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.
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
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 |
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 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.
Explore Open Grants
Browse active grant opportunities in Southern Bank Foundation'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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