CLARK FOUNDATION INC: Form 990PF, tax year 2020

View the entire original 990 at ProPublica ↗

Organization: CLARK FOUNDATION INC (EIN 62-0695496)
Tax period: 2020-01-01 to 2020-12-31
Filed: 2022-08-15
IRS object ID: 202212279349100836
Schema version: 2020v4.2
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
Form 990-PF
Accounting Fees Schedule
General Explanation Attachment
Investments Corp Stock Schedule
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2022-08-15T04:23:22-00:00	ReturnTs
Tax Period End	2020-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	Edward F Schemel CPA	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	744 McCallie Ave Ste 213	AddressLine1Txt
City	Chattanooga	CityNm
State Abbreviation	TN	StateAbbreviationCd
ZIP	37403	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990PF	ReturnTypeCd
Tax Period Begin	2020-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	620695496	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	CLARK FOUNDATION	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	CLAR	BusinessNameControlTxt
Phone	4238861240	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1115 JAMES BLVD	AddressLine1Txt
City	SIGNAL MOUNTAIN	CityNm
State Abbreviation	TN	StateAbbreviationCd
ZIP	37377	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	GEORGE M CLARK III	PersonNm
Person Title	PRESIDENT	PersonTitleTxt
Phone	4238861240	PhoneNum
Signature	2022-08-15	SignatureDt
Discuss With Paid Preparer	false	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	GEORGE	PersonFirstNm
Person Last	CLARK	PersonLastNm

Field	Value	IRS element (for citing)
SSN	999009999	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	Edward F Schemel	PreparerPersonNm
PTIN	P00718263	PTIN
Phone	4232679955	PhoneNum
Preparation	2022-08-15	PreparationDt
Self Employed	Yes (X)	SelfEmployedInd

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2020	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990-PF IRS990PF

Field	Value	IRS element (for citing)
Organization501c3 Exempt PF	Yes (X)	Organization501c3ExemptPFInd
FMV Assets EOY	$394,020	FMVAssetsEOYAmt
Method Of Accounting Cash	Yes (X)	MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

Field	Value	IRS element (for citing)
Dividends Rev And Expnss	$15,389	DividendsRevAndExpnssAmt
Dividends Net Invst Incm	$15,389	DividendsNetInvstIncmAmt
Dividends Adj Net Incm	$15,389	DividendsAdjNetIncmAmt
Net Gain Sale Ast Rev And Expnss	$613	NetGainSaleAstRevAndExpnssAmt
Gross Sales Price	$624	GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm	$613	CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss	$16,002	TotalRevAndExpnssAmt
Total Net Invst Incm	$16,002	TotalNetInvstIncmAmt
Total Adj Net Incm	$15,389	TotalAdjNetIncmAmt
Accounting Fees Rev And Expnss	$400	AccountingFeesRevAndExpnssAmt
Taxes Rev And Expnss	$383	TaxesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss	$783	TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm	$0	TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl	$0	TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss	$15,000	ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl	$15,000	ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss	$15,783	TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm	$0	TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl	$15,000	TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses	$219	ExcessRevenueOverExpensesAmt
Net Investment Income	$16,002	NetInvestmentIncomeAmt
Adjusted Net Income	$15,389	AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Field	Value	IRS element (for citing)
Cash BOY	$176	CashBOYAmt
Cash EOY	$406	CashEOYAmt
Cash EOYFMV	$406	CashEOYFMVAmt
Corporate Stock BOY	$6,682	CorporateStockBOYAmt
Corporate Stock EOY	$6,671	CorporateStockEOYAmt
Corporate Stock EOYFMV	$393,614	CorporateStockEOYFMVAmt
Total Assets BOY	$6,858	TotalAssetsBOYAmt
Total Assets EOY	$7,077	TotalAssetsEOYAmt
Total Assets EOYFMV	$394,020	TotalAssetsEOYFMVAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind
Additional Paid In Capital BOY	$11,337	AdditionalPaidInCapitalBOYAmt
Additional Paid In Capital EOY	$11,337	AdditionalPaidInCapitalEOYAmt
Retained Earning BOY	-$4,479	RetainedEarningBOYAmt
Retained Earning EOY	-$4,260	RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY	$6,858	TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY	$7,077	TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY	$6,858	TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY	$7,077	TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Field	Value	IRS element (for citing)
Tot Net Ast Or Fund Balances BOY	$6,858	TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses	$219	ExcessRevenueOverExpensesAmt
Subtotal	$7,077	SubtotalAmt
Tot Net Ast Or Fund Balances EOY	$7,077	TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

Field	Value	IRS element (for citing)
Property	41 SHARES REGIONS BANK	PropertyDesc
How Acquired	P	HowAcquiredCd
Acquired	2006-06-01	AcquiredDt
Sold	2020-12-01	SoldDt
Gross Sales Price	$624	GrossSalesPriceAmt
Cost Or Other Basis	$11	CostOrOtherBasisAmt
Gain Or Loss	$613	GainOrLossAmt
Gains Minus Excess Or Losses	$613	GainsMinusExcessOrLossesAmt

