CLARK FOUNDATION INC: Form 990PF, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
CLARK FOUNDATION INC (EIN 62-0695496)
Tax period
2023-01-01 to 2023-12-31
Filed
2024-11-19
IRS object ID
202423249349100607
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)
Return2024-11-19T10:46:27-00:00ReturnTs
Tax Period End2023-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN454698605PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Edward F Schemel CPABusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line12158 Northgate Park Ln Ste 210AddressLine1Txt
CityChattanoogaCityNm
State AbbreviationTNStateAbbreviationCd
ZIP37415ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2023-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN620695496EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1CLARK FOUNDATIONBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlCLARBusinessNameControlTxt
Phone4238861240PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line11115 JAMES BLVDAddressLine1Txt
CitySIGNAL MOUNTAINCityNm
State AbbreviationTNStateAbbreviationCd
ZIP37377ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonGEORGE M CLARKPersonNm
Person TitleDIRECTORPersonTitleTxt
Phone4238861240PhoneNum
Signature2024-11-19SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonEdward F SchemelPreparerPersonNm
PTINP00718263PTIN
Phone4232679955PhoneNum
Preparation2024-11-19PreparationDt
Self EmployedYes (X)SelfEmployedInd
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$457,447FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Interest On Sav Rev And Expnss$78InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$78InterestOnSavNetInvstIncmAmt
Interest On Savings Adj Net Incm$78InterestOnSavingsAdjNetIncmAmt
Dividends Rev And Expnss$20,060DividendsRevAndExpnssAmt
Dividends Net Invst Incm$20,060DividendsNetInvstIncmAmt
Dividends Adj Net Incm$20,060DividendsAdjNetIncmAmt
Net Gain Sale Ast Rev And Expnss$2,863NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$2,911GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$2,863CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$23,001TotalRevAndExpnssAmt
Total Net Invst Incm$23,001TotalNetInvstIncmAmt
Total Adj Net Incm$20,138TotalAdjNetIncmAmt
Accounting Fees Rev And Expnss$500AccountingFeesRevAndExpnssAmt
Taxes Rev And Expnss$403TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$75OtherExpensesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss$978TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$23,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$23,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$23,978TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$23,000TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$977ExcessRevenueOverExpensesAmt
Net Investment Income$23,001NetInvestmentIncomeAmt
Adjusted Net Income$20,138AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$1,047CashBOYAmt
Cash EOY$118CashEOYAmt
Cash EOYFMV$118CashEOYFMVAmt
Corporate Stock BOY$6,428CorporateStockBOYAmt
Corporate Stock EOY$6,380CorporateStockEOYAmt
Corporate Stock EOYFMV$457,329CorporateStockEOYFMVAmt
Total Assets BOY$7,475TotalAssetsBOYAmt
Total Assets EOY$6,498TotalAssetsEOYAmt
Total Assets EOYFMV$457,447TotalAssetsEOYFMVAmt
Loans From Officers BOY$878LoansFromOfficersBOYAmt
Loans From Officers EOY$878LoansFromOfficersEOYAmt
Total Liabilities BOY$878TotalLiabilitiesBOYAmt
Total Liabilities EOY$878TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Additional Paid In Capital BOY$11,337AdditionalPaidInCapitalBOYAmt
Additional Paid In Capital EOY$11,337AdditionalPaidInCapitalEOYAmt
Retained Earning BOY-$4,740RetainedEarningBOYAmt
Retained Earning EOY-$5,717RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$6,597TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$5,620TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$7,475TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$6,498TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$6,597TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$977ExcessRevenueOverExpensesAmt
Subtotal$5,620SubtotalAmt
Tot Net Ast Or Fund Balances EOY$5,620TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

