KAREN AND RICK HARGROVE FOUNDATION: Form 990PF, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- KAREN AND RICK HARGROVE FOUNDATION (EIN 77-0587271)
- Tax period
- 2023-07-01 to 2024-06-30
- Filed
- 2024-10-18
- IRS object ID
- 202402929349100005
- 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
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-10-18T09:33:55-07:00 | ReturnTs |
| Tax Period End | 2024-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 770460195 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | McGilloway Ray Brown & Kaufman | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2511 Garden Road Suite A-180 | AddressLine1Txt |
| City | Monterey | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 93940 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990PF | ReturnTypeCd |
| Tax Period Begin | 2023-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 770587271 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Karen & Rick Hargrove Foundation | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | KARE | BusinessNameControlTxt |
| Phone | 8317222244 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 100 Oceanview Drive | AddressLine1Txt |
| City | La Selva Beach | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 95076 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Richard Hargrove | PersonNm |
| Person Title | President & Dir | PersonTitleTxt |
| Signature | 2024-10-18 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (true) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Patricia M Kaufman CPA | PreparerPersonNm |
| PTIN | P00312047 | PTIN |
| Phone | 8313733337 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization501c3 Exempt PF | Yes (X) | Organization501c3ExemptPFInd |
| FMV Assets EOY | $5,989,051 | FMVAssetsEOYAmt |
| Method Of Accounting Cash | Yes (X) | MethodOfAccountingCashInd |
Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Schedule B Not Required | Yes (X) | ScheduleBNotRequiredInd |
| Dividends Rev And Expnss | $52,339 | DividendsRevAndExpnssAmt |
| Dividends Net Invst Incm | $52,339 | DividendsNetInvstIncmAmt |
| Net Gain Sale Ast Rev And Expnss | $2,403,390 | NetGainSaleAstRevAndExpnssAmt |
| Gross Sales Price | $3,057,690 | GrossSalesPriceAmt |
| Cap Gain Net Incm Net Invst Incm | $2,403,390 | CapGainNetIncmNetInvstIncmAmt |
| Total Rev And Expnss | $2,455,729 | TotalRevAndExpnssAmt |
| Total Net Invst Incm | $2,455,729 | TotalNetInvstIncmAmt |
| Accounting Fees Rev And Expnss | $1,300 | AccountingFeesRevAndExpnssAmt |
| Accounting Fees Net Invst Incm | $650 | AccountingFeesNetInvstIncmAmt |
| Accounting Fees Chrtbl Prps | $650 | AccountingFeesChrtblPrpsAmt |
| Taxes Rev And Expnss | $9,768 | TaxesRevAndExpnssAmt |
| Taxes Dsbrs Chrtbl | $100 | TaxesDsbrsChrtblAmt |
| Tot Opr Expenses Rev And Expnss | $11,068 | TotOprExpensesRevAndExpnssAmt |
| Tot Opr Expenses Net Invst Incm | $650 | TotOprExpensesNetInvstIncmAmt |
| Tot Opr Expenses Dsbrs Chrtbl | $750 | TotOprExpensesDsbrsChrtblAmt |
| Contri Paid Rev And Expnss | $1,850,598 | ContriPaidRevAndExpnssAmt |
| Contri Paid Dsbrs Chrtbl | $1,850,598 | ContriPaidDsbrsChrtblAmt |
| Total Expenses Rev And Expnss | $1,861,666 | TotalExpensesRevAndExpnssAmt |
| Total Expenses Net Invst Incm | $650 | TotalExpensesNetInvstIncmAmt |
| Total Expenses Dsbrs Chrtbl | $1,851,348 | TotalExpensesDsbrsChrtblAmt |
| Excess Revenue Over Expenses | $594,063 | ExcessRevenueOverExpensesAmt |
| Net Investment Income | $2,455,079 | NetInvestmentIncomeAmt |
Form990 PF Balance Sheets Form990PFBalanceSheetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sav And Temp Cash Invst BOY | $108,043 | SavAndTempCashInvstBOYAmt |
| Sav And Temp Cash Invst EOY | $715,041 | SavAndTempCashInvstEOYAmt |
| Sav And Temp Cash Invst EOYFMV | $715,041 | SavAndTempCashInvstEOYFMVAmt |
| Corporate Stock BOY | $6,130,061 | CorporateStockBOYAmt |
| Corporate Stock EOY | $5,274,010 | CorporateStockEOYAmt |
