BETA

LEGACY ECHN INC: Form 990PF, tax year 2022

View the entire original 990 at ProPublica ↗

Organization
LEGACY ECHN INC (EIN 22-2546079)
Tax period
2022-10-01 to 2023-09-30
Filed
2024-08-15
IRS object ID
202412289349100526
Schema version
2022v5.0
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)
Return2024-08-15T13:49:05-05:00ReturnTs
Tax Period End2023-09-30TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN111986323PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1MARCUM LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line153 STATE STREETAddressLine1Txt
CityBOSTONCityNm
State AbbreviationMAStateAbbreviationCd
ZIP02109ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2022-10-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN222546079EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1LEGACY ECHN INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlLEGABusinessNameControlTxt
Phone8606461222PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1100 WESTERN BOULEVARDAddressLine1Txt
CityGLASTONBURYCityNm
State AbbreviationCTStateAbbreviationCd
ZIP06033ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonROBERT A SCHWARTZ MDPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone8606461222PhoneNum
Signature2024-08-15SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info Curr0IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonDOUGLAS FARRINGTONPreparerPersonNm
PTINP00370668PTIN
Phone6178075000PhoneNum
Preparation2024-08-15PreparationDt
FieldValueIRS element (for citing)
Tax2022TaxYr
Build TS2024-08-08 14:25:15ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Initial Return Former Pub ChrtyYes (X)InitialReturnFormerPubChrtyInd
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$14,302,173FMVAssetsEOYAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$98,838ContriRcvdRevAndExpnssAmt
Net Gain Sale Ast Rev And Expnss$100,825NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$315,000GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$100,825CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$199,663TotalRevAndExpnssAmt
Total Net Invst Incm$100,825TotalNetInvstIncmAmt
Total Adj Net Incm$0TotalAdjNetIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Comp Ofcr Dir Trst Net Invst Incm$0CompOfcrDirTrstNetInvstIncmAmt
Comp Ofcr Dir Trst Adj Net Incm$0CompOfcrDirTrstAdjNetIncmAmt
Comp Ofcr Dir Trst Dsbrs Chrtbl$0CompOfcrDirTrstDsbrsChrtblAmt
Legal Fees Rev And Expnss$957,484LegalFeesRevAndExpnssAmt
Legal Fees Net Invst Incm$0LegalFeesNetInvstIncmAmt
Legal Fees Adj Net Incm$0LegalFeesAdjNetIncmAmt
Legal Fees Dsbrs Chrtbl$957,484LegalFeesDsbrsChrtblAmt
Accounting Fees Rev And Expnss$23,700AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm$0AccountingFeesNetInvstIncmAmt
Accounting Fees Adj Net Incm$0AccountingFeesAdjNetIncmAmt
Accounting Fees Chrtbl Prps$0AccountingFeesChrtblPrpsAmt
Other Prof Fees Rev And Expnss$4,474OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$0OtherProfFeesNetInvstIncmAmt
Other Prof Fees Adj Net Incm$0OtherProfFeesAdjNetIncmAmt
Other Prof Fees Dsbrs Chrtbl$0OtherProfFeesDsbrsChrtblAmt
Other Expenses Rev And Expnss$55,931OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm$0OtherExpensesNetInvstIncmAmt
Other Expenses Adj Net Incm$0OtherExpensesAdjNetIncmAmt
Other Expenses Dsbrs Chrtbl$0OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$1,041,589TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Adj Net Incm$0TotOprExpensesAdjNetIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$957,484TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$0ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$0ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$1,041,589TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Adj Net Incm$0TotalExpensesAdjNetIncmAmt
Total Expenses Dsbrs Chrtbl$957,484TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$841,926ExcessRevenueOverExpensesAmt
Net Investment Income$100,825NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$7,898,369CashBOYAmt
Cash EOY$7,288,521CashEOYAmt
Cash EOYFMV$7,288,521CashEOYFMVAmt
Prepaid Expenses BOY$20,621PrepaidExpensesBOYAmt
Prepaid Expenses EOY$16,838PrepaidExpensesEOYAmt
Prepaid Expenses EOYFMV$16,838PrepaidExpensesEOYFMVAmt
Other Investments BOY$3,040,034OtherInvestmentsBOYAmt
Other Investments EOY$3,298,174OtherInvestmentsEOYAmt
Other Investments EOYFMV$3,298,174OtherInvestmentsEOYFMVAmt
Other Assets BOY$3,885,268OtherAssetsBOYAmt
Other Assets EOY$3,698,640OtherAssetsEOYAmt
Other Assets EOYFMV$3,698,640OtherAssetsEOYFMVAmt
Total Assets BOY$14,844,292TotalAssetsBOYAmt
Total Assets EOY$14,302,173TotalAssetsEOYAmt
Total Assets EOYFMV$14,302,173TotalAssetsEOYFMVAmt
Accounts Payable BOY$99,914AccountsPayableBOYAmt
Accounts Payable EOY$79,499AccountsPayableEOYAmt
Other Liabilities BOY$610,898OtherLiabilitiesBOYAmt
Other Liabilities EOY$610,898OtherLiabilitiesEOYAmt
Total Liabilities BOY$710,812TotalLiabilitiesBOYAmt
Total Liabilities EOY$690,397TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY$11,155,529NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY$10,313,603NoDonorRstrNetAssestsEOYAmt
Donor Rstr Net Assets BOY$2,977,951DonorRstrNetAssetsBOYAmt
Donor Rstr Net Assets EOY$3,298,173DonorRstrNetAssetsEOYAmt
Tot Net Ast Or Fund Balances BOY$14,133,480TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$13,611,776TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$14,844,292TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$14,302,173TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$14,133,480TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$841,926ExcessRevenueOverExpensesAmt
Other Increases$320,222OtherIncreasesAmt
Subtotal$13,611,776SubtotalAmt
Other Decreases$0OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$13,611,776TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

