AK FOUNDATION INC: Form 990PF, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
AK FOUNDATION INC (EIN 83-1146676)
Tax period
2023-01-01 to 2023-12-31
Filed
2024-11-15
IRS object ID
202403209349100040
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)
Return2024-11-15T08:46:06-05:00ReturnTs
Tax Period End2023-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN455408593PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1ACCOUNTANTS RESOURCE LLCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line13372 PEACHTREE ROAD NE STE 115AddressLine1Txt
CityATLANTACityNm
State AbbreviationGAStateAbbreviationCd
ZIP30326ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2023-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN831146676EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1AK FOUNDATION INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlAKFOBusinessNameControlTxt
Phone4042744413PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line11151 S ALHAMBRA CIRCLEAddressLine1Txt
CityCORAL GABLESCityNm
State AbbreviationFLStateAbbreviationCd
ZIP33146ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonKAVITHA PALANIPersonNm
Person TitlePRESIDENT/DIRECTORPersonTitleTxt
Phone4042744413PhoneNum
Signature2024-11-11SignatureDt
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 PersonROBERT L WHITEHURSTPreparerPersonNm
PTINP01383986PTIN
Phone8882723683PhoneNum
Preparation2024-11-14PreparationDt
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$993,114FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$40,329ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$29,621InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$29,621InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$424DividendsRevAndExpnssAmt
Dividends Net Invst Incm$424DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$39,155NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$54,669GrossSalesPriceAmt
Other Income Rev And Expnss$46,606OtherIncomeRevAndExpnssAmt
Other Income Net Invst Incm$48,760OtherIncomeNetInvstIncmAmt
Total Rev And Expnss$156,135TotalRevAndExpnssAmt
Total Net Invst Incm$78,805TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$20,000CompOfcrDirTrstRevAndExpnssAmt
Taxes Rev And Expnss$1,395TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$212,117OtherExpensesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss$233,512TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$0ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$0ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$233,512TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$0TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$77,377ExcessRevenueOverExpensesAmt
Net Investment Income$78,805NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$133,982CashBOYAmt
Cash EOY$71,694CashEOYAmt
Cash EOYFMV$71,694CashEOYFMVAmt
Other Investments BOY$704,553OtherInvestmentsBOYAmt
Other Investments EOY$887,452OtherInvestmentsEOYAmt
Other Investments EOYFMV$887,452OtherInvestmentsEOYFMVAmt
Other Assets EOY$33,968OtherAssetsEOYAmt
Other Assets EOYFMV$33,968OtherAssetsEOYFMVAmt
Total Assets BOY$838,535TotalAssetsBOYAmt
Total Assets EOY$993,114TotalAssetsEOYAmt
Total Assets EOYFMV$993,114TotalAssetsEOYFMVAmt
Other Liabilities EOY$231,962OtherLiabilitiesEOYAmt
Total Liabilities EOY$231,962TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY$838,535NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY$761,152NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances BOY$838,535TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$761,152TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$838,535TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$993,114TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$838,535TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$77,377ExcessRevenueOverExpensesAmt
Subtotal$761,158SubtotalAmt
Other Decreases$6OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$761,152TotNetAstOrFundBalancesEOYAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$1,095InvestmentIncomeExciseTaxAmt
Subtotal$1,095SubtotalAmt
Tax Based On Investment Income$1,095TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$700EstimatedPlusOvpmtIncmTxAmt
Total Payments And Credits$700TotalPaymentsAndCreditsAmt
Form2220 AttachedYes (X)Form2220AttachedInd
Es Penalty$13EsPenaltyAmt
Tax Due$408TaxDueAmt

