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AL KING FAMILY FOUNDATION: Form 990PF, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
AL KING FAMILY FOUNDATION (EIN 87-2914039)
Tax period
2023-01-01 to 2023-12-31
Filed
2024-11-14
IRS object ID
202413199349105801
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)
Return2024-11-14T15:58:02-06:00ReturnTs
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)
EIN872914039EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Al King Family FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlALKIBusinessNameControlTxt
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)
PersonAl W KingPersonNm
Person TitlePresidentPersonTitleTxt
Phone8008391754PhoneNum
Signature2024-11-12SignatureDt
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$6,725,546FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$5,747,000ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$8,624InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$8,624InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$9,735DividendsRevAndExpnssAmt
Dividends Net Invst Incm$9,735DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss-$2,776NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$331,855GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$5,762,583TotalRevAndExpnssAmt
Total Net Invst Incm$18,359TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Other Prof Fees Rev And Expnss$1,077OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$1,077OtherProfFeesNetInvstIncmAmt
Taxes Rev And Expnss$125TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$8,848OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$8,848OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$10,050TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$1,077TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$8,848TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$0ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$0ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$10,050TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$1,077TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$8,848TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$5,752,533ExcessRevenueOverExpensesAmt
Net Investment Income$17,282NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$17,423SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$313,970SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$313,970SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$107,333CorporateStockBOYAmt
Corporate Stock EOY$5,853,319CorporateStockEOYAmt
Corporate Stock EOYFMV$6,411,576CorporateStockEOYFMVAmt
Corporate Bonds BOY$290,000CorporateBondsBOYAmt
Total Assets BOY$414,756TotalAssetsBOYAmt
Total Assets EOY$6,167,289TotalAssetsEOYAmt
Total Assets EOYFMV$6,725,546TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$414,756RetainedEarningBOYAmt
Retained Earning EOY$6,167,289RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$414,756TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$6,167,289TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$414,756TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$6,167,289TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$414,756TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$5,752,533ExcessRevenueOverExpensesAmt
Subtotal$6,167,289SubtotalAmt
Tot Net Ast Or Fund Balances EOY$6,167,289TotNetAstOrFundBalancesEOYAmt

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$331,855GrossSalesPriceAmt
Cost Or Other Basis$334,631CostOrOtherBasisAmt
Gain Or Loss-$2,776GainOrLossAmt
Gains Minus Excess Or Losses-$2,776GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income-$2,776CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$240InvestmentIncomeExciseTaxAmt
Subtotal$240SubtotalAmt
Tax Based On Investment Income$240TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$100EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$200ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits$300TotalPaymentsAndCreditsAmt
Overpayment$60OverpaymentAmt
Applied To ES Tax$60AppliedToESTaxAmt

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
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 QuestionYes (true)ForeignAccountsQuestionInd
Foreign CountryUKForeignCountryCd

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

FieldValueIRS element (for citing)
PersonAl W King IIIPersonNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line1Foundation Source 501 Silverside RdAddressLine1Txt
CityWilmingtonCityNm
State AbbreviationDEStateAbbreviationCd
ZIP198091377ZIPCd
FieldValueIRS element (for citing)
TitleDir, Pres, Sec, TreasTitleTxt
Average Hrs Per Wk Devoted To Pos1.0AverageHrsPerWkDevotedToPosRt
Compensation$0CompensationAmt
Employee Benefit Program$0EmployeeBenefitProgramAmt
Expense Account Other Allwnc$0ExpenseAccountOtherAllwncAmt
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$722,895AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$201,025AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$923,920TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$923,920AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$13,859CashDeemedCharitableAmt
Net Vl Noncharitable Assets$910,061NetVlNoncharitableAssetsAmt
Minimum Investment Return$45,503MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$45,503MinimumInvestmentReturnAmt
Tax Based On Investment Income$240TaxBasedOnInvestmentIncomeAmt
Total Tax$240TotalTaxAmt
Distributable Before Adj$45,263DistributableBeforeAdjAmt
Distributable Before Ded$45,263DistributableBeforeDedAmt
Distributable As Adjusted$45,263DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$8,848ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$8,848QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$45,263DistributableAsAdjustedAmt
Undistributed Income PY$329UndistributedIncomePYAmt
Prior Year12021PriorYear1Yr
Prior Year22020PriorYear2Yr
Prior Year32019PriorYear3Yr
Qualifying Distributions$8,848QualifyingDistributionsAmt
Applied To Year1$329AppliedToYear1Amt
Applied To Current Year$8,519AppliedToCurrentYearAmt
Remaining Distri From Corpus$0RemainingDistriFromCorpusAmt
Total Corpus$0TotalCorpusAmt
Undistributed Income CY$36,744UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$0ExcessDistriCyovToNextYrAmt
Excess From Current Year$0ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerAl W King IIIContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

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$8,624ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$9,735ExclusionAmt
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-$2,776ExclusionAmt
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$15,583ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$15,583TotalIncomeProducingActyAmt

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 PersonKing III Al WContributorPersonNm

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line137 Ferry Lane EastAddressLine1Txt
CityWestportCityNm
State AbbreviationCTStateAbbreviationCd
ZIP06880ZIPCd
FieldValueIRS element (for citing)
Total Contributions$5,747,000TotalContributionsAmt
Noncash ContributionYes (X)NoncashContributionInd

Non Cash Property Contribution NonCashPropertyContributionGrp

FieldValueIRS element (for citing)
Contributor1ContributorNum
Noncash PropertyJTC PLC JTCPF, 625000 sh.NoncashPropertyDesc
Fair Market Value$5,747,000FairMarketValueAmt
Received2023-12-11ReceivedDt

Depreciation Schedule DepreciationSchedule

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp (22 entries)

StockStockNmEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
AMERICAN BEACON AHL MNGD FUTUR$2,008$1,960
ARISTOTLE VALUE EQUITY FUND CL$3,176$3,387
FIRST TR EXCHANGE TRADED FD VI$2,273$1,999
FIRST TRUST S&P REIT INDEX F$2,441$2,237
GOLDMAN SACHS ABSOLUTE RETURN$6,994$7,232
GUGGENHEIM TOTAL RETURN BOND F$18,226$16,848
HARRIS ASSOCIATION INVT TRUST$2,871$3,263
HARTFORD MUTUAL FDS INC INTL V$9,425$10,736
INVESCO S&P MIDCAP 400 PURE VA$1,041$1,197
ISHARES 20+ YR TREAS BD$5,462$4,366
JANUS ENTERPRISE CL I$1,011$1,016
JTC PLC$5,747,000$6,306,250
LORD ABBETT INVESTMENT TRUST S$10,579$10,143
NATIONWIDE GENEVA SMALL CAP GR$995$1,087
OPPENHEIMER SMALL CAP REVENUE$1,117$1,166
PGIM ULTRA SHORT BD ETF$2,022$2,024
POLEN GROWTH FUND INSTITUTIONA$5,014$5,108
PPCRX$2,020$2,075
SCHRODER EMERGING MKT EQUITY F$4,754$4,299
VANGARD RUSSELL 1000 GROWTH$3,944$5,080
VANGUARD S&P 500 ETF$2,946$3,312
WELLS FARGO CORE PLUS BOND FUN$18,000$16,791

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$8,823$8,823
State or Local Filing Fees$25$25

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail

FieldValueIRS element (for citing)
CategoryInvestment Management ServicesCategoryTxt
Amt$1,077Amt
Net Investment Income$1,077NetInvestmentIncomeAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail (2 entries)

CategoryCategoryTxtAmtAmt
990-PF Estimated Tax for 2023$100
990-PF Excise Tax for 2022$25

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