BETA

B J WADE TR FBO MARGARET BROWN ET AL: Form 990PF, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
B J WADE TR FBO MARGARET BROWN ET AL (EIN 62-6040797)
Tax period
2024-01-01 to 2024-12-31
Filed
2025-05-14
IRS object ID
202521349349103467
Schema version
2024v5.1
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)
Return2025-05-14T13:49:04-05:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN621804252PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1WATKINS UIBERALL PLLCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line11661 AARON BRENNER DR STE 300AddressLine1Txt
CityMEMPHISCityNm
State AbbreviationTNStateAbbreviationCd
ZIP38120ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2024-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN626040797EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1TRUST UNDER WILL OF B J WADEBusinessNameLine1Txt
Business Name Line2C/O FIRST HORIZON BANKBusinessNameLine2Txt
FieldValueIRS element (for citing)
Business Name ControlWADEBusinessNameControlTxt
Phone9016812363PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line14385 POPLAR AVENUE RTC2AddressLine1Txt
CityMEMPHISCityNm
State AbbreviationTNStateAbbreviationCd
ZIP38117ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonPORTIA ZERILLAPersonNm
Person TitleVICE PRESIDENT, FIRST HORIZON BANKPersonTitleTxt
Phone9016812363PhoneNum
Signature2025-05-13SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (1)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonBRYAN D GRISSOM JRPreparerPersonNm
PTINP01750233PTIN
Phone9017612720PhoneNum
Preparation2025-05-13PreparationDt
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$8,967,035FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Dividends Rev And Expnss$17,079DividendsRevAndExpnssAmt
Dividends Net Invst Incm$17,079DividendsNetInvstIncmAmt
Gross Rents Rev And Expnss$253,000GrossRentsRevAndExpnssAmt
Gross Rents Net Invst Incm$253,000GrossRentsNetInvstIncmAmt
Net Rental Income Or Loss$241,433NetRentalIncomeOrLossAmt
Net Gain Sale Ast Rev And Expnss$128,839NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$334,163GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$128,839CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$398,918TotalRevAndExpnssAmt
Total Net Invst Incm$398,918TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$27,224CompOfcrDirTrstRevAndExpnssAmt
Comp Ofcr Dir Trst Net Invst Incm$13,612CompOfcrDirTrstNetInvstIncmAmt
Comp Ofcr Dir Trst Dsbrs Chrtbl$13,612CompOfcrDirTrstDsbrsChrtblAmt
Legal Fees Rev And Expnss$24,542LegalFeesRevAndExpnssAmt
Legal Fees Net Invst Incm$24,542LegalFeesNetInvstIncmAmt
Legal Fees Dsbrs Chrtbl$0LegalFeesDsbrsChrtblAmt
Accounting Fees Rev And Expnss$6,995AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm$6,995AccountingFeesNetInvstIncmAmt
Accounting Fees Chrtbl Prps$0AccountingFeesChrtblPrpsAmt
Taxes Rev And Expnss$17,959TaxesRevAndExpnssAmt
Taxes Net Invst Incm$7,624TaxesNetInvstIncmAmt
Taxes Dsbrs Chrtbl$0TaxesDsbrsChrtblAmt
Other Expenses Rev And Expnss$4,619OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm$4,619OtherExpensesNetInvstIncmAmt
Other Expenses Dsbrs Chrtbl$0OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$81,339TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$57,392TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$13,612TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$598,277ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$598,277ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$679,616TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$57,392TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$611,889TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$280,698ExcessRevenueOverExpensesAmt
Net Investment Income$341,526NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$289,874CashBOYAmt
Cash EOY$214,501CashEOYAmt
Cash EOYFMV$214,501CashEOYFMVAmt
Corporate Stock BOY$228,006CorporateStockBOYAmt
Corporate Stock EOY$91,828CorporateStockEOYAmt
Corporate Stock EOYFMV$214,237CorporateStockEOYFMVAmt
Corporate Bonds BOY$118,694CorporateBondsBOYAmt
Corporate Bonds EOY$49,547CorporateBondsEOYAmt
Corporate Bonds EOYFMV$43,297CorporateBondsEOYFMVAmt
Land Bldg Equip Cost Or Other Bss$90,685LandBldgEquipCostOrOtherBssAmt
Land BOY$90,685LandBOYAmt
Land EOY$90,685LandEOYAmt
Land EOYFMV$8,495,000LandEOYFMVAmt
Total Assets BOY$727,259TotalAssetsBOYAmt
Total Assets EOY$446,561TotalAssetsEOYAmt
Total Assets EOYFMV$8,967,035TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Capital Stock BOY$0CapitalStockBOYAmt
Capital Stock EOY$0CapitalStockEOYAmt
Additional Paid In Capital BOY$0AdditionalPaidInCapitalBOYAmt
Additional Paid In Capital EOY$0AdditionalPaidInCapitalEOYAmt
Retained Earning BOY$727,259RetainedEarningBOYAmt
Retained Earning EOY$446,561RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$727,259TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$446,561TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$727,259TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$446,561TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$727,259TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$280,698ExcessRevenueOverExpensesAmt
Other Increases$0OtherIncreasesAmt
Subtotal$446,561SubtotalAmt
Other Decreases$0OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$446,561TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (2 entries)