| Corporate Stock EOYFMV | $5,274,010 | CorporateStockEOYFMVAmt |
| Total Assets BOY | $6,238,104 | TotalAssetsBOYAmt |
| Total Assets EOY | $5,989,051 | TotalAssetsEOYAmt |
| Total Assets EOYFMV | $5,989,051 | TotalAssetsEOYFMVAmt |
| Total Liabilities EOY | $0 | TotalLiabilitiesEOYAmt |
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
| Retained Earning BOY | $6,238,104 | RetainedEarningBOYAmt |
| Retained Earning EOY | $5,989,051 | RetainedEarningEOYAmt |
| Tot Net Ast Or Fund Balances BOY | $6,238,104 | TotNetAstOrFundBalancesBOYAmt |
| Tot Net Ast Or Fund Balances EOY | $5,989,051 | TotNetAstOrFundBalancesEOYAmt |
| Total Liabilities Net Ast BOY | $6,238,104 | TotalLiabilitiesNetAstBOYAmt |
| Total Liabilities Net Ast EOY | $5,989,051 | TotalLiabilitiesNetAstEOYAmt |
Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Net Ast Or Fund Balances BOY | $6,238,104 | TotNetAstOrFundBalancesBOYAmt |
| Excess Revenue Over Expenses | $594,063 | ExcessRevenueOverExpensesAmt |
| Subtotal | $6,832,167 | SubtotalAmt |
| Other Decreases | $843,116 | OtherDecreasesAmt |
| Tot Net Ast Or Fund Balances EOY | $5,989,051 | TotNetAstOrFundBalancesEOYAmt |
Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail
Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Property | sale of securities | PropertyDesc |
| How Acquired | P | HowAcquiredCd |
| Acquired | 2023-07-01 | AcquiredDt |
| Sold | 2024-06-30 | SoldDt |
| Gross Sales Price | $3,057,690 | GrossSalesPriceAmt |
| Cost Or Other Basis | $654,300 | CostOrOtherBasisAmt |
| Gain Or Loss | $2,403,390 | GainOrLossAmt |
| Gains Minus Excess Or Losses | $2,403,390 | GainsMinusExcessOrLossesAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Capital Gain Net Income | $2,403,390 | CapitalGainNetIncomeAmt |
| Net Short Term Capital Gain Loss | $2,403,390 | NetShortTermCapitalGainLossAmt |
Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Income Excise Tax | $34,126 | InvestmentIncomeExciseTaxAmt |
| Subtotal | $34,126 | SubtotalAmt |
| Tax Based On Investment Income | $34,126 | TaxBasedOnInvestmentIncomeAmt |
| Tax Due | $34,126 | TaxDueAmt |
| Applied To ES Tax | $0 | AppliedToESTaxAmt |
Statements Regarding Acty StatementsRegardingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Legislative Political Acty | false | LegislativePoliticalActyInd |
| More Than100 Spent | false | MoreThan100SpentInd |
| Form1120 POL Filed | false | Form1120POLFiledInd |
| Activities Not Previously Rpt | false | ActivitiesNotPreviouslyRptInd |
| Changes To Articles Or Bylaws | false | ChangesToArticlesOrBylawsInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Organization Dissolved Etc | false | OrganizationDissolvedEtcInd |
| Section508e Rqr Satisfied | Yes (true) | Section508eRqrSatisfiedInd |
| At Least5000 In Assets | Yes (true) | AtLeast5000InAssetsInd |
| Org Report Or Register State | CA | OrgReportOrRegisterStateCd |
| Form990 PF Filed With Atty Gen | Yes (true) | Form990PFFiledWithAttyGenInd |
| Private Operating Foundation | false | PrivateOperatingFoundationInd |
| New Substantial Contributors | false | NewSubstantialContributorsInd |
| Own Controlled Entity | false | OwnControlledEntityInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Comply With Public Insp Rqr | Yes (true) | ComplyWithPublicInspRqrInd |
| Website Address | N/A | WebsiteAddressTxt |
Persons With Books Name PersonsWithBooksName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | McGilloway Ray Brown & Kaufm | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 8313733337 | PhoneNum |
Location Of Books US Address LocationOfBooksUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2511 Garden Road Suite A-180 | AddressLine1Txt |
| City | Monterey | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 93940 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Foreign Accounts Question | false | ForeignAccountsQuestionInd |
