PROSPECT COMMUNITY FDN INC: Form 990PF, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
PROSPECT COMMUNITY FDN INC (EIN 83-3090105)
Tax period
2023-01-01 to 2023-12-31
Filed
2024-07-01
IRS object ID
202421839349100107
Schema version
2023v5.0
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)
Return2024-07-01T09:55:56-04:00ReturnTs
Tax Period End2023-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN370623191PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1LARSSON WOODYARD & HENSON LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 426AddressLine1Txt
CityPARISCityNm
State AbbreviationILStateAbbreviationCd
ZIP619440426ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2023-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN833090105EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1PROSPECT COMMUNITY FOUNDATION INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlPROSBusinessNameControlTxt
Phone2174654154PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 400AddressLine1Txt
CityPARISCityNm
State AbbreviationILStateAbbreviationCd
ZIP61944ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonERIC VOLKMANNPersonNm
Person TitleCHAIRMANPersonTitleTxt
Phone2174654154PhoneNum
Signature2024-06-21SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstERICPersonFirstNm
Person LastVOLKMANNPersonLastNm
FieldValueIRS element (for citing)
SSN999009999SSN
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrfalseIRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonMARLA D COFFMANPreparerPersonNm
PTINP00973603PTIN
Phone2174656494PhoneNum
Preparation2024-07-01PreparationDt
FieldValueIRS element (for citing)
Tax2023TaxYr
Build TS2023-04-26 12:10:37ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$1,795,089FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss$383InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$383InterestOnSavNetInvstIncmAmt
Interest On Savings Adj Net Incm$383InterestOnSavingsAdjNetIncmAmt
Other Income Rev And Expnss$100OtherIncomeRevAndExpnssAmt
Other Income Adj Net Incm$100OtherIncomeAdjNetIncmAmt
Total Rev And Expnss$483TotalRevAndExpnssAmt
Total Net Invst Incm$383TotalNetInvstIncmAmt
Total Adj Net Incm$483TotalAdjNetIncmAmt
Legal Fees Rev And Expnss$135LegalFeesRevAndExpnssAmt
Legal Fees Dsbrs Chrtbl$135LegalFeesDsbrsChrtblAmt
Accounting Fees Rev And Expnss$1,685AccountingFeesRevAndExpnssAmt
Accounting Fees Chrtbl Prps$1,685AccountingFeesChrtblPrpsAmt
Taxes Rev And Expnss$10TaxesRevAndExpnssAmt
Deprec And Dpltn Rev And Expnss$16,664DeprecAndDpltnRevAndExpnssAmt
Other Expenses Rev And Expnss$15,864OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$15,864OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$34,358TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$17,684TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$0ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$0ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$34,358TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$17,684TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$33,875ExcessRevenueOverExpensesAmt
Net Investment Income$383NetInvestmentIncomeAmt
Adjusted Net Income$483AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$319,664CashBOYAmt
Cash EOY$49,752CashEOYAmt
Cash EOYFMV$49,752CashEOYFMVAmt
Land Bldg Equip Cost Or Other Bss$1,762,001LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$16,664LandBldgEquipAccumDeprecAmt
Land BOY$918,212LandBOYAmt
Land EOY$1,745,337LandEOYAmt
Land EOYFMV$1,745,337LandEOYFMVAmt
Other Assets BOY$591,088OtherAssetsBOYAmt
Total Assets BOY$1,828,964TotalAssetsBOYAmt
Total Assets EOY$1,795,089TotalAssetsEOYAmt
Total Assets EOYFMV$1,795,089TotalAssetsEOYFMVAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY$1,828,964NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY$1,795,089NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances BOY$1,828,964TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$1,795,089TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$1,828,964TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$1,795,089TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$1,828,964TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$33,875ExcessRevenueOverExpensesAmt
Subtotal$1,795,089SubtotalAmt
Tot Net Ast Or Fund Balances EOY$1,795,089TotNetAstOrFundBalancesEOYAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$5InvestmentIncomeExciseTaxAmt
Subtotal$5SubtotalAmt
Tax Based On Investment Income$5TaxBasedOnInvestmentIncomeAmt
Extsn Request Income Tax Paid$5ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits$5TotalPaymentsAndCreditsAmt