PropertyPropertyDescAcquiredAcquiredDtSoldSoldDtGross Sales PriceGrossSalesPriceAmtCost Or Other BasisCostOrOtherBasisAmtGain Or LossGainOrLossAmtGains Minus Excess Or LossesGainsMinusExcessOrLossesAmtHow AcquiredHowAcquiredCd
FIRST HORIZON - LT2020-01-012024-12-31$332,068$205,324$126,744$126,744
CAPITAL GAINS DIVIDENDS$2,095$2,095$2,095P
FieldValueIRS element (for citing)
Capital Gain Net Income$128,839CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$4,747InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$4,747SubtotalAmt
Subtitle A Tax$0SubtitleATaxAmt
Tax Based On Investment Income$4,747TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$3,320EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$1,726ExtsnRequestIncomeTaxPaidAmt
Backup Withholding Withheld$0BackupWithholdingWithheldAmt
Total Payments And Credits$5,046TotalPaymentsAndCreditsAmt
Es Penalty$38EsPenaltyAmt
Overpayment$261OverpaymentAmt
Applied To ES Tax$261AppliedToESTaxAmt
Refund$0RefundAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political Acty0LegislativePoliticalActyInd
More Than100 Spent0MoreThan100SpentInd
Form1120 POL Filed0Form1120POLFiledInd
Section4955 Organization Tax$0Section4955OrganizationTaxAmt
Section4955 Managers Tax$0Section4955ManagersTaxAmt
Tax Reimbursed$0TaxReimbursedAmt
Activities Not Previously Rpt0ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws0ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Organization Dissolved Etc0OrganizationDissolvedEtcInd
Section508e Rqr SatisfiedYes (1)Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (1)AtLeast5000InAssetsInd
Org Report Or Register StateTNOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (1)Form990PFFiledWithAttyGenInd
Private Operating Foundation0PrivateOperatingFoundationInd
New Substantial Contributors0NewSubstantialContributorsInd
Own Controlled Entity0OwnControlledEntityInd
Donor Advised Fund0DonorAdvisedFundInd
Comply With Public Insp RqrYes (1)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt

Persons With Books Name PersonsWithBooksName

FieldValueIRS element (for citing)
Business Name Line1FIRST HORIZON BANKBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone9016812346PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line14385 POPLAR AVEAddressLine1Txt
CityMEMPHISCityNm
State AbbreviationTNStateAbbreviationCd
ZIP38117ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts Question0ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified Prsn0SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn0BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified Prsn0FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified Prsn0PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn0TransferAstDisqualifiedPrsnInd
Payment To Government Official0PaymentToGovernmentOfficialInd
Uncorrected Prior Acts0UncorrectedPriorActsInd
Undistributed Income PY0UndistributedIncomePYInd
Business Holdings0BusinessHoldingsInd
Jeopardy Investments0JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst0UncorrectedPYJeopardyInvstInd
Influence Legislation0InfluenceLegislationInd
Influence Election0InfluenceElectionInd
Grants To Individuals0GrantsToIndividualsInd
Grants To Organizations0GrantsToOrganizationsInd
Noncharitable Purpose0NoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp

