Southern Bank Foundation
Southern Bank Foundation is a private foundation based in Mount Olive, North Carolina. Its 2024 filing reports 101 grants totaling $1,161,294, with the listed grant purposes described as “Public Benefit.”
Southern Bank Foundation at a glance
In short: Southern Bank Foundation gave $1.2M across 101 grants in 2024 (avg $11K), mostly in North Carolina. 35% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $1,161,294
- +26.1% vs 2023
- Grants made (2024)
- 101
- +3.1% vs 2023
- Average grant
- $11,498
- +22.4% vs 2023
- Median grant
- $6,720
- Total assets
- $16,297,091
- +2.8% vs 2023
- New grantees (estimate)
- 35% first-time grantees (35 of 101, 2024)
- Primary geography
- North Carolina (83% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Southern Bank Foundation
- How to Apply
-
The foundation states that it does not restrict giving to preselected organizations. Its filing lists the “Southern Bank Foundation Request for Grant” as the form and materials, with no deadlines or restrictions on awards.
- Contact
Application contact: Hope M Fields
Mailing address: PO Box 729, Mount Olive, NC 28365
Phone: (919) 658-7000
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Southern Bank Foundation funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was NC Aquarium Society Inc ($125K). Together the top 10 received $483K.
Grant Size Distribution
459 grants across all recorded years
The most common grant size was under $50K: 447 grants of 459 (97%).
Geographic Focus
Where this funder awards grants
In 2024, 83% of grant dollars went to recipients in North Carolina and 15% to recipients in Virginia. Florida and Tennessee each accounted for 1%; New York accounted for 0%.
Grant Distribution by State
Share of 2024 grant dollars across all 101 itemized grants.
Cities
Is Southern Bank Foundation open to new grantees?
35%
first-time grantees, 2024
In 2024, 35 of 101 grantees (35%) were first-time recipients. First grants averaged $11K; repeat grants $12K. How we count
Medians: $10K first-time, $5K repeat.
- 56% 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.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $742K (2021) to $1.2M (2024). In 2024 it made 101 grants totaling $1.2M.
Grants by year
Grant recipients and amounts by year
| 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 |
Ready to take the next step with Southern Bank Foundation?
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 | $16,297,091 | $1,480,995 | $1,204,549 | $1,161,294 | 101 | $1,161,294 | $1,480,836 | $918,215 |
| 2023 | $15,850,644 | $1,829,801 | $989,106 | $920,887 | 98 | $920,887 | $1,828,861 | $817,073 |
| 2022 | $15,193,905 | $725,592 | $776,242 | $746,750 | 89 | $746,750 | $728,356 | $837,833 |
| 2021 | $14,785,599 | $1,184,140 | $754,862 | $742,450 | 85 | $742,450 | $1,184,109 | $865,476 |
| 2020 | $14,881,321 | $884,386 | $827,535 | $820,350 | 86 | — | $876,863 | $800,651 |
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 September 2026.
Mission & Focus Areas
No mission statement for the foundation is provided. Its grants went to organizations with varied missions. For example, Wilmington Area Rebuilding Ministry says it helps homeowners access urgent repairs affecting health and accessibility, while Kramden Institute says it provides technology tools and training to bridge the digital divide. Hospice House of Hampton Roads describes its mission as providing hospice care in an environment of compassion, dignity, and respect.
Grantmaking
In 2024, the foundation made 101 grants totaling $1,161,294. Grants ranged from $300 to $125,000, and the median grant was $6,720. Among the largest awards were $125,000 to NC Aquarium Society Inc. and $107,500 to University of Mount Olive. Other listed awards included $50,000 each to Outer Banks Hospital Development Council and Barton College, and $25,000 each to Hospice House of Hampton Roads, Wilmington Area Rebuilding Ministry, and Bertie Educational Foundation.
Leadership & Key People
Officers and directors from IRS filings
Southern Bank Foundation is led by Drew M Covert, President & Director on every filing since 2020; none of the 11 officers listed in 2024 report compensation.
Officers on the 2024 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
David L Sauls Jr.
Treasurer
On filings since 2020
No compensation reported
Lisa R Sanderson
Assistant Secretary
On filings since 2020
No compensation reported
Hope M Fields
Secretary
On filings since 2022
No compensation reported
John H Gray
Assistant Treasurer
On filings since 2022
No compensation reported
Samuel A Clark
Assistant Treasurer
New on the 2024 filing
No compensation reported
Stacey D Herring
Assistant Treasurer
New on the 2024 filing
No compensation reported
Former officers (3)
- Former: Dan R. Ellis (2020–2022) — Vice President & Investment Officer
- Former: Genetta B. Goodman (2020–2022) — Assistant Treasurer
- Former: John L. Heeden (2020–2021) — Secretary
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 Southern Bank Foundation
How much does Southern Bank Foundation give each year?
Southern Bank Foundation gave $1.2M across 101 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $921K across 98 grants.
What is Southern Bank Foundation's typical grant size?