Field	Value	IRS element (for citing)
Capital Gain Net Income	$613	CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Field	Value	IRS element (for citing)
Investment Income Excise Tax	$222	InvestmentIncomeExciseTaxAmt
Subtotal	$222	SubtotalAmt
Tax Based On Investment Income	$222	TaxBasedOnInvestmentIncomeAmt
Tax Due	$222	TaxDueAmt

Statements Regarding Acty StatementsRegardingActyGrp

Field	Value	IRS element (for citing)
Legislative Political Acty	false	LegislativePoliticalActyInd
More Than100 Spent	false	MoreThan100SpentInd
Form1120 POL Filed	false	Form1120POLFiledInd
Activities Not Previously Rpt	false	ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws	false	ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit	false	UnrelatedBusIncmOverLimitInd
Organization Dissolved Etc	false	OrganizationDissolvedEtcInd
Section508e Rqr Satisfied	false	Section508eRqrSatisfiedInd
At Least5000 In Assets	Yes (true)	AtLeast5000InAssetsInd
Org Report Or Register State	TN	OrgReportOrRegisterStateCd
Form990 PF Filed With Atty Gen	Yes (true)	Form990PFFiledWithAttyGenInd
Private Operating Foundation	false	PrivateOperatingFoundationInd
New Substantial Contributors	false	NewSubstantialContributorsInd
Own Controlled Entity	false	OwnControlledEntityInd
Donor Advised Fund	false	DonorAdvisedFundInd
Comply With Public Insp Rqr	Yes (true)	ComplyWithPublicInspRqrInd
Website Address	N/A	WebsiteAddressTxt
Individual With Books	GEORGE M CLARK III	IndividualWithBooksNm
Phone	4238861240	PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

Field	Value	IRS element (for citing)
Address Line1	1115 JAMES BLVD	AddressLine1Txt
City	SIGNAL MOUNTAIN	CityNm
State Abbreviation	TN	StateAbbreviationCd
ZIP	37377	ZIPCd

Field	Value	IRS element (for citing)
Foreign Accounts Question	false	ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

Field	Value	IRS element (for citing)
Sale Or Exch Disqualified Prsn	false	SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn	false	BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified Prsn	false	FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified Prsn	false	PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn	false	TransferAstDisqualifiedPrsnInd
Payment To Government Official	false	PaymentToGovernmentOfficialInd
Relying Current Ntc Dsstr Asst	Yes (X)	RelyingCurrentNtcDsstrAsstInd
Uncorrected Prior Acts	false	UncorrectedPriorActsInd
Undistributed Income PY	false	UndistributedIncomePYInd
Business Holdings	false	BusinessHoldingsInd
Jeopardy Investments	false	JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst	false	UncorrectedPYJeopardyInvstInd
Influence Legislation	false	InfluenceLegislationInd
Influence Election	false	InfluenceElectionInd
Grants To Individuals	false	GrantsToIndividualsInd
Grants To Organizations	false	GrantsToOrganizationsInd
Noncharitable Purpose	false	NoncharitablePurposeInd
Relying Current Ntc Dsstr Asst1	Yes (X)	RelyingCurrentNtcDsstrAsst1Ind
Maintained Expenditure Rspns	false	MaintainedExpenditureRspnsInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	false	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	false	PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht Pymt	false	SubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (2 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	TitleTitleTxt	Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt	CompensationCompensationAmt
GEORGE M CLARK
1115 JAMES BLVD	SIGNAL MOUNTAIN	TN	37377	PRESIDENT	001.00	$0
CATHERINE CRABTREE
744 MCCALLIE AVE STE 205	CHATTANOOGA	TN	37403	SECRETARU	001.00	$0

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

Field	Value	IRS element (for citing)
Description1	N/A	Description1Txt
Expenses1	$0	Expenses1Amt

Minimum Investment Return MinimumInvestmentReturnGrp

Field	Value	IRS element (for citing)
Average Monthly FMV Of Sec	$409,162	AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances	$291	AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast	$0	FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets	$409,453	TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast	$409,453	AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable	$6,142	CashDeemedCharitableAmt
Net Vl Noncharitable Assets	$403,311	NetVlNoncharitableAssetsAmt
Minimum Investment Return	$20,166	MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

Field	Value	IRS element (for citing)
Minimum Investment Return	$20,166	MinimumInvestmentReturnAmt
Tax Based On Investment Income	$222	TaxBasedOnInvestmentIncomeAmt
Total Tax	$222	TotalTaxAmt
Distributable Before Adj	$19,944	DistributableBeforeAdjAmt
Distributable Before Ded	$19,944	DistributableBeforeDedAmt
Distributable As Adjusted	$19,944	DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

