Southern Bank Foundation
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.
Key facts about Southern Bank Foundation
- EIN
- 56-2002871
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $1,161,294
- Grants made (2024)
- 101
- Average grant
- $11,498
- Median grant
- $6,720
- New grantees (estimate)
- 37% first-time grantees (37 of 101, 2024)
- Total assets
- $16,297,091
- Primary geography
- North Carolina (83% of itemized 2024 grant dollars)
Data from IRS Form 990-PF, 2024; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Who Southern Bank Foundation funds
By grant dollars, the top recipient states for Southern Bank Foundation's 101 itemized 2024 grants were North Carolina (83%) and Virginia (15%). The most frequent recipient cities were Goldsboro, NC (15 grants), Raleigh, NC (11 grants), Virginia Beach, VA (6 grants) and Mount Olive, NC (5 grants). None of its 101 grants with a stated purpose were described as general or operating support. Recurring purposes include "Public Benefit" (101 grants).
Is Southern Bank Foundation open to new grantees?
37%
first-time grantees, 2024
In 2024, 37 of 101 grantees (37%) were first-time recipients. First grants averaged $12K; repeat grants $11K. How we count
Medians: $10K first-time, $5K repeat.
- 55% of 2024 grantees were also funded in 2023. Method
- Giving grew 56% from 2021 to 2024. Method
- In 2024 it paid out 126% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Next steps with Southern Bank Foundation
- How to evaluate Southern Bank Foundation as a funder
Our grant prospecting guide: read the 990-PF, check fit, and decide whether to apply.
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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.
Grantmaking
The foundation awarded $801,056 in grants during 2023. Recent grants include:
Ready to take the next step with Southern Bank Foundation?
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
Share of all 101 itemized 2024 grant dollars.
Cities
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
| 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 |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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
459 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest recipients include NC Aquarium Society Inc ($125,000), University of Mount Olive (003689) ($107,500), Outer Banks Hosptial Development Council ($50,000).
| Recipient | Purpose | Amount |
|---|---|---|
| NC AQUARIUM SOCIETY INC Raleigh, NC | Public Benefit | $125,000 |
| UNIVERSITY OF MOUNT OLIVE (003689) Mount Olive, NC | Public Benefit | $107,500 |
| OUTER BANKS HOSPTIAL DEVELOPMENT COUNCIL Nags Head, NC | Public Benefit | $50,000 |
| BARTON COLLEGE (006943) Wilson, NC | Public Benefit | $50,000 |
| HOSPICE HOUSE OF HAMPTON ROADS Virginia Beach, VA | Public Benefit | $25,000 |
| PITT COMMUNITY COLLEGE FOUNDATION I Merry Hill, NC | Public Benefit | $25,000 |
| WILMINGTON AREA REBUILDING MINISTRY INC Wilmington, NC | Public Benefit | $25,000 |
| NORTH CAROLINA WESLYAN UNIVERSITY Rocky Mount, NC | Public Benefit | $25,000 |
| ROANOKE CHOWAN COMMUNITY HEALTH CENTER INC Murfreesboro, NC | Public Benefit | $25,000 |
| SYLVAN HEIGHTS WATERFOWL PARK AND ECO CENTER INC Scotland Neck, NC | Public Benefit | $25,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
David L Sauls serves as Treasurer of the foundation.
Southern Bank Foundation is led by Drew M. Covert, President & Director on every filing since 2020; none of the 11 officers listed in 2022 report compensation.
Officers on the 2022 filing
Drew M. Covert
President & Director
On filings since 2020
No compensation reported
Hope H. Bryant
Director
On filings since 2020
No compensation reported
John C. Pegram Jr.
Director
On filings since 2020
No compensation reported
Julian R. Aycock
Director
On filings since 2020
No compensation reported
William H. Bryan
Director
On filings since 2020
No compensation reported
Dan R. Ellis
Vice President & Investment Officer
On filings since 2020
No compensation reported
David L. Sauls
Treasurer
On filings since 2020
No compensation reported
Genetta B. Goodman
Assistant Treasurer
On filings since 2020
No compensation reported
Lisa R. Sanderson
Assistant Secretary
On filings since 2020
No compensation reported
Hope M. Fields
Secretary
New on the 2022 filing
No compensation reported
John H. Gray
Assistant Treasurer
New on the 2022 filing
No compensation reported
Former officers (1)
- Former: John L. Heeden (2020–2021) — Secretary
Data from IRS Form 990 filings, 2020–2022. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
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 NONPROFITSSubject Areas
Focus areas based on grantmaking activity
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.
What is Southern Bank Foundation's EIN?
Southern Bank Foundation's EIN (Employer Identification Number) is 56-2002871. IRS Form 990 filing data is available on this page for 2020–2024.
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Data last updated September 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.