BETA

BILL AND FAYE STALLINGS FAMILY FOUNDATION: Form 990PF, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
BILL AND FAYE STALLINGS FAMILY FOUNDATION (EIN 20-8383433)
Tax period
2023-01-01 to 2023-12-31
Filed
2024-10-10
IRS object ID
202402849349100805
Schema version
2023v5.1
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)
Return2024-10-10T10:00:27-05:00ReturnTs
Tax Period End2023-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Foundation SourceBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line13333 New Hyde Park Rd Ste 406AddressLine1Txt
CityNew Hyde ParkCityNm
State AbbreviationNYStateAbbreviationCd
ZIP11042ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2023-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN208383433EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Bill and Faye Stallings Family FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlBILLBusinessNameControlTxt
Phone8008391754PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1Foundation Source 501 Silverside RdAddressLine1Txt
CityWilmingtonCityNm
State AbbreviationDEStateAbbreviationCd
ZIP198091377ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
Persong blake stallingsPersonNm
Person Titlevice presidentPersonTitleTxt
Phone8008391754PhoneNum
Signature2024-10-07SignatureDt
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 PersonJeffrey D HaskellPreparerPersonNm
PTINP01345770PTIN
Phone8008391754PhoneNum
FieldValueIRS element (for citing)
Tax2023TaxYr
Build TS2024-10-15 13:58:12ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$58,284FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$28,933ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$13InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$13InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$4,522DividendsRevAndExpnssAmt
Dividends Net Invst Incm$4,522DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss-$9,971NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$30,891GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$23,497TotalRevAndExpnssAmt
Total Net Invst Incm$4,535TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Taxes Rev And Expnss$100TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$7,650OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$7,650OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$7,750TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$7,650TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$50,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$50,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$57,750TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$57,650TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$34,253ExcessRevenueOverExpensesAmt
Net Investment Income$4,535NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$5,697SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$6,071SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$6,071SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$77,456CorporateStockBOYAmt
Corporate Stock EOY$42,829CorporateStockEOYAmt
Corporate Stock EOYFMV$52,213CorporateStockEOYFMVAmt
Total Assets BOY$83,153TotalAssetsBOYAmt
Total Assets EOY$48,900TotalAssetsEOYAmt
Total Assets EOYFMV$58,284TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$83,153RetainedEarningBOYAmt
Retained Earning EOY$48,900RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$83,153TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$48,900TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$83,153TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$48,900TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$83,153TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$34,253ExcessRevenueOverExpensesAmt
Subtotal$48,900SubtotalAmt
Tot Net Ast Or Fund Balances EOY$48,900TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

FieldValueIRS element (for citing)
PropertyPublicly-traded SecuritiesPropertyDesc
Gross Sales Price$30,891GrossSalesPriceAmt
Cost Or Other Basis$40,862CostOrOtherBasisAmt
Gain Or Loss-$9,971GainOrLossAmt
Gains Minus Excess Or Losses-$9,971GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income-$9,971CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$63InvestmentIncomeExciseTaxAmt
Subtotal$63SubtotalAmt
Tax Based On Investment Income$63TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$6EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$200ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits$206TotalPaymentsAndCreditsAmt
Overpayment$143OverpaymentAmt
Applied To ES Tax$143AppliedToESTaxAmt

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 EtcYes (true)OrganizationDissolvedEtcInd
Section508e Rqr SatisfiedYes (true)Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (true)AtLeast5000InAssetsInd
Org Report Or Register StateDEOrgReportOrRegisterStateCd
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

Persons With Books Name PersonsWithBooksName

FieldValueIRS element (for citing)
Business Name Line1Foundation SourceBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone8008391754PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1501 Silverside Road Suite 123AddressLine1Txt
CityWilmingtonCityNm
State AbbreviationDEStateAbbreviationCd
ZIP198091377ZIPCd
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
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (4 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
G Blake Stallings
Foundation Source 501 Silverside RdWilmingtonDE198091377VP, Sec1.0$0$0$0
K Clark Stallings
Foundation Source 501 Silverside RdWilmingtonDE198091377VP1.0$0$0$0
Marion Faye Stallings
Foundation Source 501 Silverside RdWilmingtonDE198091377Pres, Dir1.0$0$0$0
William R Stallings Jr
Foundation Source 501 Silverside RdWilmingtonDE198091377VP1.0$0$0$0
FieldValueIRS element (for citing)
Summary Of Direct Chrtbl ActySummaryOfDirectChrtblActyGrp
Sum Of Program Related InvstSumOfProgramRelatedInvstGrp