Statements Regarding Acty4720 StatementsRegardingActy4720Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sale Or Exch Disqualified Prsn | false | SaleOrExchDisqualifiedPrsnInd |
| Brrw Or Lend Disqualified Prsn | false | BrrwOrLendDisqualifiedPrsnInd |
| Furn Goods Disqualified Prsn | false | FurnGoodsDisqualifiedPrsnInd |
| Pay Comp Disqualified Prsn | false | PayCompDisqualifiedPrsnInd |
| Transfer Ast Disqualified Prsn | false | TransferAstDisqualifiedPrsnInd |
| Payment To Government Official | false | PaymentToGovernmentOfficialInd |
| Acts Fail To Qlfy As Exceptions | false | ActsFailToQlfyAsExceptionsInd |
| Uncorrected Prior Acts | false | UncorrectedPriorActsInd |
| Undistributed Income PY | false | UndistributedIncomePYInd |
| Business Holdings | false | BusinessHoldingsInd |
| Jeopardy Investments | false | JeopardyInvestmentsInd |
| Uncorrected PY Jeopardy Invst | false | UncorrectedPYJeopardyInvstInd |
| Influence Legislation | false | InfluenceLegislationInd |
| Influence Election | false | InfluenceElectionInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Noncharitable Purpose | false | NoncharitablePurposeInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | false | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | false | PayPremiumsPrsnlBnftCntrctInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp
Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | TitleTitleTxt | Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt | CompensationCompensationAmt |
|---|---|---|---|---|---|---|
| Richard Hargrove | ||||||
| 100 Oceanview Drive | La Selva Beach | CA | 95067 | President | 8.00 | $0 |
| Karen Hargrove | ||||||
| 100 Oceanview Drive | La Selva Beach | CA | 95067 | TREASURER | 8.00 | $0 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Comp Of Hghst Pd Empl Or NONE | NONE | CompOfHghstPdEmplOrNONETxt |
| Comp Of Hghst Pd Cntrct Or NONE | NONE | CompOfHghstPdCntrctOrNONETxt |
Minimum Investment Return MinimumInvestmentReturnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Average Monthly FMV Of Sec | $5,742,317 | AverageMonthlyFMVOfSecAmt |
| Average Monthly Cash Balances | $181,786 | AverageMonthlyCashBalancesAmt |
| FMV All Other Noncharitable Ast | $0 | FMVAllOtherNoncharitableAstAmt |
| Total FMV Of Unused Assets | $5,924,103 | TotalFMVOfUnusedAssetsAmt |
| Reduction Claimed | $0 | ReductionClaimedAmt |
| Adjusted Total FMV Of Unused Ast | $5,924,103 | AdjustedTotalFMVOfUnusedAstAmt |
| Cash Deemed Charitable | $88,862 | CashDeemedCharitableAmt |
| Net Vl Noncharitable Assets | $5,835,241 | NetVlNoncharitableAssetsAmt |
| Minimum Investment Return | $291,762 | MinimumInvestmentReturnAmt |
Distributable Amount DistributableAmountGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Minimum Investment Return | $291,762 | MinimumInvestmentReturnAmt |
| Tax Based On Investment Income | $34,126 | TaxBasedOnInvestmentIncomeAmt |
| Total Tax | $34,126 | TotalTaxAmt |
| Distributable Before Adj | $257,636 | DistributableBeforeAdjAmt |
| Distributable Before Ded | $257,636 | DistributableBeforeDedAmt |
| Distributable As Adjusted | $257,636 | DistributableAsAdjustedAmt |
PF Qualifying Distributions PFQualifyingDistributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expenses And Contributions | $1,851,348 | ExpensesAndContributionsAmt |
| Qualifying Distributions | $1,851,348 | QualifyingDistributionsAmt |
Undistributed Income UndistributedIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Distributable As Adjusted | $257,636 | DistributableAsAdjustedAmt |
| Excess Distribution Cyov Yr5 | $65,466 | ExcessDistributionCyovYr5Amt |
| Excess Distribution Cyov Yr4 | $1,472 | ExcessDistributionCyovYr4Amt |
| Excess Distribution Cyov Yr3 | $464,521 | ExcessDistributionCyovYr3Amt |
| Excess Distribution Cyov Yr2 | $487,139 | ExcessDistributionCyovYr2Amt |
| Excess Distribution Cyov Yr1 | $837,930 | ExcessDistributionCyovYr1Amt |
| Total Excess Distribution Cyov | $1,856,528 | TotalExcessDistributionCyovAmt |
| Qualifying Distributions | $1,851,348 | QualifyingDistributionsAmt |