Field	Value	IRS element (for citing)
Expenses And Contributions	$15,000	ExpensesAndContributionsAmt
Qualifying Distributions	$15,000	QualifyingDistributionsAmt
Adjusted Qualifying Distri	$15,000	AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

Field	Value	IRS element (for citing)
Distributable As Adjusted	$19,944	DistributableAsAdjustedAmt
Prior Year1	2016	PriorYear1Yr
Prior Year2	2017	PriorYear2Yr
Prior Year3	2018	PriorYear3Yr
Total For Prior Years	$3,730	TotalForPriorYearsAmt
Excess Distribution Cyov Yr5	$675	ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr3	$50	ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2	$3,680	ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1	$395	ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov	$4,800	TotalExcessDistributionCyovAmt
Qualifying Distributions	$15,000	QualifyingDistributionsAmt
Applied To Current Year	$15,000	AppliedToCurrentYearAmt
Excess Distri Cyov App CY Corpus	$4,800	ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY	$4,800	ExcessDistributionCyovAppCYAmt
Prior Year Undistributed Incm	$3,730	PriorYearUndistributedIncmAmt
Taxable1	$3,730	Taxable1Amt
Undistributed Income CY	$144	UndistributedIncomeCYAmt

Supplementary Information SupplementaryInformationGrp

Field	Value	IRS element (for citing)
Only Contri To Preselected	Yes (X)	OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (5 entries)

Address Line1RecipientUSAddress/AddressLine1Txt	CityRecipientUSAddress/CityNm	State AbbreviationRecipientUSAddress/StateAbbreviationCd	ZIPRecipientUSAddress/ZIPCd	Recipient Foundation StatusRecipientFoundationStatusTxt	Grant Or Contribution PurposeGrantOrContributionPurposeTxt	AmtAmt
NORTHSIDE NEIGHBORHOOD HOUSE
211 MINOR STREET	CHATTANOOGA	TN	37405	PC	GENERAL DONATION	$3,000
CHATTANOOGA CHRISTIAN SCHOOL
3354 CHARGER DRIVE	CHATTANOOGA	TN	37409	PC	GENERAL DONATION	$3,000
HOPE FOR THE INNER CITY
PO BOX 11584	CHATTANOOGA	TN	37401	PC	GENERAL DONATION	$3,000
DUBOSE CONFERENCE CENTER
635 COLLEGE ST	MONTEAGLE	TN	37356	PC	GENERAL DONATION	$3,000
CHATTANOOGA SALVATION ARMY
822 MCCALLIE AVE	CHATTANOOGA	TN	37403	PC	GENERAL DONATION	$3,000

Field	Value	IRS element (for citing)
Total Grant Or Contri Pd Dur Yr	$15,000	TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$15,389	ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Field	Value	IRS element (for citing)
Exclusion	$15,389	ExclusionAmt

Field	Value	IRS element (for citing)
Total Income Producing Acty	$15,389	TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

Field	Value	IRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO	false	TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO	false	TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets	false	SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO	false	PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets	false	RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements	false	ReimbursementArrangementsInd
Loans Or Loan Guarantees	false	LoansOrLoanGuaranteesInd
Performance Of Services Etc	false	PerformanceOfServicesEtcInd
Sharing Of Facilities Etc	false	SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO	false	RelationshipsNonchrtblEOInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

Field	Value	IRS element (for citing)
Category	ACCOUNTING FEES	CategoryTxt
Amt	$400	Amt

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

Field	Value	IRS element (for citing)
Form And Line Reference	Election for Treatment of Unused Prior Year Corpus Distributions Pursuant to IRC Section 4942g3 and	FormAndLineReferenceDesc
Medium Explanation	Election for Treatment of Unused Prior Year Corpus Distributions Pursuant to IRC Section 4942g)3) and Reg. 53.4942a)3c)2)iv) the Foundation elects to treat unused prior tax years distributions that were treated as corpus distributions as distributions from corpus in the current tax year.	MediumExplanationTxt

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

Field	Value	IRS element (for citing)
Stock	BROKERAGE ACCOUNT	StockNm
EOY Book Value	$6,671	EOYBookValueAmt
EOYFMV	$393,614	EOYFMVAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

Field	Value	IRS element (for citing)
Category	TENNESSEE TAX	CategoryTxt
Amt	$383	Amt

CLARK FOUNDATION INC: Form 990PF, tax year 2020

Return header ReturnHeader

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

Preparer US Address PreparerUSAddress

Filer Filer

Business Name BusinessName

US Address USAddress

Business Officer BusinessOfficerGrp

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Preparer Person PreparerPersonGrp

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Form 990-PF IRS990PF

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Statements Regarding Acty StatementsRegardingActyGrp

Location Of Books US Address LocationOfBooksUSAddress

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (2 entries)

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

Minimum Investment Return MinimumInvestmentReturnGrp

Distributable Amount DistributableAmountGrp

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

Undistributed Income UndistributedIncomeGrp

Supplementary Information SupplementaryInformationGrp

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (5 entries)

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

Comments