CLARK FOUNDATION INC: Form 990PF, tax year 2022

View the entire original 990 at ProPublica ↗

Organization
CLARK FOUNDATION INC (EIN 62-0695496)
Tax period
2022-01-01 to 2022-12-31
Filed
2023-10-09
IRS object ID
202312829349100536
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)
Return2023-10-09T04:59:09-00:00ReturnTs
Tax Period End2022-12-31TaxPeriodEndDt

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 Begin2022-01-01TaxPeriodBeginDt

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
Signature2023-10-09SignatureDt
Discuss With Paid PreparerfalseDiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstGEORGEPersonFirstNm
Person LastCLARKPersonLastNm
FieldValueIRS element (for citing)
SSN990009999SSN
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (true)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonEdward F SchemelPreparerPersonNm
PTINP00718263PTIN
Phone4232679955PhoneNum
Preparation2023-10-09PreparationDt
Self EmployedYes (X)SelfEmployedInd

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

FieldValueIRS element (for citing)
Trusted Customer2TrustedCustomerCd
Authentication Assurance LevelAAL1AuthenticationAssuranceLevelCd
Identity Assurance LevelIAL1IdentityAssuranceLevelCd
FieldValueIRS element (for citing)
Tax2022TaxYr
Build TS2023-04-26 12:10:37ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$512,226FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Interest On Sav Rev And Expnss$34InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$34InterestOnSavNetInvstIncmAmt
Interest On Savings Adj Net Incm$34InterestOnSavingsAdjNetIncmAmt
Dividends Rev And Expnss$17,289DividendsRevAndExpnssAmt
Dividends Net Invst Incm$17,289DividendsNetInvstIncmAmt
Dividends Adj Net Incm$17,289DividendsAdjNetIncmAmt
Net Gain Sale Ast Rev And Expnss$9,444NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$9,560GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$9,444CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$26,767TotalRevAndExpnssAmt
Total Net Invst Incm$26,767TotalNetInvstIncmAmt
Total Adj Net Incm$17,323TotalAdjNetIncmAmt
Accounting Fees Rev And Expnss$500AccountingFeesRevAndExpnssAmt
Taxes Rev And Expnss$378TaxesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss$878TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$26,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$26,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$26,878TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$26,000TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$111ExcessRevenueOverExpensesAmt
Net Investment Income$26,767NetInvestmentIncomeAmt
Adjusted Net Income$17,323AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$164CashBOYAmt
Cash EOY$1,047CashEOYAmt
Cash EOYFMV$1,047CashEOYFMVAmt
Corporate Stock BOY$6,544CorporateStockBOYAmt
Corporate Stock EOY$6,428CorporateStockEOYAmt
Corporate Stock EOYFMV$511,179CorporateStockEOYFMVAmt
Total Assets BOY$6,708TotalAssetsBOYAmt
Total Assets EOY$7,475TotalAssetsEOYAmt
Total Assets EOYFMV$512,226TotalAssetsEOYFMVAmt
Loans From Officers EOY$878LoansFromOfficersEOYAmt
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-$4,629RetainedEarningBOYAmt
Retained Earning EOY-$4,740RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$6,708TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$6,597TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$6,708TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$7,475TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$6,708TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$111ExcessRevenueOverExpensesAmt
Subtotal$6,597SubtotalAmt
Tot Net Ast Or Fund Balances EOY$6,597TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

FieldValueIRS element (for citing)
Property430SH REGIONS BANKPropertyDesc
How AcquiredPHowAcquiredCd
Acquired2016-06-01AcquiredDt
Sold2022-12-15SoldDt
Gross Sales Price$9,560GrossSalesPriceAmt
Cost Or Other Basis$116CostOrOtherBasisAmt
Gain Or Loss$9,444GainOrLossAmt
Gains Minus Excess Or Losses$9,444GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$9,444CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$372InvestmentIncomeExciseTaxAmt
Subtotal$372SubtotalAmt
Tax Based On Investment Income$372TaxBasedOnInvestmentIncomeAmt
Tax Due$372TaxDueAmt

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
Organization Dissolved EtcfalseOrganizationDissolvedEtcInd
Section508e Rqr SatisfiedfalseSection508eRqrSatisfiedInd
At Least5000 In AssetsYes (true)AtLeast5000InAssetsInd
Org Report Or Register StateTNOrgReportOrRegisterStateCd
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 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$519,795AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$101AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$519,896TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$519,896AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$7,798CashDeemedCharitableAmt
Net Vl Noncharitable Assets$512,098NetVlNoncharitableAssetsAmt
Minimum Investment Return$25,605MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$25,605MinimumInvestmentReturnAmt
Tax Based On Investment Income$372TaxBasedOnInvestmentIncomeAmt
Total Tax$372TotalTaxAmt
Distributable Before Adj$25,233DistributableBeforeAdjAmt
Distributable Before Ded$25,233DistributableBeforeDedAmt
Distributable As Adjusted$25,233DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$26,000ExpensesAndContributionsAmt
Qualifying Distributions$26,000QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$25,233DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5$50ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$3,680ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$395ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$144ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$2,995ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$7,264TotalExcessDistributionCyovAmt
Qualifying Distributions$26,000QualifyingDistributionsAmt
Applied To Current Year$25,233AppliedToCurrentYearAmt
Remaining Distri From Corpus$767RemainingDistriFromCorpusAmt
Total Corpus$8,031TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$50ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$7,981ExcessDistriCyovToNextYrAmt
Excess From Year4$3,680ExcessFromYear4Amt
Excess From Year3$395ExcessFromYear3Amt
Excess From Year2$144ExcessFromYear2Amt
Excess From Year1$2,995ExcessFromYear1Amt
Excess From Current Year$767ExcessFromCurrentYearAmt

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 STREETCHATTANOOGATN37405PCGENERAL DONATION$5,200
CHATTANOOGA CHRISTIAN SCHOOL
3354 CHARGER DRIVECHATTANOOGATN37409PCGENERAL DONATION$5,200
HOPE FOR THE INNER CITY
PO BOX 11584CHATTANOOGATN37401PCGENERAL DONATION$5,200
EVERY VALLEY LEADERSHIP ACADEMY
5959 SHALLOWFORD RDCHATTANOOGATN37421PCGENERAL DONATION$5,200
CHRIST CHURCH CATHEDRAL
900 BROADWAYNASHVILLETN37203PCGENERAL DONATION$5,200
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$26,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$17,323ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$17,323ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$17,323TotalIncomeProducingActyAmt

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$6,428EOYBookValueAmt
EOYFMV$511,179EOYFMVAmt

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

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryTENNESSEE TAXCategoryTxt
Amt$378Amt

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