SOL FOUNDATION: Form 990PF, tax year 2022

View the entire original 990 at ProPublica ↗

Organization
SOL FOUNDATION (EIN 56-2113226)
Tax period
2022-01-01 to 2022-12-31
Filed
2023-11-13
IRS object ID
202333179349103643
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)
Return2023-11-13T17:53:30-05:00ReturnTs
Tax Period End2022-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN561037874PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1STOUT STUART MCGOWEN & KING LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 1440AddressLine1Txt
CityBURLINGTONCityNm
State AbbreviationNCStateAbbreviationCd
ZIP272161440ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2022-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN562113226EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1SOL FOUNDATIONBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlSOLFBusinessNameControlTxt
Phone3362738544PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1300 N GREENE STREET SUITE 1750AddressLine1Txt
CityGREENSBOROCityNm
State AbbreviationNCStateAbbreviationCd
ZIP27401ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonKENNETH D MILLERPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone3362738544PhoneNum
Signature2023-11-08SignatureDt

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstKENNETH DPersonFirstNm
Person LastMILLERPersonLastNm
FieldValueIRS element (for citing)
SSNXXX-XX-XXXXSSN
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrfalseIRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonPATRICIA B RHODESPreparerPersonNm
PTINP00018002PTIN
Phone3362267343PhoneNum
Preparation2023-11-08PreparationDt
FieldValueIRS element (for citing)
Tax2022TaxYr
Build TS2023-04-26 12:10:37ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Final ReturnYes (X)FinalReturnInd
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$0FMVAssetsEOYAmt
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$589DividendsRevAndExpnssAmt
Dividends Net Invst Incm$589DividendsNetInvstIncmAmt
Dividends Adj Net Incm$589DividendsAdjNetIncmAmt
Total Rev And Expnss$589TotalRevAndExpnssAmt
Total Net Invst Incm$589TotalNetInvstIncmAmt
Total Adj Net Incm$589TotalAdjNetIncmAmt
Legal Fees Rev And Expnss$3,718LegalFeesRevAndExpnssAmt
Legal Fees Net Invst Incm$3,718LegalFeesNetInvstIncmAmt
Legal Fees Dsbrs Chrtbl$3,718LegalFeesDsbrsChrtblAmt
Accounting Fees Rev And Expnss$3,125AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm$3,125AccountingFeesNetInvstIncmAmt
Accounting Fees Chrtbl Prps$3,125AccountingFeesChrtblPrpsAmt
Other Prof Fees Rev And Expnss$1,032OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$1,032OtherProfFeesNetInvstIncmAmt
Other Prof Fees Dsbrs Chrtbl$1,032OtherProfFeesDsbrsChrtblAmt
Taxes Rev And Expnss$74TaxesRevAndExpnssAmt
Taxes Net Invst Incm$74TaxesNetInvstIncmAmt
Tot Opr Expenses Rev And Expnss$7,949TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$7,949TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$7,875TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$0ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$0ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$7,949TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$7,949TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$7,875TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$7,360ExcessRevenueOverExpensesAmt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$589AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$649,257CashBOYAmt
Total Assets BOY$649,257TotalAssetsBOYAmt
Total Assets EOY$0TotalAssetsEOYAmt
Total Assets EOYFMV$0TotalAssetsEOYFMVAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Additional Paid In Capital BOY$825,441AdditionalPaidInCapitalBOYAmt
Retained Earning BOY-$176,184RetainedEarningBOYAmt
Tot Net Ast Or Fund Balances BOY$649,257TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$0TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$649,257TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$0TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$649,257TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$7,360ExcessRevenueOverExpensesAmt
Subtotal$641,897SubtotalAmt
Other Decreases$641,897OtherDecreasesAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$0InvestmentIncomeExciseTaxAmt
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 EtcYes (true)OrganizationDissolvedEtcInd
Section508e Rqr SatisfiedYes (true)Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (true)AtLeast5000InAssetsInd
Org Report Or Register StateNCOrgReportOrRegisterStateCd
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 BooksKENNETH D MILLERIndividualWithBooksNm
Phone3362738544PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1300 N GREENE STREET SUITE 1750AddressLine1Txt
CityGREENSBOROCityNm
State AbbreviationNCStateAbbreviationCd
ZIP27401ZIPCd
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
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
KENNETH D MILLER
300 N GREENE STREET SUITE 1750GREENSBORONC27401PRESIDENT000.00$0$0$0
ROBERT L BEAN
300 N GREENE STREET SUITE 1750GREENSBORONC27401SECRETARY000.00$0$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Comp Of Hghst Pd Cntrct Or NONENONECompOfHghstPdCntrctOrNONETxt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Description1N/ADescription1Txt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$0AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$0AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$0TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$0AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$0CashDeemedCharitableAmt
Net Vl Noncharitable Assets$0NetVlNoncharitableAssetsAmt
Minimum Investment Return$0MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$0DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$7,875ExpensesAndContributionsAmt
Qualifying Distributions$7,875QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$0DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5$50,927ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$33,022ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$30,703ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$18,865ExcessDistributionCyovYr2Amt
Total Excess Distribution Cyov$133,517TotalExcessDistributionCyovAmt
Qualifying Distributions$7,875QualifyingDistributionsAmt
Remaining Distri From Corpus$7,875RemainingDistriFromCorpusAmt
Total Corpus$141,392TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$50,927ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$90,465ExcessDistriCyovToNextYrAmt
Excess From Year4$33,022ExcessFromYear4Amt
Excess From Year3$30,703ExcessFromYear3Amt
Excess From Year2$18,865ExcessFromYear2Amt
Excess From Current Year$7,875ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerKENNETH D MILLERContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$589ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$589ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$589TotalIncomeProducingActyAmt

