BETA

G AND G FAMILY FOUNDATION: Form 990PF, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
G AND G FAMILY FOUNDATION (EIN 45-2094500)
Tax period
2024-01-01 to 2024-12-31
Filed
2025-09-25
IRS object ID
202512689349100206
Schema version
2024v5.2
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2025-09-25T08:47:16-04:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1PESTA FINNIE & ASSOCIATES LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line16826 CARNEGIE BLVDAddressLine1Txt
CityCHARLOTTECityNm
State AbbreviationNCStateAbbreviationCd
ZIP28211ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2024-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN452094500EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1G & G Family Fndn inc-agy-mainBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% CAREY E HEBERTONInCareOfNm
Business Name ControlGFAMBusinessNameControlTxt
Phone8558340350PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line11917 CORTELYOU ROADAddressLine1Txt
CityCHARLOTTECityNm
State AbbreviationNCStateAbbreviationCd
ZIP28211ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonCAREY E HEBERTONPersonNm
Person TitleTRUSTEEPersonTitleTxt
Phone7043656000PhoneNum
Signature2025-09-03SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (true)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonChetna SharmaPreparerPersonNm
PTINP02331305PTIN
Phone7043641829PhoneNum
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Address ChangeYes (X)AddressChangeInd
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$2,864,959FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$0ContriRcvdRevAndExpnssAmt
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Dividends Rev And Expnss$65,310DividendsRevAndExpnssAmt
Dividends Net Invst Incm$65,310DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$112,083NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$310,103GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$112,083CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$177,393TotalRevAndExpnssAmt
Total Net Invst Incm$177,393TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Legal Fees Rev And Expnss$1,590LegalFeesRevAndExpnssAmt
Legal Fees Net Invst Incm$1,590LegalFeesNetInvstIncmAmt
Legal Fees Adj Net Incm$0LegalFeesAdjNetIncmAmt
Legal Fees Dsbrs Chrtbl$0LegalFeesDsbrsChrtblAmt
Accounting Fees Rev And Expnss$9,900AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm$9,900AccountingFeesNetInvstIncmAmt
Accounting Fees Adj Net Incm$0AccountingFeesAdjNetIncmAmt
Accounting Fees Chrtbl Prps$0AccountingFeesChrtblPrpsAmt
Other Prof Fees Rev And Expnss$33,266OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$33,266OtherProfFeesNetInvstIncmAmt
Taxes Rev And Expnss$99TaxesRevAndExpnssAmt
Taxes Net Invst Incm$99TaxesNetInvstIncmAmt
Tot Opr Expenses Rev And Expnss$44,855TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$44,855TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Adj Net Incm$0TotOprExpensesAdjNetIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$465,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$465,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$509,855TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$44,855TotalExpensesNetInvstIncmAmt
Total Expenses Adj Net Incm$0TotalExpensesAdjNetIncmAmt
Total Expenses Dsbrs Chrtbl$465,000TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$332,462ExcessRevenueOverExpensesAmt
Net Investment Income$132,538NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$427,086SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$104,761SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$104,761SavAndTempCashInvstEOYFMVAmt
US Government Obligations BOY$309,374USGovernmentObligationsBOYAmt
US Government Obligations EOY$419,295USGovernmentObligationsEOYAmt
US Govt Obligations EOYFMV$420,860USGovtObligationsEOYFMVAmt
Corporate Stock BOY$1,812,228CorporateStockBOYAmt
Corporate Stock EOY$1,692,170CorporateStockEOYAmt
Corporate Stock EOYFMV$2,339,338CorporateStockEOYFMVAmt
Total Assets BOY$2,548,688TotalAssetsBOYAmt
Total Assets EOY$2,216,226TotalAssetsEOYAmt
Total Assets EOYFMV$2,864,959TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Capital Stock BOY$2,548,688CapitalStockBOYAmt
Capital Stock EOY$2,216,226CapitalStockEOYAmt
Tot Net Ast Or Fund Balances BOY$2,548,688TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$2,216,226TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$2,548,688TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$2,216,226TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$2,548,688TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$332,462ExcessRevenueOverExpensesAmt
Subtotal$2,216,226SubtotalAmt
Tot Net Ast Or Fund Balances EOY$2,216,226TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (2 entries)