FieldValueIRS element (for citing)
PersonFIRST HORIZON BANKPersonNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line14385 POPLAR AVEAddressLine1Txt
CityMEMPHISCityNm
State AbbreviationTNStateAbbreviationCd
ZIP38117ZIPCd
FieldValueIRS element (for citing)
TitleTRUSTEETitleTxt
Average Hrs Per Wk Devoted To Pos2.00AverageHrsPerWkDevotedToPosRt
Compensation$27,224CompensationAmt
Employee Benefit Program$0EmployeeBenefitProgramAmt
Expense Account Other Allwnc$0ExpenseAccountOtherAllwncAmt
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

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$529,748AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$0AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$8,495,000FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$9,024,748TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$9,024,748AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$135,371CashDeemedCharitableAmt
Net Vl Noncharitable Assets$8,889,377NetVlNoncharitableAssetsAmt
Minimum Investment Return$444,469MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$444,469MinimumInvestmentReturnAmt
Tax Based On Investment Income$4,747TaxBasedOnInvestmentIncomeAmt
Total Tax$4,747TotalTaxAmt
Distributable Before Adj$439,722DistributableBeforeAdjAmt
Recoveries Qualfied Distri$0RecoveriesQualfiedDistriAmt
Distributable Before Ded$439,722DistributableBeforeDedAmt
Deduction From Distributable$0DeductionFromDistributableAmt
Distributable As Adjusted$439,722DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$611,889ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Qualifying Distributions$611,889QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$439,722DistributableAsAdjustedAmt
Undistributed Income PY$423,945UndistributedIncomePYAmt
Prior Year12022PriorYear1Yr
Total For Prior Years$128,266TotalForPriorYearsAmt
Total Excess Distribution Cyov$0TotalExcessDistributionCyovAmt
Qualifying Distributions$611,889QualifyingDistributionsAmt
Applied To Year1$423,945AppliedToYear1Amt
Applied To Prior Years$128,266AppliedToPriorYearsAmt
Treated As Distri From Corpus$0TreatedAsDistriFromCorpusAmt
Applied To Current Year$59,678AppliedToCurrentYearAmt
Remaining Distri From Corpus$0RemainingDistriFromCorpusAmt
Excess Distri Cyov App CY Corpus$0ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$0ExcessDistributionCyovAppCYAmt
Total Corpus$0TotalCorpusAmt
Prior Year Undistributed Incm$0PriorYearUndistributedIncmAmt
Prior Year Deficiency Or Tax$0PriorYearDeficiencyOrTaxAmt
Taxable1$0Taxable1Amt
Taxable2$0Taxable2Amt
Undistributed Income CY$380,044UndistributedIncomeCYAmt
Corpus Distri170b1 E Or4942g3$0CorpusDistri170b1EOr4942g3Amt
Excess Distri Cyov From Yr5$0ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$0ExcessDistriCyovToNextYrAmt

Supplementary Information SupplementaryInformationGrp

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

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (6 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
BAPTIST MEMORIAL HOSPITAL - UNION CITY
1201 BISHOP STUNION CITYTN38261NONE501(C)(3)HEALTHCARE$117,270
DUNLAP ORPHANAGE THE ARP CENTER
918 S PLEASANTBURG DR STE 127GREENVILLESC29607NONE501(C)(3)CARE FOR VULNERABLE YOUTH$109,459
RIVES UNION CHURCH
888 FENNEL RDUNION CITYTN38261NONE501(C)(3)RELIGION$7,810
BAPTIST MEMORIAL HOSPITAL - UNION CITY
1201 BISHOP STUNION CITYTN38261NONE501(C)(3)HEALTHCARE$181,869
DUNLAP ORPHANAGE THE ARP CENTER
918 S PLEASANTBURG DR STE 127GREENVILLESC29607NONE501(C)(3)CARE FOR VULNERABLE YOUTH$169,757
RIVES UNION CHURCH
888 FENNEL RDUNION CITYTN38261NONE501(C)(3)RELIGION$12,112
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$598,277TotalGrantOrContriPdDurYrAmt
Total Grant Or Contri Apprv Fut$0TotalGrantOrContriApprvFutAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$17,079ExclusionAmt

