MGM FOUNDATION INC: Form 990PF, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
MGM FOUNDATION INC (EIN 71-1049010)
Tax period
2024-01-01 to 2024-12-31
Filed
2025-05-06
IRS object ID
202531269349100618
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)
Return2025-05-06T09:25:15-04:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN851449532PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Samuel M Mytelka CPA PLLCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line15718 Westheimer Road STE 1000-120AddressLine1Txt
CityHoustonCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77057ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2024-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN711049010EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1MGM Foundation IncBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Kevin G MimsInCareOfNm
Business Name ControlMGMFBusinessNameControlTxt
Phone9795339017PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line12042 Pine AcresAddressLine1Txt
CityConroeCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77384ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonKEVIN G MIMSPersonNm
Person TitleDirectorPersonTitleTxt
Phone9795339017PhoneNum
Signature2025-03-31SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (true)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonSAMUEL MYTELKA CPAPreparerPersonNm
PTINP01481125PTIN
Phone2813101930PhoneNum
Preparation2025-05-06PreparationDt
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$1,041,486FMVAssetsEOYAmt
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$1InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$1InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$26,379DividendsRevAndExpnssAmt
Dividends Net Invst Incm$26,379DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$98,105NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$271,722GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$98,105CapGainNetIncmNetInvstIncmAmt
Net ST Capital Gain Adj Net Incm$4,833NetSTCapitalGainAdjNetIncmAmt
Total Rev And Expnss$124,485TotalRevAndExpnssAmt
Total Net Invst Incm$124,485TotalNetInvstIncmAmt
Total Adj Net Incm$4,833TotalAdjNetIncmAmt
Other Prof Fees Rev And Expnss$9,119OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$9,119OtherProfFeesNetInvstIncmAmt
Tot Opr Expenses Rev And Expnss$9,119TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$9,119TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$2,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$2,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$11,119TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$9,119TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$2,000TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$113,366ExcessRevenueOverExpensesAmt
Net Investment Income$115,366NetInvestmentIncomeAmt
Adjusted Net Income$4,833AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$5,965CashBOYAmt
Cash EOY$3,966CashEOYAmt
Cash EOYFMV$3,966CashEOYFMVAmt
Sav And Temp Cash Invst BOY$780,940SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$932,925SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$932,925SavAndTempCashInvstEOYFMVAmt
Rcvbl From Officers BOY$104,595RcvblFromOfficersBOYAmt
Rcvbl From Officers EOY$104,595RcvblFromOfficersEOYAmt
Rcvbl From Officers EOYFMV$104,595RcvblFromOfficersEOYFMVAmt
Total Assets BOY$891,500TotalAssetsBOYAmt
Total Assets EOY$1,041,486TotalAssetsEOYAmt
Total Assets EOYFMV$1,041,486TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY$891,500NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY$1,041,486NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances BOY$891,500TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$1,041,486TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$891,500TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$1,041,486TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$891,500TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$113,366ExcessRevenueOverExpensesAmt
Other Increases$45,739OtherIncreasesAmt
Subtotal$1,050,605SubtotalAmt
Other Decreases$9,119OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$1,041,486TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (6 entries)

PropertyPropertyDescHow AcquiredHowAcquiredCdAcquiredAcquiredDtSoldSoldDtGross Sales PriceGrossSalesPriceAmtCost Or Other BasisCostOrOtherBasisAmtGain Or LossGainOrLossAmtGains Minus Excess Or LossesGainsMinusExcessOrLossesAmt
Morgan Stanley Acc 1038 LT CoveredP2024-01-012024-12-31$132,459$52,936$79,523$79,523
Morgan Stanley Acc 1038 ST CoveredP2024-01-012024-12-31$19$18$1$1
Morgan Stanley Acc 4038 ST CoveredP2024-01-012024-12-31$95,235$90,785$4,450$4,450
Morgan Stanley Acc 4038 LT CoveredP2024-01-012024-12-31$43,627$29,878$13,749$13,749
MorgStanley Acc1038 CapitalGainDist$367$367$367
MorgStanley Acc4038 CapitalGainDist$15$15$15
FieldValueIRS element (for citing)
Capital Gain Net Income$98,105CapitalGainNetIncomeAmt
Net Short Term Capital Gain Loss$4,833NetShortTermCapitalGainLossAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$1,604InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$1,604SubtotalAmt
Subtitle A Tax$0SubtitleATaxAmt
Tax Based On Investment Income$1,604TaxBasedOnInvestmentIncomeAmt
Tax Due$1,604TaxDueAmt

