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PATEL FAMILY FOUNDATION: Form 990PF, tax year 2022

View the entire original 990 at ProPublica ↗

Organization
PATEL FAMILY FOUNDATION (EIN 87-3741492)
Tax period
2022-01-01 to 2022-12-31
Filed
2023-08-02
IRS object ID
202302149349100405
Schema version
2022v5.0
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)
Return2023-08-02T08:25:27-05:00ReturnTs
Tax Period End2022-12-31TaxPeriodEndDt

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 Begin2022-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN873741492EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Patel Family FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlPATEBusinessNameControlTxt
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)
Personharit patelPersonNm
Person TitlepresidentPersonTitleTxt
Phone8008391754PhoneNum
Signature2023-07-31SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstharitPersonFirstNm
Person LastpatelPersonLastNm
FieldValueIRS element (for citing)
SSN999009999SSN

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonJeffrey D HaskellPreparerPersonNm
PTINP01345770PTIN
Phone8008391754PhoneNum

Additional Filer Information AdditionalFilerInformation

FieldValueIRS element (for citing)
Trusted CustomerTrustedCustomerGrp
FieldValueIRS element (for citing)
Tax2022TaxYr
Build TS2023-04-26 12:10:37ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Application PendingYes (X)ApplicationPendingInd
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$210,876FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$0ContriRcvdRevAndExpnssAmt
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss$41InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$41InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$3,597DividendsRevAndExpnssAmt
Dividends Net Invst Incm$3,597DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss-$8,871NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$139,815GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss-$5,233TotalRevAndExpnssAmt
Total Net Invst Incm$3,638TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Other Prof Fees Rev And Expnss$2,026OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$2,026OtherProfFeesNetInvstIncmAmt
Other Expenses Rev And Expnss$13,184OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$13,184OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$15,210TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$2,026TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$13,184TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$1,001ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$1,001ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$16,211TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$2,026TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$14,185TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$21,444ExcessRevenueOverExpensesAmt
Net Investment Income$1,612NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$260,001SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$8,346SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$8,346SavAndTempCashInvstEOYFMVAmt
Corporate Stock EOY$230,211CorporateStockEOYAmt
Corporate Stock EOYFMV$202,530CorporateStockEOYFMVAmt
Total Assets BOY$260,001TotalAssetsBOYAmt
Total Assets EOY$238,557TotalAssetsEOYAmt
Total Assets EOYFMV$210,876TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$260,001RetainedEarningBOYAmt
Retained Earning EOY$238,557RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$260,001TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$238,557TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$260,001TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$238,557TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$260,001TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$21,444ExcessRevenueOverExpensesAmt
Subtotal$238,557SubtotalAmt
Tot Net Ast Or Fund Balances EOY$238,557TotNetAstOrFundBalancesEOYAmt

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$139,815GrossSalesPriceAmt
Cost Or Other Basis$148,686CostOrOtherBasisAmt
Gain Or Loss-$8,871GainOrLossAmt
Gains Minus Excess Or Losses-$8,871GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income-$8,871CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$22InvestmentIncomeExciseTaxAmt
Subtotal$22SubtotalAmt
Tax Based On Investment Income$22TaxBasedOnInvestmentIncomeAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$100ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits$100TotalPaymentsAndCreditsAmt
Overpayment$78OverpaymentAmt
Applied To ES Tax$78AppliedToESTaxAmt

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 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
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
Diixa Patel
Foundation Source 501 Silverside RdWilmingtonDE198091377Dir, Sec, Treas1.0$0$0$0
Harit Patel
Foundation Source 501 Silverside RdWilmingtonDE198091377Dir, Pres1.0$0$0$0
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$216,156AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$20,171AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$236,327TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$236,327AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$3,545CashDeemedCharitableAmt
Net Vl Noncharitable Assets$232,782NetVlNoncharitableAssetsAmt
Minimum Investment Return$11,639MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$11,639MinimumInvestmentReturnAmt
Tax Based On Investment Income$22TaxBasedOnInvestmentIncomeAmt
Total Tax$22TotalTaxAmt
Distributable Before Adj$11,617DistributableBeforeAdjAmt
Distributable Before Ded$11,617DistributableBeforeDedAmt
Distributable As Adjusted$11,617DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$14,185ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$14,185QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$11,617DistributableAsAdjustedAmt
Undistributed Income PY$342UndistributedIncomePYAmt
Prior Year12020PriorYear1Yr
Prior Year22019PriorYear2Yr
Prior Year32018PriorYear3Yr
Qualifying Distributions$14,185QualifyingDistributionsAmt
Applied To Year1$342AppliedToYear1Amt
Applied To Current Year$11,617AppliedToCurrentYearAmt
Remaining Distri From Corpus$2,226RemainingDistriFromCorpusAmt
Total Corpus$2,226TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$2,226ExcessDistriCyovToNextYrAmt
Excess From Current Year$2,226ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerDiixa PatelContributingManagerNm
Contributing ManagerHarit PatelContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp

Recipient Business Name RecipientBusinessName

FieldValueIRS element (for citing)
Business Name Line1SACRED HEART SCHOOLS ATHERTONBusinessNameLine1Txt

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line1150 VALPARAISO AVEAddressLine1Txt
CityATHERTONCityNm
State AbbreviationCAStateAbbreviationCd
ZIP94027ZIPCd
FieldValueIRS element (for citing)
Recipient RelationshipN/ARecipientRelationshipTxt
Recipient Foundation StatusPCRecipientFoundationStatusTxt
Grant Or Contribution PurposeAnnual FundGrantOrContributionPurposeTxt
Amt$1,001Amt
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$1,001TotalGrantOrContriPdDurYrAmt

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$41ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$3,597ExclusionAmt
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-$8,871ExclusionAmt
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-$5,233ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty-$5,233TotalIncomeProducingActyAmt

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

Depreciation Schedule DepreciationSchedule

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp (14 entries)

StockStockNmEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
AVANTIS US SMALL CAP VALUE ETF$14,362$14,013
DB X TRACKERS MSCI EMERGING MA$15,151$12,210
FIRST TR ETF VIII CBOE VEST BU$10,211$10,061
FIRST TRUST LARGE CAP CORE A$27,538$25,258
INVESCO QQQ TRUST$15,553$11,517
ISHARE SP GBL 100 IN$18,807$16,025
ISHARES BARCLAYS 0-5 YR TIPS$4,009$3,988
ISHARES CORE US VALUE$29,837$28,058
ISHARES MSCI ACWI INDEX$30,357$25,407
ISHARES TR S & P MIDCAP 400 IN$21,795$20,280
JANUS HENDERSON AAA CLO ETF$6,128$6,136
SPDR BLACKSTONE/GSO SENIOR LOA$6,674$6,306
SPDR GOLD SHARES$4,122$4,071
VANGUARD WORLD FUND ETF MEGA C$25,667$19,200

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (5 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$6,659$6,659
Administrative Set-Up Fee$5,400$5,400
Delaware Incorporation Fees$500$500
IRS Application Fees$600$600
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$2,026Amt
Net Investment Income$2,026NetInvestmentIncomeAmt

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