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$72,607AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$12,077AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$84,684TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$84,684AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$1,270CashDeemedCharitableAmt
Net Vl Noncharitable Assets$83,414NetVlNoncharitableAssetsAmt
Minimum Investment Return$4,171MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$4,171MinimumInvestmentReturnAmt
Tax Based On Investment Income$63TaxBasedOnInvestmentIncomeAmt
Total Tax$63TotalTaxAmt
Distributable Before Adj$4,108DistributableBeforeAdjAmt
Distributable Before Ded$4,108DistributableBeforeDedAmt
Distributable As Adjusted$4,108DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$57,650ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$57,650QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$4,108DistributableAsAdjustedAmt
Prior Year12021PriorYear1Yr
Prior Year22020PriorYear2Yr
Prior Year32019PriorYear3Yr
Excess Distribution Cyov Yr5$67,989ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$66,779ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$58,437ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$50,715ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$54,893ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$298,813TotalExcessDistributionCyovAmt
Qualifying Distributions$57,650QualifyingDistributionsAmt
Applied To Current Year$4,108AppliedToCurrentYearAmt
Remaining Distri From Corpus$53,542RemainingDistriFromCorpusAmt
Total Corpus$352,355TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Corpus Distri170b1 E Or4942g3$28,933CorpusDistri170b1EOr4942g3Amt
Excess Distri Cyov From Yr5$39,056ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$284,366ExcessDistriCyovToNextYrAmt
Excess From Year4$66,779ExcessFromYear4Amt
Excess From Year3$58,437ExcessFromYear3Amt
Excess From Year2$50,715ExcessFromYear2Amt
Excess From Year1$54,893ExcessFromYear1Amt
Excess From Current Year$53,542ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerMarion Faye StallingsContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (2 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
ACES FOR AUTISM
PO BOX 3986GREENVILLENC27836N/APCGeneral & Unrestricted$25,000
HOPE OF GLORY MINISTRIES INC
PO BOX 2038GREENVILLENC27836N/APCGeneral & Unrestricted$25,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$50,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

FieldValueIRS element (for citing)
Fees Contracts From Govt AgFeesContractsFromGovtAgGrp
Membership Dues And AssmntMembershipDuesAndAssmntGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$13ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$4,522ExclusionAmt
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-$9,971ExclusionAmt
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-$5,436ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty-$5,436TotalIncomeProducingActyAmt

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

Schedule B IRS990ScheduleB

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

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
Contributor1ContributorNum
Contributor PersonStallings Marion FayeContributorPersonNm

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line11645 E Arlington Boulevard SuiteAddressLine1Txt
CityGreenvilleCityNm
State AbbreviationNCStateAbbreviationCd
ZIP27858ZIPCd
FieldValueIRS element (for citing)
Total Contributions$28,933TotalContributionsAmt
Person ContributionYes (X)PersonContributionInd
Noncash ContributionYes (X)NoncashContributionInd

Non Cash Property Contribution NonCashPropertyContributionGrp

FieldValueIRS element (for citing)
Contributor1ContributorNum
Noncash PropertyTRUIST FINANCIAL CORPORATION TFC, 170 sh.NoncashPropertyDesc
Fair Market Value$6,236FairMarketValueAmt
Received2023-12-18ReceivedDt