PropertyPropertyDescGross Sales PriceGrossSalesPriceAmtCost Or Other BasisCostOrOtherBasisAmtGain Or LossGainOrLossAmtGains Minus Excess Or LossesGainsMinusExcessOrLossesAmtHow AcquiredHowAcquiredCd
WELL FARGON LT A/C 7800 - STMT A$256,656$198,020$58,636$58,636
CAPITAL GAIN DIVIDENDS$53,447P
FieldValueIRS element (for citing)
Capital Gain Net Income$112,083CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$1,842InvestmentIncomeExciseTaxAmt
Subtotal$1,842SubtotalAmt
Tax Based On Investment Income$1,842TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$3,002EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Total Payments And Credits$3,002TotalPaymentsAndCreditsAmt
Overpayment$1,160OverpaymentAmt
Applied To ES Tax$1,160AppliedToESTaxAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political ActyfalseLegislativePoliticalActyInd
More Than100 SpentfalseMoreThan100SpentInd
Form1120 POL FiledfalseForm1120POLFiledInd
Activities Not Previously RptfalseActivitiesNotPreviouslyRptInd
Changes To Articles Or BylawsfalseChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Organization Dissolved EtcfalseOrganizationDissolvedEtcInd
Section508e Rqr SatisfiedYes (true)Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (true)AtLeast5000InAssetsInd
Form990 PF Filed With Atty GenYes (true)Form990PFFiledWithAttyGenInd
Private Operating FoundationfalsePrivateOperatingFoundationInd
New Substantial ContributorsfalseNewSubstantialContributorsInd
Own Controlled EntityfalseOwnControlledEntityInd
Donor Advised FundfalseDonorAdvisedFundInd
Comply With Public Insp RqrYes (true)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt

Persons With Books Name PersonsWithBooksName

FieldValueIRS element (for citing)
Business Name Line1CAREY E HEBERTONBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone7043656000PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line11917 CORTELYOU ROADAddressLine1Txt
CityCHARLOTTECityNm
State AbbreviationNCStateAbbreviationCd
ZIP28211ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts QuestionfalseForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified PrsnfalseSaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified PrsnfalseBrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified PrsnfalseFurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified PrsnfalsePayCompDisqualifiedPrsnInd
Transfer Ast Disqualified PrsnfalseTransferAstDisqualifiedPrsnInd
Payment To Government OfficialfalsePaymentToGovernmentOfficialInd
Uncorrected Prior ActsfalseUncorrectedPriorActsInd
Undistributed Income PYfalseUndistributedIncomePYInd
Business HoldingsfalseBusinessHoldingsInd
Jeopardy InvestmentsfalseJeopardyInvestmentsInd
Uncorrected PY Jeopardy InvstfalseUncorrectedPYJeopardyInvstInd
Influence LegislationfalseInfluenceLegislationInd
Influence ElectionfalseInfluenceElectionInd
Grants To IndividualsfalseGrantsToIndividualsInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Noncharitable PurposefalseNoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft CntrctfalseRcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft CntrctfalsePayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Proceeds Or Net IncomefalseProceedsOrNetIncomeInd
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
CAREY E HEBERTON
1917 CORTELYOU ROADCHARLOTTENC28211co trustee0$0$0$0
SCOTT E HEBERTON
1917 CORTELYOU ROADCHARLOTTENC28211co trustee0$0$0$0

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

FieldValueIRS element (for citing)
Description1N/ADescription1Txt
FieldValueIRS element (for citing)
Sum Of Program Related InvstSumOfProgramRelatedInvstGrp