Net Rntl Incm Re Not Debt Fincd Prop NetRntlIncmReNotDebtFincdProp

FieldValueIRS element (for citing)
Exclusion16ExclusionCd
Exclusion$241,433ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion18ExclusionCd
Exclusion$128,839ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Unrelated Business Taxbl Incm$0UnrelatedBusinessTaxblIncmAmt
Exclusion$387,351ExclusionAmt
Related Or Exempt Function Incm$0RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$387,351TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO0TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO0TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets0SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO0PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets0RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements0ReimbursementArrangementsInd
Loans Or Loan Guarantees0LoansOrLoanGuaranteesInd
Performance Of Services Etc0PerformanceOfServicesEtcInd
Sharing Of Facilities Etc0SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO0RelationshipsNonchrtblEOInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

FieldValueIRS element (for citing)
CategoryACCOUNTING FEESCategoryTxt
Amt$6,995Amt
Net Investment Income$6,995NetInvestmentIncomeAmt
Disbursements Charitable Prps$0DisbursementsCharitablePrpsAmt

Applied To Prior Year Election AppliedToPriorYearElection

FieldValueIRS element (for citing)
ElectionYEAR ENDED:12/31/2022FACTS REGARDING THE INCORRECT VALUATION:THE ORGANIZATION FORMERLY FILED FORM 1041 FOR THE PERIOD IN WHICH IT HAD BOTH CHARITABLE AND NON-CHARITABLE BENEFICIARIES. ONCE IT WAS DETERMINED THAT THE ORGANIZATION SHOULD NO LONGER FILE FORM 1041, THERE WAS A DISAGREEMENT BETWEEN THE TAX ADVISERS OF THE TRUSTEE AND THE TRUST PROTECTOR AS TO WHAT THE CORRECT FILING STATUS SHOULD BE. THREE POSSIBILITIES WERE PROPOSED: -A TITLE HOLDING COMPANY EXEMPT UNDER SECTION 501(C)(2); -A PUBLIC CHARITY EXEMPT UNDER SECTION 501(C)(3) AND CLASSIFIED AS A SUPPORTING ORGANIZATION UNDER SECTION 509(A)(3); AND -A PRIVATE FOUNDATION EXEMPT UNDER SECTION 501(C)(3).THE ORGANIZATION HAD REASON TO BELIEVE THAT IT MIGHT QUALIFY AS A SUPPORTING ORGANIZATION UNDER SECTION 509(A)(3) BECAUSE ITS PURPOSES ARE RESTRICTED TO MAKING DISTRIBUTIONS IN SUPPORT OF THREE NAMED PUBLIC CHARITIES. CONTINUED ON STATEMENT 11ElectionDesc

