$5,000
HAMPTON ROADS COUNCIL OF VETERANS ORG VIRGINIA BEACH, VA	Public Benefit	$3,000
HONORBRIDGE Greenville, NC	Public Benefit	$5,000
JUNIOR ACHIEVEMENT OF EASTERN NORTH CAROLINA RALEIGH, NC	Public Benefit	$10,000

Leadership & Key People

Leadership team and compensation from IRS filings

David L Sauls serves as Treasurer of the foundation.

Compensation Overview

From 2024 IRS filing

No officer/director data available.

Recent Activity

Recent developments and announcements

The foundation continues active grantmaking to local nonprofits, with recent grants supporting general operations and community development initiatives across its service areas.

SOUTHEASTERN BANK COMMUNITY FOUNDATION AWARDS GRANTS TO LOCAL NONPROFITS

Subject Areas

Focus areas based on grantmaking activity

Philanthropy, Voluntarism & Grantmaking

Frequently Asked Questions

How do I apply for a grant from Southern Bank Foundation?

The foundation awarded $801,056 in grants during 2023. Recent grants include: • City of Refuge Foundation: $50,000 (General Operations and Support) • Hospice House of Hampton Roads: $25,000 (General Operations and Support) • Wilmington Area Rebuilding Ministry: $25,000 (General Operations and Support) • Habitat SHR: $10,000 The foundation has made at least 62 grants in recent years, with additional grants totaling $478,507 beyond those specifically named.

Where does Southern Bank Foundation make grants?

The foundation supports organizations in North Carolina and Virginia, with documented grantmaking to nonprofits in the Wilmington, North Carolina area and Hampton Roads, Virginia region.

What size grants does Southern Bank Foundation award?

In 2024, Southern Bank Foundation awarded 101 grants totaling $1.2M — an average of about $11K per grant, based on its IRS Form 990 filings.

How much is Southern Bank Foundation required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2024, Southern Bank Foundation reported a distributable amount of $918K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.