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 SatisfiedfalseSection508eRqrSatisfiedInd
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 AddressNAWebsiteAddressTxt
Individual With BooksKevin G MimsIndividualWithBooksNm
Phone9795339017PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line12042 Pine AcresAddressLine1Txt
CityConroeCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77384ZIPCd
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
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd

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
Kevin G Mims
2042 Pine AcresConroeTX77384Director2.00$0$0$0
Robert G Mims
2042 Pine AcresConroeTX77384Director2.00$0$0$0
Katherine Mims
2042 Pine AcresConroeTX77384Director20.00$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

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$722,813AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$22,178AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$744,991TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$744,991AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$0CashDeemedCharitableAmt
Net Vl Noncharitable Assets$744,991NetVlNoncharitableAssetsAmt
Minimum Investment Return$37,250MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$37,250MinimumInvestmentReturnAmt
Tax Based On Investment Income$1,604TaxBasedOnInvestmentIncomeAmt
Total Tax$1,604TotalTaxAmt
Distributable Before Adj$35,646DistributableBeforeAdjAmt
Distributable Before Ded$35,646DistributableBeforeDedAmt
Distributable As Adjusted$35,646DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$2,000ExpensesAndContributionsAmt
Qualifying Distributions$2,000QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$35,646DistributableAsAdjustedAmt
Excess Distribution Cyov Yr4$81,798ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr2$24,375ExcessDistributionCyovYr2Amt
Total Excess Distribution Cyov$106,173TotalExcessDistributionCyovAmt
Qualifying Distributions$2,000QualifyingDistributionsAmt
Applied To Current Year$2,000AppliedToCurrentYearAmt
Excess Distri Cyov App CY Corpus$33,646ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$33,646ExcessDistributionCyovAppCYAmt
Total Corpus$72,527TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$72,527ExcessDistriCyovToNextYrAmt
Excess From Year4$48,152ExcessFromYear4Amt
Excess From Year2$24,375ExcessFromYear2Amt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerNoneContributingManagerNm
Shareholder ManagerNoneShareholderManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp

FieldValueIRS element (for citing)
Recipient PersonSt James the Apostle Catholic ChurcRecipientPersonNm

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line122800 Aldine Westfield RdAddressLine1Txt
CitySpringCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77373ZIPCd
FieldValueIRS element (for citing)
Recipient RelationshipNONERecipientRelationshipTxt
Recipient Foundation StatusPCRecipientFoundationStatusTxt
Grant Or Contribution PurposeYouth Ministry DonationGrantOrContributionPurposeTxt
Amt$2,000Amt
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$2,000TotalGrantOrContriPdDurYrAmt
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$26,380ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion18ExclusionCd
Exclusion$97,723ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$124,103ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$124,103TotalIncomeProducingActyAmt

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

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

FieldValueIRS element (for citing)
DescAdvisory FeesDesc
Amt$9,119Amt

Other Increases Schedule OtherIncreasesSchedule

Other Increases Detail OtherIncreasesDetail

FieldValueIRS element (for citing)
DescUnrealized GainsDesc
Amt$45,739Amt

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail (2 entries)

CategoryCategoryTxtAmtAmtNet Investment IncomeNetInvestmentIncomeAmtAdjusted Net IncomeAdjustedNetIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Advisory Fees - MS 1038$6,533$6,533$0$0
Advisory Fees - MS 4038$2,586$2,586$0$0

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