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

FieldValueIRS element (for citing)
IdentifierCONT. FROM STMT 10IdentifierTxt
Form And Line ReferenceFORM 990-PF STATEMENT REGARDING PART XII, LINE 4BFormAndLineReferenceDesc
Medium ExplanationTHE TESTS FOR QUALIFYING AS A SUPPORTING ORGANIZATION UNDER SECTION 509(A)(3)(B)(III) ARE INHERENTLY SUBJECTIVE. DUE TO THE UNCERTAINTY AS TO WHETHER THE ORGANIZATION COULD SATISFY ALL OF THESE TESTS, IT WAS ULTIMATELY DETERMINED THAT THE ORGANIZATION SHOULD FILE RETURNS AS A PRIVATE FOUNDATION EFFECTIVE JANUARY 1, 2022.THIS DISAGREEMENT AS TO THE PROPER FILING STATUS WAS NOT RESOLVED UNTIL 3/31/2024. ACCORDINGLY, A FORM 1023 WAS SUBMITTED, AND PREPARATION OF THE FORM 990PF WAS STARTED IN 2024 FOR BOTH 2022 AND 2023. UNTIL THE DECISION WAS MADE THAT THE ORGANIZATION SHOULD FILE TAX RETURNS AS A PRIVATE FOUNDATION, NO VALUATION WAS NEEDED FOR ANY TAX FILING PURPOSE.MOREOVER, THE ORGANIZATION MADE SUFFICIENT DISTRIBUTIONS IN 2022 AND 2023 TO SATISFY ALL THE DISTRIBUTION REQUIREMENTS UNDER SECTION 4942 FOR 2022, BUT FOR THE FACT THAT ON THE LAST FORM 1041 FILED BY THE ORGANIZATION FOR 2021, IT ELECTED TO TREAT DISTRIBUTIONS MADE IN THE FIRST 65 DAYS OF 2022 AS IF THOSE DISTRIBUTIONS WERE MADE IN 2021. IF THOSE DISTRIBUTIONS COULD STILL BE COUNTED TOWARDS THE DISTRIBUTION REQUIREMENTS FOR 2022 DESPITE THE 65-DAY ELECTION, THERE WOULD BE NO FAILURE TO FULLY AND TIMELY COMPLY WITH SECTION 4942 FOR 2022. AT THE TIME THE 65 DAY ELECTION WAS MADE FOR THE 2021 TAX YEAR, THE ONLY BENEFICIARIES WERE CHARITABLE ORGANIZATIONS.THE ORGANIZATION THEREFORE DID NOT ACT WILLFULLY AND HAD REASONABLE CAUSE NOT TO VALUE ITS ASSETS FOR PURPOSES OF COMPLIANCE WITH SECTION 4942 PRIOR TO EARLY 2024. SINCE THAT TIME, THE ORGANIZATION HAS DILIGENTLY MOVED FORWARD TO COMPLY WITH ALL OF ITS FILING AND DISTRIBUTION REQUIREMENTS.ACTIONS TAKEN TO COMPLY WITH IRC SECTIONS 4942(A)(2)(B), (C), AND (D) AND THE RELATED REGULATIONS:UPON DISCOVERING THE ISSUE, THE ORGANIZATION MADE A QUALIFYING DISTRIBUTION OF $128,266 ON 3/26/2024 AND IS ELECTING TO TREAT THE DISTRIBUTION AS BEING MADE OUT OF 12/31/2022'S UNDISTRIBUTED INCOME PURSUANT TO IRC 4942(H)(2).MediumExplanationTxt

Investments Corp Bonds Schedule InvestmentsCorpBondsSchedule

Investments Corporate Bonds InvestmentsCorporateBondsGrp

FieldValueIRS element (for citing)
BondFIXED INCOMEBondNm
EOY Book Value$49,547EOYBookValueAmt
EOYFMV$43,297EOYFMVAmt

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockEQUITIESStockNm
EOY Book Value$91,828EOYBookValueAmt
EOYFMV$214,237EOYFMVAmt

Legal Fees Schedule LegalFeesSchedule

Legal Fees LegalFeesGrp

FieldValueIRS element (for citing)
CategoryLEGAL FEESCategoryTxt
Legal Fees$24,542LegalFeesAmt
Net Investment Income$24,542NetInvestmentIncomeAmt
Disbursements Charitable Prps$0DisbursementsCharitablePrpsAmt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (3 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtNet Investment IncomeNetInvestmentIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
OTHER EXPENSES$602$602$0
INSURANCE$1,217$1,217$0
APPRAISAL FEES$2,800$2,800$0

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail (3 entries)

CategoryCategoryTxtAmtAmtNet Investment IncomeNetInvestmentIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
FOREIGN TAXES$74$74$0
EXCISE TAXES$10,335$0$0
PROPERTY TAXES$7,550$7,550$0

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