FieldValueIRS element (for citing)
How AcquiredPHowAcquiredCd
Acquired2020-09-30AcquiredDt
Sold2023-08-10SoldDt
Gross Sales Price$315,000GrossSalesPriceAmt
Cost Or Other Basis$214,175CostOrOtherBasisAmt
Gain Or Loss$100,825GainOrLossAmt
Gains Minus Excess Or Losses$100,825GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$100,825CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$1,401InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$1,401SubtotalAmt
Subtitle A Tax$0SubtitleATaxAmt
Tax Based On Investment Income$1,401TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$0EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$0ExtsnRequestIncomeTaxPaidAmt
Backup Withholding Withheld$0BackupWithholdingWithheldAmt
Total Payments And Credits$0TotalPaymentsAndCreditsAmt
Es Penalty$79EsPenaltyAmt
Tax Due$1,480TaxDueAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political Acty0LegislativePoliticalActyInd
More Than100 Spent0MoreThan100SpentInd
Form1120 POL Filed0Form1120POLFiledInd
Section4955 Organization Tax$0Section4955OrganizationTaxAmt
Section4955 Managers Tax$0Section4955ManagersTaxAmt
Tax Reimbursed$0TaxReimbursedAmt
Activities Not Previously Rpt0ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws0ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Organization Dissolved Etc0OrganizationDissolvedEtcInd
Section508e Rqr Satisfied0Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (1)AtLeast5000InAssetsInd
Org Report Or Register StateCTOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (1)Form990PFFiledWithAttyGenInd
Private Operating Foundation0PrivateOperatingFoundationInd
New Substantial Contributors0NewSubstantialContributorsInd
Own Controlled Entity0OwnControlledEntityInd
Donor Advised Fund0DonorAdvisedFundInd
Comply With Public Insp RqrYes (1)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt
Individual With BooksMICHAEL THURZIndividualWithBooksNm
Phone8604302017PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1100 WESTERN BOULEVARDAddressLine1Txt
CityMANCHESTERCityNm
State AbbreviationCTStateAbbreviationCd
ZIP06033ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts Question0ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified Prsn0SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn0BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified Prsn0FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified Prsn0PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn0TransferAstDisqualifiedPrsnInd
Payment To Government Official0PaymentToGovernmentOfficialInd
Uncorrected Prior Acts0UncorrectedPriorActsInd
Undistributed Income PY0UndistributedIncomePYInd
Business Holdings0BusinessHoldingsInd
Jeopardy Investments0JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst0UncorrectedPYJeopardyInvstInd
Influence Legislation0InfluenceLegislationInd
Influence Election0InfluenceElectionInd
Grants To Individuals0GrantsToIndividualsInd
Grants To Organizations0GrantsToOrganizationsInd
Noncharitable Purpose0NoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd

