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HAROLD AND PATRICIA KORELL FOUNDATION: Form 990PF, tax year 2022

View the entire original 990 at ProPublica ↗

Organization
HAROLD AND PATRICIA KORELL FOUNDATION (EIN 27-1507283)
Tax period
2022-01-01 to 2022-12-31
Filed
2023-02-16
IRS object ID
202330479349100213
Schema version
2022v4.1
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)
Return2023-02-16T10:03:36-08:00ReturnTs
Tax Period End2022-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN760117312PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Roger Goddard CPA PCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line13100 Timmons Lane Suite 440AddressLine1Txt
CityHoustonCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77027ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2022-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN271507283EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1The Harold and Patricia Korell FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlHAROBusinessNameControlTxt
Phone7135222293PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line13333 Allen Pkwy Unit 2708AddressLine1Txt
CityHoustonCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77019ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonHarold M KorellPersonNm
Person TitlePresidentPersonTitleTxt
Phone7135222293PhoneNum
Signature2023-02-15SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstHaroldPersonFirstNm
Person LastKorellPersonLastNm
FieldValueIRS element (for citing)
SSNXXX-XX-XXXXSSN
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (true)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonRoger D GoddardPreparerPersonNm
PTINP01219221PTIN
Phone7136225088PhoneNum
Preparation2023-02-16PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

FieldValueIRS element (for citing)
Trusted Customer3TrustedCustomerCd
Authentication Assurance LevelAAL1AuthenticationAssuranceLevelCd
Identity Assurance LevelIAL1IdentityAssuranceLevelCd
Federated Assurance LevelFAL1FederatedAssuranceLevelCd
FieldValueIRS element (for citing)
Tax2022TaxYr
Build TS2023-03-07 01:45:13ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$596,821FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss$329InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$329InterestOnSavNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$42,271NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$57,900GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$42,271CapGainNetIncmNetInvstIncmAmt
Gross Profit Rev And Expnss$0GrossProfitRevAndExpnssAmt
Other Income Rev And Expnss$0OtherIncomeRevAndExpnssAmt
Total Rev And Expnss$42,600TotalRevAndExpnssAmt
Total Net Invst Incm$42,600TotalNetInvstIncmAmt
Legal Fees Rev And Expnss$0LegalFeesRevAndExpnssAmt
Accounting Fees Rev And Expnss$0AccountingFeesRevAndExpnssAmt
Other Prof Fees Rev And Expnss$0OtherProfFeesRevAndExpnssAmt
Taxes Rev And Expnss$1,160TaxesRevAndExpnssAmt
Deprec And Dpltn Rev And Expnss$0DeprecAndDpltnRevAndExpnssAmt
Other Expenses Rev And Expnss$0OtherExpensesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss$1,160TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$31,350ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$31,350ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$32,510TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$31,350TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$10,090ExcessRevenueOverExpensesAmt
Net Investment Income$42,600NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$179,152SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$204,871SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$204,871SavAndTempCashInvstEOYFMVAmt
Rcvbl From Officers EOY$0RcvblFromOfficersEOYAmt
Other Nts And Loans Rcvbl EOY$0OtherNtsAndLoansRcvblEOYAmt
Corporate Stock BOY$3,882,340CorporateStockBOYAmt
Corporate Stock EOY$3,378,140CorporateStockEOYAmt
Corporate Stock EOYFMV$391,950CorporateStockEOYFMVAmt
Land Bldg Investments EOY$0LandBldgInvestmentsEOYAmt
Other Investments EOY$0OtherInvestmentsEOYAmt
Land EOY$0LandEOYAmt
Other Assets BOY$0OtherAssetsBOYAmt
Other Assets EOY$0OtherAssetsEOYAmt
Other Assets EOYFMV$0OtherAssetsEOYFMVAmt
Total Assets BOY$4,061,492TotalAssetsBOYAmt
Total Assets EOY$3,583,011TotalAssetsEOYAmt
Total Assets EOYFMV$596,821TotalAssetsEOYFMVAmt
Loans From Officers EOY$0LoansFromOfficersEOYAmt
Mortgages And Notes Payable EOY$0MortgagesAndNotesPayableEOYAmt
Other Liabilities BOY$0OtherLiabilitiesBOYAmt
Other Liabilities EOY$0OtherLiabilitiesEOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$4,061,492RetainedEarningBOYAmt
Retained Earning EOY$3,583,011RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$4,061,492TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$3,583,011TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$4,061,492TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$3,583,011TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$4,061,492TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$10,090ExcessRevenueOverExpensesAmt
Subtotal$4,071,582SubtotalAmt
Other Decreases$488,571OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$3,583,011TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