FieldValueIRS element (for citing)
Property172SH REGIONS BANKPropertyDesc
How AcquiredPHowAcquiredCd
Acquired2016-06-01AcquiredDt
Sold2023-12-08SoldDt
Gross Sales Price$2,911GrossSalesPriceAmt
Cost Or Other Basis$48CostOrOtherBasisAmt
Gain Or Loss$2,863GainOrLossAmt
Gains Minus Excess Or Losses$2,863GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$2,863CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$320InvestmentIncomeExciseTaxAmt
Subtotal$320SubtotalAmt
Tax Based On Investment Income$320TaxBasedOnInvestmentIncomeAmt
Tax Due$320TaxDueAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Form1120 POL FiledfalseForm1120POLFiledInd
Activities Not Previously RptfalseActivitiesNotPreviouslyRptInd
Changes To Articles Or BylawsfalseChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Form990 T FiledfalseForm990TFiledInd
Organization Dissolved EtcfalseOrganizationDissolvedEtcInd
Section508e Rqr SatisfiedfalseSection508eRqrSatisfiedInd
At Least5000 In AssetsYes (true)AtLeast5000InAssetsInd
Org Report Or Register StateTNOrgReportOrRegisterStateCd
Private Operating FoundationfalsePrivateOperatingFoundationInd
New Substantial ContributorsfalseNewSubstantialContributorsInd
Own Controlled EntityfalseOwnControlledEntityInd
Donor Advised FundfalseDonorAdvisedFundInd
Comply With Public Insp RqrYes (true)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt
Individual With BooksGEORGE M CLARK IIIIndividualWithBooksNm
Phone4238861240PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line11115 JAMES BLVDAddressLine1Txt
CitySIGNAL MOUNTAINCityNm
State AbbreviationTNStateAbbreviationCd
ZIP37377ZIPCd
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
Maintained Expenditure RspnsfalseMaintainedExpenditureRspnsInd
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 PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmt
GEORGE M CLARK
1115 JAMES BLVDSIGNAL MOUNTAINTN37377PRESIDENT001.00$0
CATHERINE CRABTREE
744 MCCALLIE AVE STE 205CHATTANOOGATN37403SECRETARU001.00$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)
Description1N/ADescription1Txt
Expenses1$0Expenses1Amt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$488,562AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$583AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$489,145TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$489,145AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$7,337CashDeemedCharitableAmt
Net Vl Noncharitable Assets$481,808NetVlNoncharitableAssetsAmt
Minimum Investment Return$24,090MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$24,090MinimumInvestmentReturnAmt
Tax Based On Investment Income$320TaxBasedOnInvestmentIncomeAmt
Total Tax$320TotalTaxAmt
Distributable Before Adj$23,770DistributableBeforeAdjAmt
Distributable Before Ded$23,770DistributableBeforeDedAmt
Distributable As Adjusted$23,770DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$23,000ExpensesAndContributionsAmt
Qualifying Distributions$23,000QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$23,770DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5$3,680ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$395ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$144ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$2,995ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$767ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$7,981TotalExcessDistributionCyovAmt
Qualifying Distributions$23,000QualifyingDistributionsAmt
Applied To Current Year$23,000AppliedToCurrentYearAmt
Excess Distri Cyov App CY Corpus$770ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$770ExcessDistributionCyovAppCYAmt
Total Corpus$7,211TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$2,910ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$4,301ExcessDistriCyovToNextYrAmt
Excess From Year4$395ExcessFromYear4Amt
Excess From Year3$144ExcessFromYear3Amt
Excess From Year2$2,995ExcessFromYear2Amt
Excess From Year1$767ExcessFromYear1Amt

Supplementary Information SupplementaryInformationGrp

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

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (5 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
NORTHSIDE NEIGHBORHOOD HOUSE
211 MINOR STCHATTANOOGATN37405PCGENERAL DONATION$4,600
CHATTANOOGA CHRISTIAN SCHOOL
3354 CHARGER DRIVECHATTANOOGATN37409PCGENERAL DONATION$4,600
HOPE FOR THE INNER CITY
PO BOX 11584CHATTANOOGATN37401PCGENERAL DONATION$4,600
MCCALLIE SCHOOL
500 DODDS AVECHATTANOOGATN37405PCGENERAL DONATION$4,600
CHRIST CHURCH CATHEDRAL
900 BROADWAYNASHVILLETN37203PCGENERAL DONATION$4,600
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$23,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$20,138ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion$2,863ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$23,001ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$23,001TotalIncomeProducingActyAmt

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$500Amt

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockBROKERAGE ACCOUNTStockNm
EOY Book Value$6,380EOYBookValueAmt
EOYFMV$457,329EOYFMVAmt

Loans From Officers Schedule LoansFromOfficersSchedule

Loans From Officer LoansFromOfficerGrp

FieldValueIRS element (for citing)
Lender PersonGEORGE CLARK IIILenderPersonNm
TitlePRESIDENTTitleTxt
Loan Original$878LoanOriginalAmt
Balance Due$878BalanceDueAmt
Note2022-10NoteDt
Loan Maturity2022-10LoanMaturityDt
Repayment TermsDUERepaymentTermsTxt
Security Provided BorrowerNONESecurityProvidedBorrowerTxt
Loan PurposePAYMENT OF TAXESLoanPurposeTxt
Lender ConsiderationNONELenderConsiderationDesc

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp

FieldValueIRS element (for citing)
DescFEESDesc
Revenue And Expenses Per Books$75RevenueAndExpensesPerBooksAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryTENNESSEE TAXCategoryTxt
Amt$403Amt

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