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
ROBERT A SCHWARTZ MD
100 WESTERN BOULEVARDGLASTONBURYCT06033PRESIDENT1.00$0$0$0
THOMAS F SCANLON
100 WESTERN BOULEVARDGLASTONBURYCT06033TREASURER1.00$0$0$0
MICHELE R BLEZARD
100 WESTERN BOULEVARDGLASTONBURYCT06033SECRETARY1.00$0$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Other Employee Paid Over50k0OtherEmployeePaidOver50kCnt

Compensation Of Hghst Pd Cntrct CompensationOfHghstPdCntrctGrp

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1WIGGIN AND DANA LLPBusinessNameLine1Txt

US Address USAddress

FieldValueIRS element (for citing)
Address Line1265 CHURCH STREET PO BOX 1832AddressLine1Txt
CityNEW HAVENCityNm
State AbbreviationCTStateAbbreviationCd
ZIP06508ZIPCd
FieldValueIRS element (for citing)
Service TypeLEGAL SERVICESServiceTypeTxt
Compensation$957,484CompensationAmt
FieldValueIRS element (for citing)
Contractor Paid Over50k0ContractorPaidOver50kCnt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$0AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$7,346,527AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$7,013,652FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$14,360,179TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$14,360,179AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$215,403CashDeemedCharitableAmt
Net Vl Noncharitable Assets$14,144,776NetVlNoncharitableAssetsAmt
Minimum Investment Return$707,239MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$707,239MinimumInvestmentReturnAmt
Tax Based On Investment Income$1,401TaxBasedOnInvestmentIncomeAmt
Total Tax$1,401TotalTaxAmt
Distributable Before Adj$705,838DistributableBeforeAdjAmt
Recoveries Qualfied Distri$0RecoveriesQualfiedDistriAmt
Distributable Before Ded$705,838DistributableBeforeDedAmt
Deduction From Distributable$0DeductionFromDistributableAmt
Distributable As Adjusted$705,838DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$957,484ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Qualifying Distributions$957,484QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$705,838DistributableAsAdjustedAmt
Undistributed Income PY$0UndistributedIncomePYAmt
Total For Prior Years$0TotalForPriorYearsAmt
Total Excess Distribution Cyov$0TotalExcessDistributionCyovAmt
Qualifying Distributions$957,484QualifyingDistributionsAmt
Applied To Year1$0AppliedToYear1Amt
Applied To Prior Years$0AppliedToPriorYearsAmt
Treated As Distri From Corpus$0TreatedAsDistriFromCorpusAmt
Applied To Current Year$705,838AppliedToCurrentYearAmt
Remaining Distri From Corpus$251,646RemainingDistriFromCorpusAmt
Excess Distri Cyov App CY Corpus$0ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$0ExcessDistributionCyovAppCYAmt
Total Corpus$251,646TotalCorpusAmt
Prior Year Undistributed Incm$0PriorYearUndistributedIncmAmt
Prior Year Deficiency Or Tax$0PriorYearDeficiencyOrTaxAmt
Taxable1$0Taxable1Amt
Taxable2$0Taxable2Amt
Undistributed Income CY$0UndistributedIncomeCYAmt
Corpus Distri170b1 E Or4942g3$0CorpusDistri170b1EOr4942g3Amt
Excess Distri Cyov From Yr5$0ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$251,646ExcessDistriCyovToNextYrAmt
Excess From Current Year$251,646ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd
Total Grant Or Contri Pd Dur Yr$0TotalGrantOrContriPdDurYrAmt
Total Grant Or Contri Apprv Fut$0TotalGrantOrContriApprvFutAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion18ExclusionCd
Exclusion$100,825ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Unrelated Business Taxbl Incm$0UnrelatedBusinessTaxblIncmAmt
Exclusion$100,825ExclusionAmt
Related Or Exempt Function Incm$0RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$100,825TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO0TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO0TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets0SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO0PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets0RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements0ReimbursementArrangementsInd
Loans Or Loan Guarantees0LoansOrLoanGuaranteesInd
Performance Of Services Etc0PerformanceOfServicesEtcInd
Sharing Of Facilities Etc0SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO0RelationshipsNonchrtblEOInd

