HOLLINGSWORTH FUNDS INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1977

Legal Domicile

Principal Officer

B GAGE WEEKES

Phone

8646278306

Tax Period

2023-01-01 to 2023-12-31

HOLLINGSWORTH FUNDS INC, founded in 1977, is a mid-sized nonprofit in the Philanthropy & Grantmaking sector that reported $10.5M in total revenue in fiscal year 2023. Revenue decreased 18% compared to the prior year. Expenses of $16.2M exceeded revenue, resulting in a 53% operating deficit.

Mission

HOLLINGSWORTH FUNDS IS A SUPPORTING ORGANIZATION TO WHICH APPROXIMATELY 45% OF THE ANNUAL DISTRIBUTIONS ARE AWARDED TO FURMAN UNIVERSITY, APPROXIMATELY 10% TO THE GREENVILLE YMCA, AND THE REMAINDER TO PUBLIC CHARITIES THAT OPERATE OR CONDUCT AFFAIRS FOR THE BENEFIT OF GREENVILLE COUNTY.

Program Service Accomplishments

Program 1

Expenses: $12,616,915

A CASH GRANT OF 5,181,139 WAS MADE TO FURMAN UNIVERSITY AND WAS DESIGNATED TO BE USED FOR THE HOLLINGSWORTH SCHOLARS PROGRAM AND TO BE USED FOR VARIOUS EXPENSES OF THE DEPARTMENT OF BUSINESS AND...

A CASH GRANT OF 5,181,139 WAS MADE TO FURMAN UNIVERSITY AND WAS DESIGNATED TO BE USED FOR THE HOLLINGSWORTH SCHOLARS PROGRAM AND TO BE USED FOR VARIOUS EXPENSES OF THE DEPARTMENT OF BUSINESS AND ECONOMICS.A CASH GRANT OF 1,235,538 WAS MADE TO THE YMCA OF GREENVILLE COUNTY TO BE USED TO SUPPORT THE ACTIVITIES OF THE ORGANIZATION. THE REMAINING FUNDS OF 5,039,899 WERE DISTRIBUTED TO DIFFERENT TAX-EXEMPT CHARITABLE ORGANIZATIONS TO MEET VARIOUS UNFUNDED NEEDS IN GREENVILLE COUNTY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $8,174,051

Other Revenue $2,356,093

TOTAL REVENUE $10,530,144

Expense Breakdown

Grants Paid $11,456,576

Salaries & Benefits $1,514,482

Fundraising Expenses $0

Program Expenses $12,616,915

Other Expenses $3,186,521

TOTAL EXPENSES $16,157,579

Year-over-Year Comparison

	2023	2022	Change
Revenue	$10,530,144	$12,829,828	-0.2%
Expenses	$16,157,579	$14,906,078	+0.1%
Net Income	$-5,627,435	$-2,076,250	+1.7%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$673,033

Total Directors

$215,342

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MINOR M SHAW	DIRECTOR	2.00	Director	$5,000	$0	$5,000
WILLIAM E HENDERSON	DIRECTOR	5.00	Director	$5,000	$1,244	$146,592
SAM ERWIN	SECRETARY	3.00	Officer Director	$5,000	$0	$5,000
ANTHONY MCDADE	VICE CHAIRMAN	2.00	Officer Director	$5,000	$0	$5,000
ANNE S ELLEFSON	BOARD CHAIR	2.00	Officer Director	$5,000	$0	$10,000
BRENDA THAMES	DIRECTOR	3.00	Director	$5,000	$0	$5,000
R SEAN DOGAN	DIRECTOR	2.00	Director	$5,000	$0	$5,000
TIMOTHY J REED	DIRECTOR	2.00	Director	$5,000	$0	$5,000
HAROLD F GALLIVAN	DIRECTOR	3.00	Director	$5,000	$0	$5,000
JOANN HACKL	DIRECTOR	2.00	Director	$5,000	$0	$5,000
F BOGUE WALLIN	DIRECTOR	2.00	Director	$5,000	$0	$10,000
RUSS DAVIS	DIRECTOR	2.00	Director	$5,000	$0	$8,750
B GAGE WEEKES	PRESIDENT	40.00	Officer	$379,500	$79,753	$459,253
PAMELA PRASHAD	VP OF FINANCE & OPERATIONS	35.00	Officer	$165,900	$27,880	$193,780
TAMELA SPANN	VP OF STRATEGIC INITIATIVE	40.00	Highest	$173,250	$44,108	$217,358

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$10,530,144	$16,157,579	$394,202,076	$-5,627,435
2022	$12,829,828	$14,906,078	$375,756,696	$-2,076,250
2021	$16,217,811	$15,626,643	$415,865,709	$591,168
2020	$12,387,637	$14,907,822	$393,513,843	$-2,520,185