FieldValueIRS element (for citing)
PropertySouthwestern Energy - 10,000 sharesPropertyDesc
How AcquiredDHowAcquiredCd
Acquired1997-04-28AcquiredDt
Sold2022-03-09SoldDt
Gross Sales Price$57,900GrossSalesPriceAmt
Depreciation$0DepreciationAmt
Cost Or Other Basis$15,629CostOrOtherBasisAmt
Gain Or Loss$42,271GainOrLossAmt
FMV As Of123169$0FMVAsOf123169Amt
Adjusted Basis As Of123169$0AdjustedBasisAsOf123169Amt
Excess FMV Over Adjusted Bss$0ExcessFMVOverAdjustedBssAmt
Gains Minus Excess Or Losses$42,271GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$42,271CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$592InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$592SubtotalAmt
Subtitle A Tax$0SubtitleATaxAmt
Tax Based On Investment Income$592TaxBasedOnInvestmentIncomeAmt
Original Return Tax Paid$0OriginalReturnTaxPaidAmt
Form2220 AttachedYes (X)Form2220AttachedInd
Es Penalty$27EsPenaltyAmt
Tax Due$619TaxDueAmt
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
Org Report Or Register StateTXOrgReportOrRegisterStateCd
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 BooksHarold KorellIndividualWithBooksNm
Phone7135222293PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line13333 Allen Parkway 2708AddressLine1Txt
CityHoustonCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77019ZIPCd
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
Rcv Fnds To Pay Prsnl Bnft CntrctfalseRcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft CntrctfalsePayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd

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 PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
Harold M Korell
3333 Allen Parkway 2708HoustonTX77019P/Director1.00$0$0$0
Patricia Korell
3333 Allen Parkway 2708HoustonTX77019Sec/Director1.00$0$0$0
Roger D Goddard
3100 Timmons Lane 440HoustonTX77027Tre/Director0.00$0$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Other Employee Paid Over50k0OtherEmployeePaidOver50kCnt
Comp Of Hghst Pd Cntrct Or NONENONECompOfHghstPdCntrctOrNONETxt
Contractor Paid Over50k0ContractorPaidOver50kCnt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$453,375AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$218,251AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$671,626TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Adjusted Total FMV Of Unused Ast$671,626AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$10,074CashDeemedCharitableAmt
Net Vl Noncharitable Assets$661,552NetVlNoncharitableAssetsAmt
Minimum Investment Return$33,078MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$33,078MinimumInvestmentReturnAmt
Tax Based On Investment Income$592TaxBasedOnInvestmentIncomeAmt
Total Tax$592TotalTaxAmt
Distributable Before Adj$32,486DistributableBeforeAdjAmt
Distributable Before Ded$32,486DistributableBeforeDedAmt
Distributable As Adjusted$32,486DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$31,350ExpensesAndContributionsAmt
Qualifying Distributions$31,350QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$32,486DistributableAsAdjustedAmt
Undistributed Income PY$27,369UndistributedIncomePYAmt
Prior Year12020PriorYear1Yr
Total For Prior Years$3,866TotalForPriorYearsAmt
Excess Distribution Cyov Yr5$0ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$0ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$0ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$0ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$0ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$0TotalExcessDistributionCyovAmt
Qualifying Distributions$31,350QualifyingDistributionsAmt
Applied To Year1$27,369AppliedToYear1Amt
Applied To Prior Years$3,866AppliedToPriorYearsAmt
Treated As Distri From Corpus$0TreatedAsDistriFromCorpusAmt
Applied To Current Year$115AppliedToCurrentYearAmt
Remaining Distri From Corpus$0RemainingDistriFromCorpusAmt
Total Corpus$0TotalCorpusAmt
Prior Year Undistributed Incm$0PriorYearUndistributedIncmAmt
Taxable1$0Taxable1Amt
Taxable2$0Taxable2Amt
Undistributed Income CY$32,371UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$0ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$0ExcessDistriCyovToNextYrAmt
Excess From Year4$0ExcessFromYear4Amt
Excess From Year3$0ExcessFromYear3Amt
Excess From Year2$0ExcessFromYear2Amt
Excess From Year1$0ExcessFromYear1Amt
Excess From Current Year$0ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerHarold M Korell and Patricia KorellContributingManagerNm
Contributing Managertraded securities with a market valContributingManagerNm
Contributing ManagerHarold M Korell and Patricia KorellContributingManagerNm

Application Submission Info ApplicationSubmissionInfoGrp

FieldValueIRS element (for citing)
Recipient PersonHarold KorellRecipientPersonNm

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line13333 Allen Parkway 2708AddressLine1Txt
CityHoustonCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77019ZIPCd
FieldValueIRS element (for citing)
Recipient Phone7135222293RecipientPhoneNum
Form And Info And MaterialsWritten request including brochure on organizationFormAndInfoAndMaterialsTxt
Submission DeadlinesNoneSubmissionDeadlinesTxt
Restrictions On AwardsNoneRestrictionsOnAwardsTxt

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (3 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
Kauai Sailing Association
2494 Waapa RdLihueHI96766N.A.Organization offeringsailing lessons and marine education courses$20,350
Community Cancer Fund
510 W Riverside Suite 500SpokaneWA99201N.A.Work with cancerorganizations toprovide patient services$1,000
San Juan County Theater
100 2nd St NFriday HarborWA98250N.A.Performing artsvenue$10,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$31,350TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$329ExclusionAmt

Other Investment Income OtherInvestmentIncomeGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$42,271ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$42,600ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$42,600TotalIncomeProducingActyAmt

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

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockSouthwestern Energy Co. - 67,000 shares (value at time of receiptStockNm
EOY Book Value$3,378,140EOYBookValueAmt
EOYFMV$391,950EOYFMVAmt

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

FieldValueIRS element (for citing)
DescExcess of donation market value over cost basis of securities soldDesc
Amt$488,571Amt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryForm 4720 penaltyCategoryTxt
Amt$1,160Amt

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