PAUL AND DANA MAGNO FAMILY FOUNDATION INC: Form 990PF, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
PAUL AND DANA MAGNO FAMILY FOUNDATION INC (EIN 27-0755271)
Tax period
2023-07-01 to 2024-06-30
Filed
2024-11-08
IRS object ID
202403139349100020
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)
Return2024-11-08T06:23:52-08:00ReturnTs
Tax Period End2024-06-30TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN261541874PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1MAIDA & MAIDA LLCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1855 PARKWAY AVEAddressLine1Txt
CityEWINGCityNm
State AbbreviationNJStateAbbreviationCd
ZIP08618ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2023-07-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN270755271EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1The Paul and Dana Magno Family FoundatioBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlPAULBusinessNameControlTxt
Phone6098826874PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1855 Parkway AvenueAddressLine1Txt
CityTrentonCityNm
State AbbreviationNJStateAbbreviationCd
ZIP08618ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonDana MagnoPersonNm
Person TitleTrusteePersonTitleTxt
Signature2024-11-08SignatureDt
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 PersonSharon Thorp CPA MBAPreparerPersonNm
PTINP00967471PTIN
Phone6098826874PhoneNum
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$470,694FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$80,105ContriRcvdRevAndExpnssAmt
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss$9InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$9InterestOnSavNetInvstIncmAmt
Interest On Savings Adj Net Incm$9InterestOnSavingsAdjNetIncmAmt
Dividends Rev And Expnss$37,396DividendsRevAndExpnssAmt
Dividends Net Invst Incm$37,396DividendsNetInvstIncmAmt
Dividends Adj Net Incm$37,396DividendsAdjNetIncmAmt
Net Gain Sale Ast Rev And Expnss$86,272NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$156,798GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$86,272CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$203,782TotalRevAndExpnssAmt
Total Net Invst Incm$123,677TotalNetInvstIncmAmt
Total Adj Net Incm$37,405TotalAdjNetIncmAmt
Accounting Fees Rev And Expnss$3,000AccountingFeesRevAndExpnssAmt
Accounting Fees Chrtbl Prps$3,000AccountingFeesChrtblPrpsAmt
Taxes Rev And Expnss$1,008TaxesRevAndExpnssAmt
Taxes Dsbrs Chrtbl$1,008TaxesDsbrsChrtblAmt
Other Expenses Rev And Expnss$4,138OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm$4,138OtherExpensesNetInvstIncmAmt
Tot Opr Expenses Rev And Expnss$8,146TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$4,138TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$4,008TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$85,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$85,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$93,146TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$4,138TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$89,008TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$110,636ExcessRevenueOverExpensesAmt
Net Investment Income$119,539NetInvestmentIncomeAmt
Adjusted Net Income$37,405AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$24,702SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$19,761SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$19,761SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$105,352CorporateStockBOYAmt
Corporate Stock EOY$78,287CorporateStockEOYAmt
Corporate Stock EOYFMV$216,297CorporateStockEOYFMVAmt
Corporate Bonds BOY$21,300CorporateBondsBOYAmt
Corporate Bonds EOY$21,300CorporateBondsEOYAmt
Corporate Bonds EOYFMV$19,960CorporateBondsEOYFMVAmt
Other Investments BOY$506,715OtherInvestmentsBOYAmt
Other Investments EOY$649,357OtherInvestmentsEOYAmt
Other Investments EOYFMV$214,676OtherInvestmentsEOYFMVAmt
Total Assets BOY$658,069TotalAssetsBOYAmt
Total Assets EOY$768,705TotalAssetsEOYAmt
Total Assets EOYFMV$470,694TotalAssetsEOYFMVAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$658,069RetainedEarningBOYAmt
Retained Earning EOY$768,705RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$658,069TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$768,705TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$658,069TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$768,705TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$658,069TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$110,636ExcessRevenueOverExpensesAmt
Subtotal$768,705SubtotalAmt
Tot Net Ast Or Fund Balances EOY$768,705TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (7 entries)

PropertyPropertyDescHow AcquiredHowAcquiredCdAcquiredAcquiredDtSoldSoldDtGross Sales PriceGrossSalesPriceAmtCost Or Other BasisCostOrOtherBasisAmtGain Or LossGainOrLossAmtGains Minus Excess Or LossesGainsMinusExcessOrLossesAmt
UBS #44376 L/TP2016-04-292023-08-30$16,911$5,779$11,132$11,132
UBS #44376 L/TP2018-12-122024-02-09$29,485$17,489$11,996$11,996
UBS #44376 L/TP2016-03-302024-03-19$12,242$1,790$10,452$10,452
UBS #44376 L/TP2016-06-202024-04-08$10,960$1,596$9,364$9,364
UBS #44376 L/TP2017-01-062024-05-02$7,530$1,185$6,345$6,345
UBS #44376 L/TP2017-01-062024-06-26$20,766$12,687$8,079$8,079
UBS #1874 L/TP2019-02-252024-02-29$58,904$30,000$28,904$28,904
FieldValueIRS element (for citing)
Capital Gain Net Income$86,272CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$1,662InvestmentIncomeExciseTaxAmt
Subtotal$1,662SubtotalAmt
Tax Based On Investment Income$1,662TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$26EstimatedPlusOvpmtIncmTxAmt
Total Payments And Credits$26TotalPaymentsAndCreditsAmt
Form2220 AttachedYes (X)Form2220AttachedInd
Es Penalty$58EsPenaltyAmt
Tax Due$1,694TaxDueAmt
Applied To ES Tax$0AppliedToESTaxAmt