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
Org Report Or Register StateILOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (true)Form990PFFiledWithAttyGenInd
Private Operating FoundationYes (true)PrivateOperatingFoundationInd
New Substantial ContributorsfalseNewSubstantialContributorsInd
Own Controlled EntityfalseOwnControlledEntityInd
Donor Advised FundfalseDonorAdvisedFundInd
Comply With Public Insp RqrYes (true)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt
Individual With BooksERIKA NAILIndividualWithBooksNm
Phone2174654154PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 400AddressLine1Txt
CityPARISCityNm
State AbbreviationILStateAbbreviationCd
ZIP61944ZIPCd
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
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
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (3 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
ERIC VOLKMANN
PO BOX 400PARISIL61944CHAIRMAN2.00$0$0$0
JENNELLE ADAMS
PO BOX 400PARISIL61944VICE CHAIRMA1.00$0$0$0
ERIKA NAIL
PO BOX 400PARISIL61944TREASURER1.00$0$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Comp Of Hghst Pd Cntrct Or NONENONECompOfHghstPdCntrctOrNONETxt

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

FieldValueIRS element (for citing)
Description1EXPENDITURES RELATED TO DEVELOPING COMMUNITY PARKS AND OTHER BEAUTIFICATION PROJECTS.Description1Txt
Expenses1$17,684Expenses1Amt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Description1N/ADescription1Txt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$0AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$191,383AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$191,383TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$191,383AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$2,871CashDeemedCharitableAmt
Net Vl Noncharitable Assets$188,512NetVlNoncharitableAssetsAmt
Minimum Investment Return$9,426MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Sect4942j3j5 Fndtn And Frgn OrgYes (X)Sect4942j3j5FndtnAndFrgnOrgInd

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$17,684ExpensesAndContributionsAmt
Charitable Assets Acquis Paid$843,789CharitableAssetsAcquisPaidAmt
Qualifying Distributions$861,473QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Qualifying Distributions$861,473QualifyingDistributionsAmt
Remaining Distri From Corpus$861,473RemainingDistriFromCorpusAmt
Total Corpus$861,473TotalCorpusAmt

Private Operating Foundations PrivateOperatingFoundationsGrp

FieldValueIRS element (for citing)
Private Operating Fndtn Ruling2021-03-02PrivateOperatingFndtnRulingDt
Section4942j3Yes (X)Section4942j3Ind

Lessor Adj Net Incm Min Invst Ret LessorAdjNetIncmMinInvstRetGrp

FieldValueIRS element (for citing)
Current Year$483CurrentYearAmt
Year1$699Year1Amt
Year2$279Year2Amt
Total$1,461TotalAmt

Pct85 Lessor Adj Incm Or Min Ret Pct85LessorAdjIncmOrMinRetGrp

FieldValueIRS element (for citing)
Current Year$411CurrentYearAmt
Year1$594Year1Amt
Year2$237Year2Amt
Total$1,242TotalAmt

Qualifying Distributions QualifyingDistributionsGrp

FieldValueIRS element (for citing)
Current Year$861,473CurrentYearAmt
Year1$11,104Year1Amt
Year2$13,396Year2Amt
Year3$115,697Year3Amt
Total$1,001,670TotalAmt

Qualifying Distri Made Drt QualifyingDistriMadeDrtGrp

FieldValueIRS element (for citing)
Current Year$861,473CurrentYearAmt
Year1$11,104Year1Amt
Year2$13,396Year2Amt
Year3$115,697Year3Amt
Total$1,001,670TotalAmt

Two Thirds Minimum Invst Ret TwoThirdsMinimumInvstRetGrp

FieldValueIRS element (for citing)
Current Year$6,284CurrentYearAmt
Year1$12,546Year1Amt
Year2$15,579Year2Amt
Year3$9,410Year3Amt
Total$43,819TotalAmt

Supplementary Information SupplementaryInformationGrp

Application Submission Info ApplicationSubmissionInfoGrp

FieldValueIRS element (for citing)
Recipient PersonPROSPECT BANKRecipientPersonNm