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
Individual With BooksKAVITHA PALANIIndividualWithBooksNm
Phone4042744413PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line11000 BISCAYNE BLVD STE 2401AddressLine1Txt
CityMIAMICityNm
State AbbreviationFLStateAbbreviationCd
ZIP33132ZIPCd
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 (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
ARUL MURUGAN
1151 S ALHAMBRA CIRCLECORAL GABLESFL33146TREASURER/DI1.00$0$0$0
KAVITHA PALANI
1151 S ALHAMBRA CIRCLECORAL GABLESFL33146PRESIDENT/DI1.00$20,000$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)
Description1SUPPORT OF THE GOANNA FOUNDATION FOR GOVERNANCE OF THE PROJECT WHICH INCLUDES, BUT NOT LIMITED TO, THE GROWING COLLECTION OF GOANNA-INSPIRED NFTS LAUNCHED ON THE ALGORAND BLOCKCHAIN.Description1Txt
Expenses1$205,728Expenses1Amt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Description111-11 LEAP CREDITDescription1Txt
Expenses1$8,466Expenses1Amt
Total$8,466TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$671,004AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$102,837AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$141,984FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$915,825TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$915,825AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$13,737CashDeemedCharitableAmt
Net Vl Noncharitable Assets$902,088NetVlNoncharitableAssetsAmt
Minimum Investment Return$45,104MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$45,104MinimumInvestmentReturnAmt
Tax Based On Investment Income$1,095TaxBasedOnInvestmentIncomeAmt
Total Tax$1,095TotalTaxAmt
Distributable Before Adj$44,009DistributableBeforeAdjAmt
Distributable Before Ded$44,009DistributableBeforeDedAmt
Distributable As Adjusted$44,009DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$0ExpensesAndContributionsAmt
Program Related Invst Total$8,466ProgramRelatedInvstTotalAmt
Qualifying Distributions$8,466QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$44,009DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5$251,365ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$252,527ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr1$25,189ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$529,081TotalExcessDistributionCyovAmt
Qualifying Distributions$8,466QualifyingDistributionsAmt
Applied To Current Year$8,466AppliedToCurrentYearAmt
Excess Distri Cyov App CY Corpus$35,543ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$35,543ExcessDistributionCyovAppCYAmt
Total Corpus$493,538TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$215,822ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$277,716ExcessDistriCyovToNextYrAmt
Excess From Year4$252,527ExcessFromYear4Amt
Excess From Year1$25,189ExcessFromYear1Amt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$29,621ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$424ExclusionAmt

Other Investment Income OtherInvestmentIncomeGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$48,760ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$39,155RelatedOrExemptFunctionIncmAmt

Other Revenue Described OtherRevenueDescribedGrp

FieldValueIRS element (for citing)
Desc11-11 LEAP CREDITDesc
Business900003BusinessCd
Unrelated Business Taxbl Incm-$2,154UnrelatedBusinessTaxblIncmAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Unrelated Business Taxbl Incm-$2,154UnrelatedBusinessTaxblIncmAmt
Exclusion$78,805ExclusionAmt
Related Or Exempt Function Incm$39,155RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$115,806TotalIncomeProducingActyAmt

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 (3 entries)

ContributorContributorNumAddress Line1ContributorUSAddress/AddressLine1TxtCityContributorUSAddress/CityNmState AbbreviationContributorUSAddress/StateAbbreviationCdZIPContributorUSAddress/ZIPCdTotal ContributionsTotalContributionsAmtPerson ContributionPersonContributionIndNoncash ContributionNoncashContributionInd
ELEVEN ELEVEN ALGO CI LTD
11151 S ALHAMBRA CIRCLECORAL GABLESFL33146$17,607Yes (X)Yes (X)
BORDERLESS MANAGEMENT LLC
23333 PIEDMONT RD NEATLANTAGA30305$14,110Yes (X)
KAVITHA PALANI
31000 BISCAYN BLVD STE 2401MIAMIFL33132$5,270Yes (X)

Non Cash Property Contribution NonCashPropertyContributionGrp (3 entries)

ContributorContributorNumNoncash PropertyNoncashPropertyDescFair Market ValueFairMarketValueAmtReceivedReceivedDt
1ALGOS$3,2142023-04-18
1USDT$4,9962023-11-16
2ALGO$14,1102023-04-01