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)
CategoryINDIRECT ACCOUNTING FEESCategoryTxt
Amt$3,125Amt
Net Investment Income$3,125NetInvestmentIncomeAmt
Disbursements Charitable Prps$3,125DisbursementsCharitablePrpsAmt

Dissolution Stmt DissolutionStmt

Dissolution Information DissolutionInformationGrp (6 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdShort ExplanationShortExplanationTxtDissolutionDissolutionAmt
CITIBANK FFC 8464-4344
300 N GREENE STREETGREENSBORONC27401TRANSFER OF FOUNDATION ASSETS$100,000
CITIBANK FFC 7287-9389
300 N GREENE STREETGREENSBORONC27401TRANSFER OF FOUNDATION ASSETS$100,000
CITIBANK FFC 1939-9717
300 N GREENE STREETGREENSBORONC27401TRANSFER OF FOUNDATION ASSETS$100,000
CITIBANK FFC 1511-3006
300 N GREENE STREETGREENSBORONC27401TRANSFER OF FOUNDATION ASSETS$100,000
CITIBANK FFC 9299-157
300 N GREENE STREETGREENSBORONC27401TRANSFER OF FOUNDATION ASSETS$100,000
CITIBANK FFC 1721-6453
300 N GREENE STREETGREENSBORONC27401TRANSFER OF FOUNDATION ASSETS$141,897

Investments Corp Bonds Schedule InvestmentsCorpBondsSchedule

Investments Corporate Bonds InvestmentsCorporateBondsGrp

FieldValueIRS element (for citing)
BondINVESTMENT GRADE BONDSBondNm

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockEQUITIESStockNm

Liquidation Explanation Stmt LiquidationExplanationStmt

FieldValueIRS element (for citing)
ExplanationUPON THE TERMINATION OF THE SOL FOUNDATION, ON FEBRUARY 25,2022, 600,000 WAS TRANSFERRED FROM THE BANK OF AMERICA ACCOUNT TO SIX INDIVIDUAL CITIBANK DONOR ADVISED FUNDS. THE REMAINING BALANCE OF 41,897 WAS TRANSFERRED FROM BANK OF AMERICA TO ONE INDIVIDUAL CITIBANK DONOR ADVISED FUND ON DECEMBER 22, 2022. PLEASE SEE ATTACHED CORRESPONDENCE OF THESE TRANSACTIONS. DONOR ADVISED FUND TRANSFERS 2/25/2022: CITIBANK FFC:8464-4344 100,000 CITIBANK FFC:7287-9389 100,000 CITIBANK FFC:1939-9717 100,000 CITIBANK FFC:1511-3006 100,000 CIIBANK FFC:9299-3157 100,000 CITIBANK FFC:1721-6453 100,000 DONOR ADVISED FUND TRANSFERS 12/22/2022: CITIBANK FFC:1721-6453 41,897ExplanationTxt

Legal Fees Schedule LegalFeesSchedule

Legal Fees LegalFeesGrp

FieldValueIRS element (for citing)
CategoryINDIRECT LEGAL FEESCategoryTxt
Legal Fees$3,718LegalFeesAmt
Net Investment Income$3,718NetInvestmentIncomeAmt
Disbursements Charitable Prps$3,718DisbursementsCharitablePrpsAmt

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

FieldValueIRS element (for citing)
DescDISTRIBUTION OF ASSETS AT DISSOLUTIONDesc
Amt$641,897Amt

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail

FieldValueIRS element (for citing)
CategoryINVESTMENT MANAGEMENT FEESCategoryTxt
Amt$1,032Amt
Net Investment Income$1,032NetInvestmentIncomeAmt
Disbursements Charitable Prps$1,032DisbursementsCharitablePrpsAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
Amt$74Amt
Net Investment Income$74NetInvestmentIncomeAmt

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