Southern Bank Foundation's median grant in 2024 was $6,720, and its average grant was $11,498, across 101 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from Southern Bank Foundation that year got $11K on average.
Where does Southern Bank Foundation give grants?
Southern Bank Foundation gives mostly in North Carolina: 83% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest state was 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).
Does Southern Bank Foundation give general operating support?
Not in 2024: none of the 101 grants with a stated purpose on Southern Bank Foundation's 2024 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Public Benefit" (101 grants).
Who are Southern Bank Foundation's largest grantees?
Southern Bank Foundation's largest 2024 grantees include NC Aquarium Society Inc ($125,000), University of Mount Olive (003689) ($107,500) and Outer Banks Hosptial Development Council ($50,000), according to its 2024 IRS Form 990-PF. Together they received 24% of its itemized 2024 grant dollars.
How large is Southern Bank Foundation?
Southern Bank Foundation reported $16.3M in total assets on its 2024 IRS Form 990-PF. It paid out $1.2M in qualifying distributions that year, against a required minimum of $918K (roughly 5% of its investment assets).
What does Southern Bank Foundation fund?
No mission statement for the foundation is provided. Its grants went to organizations with varied missions. See mission & focus areas ↑
How do I apply for a grant from Southern Bank Foundation?
The foundation states that it does not restrict giving to preselected organizations. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
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.
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
Live grants for the work Southern Bank Foundation funds
Philanthropy, Voluntarism & Grantmaking Open opportunities, soonest deadline first.
Explore Open Grants
Browse active grant opportunities in Southern Bank Foundation's focus areas in our free grants database
Similar Funders
Funders that support many of the same organizations
North Carolina Community Foundation Inc
Raleigh, NC
The North Carolina Community Foundation supports charitable organizations and community programs in areas such as human services, education, youth development, health, food and nutrition, and the arts. Its typical grant was $15,000 in 2025; it serves communities statewide, with an emphasis on rural North Carolina, and accepts applications through specific affiliate, giving-circle, and other grant programs.
Assets
$569.1M
Grants
732
Total Given
$30.6M
Duke Energy Foundation
Charlotte, NC
The Duke Energy Foundation funds workforce and local economic development, disaster resilience, conservation, clean water, and economic opportunity in North Carolina, South Carolina, Florida, Ohio, Kentucky, and Indiana. Its 2024 grants had a median of $25,000; applications for grants of $20,000 or less are accepted year-round, after applicants discuss proposals with a state representative.
Assets
$1.9M
Grants
41
Total Given
$25.6M
The Cannon Foundation Inc
Concord, NC
The Cannon Foundation funds capital, equipment, and infrastructure projects in human services, higher education, healthcare, and community, primarily for established organizations with significant operations in North Carolina. Recent grants ranged from $2,500 to $500,000, with a median of $50,000. It accepts inquiries through a staged application process, with quarterly deadlines.
Assets
$351.7M
Grants
218
Total Given
$14.6M
Enterprise Holdings Foundation
Saint Louis, MO
The Enterprise Holdings Foundation supports charitable and educational nonprofits in communities where Enterprise Mobility operates, focusing on health, education, arts, and disaster relief; applicants must be actively supported by an Enterprise Mobility team member, spouse, or domestic partner. Giving varies widely: it reported 9,499 grants in 2024, but its 2025 filing showed one grant of $101.4 million, so that amount is not a typical award. Applications are accepted at any time through eligible Enterprise-affiliated applicants; the Foundation does not limit giving to preselected organizations.
Assets
$594.3M
Grants
1
Total Given
$101.4M
Foundation for the Carolinas
Charlotte, NC
Foundation For The Carolinas funds education and youth development, environmental and wildlife work, health and human services, and animal welfare, with a reported median grant of $25,000 in 2024. Its competitive programs focus on Charlotte-Mecklenburg, the Carolinas, and specific local communities, while donor-advised funds may support eligible nonprofits more broadly; it accepts applications for some competitive grants, but most grants are recommended by fund advisors and have no application process.
Assets
$3.9B
Grants
1,605
Total Given
$609.1M
Dominion Energy Charitable Foundation
Richmond, VA
Dominion Energy Charitable Foundation funds eligible 501(c)(3) organizations working in health and human services, education, arts and culture, civic and community development, and the environment within its operating area. Its 2024 grants ranged from $100 to $1 million, with a median of $5,000; it accepts unsolicited requests during spring and fall cycles.
Assets
$2.3M
Grants
773
Total Given
$16.4M
More similar funders
More Funders in North Carolina
Cite this profile
Grantable. (2026). Southern Bank Foundation funder profile. GrantGraph. Retrieved October 17, 2026, from https://grantable.co/funders/southern-bank-foundation-morg_10c3b76f4aa24d90895798c621cd6589
BibTeX
@misc{grantable_562002871_2026,
author = {{Grantable}},
title = {{Southern Bank Foundation funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/southern-bank-foundation-morg_10c3b76f4aa24d90895798c621cd6589},
note = {Accessed 2026-10-17. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Southern Bank Foundation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
Southern Bank Foundation down — hundreds of funders to go?