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 400AddressLine1Txt
CityPARISCityNm
State AbbreviationILStateAbbreviationCd
ZIP61944ZIPCd
FieldValueIRS element (for citing)
Recipient Phone2144654154RecipientPhoneNum
Form And Info And MaterialsWRITTEN APPEALFormAndInfoAndMaterialsTxt
Submission DeadlinesNOSubmissionDeadlinesTxt
Restrictions On AwardsDEVELOPMENT AND OPERATION OF PUBLIC PARKS, AMPHITHEATER AND COMMUNITY PARKS, COMMUNITY GARDEN AND OTHER COMMUNITY BEAUTIFICATION PROJECTS.RestrictionsOnAwardsTxt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$383ExclusionAmt

Other Revenue Described OtherRevenueDescribedGrp

FieldValueIRS element (for citing)
DescMISC REVENUEDesc
Related Or Exempt Function Incm$100RelatedOrExemptFunctionIncmAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$383ExclusionAmt
Related Or Exempt Function Incm$100RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$483TotalIncomeProducingActyAmt

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$1,685Amt
Disbursements Charitable Prps$1,685DisbursementsCharitablePrpsAmt

Depreciation Schedule DepreciationSchedule

Depreciation Property DepreciationPropertyGrp (16 entries)

PropertyPropertyDescAcquiredAcquiredDtCost Or Other BasisCostOrOtherBasisAmtLifeLifeRtComputation MethodComputationMethodTxtCurrent Year ExpenseCurrentYearExpenseAmt
LAND - NORTH OF BANK2020-12-31$140,00039.0000
LAND - 232 N CENTRAL (VADAS)2018-12-31$58,200
LAND-110-114 E UNION2018-12-31$190,000
LAND - 110 W UNION (HOMER'S)2019-12-31$74,891
LAND - 119 E WOOD2020-12-31$415,000
LAND - ADDL COST TO N MAIN2023-08-23$143,835
PAVILION/AMPHITHEATER2023-08-23$427,45039.0000S/L$4,007
PAVILION FANS2023-08-23$4,4667.0000S/L$319
OUTDOOR SPEAKERS2023-08-23$24,5377.0000S/L$1,753
PAVILION CANOPY/TENT2023-08-23$8397.0000S/L$60
BIKE RACKS2023-08-23$6,3637.0000S/L$454
CCTV2023-08-23$18,8417.0000S/L$1,346
20' STORAGE CONTAINER2023-08-23$3,6507.0000S/L$261
PAVILION LIGHTING2023-10-20$9,19415.0000S/L$306
STREET LIGHTS & SIGN2023-08-23$137,79315.0000S/L$4,593
PARKING LOT/LAND IMPROVEMENT2023-08-23$106,94215.0000S/L$3,565

Land Etc Schedule2 LandEtcSchedule2

Land Etc LandEtcGrp

FieldValueIRS element (for citing)
Category Or ItemLANDCategoryOrItemTxt
Cost Or Other Basis$1,021,926CostOrOtherBasisAmt
Book Value$1,021,926BookValueAmt
EOYFMV$1,745,337EOYFMVAmt

Legal Fees Schedule LegalFeesSchedule

Legal Fees LegalFeesGrp

FieldValueIRS element (for citing)
CategoryLEGAL FEESCategoryTxt
Legal Fees$135LegalFeesAmt
Disbursements Charitable Prps$135DisbursementsCharitablePrpsAmt

Other Assets Schedule OtherAssetsSchedule

Other Assets Schedule OtherAssetsScheduleGrp

FieldValueIRS element (for citing)
DescPAVILION IN PROGRESSDesc
BOY Book Value$591,088BOYBookValueAmt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (8 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
EXPENSES
FILING FEES$10$10
INSURANCE$2,468$2,468
IL ATTY GEN FILING FEE$15$15
UTILITIES$5,665$5,665
ACCOUNTING SOFTWARE$1,032$1,032
EQUIPMENT & MAINTENANCE$1,234$1,234
MOWING/LAND MAINTENANCE$5,440$5,440

Other Income Schedule2 OtherIncomeSchedule2

Other Income Detail OtherIncomeDetail

FieldValueIRS element (for citing)
DescMISC REVENUEDesc
Revenue And Expenses Per Books$100RevenueAndExpensesPerBooksAmt
Adjusted Net Income$100AdjustedNetIncomeAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryFEDERAL TAX PAIDCategoryTxt
Amt$10Amt

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