Schedule B IRS990ScheduleB

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
General RuleYes (X)GeneralRuleInd

Contributor Information ContributorInformationGrp (2 entries)

ContributorContributorNumAddress Line1ContributorUSAddress/AddressLine1TxtCityContributorUSAddress/CityNmState AbbreviationContributorUSAddress/StateAbbreviationCdZIPContributorUSAddress/ZIPCdTotal ContributionsTotalContributionsAmtPerson ContributionPersonContributionInd
WILLIAM E BARTON TRUST
199 FOUNDERS PLAZAEAST HARTFORDCT06108$53,279Yes (X)
MARY BARTON TRUST
299 FOUNDERS PLAZAEAST HARTFORDCT06108$45,559Yes (X)

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

FieldValueIRS element (for citing)
CategoryACCOUNTING FEESCategoryTxt
Amt$23,700Amt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$0DisbursementsCharitablePrpsAmt

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

FieldValueIRS element (for citing)
Form And Line ReferencePART I - LINE 16A AND PART XI - QUALIFYING DISTRIBUTIONS, LINE 1AFormAndLineReferenceDesc
Medium ExplanationTREATMENT OF LEGAL FEES AS QUALIFYING DISTRIBUTIONS:THE ORGANIZATION PAID LEGAL FEES THAT WERE REASONABLE AND NECESSARY TO FURTHER THE ORGANIZATION'S CHARITABLE PURPOSES AND TO PRESERVE AND PROTECT ITS CHARITABLE ASSETS IN LITIGATION FROM CLAIMS AND LIABILITIES RELATED TO THE SALE OF ITS ASSETS TO A FOR-PROFIT ENTITY. THE ORGANIZATION IS THE PARENT AND SUPPORTING ORGANIZATION OF A HOSPITAL SYSTEM THAT SOLD ITS ASSETS TO A FOR-PROFIT PURCHASER IN 2016. AFTER THE SALE, THE FOR-PROFIT PURCHASER ASSERTED THAT UNDER THE ASSET PURCHASE AGREEMENT IT WAS ENTITLED TO RECEIVE ROUGHLY $10,000,000 OF A CHARITABLE BEQUEST TO ONE OF THE SYSTEM'S HOSPITALS, AND IT SUED THE ORGANIZATION DEMANDING PAYMENT OF THE BEQUEST. AFTER A TRIAL CONDUCTED DURING THIS TAX YEAR, THE COURT ISSUED A DECISION FINDING IN FAVOR OF THE ORGANIZATION AND HOLDING THAT THE ORGANIZATION HAD THE RIGHT TO RETAIN THE BEQUEST. THE FOR-PROFIT PURCHASER HAS APPEALED THAT DECISION, AND THAT APPEAL IS PENDING. IN ADDITION, THE ORGANIZATION SEPARATELY SUED THE FOR-PROFIT PURCHASER SEEKING PROTECTION FROM NEARLY $10,000,000 IN IMPOSED AND THREATENED PENALTIES BY THE IRS AND THE RECOVERY OF ASSOCIATED LEGAL AND OTHER PROFESSIONAL SERVICE FEES ARISING FROM THE FOR-PROFIT ENTITY'S "WILLFUL DISREGARD" OF IRS NOTICES WHILE PROVIDING REQUIRED POST-CLOSING SERVICES TO THE ORGANIZATION, INCLUDING THE FILING OF ITS TAX RETURNS. THIS CASE HAS BEEN TRIED AS WELL, BUT HAS NOT YET BEEN DECIDED. IN ADDITION TO THE LEGAL EXPENSES RELATED TO THE TWO MAJOR PIECES OF LITIGATION, THE ORGANIZATION PAID OTHER LEGAL EXPENSES ASSOCIATED WITH ITS RESPONSIBILITIES TO MANAGE AND CONTINUE ITS WIND-DOWN OF THE ORGANIZATION, INCLUDING EXPENSES FOR LEGAL SERVICES FOR PARTICIPATION IN PROBATE COURT PROCEEDINGS FOR TESTAMENTARY CHARITABLE GIFTS AND FOR SELLING REAL ESTATE. ALL LEGAL FEES WERE CHARGED AT REDUCED HOURLY RATES SUBSTANTIALLY LESS THAN THOSE CHARGED TO THE GENERAL PUBLIC. CONSISTENT WITH REVENUE RULING 75-495 AND ITS PROGENY, THESE LEGAL FEES ARE QUALIFYING DISTRIBUTIONS BECAUSE THEY WERE BOTH REASONABLE AND NECESSARY TO ACCOMPLISH AN EXEMPT PURPOSE.MediumExplanationTxt