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
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
Website AddressN/AWebsiteAddressTxt

Persons With Books Name PersonsWithBooksName

FieldValueIRS element (for citing)
Business Name Line1Dana L MagnoBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone6098826874PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1855 Parkway AveAddressLine1Txt
CityEwingCityNm
State AbbreviationNJStateAbbreviationCd
ZIP08618ZIPCd
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
Acts Fail To Qlfy As ExceptionsfalseActsFailToQlfyAsExceptionsInd
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 (3 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmt
Dana Magno
855 Parkway AvenueEwingNJ08618Trustee0.00$0
Paul J Magno
855 Parkway AvenueEwingNJ08618Trustee0.00$0
James Maida
855 Parkway AvenueEwingNJ08618Trustee0.00$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Comp Of Hghst Pd Cntrct Or NONENONECompOfHghstPdCntrctOrNONETxt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$265,018AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$9,000AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$274,018TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Adjusted Total FMV Of Unused Ast$274,018AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$4,110CashDeemedCharitableAmt
Net Vl Noncharitable Assets$269,908NetVlNoncharitableAssetsAmt
Minimum Investment Return$13,495MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$13,495MinimumInvestmentReturnAmt
Tax Based On Investment Income$1,662TaxBasedOnInvestmentIncomeAmt
Total Tax$1,662TotalTaxAmt
Distributable Before Adj$11,833DistributableBeforeAdjAmt
Distributable Before Ded$11,833DistributableBeforeDedAmt
Distributable As Adjusted$11,833DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$89,008ExpensesAndContributionsAmt
Qualifying Distributions$89,008QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$11,833DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5$18,145ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$102,132ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$99,107ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$71,213ExcessDistributionCyovYr2Amt
Total Excess Distribution Cyov$290,597TotalExcessDistributionCyovAmt
Qualifying Distributions$89,008QualifyingDistributionsAmt
Treated As Distri From Corpus$0TreatedAsDistriFromCorpusAmt
Applied To Current Year$11,833AppliedToCurrentYearAmt
Remaining Distri From Corpus$77,175RemainingDistriFromCorpusAmt
Total Corpus$367,772TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$18,145ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$349,627ExcessDistriCyovToNextYrAmt
Excess From Year4$102,132ExcessFromYear4Amt
Excess From Year3$99,107ExcessFromYear3Amt
Excess From Year2$71,213ExcessFromYear2Amt
Excess From Current Year$77,175ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerDana MagnoContributingManagerNm
Contributing ManagerPaul J MagnoContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (12 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
Lavallette Elementary School
105 Brooklyn AvenueLavalletteNJ08635NonePublicCommunity$2,000
Memorial Sloan Kettering Cancer Cen
1275 York AveNew YorkNY10065NonePublicMedical Research$900
Lavallette Fire Company
125 Washington AvenueLavalletteNJ08735NonePublicCommunity$1,000
Lavalette First Aid
PO 334LavalletteNJ08735NonePublicCommunity$1,000
St Judes
262 Danny Thomas PlaceMemphisTN38105NonePublicResearch-Cancer$2,500
Save Barnegat Bay
117 HAINES RDTOMS RIVERNJ08753NonePublicCommunity$4,500
LAVALLETTE PBA
PO BOX 372LAVALLETTENJ08735NonePublicCOMMUNITY$1,000
Rutgers University FDN
335 George Street 4000New BrunswickNJ08901NonePublicCommunity$30,000
Stephen Siller Tunnel to Towers Fou
2361 Hyland BoulevardStaten IslandNY10306NonePublicCommunity$4,000
COMMUNITY MEDICAL CENTER FOUNDATION
99 ROUTE 37 WEST PO BOX 2002TOMS RIVERNJ08454NonePublicMEDICAL$25,000
National Class E Scow Association
1027 Tarrant DriveFontanaWI53125NonePCCOMMUNITY$3,100
Northern Ocean Habitat for Humanity
1201 NJ 166Toms RiverNJ08753NonePCCommunity$10,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$85,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$9ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$37,396ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$86,272RelatedOrExemptFunctionIncmAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$37,405ExclusionAmt
Related Or Exempt Function Incm$86,272RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$123,677TotalIncomeProducingActyAmt

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$3,000Amt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$3,000DisbursementsCharitablePrpsAmt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtNet Investment IncomeNetInvestmentIncomeAmt
Bank Fees$3,902$3,902
Office Expense$236$236

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryFEDERAL TAXESCategoryTxt
Amt$1,008Amt
Disbursements Charitable Prps$1,008DisbursementsCharitablePrpsAmt

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