Depreciation Schedule DepreciationSchedule

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

FieldValueIRS element (for citing)
IdentifierForm 990-PF, Part XII, Line 7IdentifierTxt
Form And Line ReferenceForm 990-PF, Part XII, Line 7 - Election to Treat Unused Prior Year CorpusFormAndLineReferenceDesc
Medium ExplanationForm 990-PF, Part XII, Line 7 - Election to Treat Unused Prior Year Corpus Distributions as Current Year Corpus Distributions Pursuant to Treasury Regulations Section 53.4942(a)-3(c)(2)(iv), Bill and Faye Stallings Family Foundation hereby elects to treat, as a current distribution out of corpus, the following unused prior year's distributions that were treated as corpus distributions under Treasury Regulations Section 53.4942(a)-3(d)(1)(iii) in such prior tax year: Tax Year: 2018 Amount: $28,933 By: G Blake Stallings Title: Vice President Amount Treated as Distributions out of Corpus to Satisfy Section 170(b)(1)(F)(ii) The Bill and Faye Stallings Family Foundation (the "Foundation") hereby elects to satisfy the requirements of Internal Revenue Code ("Code") Section 170(b)(1)(F)(ii) in respect of contributions of $28,933 of publicly traded securities with a value of $6,236 on 12/18/2023 and $22,697 of cash in the taxable year ending December 31, 2023 (the "Conduit Election Year"). To satisfy the requirements of Code Section 170(b)(1)(F)(ii), a private non-operating foundation must: (A) by the end of the Conduit Election Year, distribute any undistributed income from the year immediately preceding the Conduit Election Year; (B) distribute, in the absence of an election under Code Section 4942(h)(2), any undistributed income from the Conduit Election Year by the end of the Conduit Election Year; and (C) make qualifying distributions treated as distributions out of corpus by no later than the 15th day of the third month of the taxable year following the Conduit Election Year in an amount equal to 100 percent of the contributions received by such foundation in the Conduit Election Year. A. Satisfaction of Minimum Distribution Requirement for the Conduit Election Year. As reported on Part XII, Line 2, column (c), the undistributed income for the year immediately preceding the Conduit Election Year is $0. In other words, the Foundation had no undistributed income for 2022 B. Timely Satisfaction of Minimum Distribution Requirement for the Taxable Year following the Conduit Election Year. As reported on Part XII, Line 6f, column (d), the undistributed income for the Conduit Election Year is $0. In other words, the Foundation had no undistributed income for 2023 C. Sufficient Timely Qualified Distributions Made Out of Corpus. To satisfy the requirements of Internal Revenue Code Section 170(b)(1)(F)(ii), the Foundation had until March 15, 2023, the 15th day of the third month of the taxable year following the Conduit Election Year, to make distributions out of corpus in an amount equal to 100 percent of the contributions received by it in the Conduit Election Year, $28,933. As reported on Part XII, Line 7, the Foundation is treating $28,933 as a current distribution out of corpus in full satisfaction of the requirements of Code Section 170(b)(1)(F)(ii) in respect of the Conduit Election Year. The Foundation has attached the necessary election, pursuant to Treasury Regulations Section 53.4942(a)-3(c)(2)(iv), to treat $28,933, of its unused prior years' corpus distributions, as a current distribution out of corpus.MediumExplanationTxt

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockTRUIST FINANCIAL CORPORATIONStockNm
EOY Book Value$42,829EOYBookValueAmt
EOYFMV$52,213EOYFMVAmt

Liquidation Explanation Stmt LiquidationExplanationStmt

FieldValueIRS element (for citing)
ExplanationAs explained below, the Foundation has no plans for dissolution. This statement is submitted to report the distribution of certain assets during the year. The distributions resulted in a substantial contraction of assets. The following information is submitted in accordance with Treasury Regulation Section 1.6043-3(a)(1) and the Form 990-PF instructions: During the taxable year ending December 31, 2023, the Foundation made distributions from assets from sources other than current income. Collectively, the distributions in excess of current income totaled $50,000. This amount represents 25% or more of the Foundation's net assets of $99,254 (as measured by fair market value) at the beginning of the Foundation's taxable year ending December 31, 2023. Although the Foundation technically experienced a substantial contraction, it will continue in existence and has no plans for dissolution. The Foundation made distributions of cash to the grantees listed in the attachment to Part XIV, Line 3a; each such grant was made solely for the charitable purpose specified therein.ExplanationTxt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$7,625$7,625
State or Local Filing Fees$25$25

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
Category990-PF Extension for 2022CategoryTxt
Amt$100Amt

Comments

Anonymous: no account or email. Up to 2,000 characters, at most one link. Comments are checked automatically; some wait for review.