Gain Loss Sale Other Assets Sch GainLossSaleOtherAssetsSch

Gain Loss Sale Other Asset GainLossSaleOtherAssetGrp

FieldValueIRS element (for citing)
AssetSALE OF TOKENSAssetDesc
How AcquiredPURCHASEHowAcquiredTxt
Gross Sales Price$54,669GrossSalesPriceAmt
Basis$15,514BasisAmt
Total Net$39,155TotalNetAmt

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp (32 entries)

Category Or ItemCategoryOrItemTxtListed At Cost Or FMVListedAtCostOrFMVCdBook ValueBookValueAmtEOYFMVEOYFMVAmt
11-11 LEAP CREDITAT COST$125,000$125,000
TDA CRYPTOAT COST$360,941$360,941
SILVERGATE MKT ACCOUNTAT COST
COPPER DEFAULT TRADEAT COST$3,894$3,894
COPPER AK FOUNDATION VAULTAT COST$376$376
WALLET 2XBLAT COST
WALLET WI4NAT COST
LP DEPOSITSAT COST
COLLATERALS GIVENAT COST
STAKED TOKENSAT COST$55,961$55,961
COINBASEAT COST
ALGODEXAT COST
WALLET 4OPUAAT COST
NFTS:4OPU & W4FAAT COST
LOAN GIVEN TO IGC VENTURES LLCAT COST$50,000$50,000
KAVI SIGN RAKEY ALGOAT COST$6$6
AK FOUNDATION LEDGER 1 ETHAT COST$714$714
AK FOUNDATION LEDGER LEDGER 1 USDTAT COST$4,896$4,896
CIRCLE USDAT COST$9$9
AKF EXCLUSIVE LEDGER ALGO ALGOAT COST$4,805$4,805
AKF EXCLUSIVE LEDGER ALGO USDCAT COST$4,500$4,500
AKF EXCLUSIVE LEDGER ETH ETHAT COST$579$579
AKF EXCLUSIVE LEDGER ETH USDCAT COST$4,038$4,038
INSTITUIONAL COINBASE BTCAT COST$14$14
INSTITUIONAL COINBASE USDCAT COST$3$3
INSTITUIONAL COINBASE USDAT COST$10,250$10,250
GILBERT INVESTMENT WALLET 3 LP_P_ALGAT COST$45,315$45,315
AKF EXCLUSIVE LEDGER BTCAT COST$56,981$56,981
AKF EXCLUSIVE LEDGER SOLAT COST$28,976$28,976
HNT WALLET 1 HNTAT COST$10,000$10,000
BC LOAN WALLET ALGOAT COST$58,037$58,037
BC LOAN WALLET GALGOAT COST$62,157$62,157

Other Assets Schedule OtherAssetsSchedule

Other Assets Schedule OtherAssetsScheduleGrp

FieldValueIRS element (for citing)
DescRECEIVABLESDesc
EOY Book Value$33,968EOYBookValueAmt
EOYFMV$33,968EOYFMVAmt

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

FieldValueIRS element (for citing)
DescOTHER DESCREASESDesc
Amt$6Amt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (7 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt
EXPENSES
BANK CHARGES$584
DUES & SUBSCRIPTIONS$986
MARKETING$791
NFT COLLECTION SERVICES$3,899
OFFICE SUPPLIES$129
NFT SUPPORT$205,728

Other Income Schedule2 OtherIncomeSchedule2

Other Income Detail OtherIncomeDetail (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtNet Investment IncomeNetInvestmentIncomeAmt
OTHER INCOME$48,760$48,760
11-11 LEAP CREDIT-$2,154

Other Liabilities Schedule OtherLiabilitiesSchedule

Other Liabilities Detail OtherLiabilitiesDetail (2 entries)

DescDescEOY Book ValueEOYBookValueAmt
PAYABLES$107,642
LOANS$124,320

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryTAX DUECategoryTxt
Amt$1,395Amt

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