ANNUAL REPORT OF THE TRUSTEE OF THE CHAMPLIN FOUNDATIONS
PNC Bank, Delaware as Trustee of The Champlin Foundation, The Second Champlin Foundation and The Third Champlin Foundation submits its combined annual report for the calendar year 2011. The Champlin Foundations are private foundations as defined in section 509(a) of the Internal Revenue Code and are exempt from Federal income tax under section 501(c)(3) of the Code.
The Foundations are established for the purpose of making grants to qualified charitable organizations for such purposes “as will relieve the suffering and want of the poor, the sick, the young, the aged, the incompetent and the helpless, alleviate the privation and distress resulting from any sudden or unusual event or catastrophe, promote science, health, recreation, religion and education and benefit and improve the living conditions and the physical, mental and moral well-being of humanity, regardless of race, color or creed.”
Gross income, including capital gains, of the Foundations for the calendar year 2011 was $24,019,198 subject to audit. Expenditures for the calendar year 2011 for Trustee’s fees and expenses, Executive Committee fees and expenses, and Distribution Committee expenses totaled $3,408,797. Grants distributed for the calendar year 2011 totaled $18,757,643.
For a complete list of grants distributed and their new address, please go to The Champlin Foundations’ website at www.champlinfoundations.com.