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$2,743,377AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$288,430AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$3,031,807TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$3,031,807AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$45,477CashDeemedCharitableAmt
Net Vl Noncharitable Assets$2,986,330NetVlNoncharitableAssetsAmt
Minimum Investment Return$149,317MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$149,317MinimumInvestmentReturnAmt
Tax Based On Investment Income$1,842TaxBasedOnInvestmentIncomeAmt
Total Tax$1,842TotalTaxAmt
Distributable Before Adj$147,475DistributableBeforeAdjAmt
Distributable Before Ded$147,475DistributableBeforeDedAmt
Distributable As Adjusted$147,475DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$465,000ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$465,000QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$147,475DistributableAsAdjustedAmt
Undistributed Income PY$0UndistributedIncomePYAmt
Prior Year12022PriorYear1Yr
Prior Year22021PriorYear2Yr
Prior Year32020PriorYear3Yr
Total For Prior Years$0TotalForPriorYearsAmt
Excess Distribution Cyov Yr5$250,149ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$204,706ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr2$38,886ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$288,474ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$782,215TotalExcessDistributionCyovAmt
Qualifying Distributions$465,000QualifyingDistributionsAmt
Applied To Year1$0AppliedToYear1Amt
Applied To Current Year$147,475AppliedToCurrentYearAmt
Remaining Distri From Corpus$317,525RemainingDistriFromCorpusAmt
Total Corpus$1,099,740TotalCorpusAmt
Prior Year Undistributed Incm$0PriorYearUndistributedIncmAmt
Taxable1$0Taxable1Amt
Taxable2$0Taxable2Amt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$250,149ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$849,591ExcessDistriCyovToNextYrAmt
Excess From Year4$204,706ExcessFromYear4Amt
Excess From Year2$38,886ExcessFromYear2Amt
Excess From Year1$288,474ExcessFromYear1Amt
Excess From Current Year$317,525ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (2 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
Davidson College
405 N Main StDavidsonNC28035PCNaming Rights$390,000
Fellowship of Christian Athletes
8701 Leeds RDKansas CityMO64129PCContribution$75,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$465,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

FieldValueIRS element (for citing)
Fees Contracts From Govt AgFeesContractsFromGovtAgGrp
Membership Dues And AssmntMembershipDuesAndAssmntGrp
Int On Sav And Temp Cash InvstIntOnSavAndTempCashInvstGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$65,310ExclusionAmt
FieldValueIRS element (for citing)
Net Rntl Incm Re Debt Fincd PropNetRntlIncmReDebtFincdPropGrp
Net Rntl Incm Re Not Debt Fincd PropNetRntlIncmReNotDebtFincdProp
Net Rental Income Personal PropNetRentalIncomePersonalPropGrp
Other Investment IncomeOtherInvestmentIncomeGrp

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion18ExclusionCd
Exclusion$112,083ExclusionAmt
FieldValueIRS element (for citing)
Net Income Loss From Special EvtNetIncomeLossFromSpecialEvtGrp
Gross Profit Loss Sls Of InvntryGrossProfitLossSlsOfInvntryGrp

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$177,393ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$177,393TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EOfalseTrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EOfalseTrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of AssetsfalseSalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EOfalsePurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth AssetsfalseRentalOfFacilitiesOthAssetsInd
Reimbursement ArrangementsfalseReimbursementArrangementsInd
Loans Or Loan GuaranteesfalseLoansOrLoanGuaranteesInd
Performance Of Services EtcfalsePerformanceOfServicesEtcInd
Sharing Of Facilities EtcfalseSharingOfFacilitiesEtcInd
Relationships Nonchrtbl EOfalseRelationshipsNonchrtblEOInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

FieldValueIRS element (for citing)
CategoryACCOUNTING FEESCategoryTxt
Amt$9,900Amt
Net Investment Income$9,900NetInvestmentIncomeAmt

Depreciation Schedule DepreciationSchedule

Legal Fees Schedule LegalFeesSchedule

Legal Fees LegalFeesGrp

FieldValueIRS element (for citing)
CategoryLEGAL FEESCategoryTxt
Legal Fees$1,590LegalFeesAmt
Net Investment Income$1,590NetInvestmentIncomeAmt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp

FieldValueIRS element (for citing)
DescINVESTMENT EXPENSEDesc

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail

FieldValueIRS element (for citing)
CategoryMANAGEMENT FEESCategoryTxt
Amt$33,266Amt
Net Investment Income$33,266NetInvestmentIncomeAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryFOREIGN TAXESCategoryTxt
Amt$99Amt
Net Investment Income$99NetInvestmentIncomeAmt

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