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp

FieldValueIRS element (for citing)
Category Or ItemINVESTMENTCategoryOrItemTxt
Listed At Cost Or FMVAT COSTListedAtCostOrFMVCd
Book Value$3,298,174BookValueAmt
EOYFMV$3,298,174EOYFMVAmt

Legal Fees Schedule LegalFeesSchedule

Legal Fees LegalFeesGrp

FieldValueIRS element (for citing)
CategoryLEGAL FEESCategoryTxt
Legal Fees$957,484LegalFeesAmt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$957,484DisbursementsCharitablePrpsAmt

Other Assets Schedule OtherAssetsSchedule

Other Assets Schedule OtherAssetsScheduleGrp (3 entries)

DescDescBOY Book ValueBOYBookValueAmtEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
ESTIMATED SETTLEMENTS DUE FROM THIRD-PARTY PAYERS$1,837,022$1,837,022$1,837,022
DUE FROM PROSPECT ECHN, INC.$1,861,618$1,861,618$1,861,618
319 BROAD STREET$186,628

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (4 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtNet Investment IncomeNetInvestmentIncomeAmtAdjusted Net IncomeAdjustedNetIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
EQUIPMENT RENTAL AND MAINTENANCE$1,532$0$0$0
INSURANCE$48,627$0$0$0
POSTAGE AND MAILING SERVICE$314$0$0$0
UTILITIES$5,458$0$0$0

Other Increases Schedule OtherIncreasesSchedule

Other Increases Detail OtherIncreasesDetail (2 entries)

DescDescAmtAmt
UNREALISED GAINS (LOSSES)$258,139
PRIOR YEAR ADJUSTMENT$62,083

Other Liabilities Schedule OtherLiabilitiesSchedule

Other Liabilities Detail OtherLiabilitiesDetail

FieldValueIRS element (for citing)
DescESTIMATED SETTLEMENTS DUE TO THIRD PARTY PAYERSDesc
BOY Book Value$610,898BOYBookValueAmt
EOY Book Value$610,898EOYBookValueAmt

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail

FieldValueIRS element (for citing)
CategoryCONSULTING EESCategoryTxt
Amt$4,474Amt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$0DisbursementsCharitablePrpsAmt

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