| Treated As Distri From Corpus | $0 | TreatedAsDistriFromCorpusAmt |
| Applied To Current Year | $257,636 | AppliedToCurrentYearAmt |
| Remaining Distri From Corpus | $1,593,712 | RemainingDistriFromCorpusAmt |
| Total Corpus | $3,450,240 | TotalCorpusAmt |
| Undistributed Income CY | $0 | UndistributedIncomeCYAmt |
| Excess Distri Cyov From Yr5 | $65,466 | ExcessDistriCyovFromYr5Amt |
| Excess Distri Cyov To Next Yr | $3,384,774 | ExcessDistriCyovToNextYrAmt |
| Excess From Year4 | $1,472 | ExcessFromYear4Amt |
| Excess From Year3 | $464,521 | ExcessFromYear3Amt |
| Excess From Year2 | $487,139 | ExcessFromYear2Amt |
| Excess From Year1 | $837,930 | ExcessFromYear1Amt |
| Excess From Current Year | $1,593,712 | ExcessFromCurrentYearAmt |
Supplementary Information SupplementaryInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributing Manager | Richard Hargrove | ContributingManagerNm |
| Contributing Manager | Karen Hargrove | ContributingManagerNm |
| Only Contri To Preselected | Yes (X) | OnlyContriToPreselectedInd |
Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (4 entries)
| Address Line1RecipientUSAddress/AddressLine1Txt | CityRecipientUSAddress/CityNm | State AbbreviationRecipientUSAddress/StateAbbreviationCd | ZIPRecipientUSAddress/ZIPCd | Recipient RelationshipRecipientRelationshipTxt | Recipient Foundation StatusRecipientFoundationStatusTxt | Grant Or Contribution PurposeGrantOrContributionPurposeTxt | AmtAmt |
|---|---|---|---|---|---|---|---|
| THE SPCA FOR MONTEREY COUNTY | |||||||
| PO BOX 3058 | MONTEREY | CA | 93942 | None | PC | ANIMAL PROTECTION | $31,500 |
| NAVY POSTGRADUATE SCHOOL FOUNDATION | |||||||
| 283 COLLEGE WAY | MONTEREY | CA | 93943 | None | PC | EDUCATION | $1,000,000 |
| STANFORD UNIVERSITY -HOOVER INSTITU | |||||||
| 434 GALVEZ MALL | STANFORD | CA | 94305 | None | PC | EDUCATION | $750,000 |
| BOYS GIRLS CLUBS OF MONTEREY | |||||||
| 1332 LA SALLE AVE | SEASIDE | CA | 93955 | None | PC | CHILDREN SERVICES | $69,098 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Grant Or Contri Pd Dur Yr | $1,850,598 | TotalGrantOrContriPdDurYrAmt |
Analysis Income Producing Acty AnalysisIncomeProducingActyGrp
Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 14 | ExclusionCd |
| Exclusion | $52,339 | ExclusionAmt |
Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 18 | ExclusionCd |
| Exclusion | $2,403,390 | ExclusionAmt |
Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | $2,455,729 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Income Producing Acty | $2,455,729 | TotalIncomeProducingActyAmt |
Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trnsfr Of Cash To Nonchrtbl EO | false | TrnsfrOfCashToNonchrtblEOInd |
| Trnsfr Other Asset Nonchrtbl EO | false | TrnsfrOtherAssetNonchrtblEOInd |
| Sales Or Exchanges Of Assets | false | SalesOrExchangesOfAssetsInd |
| Purchase Of Assets Nonchrtbl EO | false | PurchaseOfAssetsNonchrtblEOInd |
| Rental Of Facilities Oth Assets | false | RentalOfFacilitiesOthAssetsInd |
| Reimbursement Arrangements | false | ReimbursementArrangementsInd |
| Loans Or Loan Guarantees | false | LoansOrLoanGuaranteesInd |
| Performance Of Services Etc | false | PerformanceOfServicesEtcInd |
| Sharing Of Facilities Etc | false | SharingOfFacilitiesEtcInd |
| Relationships Nonchrtbl EO | false | RelationshipsNonchrtblEOInd |
Accounting Fees Schedule AccountingFeesSchedule
Accounting Fees Detail AccountingFeesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | Accounting Expense | CategoryTxt |
| Amt | $1,300 | Amt |
| Net Investment Income | $650 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $0 | AdjustedNetIncomeAmt |
| Disbursements Charitable Prps | $650 | DisbursementsCharitablePrpsAmt |
Taxes Schedule TaxesSchedule
Taxes Detail TaxesDetail (2 entries)
| CategoryCategoryTxt | AmtAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|
| Federal Excise Tax | $9,668 | |
| Registration Fee & Other | $100 | $100 |