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RICHARD DESICH FOUNDATION: Form 990PF, tax year 2021

View the entire original 990 at ProPublica ↗

Organization
RICHARD DESICH FOUNDATION (EIN 26-4308958)
Tax period
2021-01-01 to 2021-12-31
Filed
2022-08-30
IRS object ID
202212429349100811
Schema version
2021v4.2
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 ReturnHeader

FieldValueIRS element (for citing)
Return2022-08-30T12:38:57-05:00ReturnTs
Tax Period End2021-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1FOUNDATION SOURCEBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1ONE HOLLOW LN STE 212AddressLine1Txt
CityLAKE SUCCESSCityNm
State AbbreviationNYStateAbbreviationCd
ZIP11042ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2021-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN264308958EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Desich Family FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlDESIBusinessNameControlTxt
Phone8008391754PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1Foundation Source 501 Silverside RdAddressLine1Txt
CityWilmingtonCityNm
State AbbreviationDEStateAbbreviationCd
ZIP198091377ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonRICHARD DESICHPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone8008391754PhoneNum
Signature2022-08-03SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstRICHARDPersonFirstNm
Person LastDESICHPersonLastNm
FieldValueIRS element (for citing)
SSN999009999SSN

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonJeffrey D HaskellPreparerPersonNm
PTINP01345770PTIN
Phone8008391754PhoneNum

Additional Filer Information AdditionalFilerInformation

FieldValueIRS element (for citing)
Trusted CustomerTrustedCustomerGrp
FieldValueIRS element (for citing)
Tax2021TaxYr
Build TS2022-09-23 18:48:47ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$3,475,387FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$1,694,907ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$113InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$113InterestOnSavNetInvstIncmAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$1,695,020TotalRevAndExpnssAmt
Total Net Invst Incm$113TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Other Expenses Rev And Expnss$491,126OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$8,320OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$491,126TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$8,320TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$1,000,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$1,000,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$1,491,126TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$1,008,320TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$203,894ExcessRevenueOverExpensesAmt
Net Investment Income$113NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$3,812SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$15,605SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$15,605SavAndTempCashInvstEOYFMVAmt
Other Investments BOY$3,267,681OtherInvestmentsBOYAmt
Other Investments EOY$3,459,782OtherInvestmentsEOYAmt
Other Investments EOYFMV$3,459,782OtherInvestmentsEOYFMVAmt
Total Assets BOY$3,271,493TotalAssetsBOYAmt
Total Assets EOY$3,475,387TotalAssetsEOYAmt
Total Assets EOYFMV$3,475,387TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$3,271,493RetainedEarningBOYAmt
Retained Earning EOY$3,475,387RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$3,271,493TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$3,475,387TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$3,271,493TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$3,475,387TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$3,271,493TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$203,894ExcessRevenueOverExpensesAmt
Subtotal$3,475,387SubtotalAmt
Tot Net Ast Or Fund Balances EOY$3,475,387TotNetAstOrFundBalancesEOYAmt
FieldValueIRS element (for citing)
Cap Gains Loss Tx Invst Incm DetailCapGainsLossTxInvstIncmDetail

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$2InvestmentIncomeExciseTaxAmt
Subtotal$2SubtotalAmt
Tax Based On Investment Income$2TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$77EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Total Payments And Credits$77TotalPaymentsAndCreditsAmt
Overpayment$75OverpaymentAmt
Applied To ES Tax$75AppliedToESTaxAmt

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 StateDEOrgReportOrRegisterStateCd
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

Persons With Books Name PersonsWithBooksName

FieldValueIRS element (for citing)
Business Name Line1Foundation SourceBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone8008391754PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1501 Silverside Road Suite 123AddressLine1Txt
CityWilmingtonCityNm
State AbbreviationDEStateAbbreviationCd
ZIP198091377ZIPCd
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
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 (3 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
Jeffrey A Desich
Foundation Source 501 Silverside RdWilmingtonDE198091377VP1.0$0$0$0
Richard Desich
Foundation Source 501 Silverside RdWilmingtonDE198091377Pres, Dir, Sec1.0$0$0$0
Richard A Desich
Foundation Source 501 Silverside RdWilmingtonDE198091377VP1.0$0$0$0
FieldValueIRS element (for citing)
Summary Of Direct Chrtbl ActySummaryOfDirectChrtblActyGrp
Sum Of Program Related InvstSumOfProgramRelatedInvstGrp

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$0AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$6,400AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$3,459,782FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$3,466,182TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$3,466,182AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$51,993CashDeemedCharitableAmt
Net Vl Noncharitable Assets$3,414,189NetVlNoncharitableAssetsAmt
Minimum Investment Return$170,709MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$170,709MinimumInvestmentReturnAmt
Tax Based On Investment Income$2TaxBasedOnInvestmentIncomeAmt
Total Tax$2TotalTaxAmt
Distributable Before Adj$170,707DistributableBeforeAdjAmt
Distributable Before Ded$170,707DistributableBeforeDedAmt
Distributable As Adjusted$170,707DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$1,008,320ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$1,008,320QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$170,707DistributableAsAdjustedAmt
Prior Year12019PriorYear1Yr
Prior Year22018PriorYear2Yr
Prior Year32017PriorYear3Yr
Excess Distribution Cyov Yr5$487,211ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$420,376ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$442,383ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$401,740ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$390,975ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$2,142,685TotalExcessDistributionCyovAmt
Qualifying Distributions$1,008,320QualifyingDistributionsAmt
Applied To Current Year$170,707AppliedToCurrentYearAmt
Remaining Distri From Corpus$837,613RemainingDistriFromCorpusAmt
Total Corpus$2,980,298TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$487,211ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$2,493,087ExcessDistriCyovToNextYrAmt
Excess From Year4$420,376ExcessFromYear4Amt
Excess From Year3$442,383ExcessFromYear3Amt
Excess From Year2$401,740ExcessFromYear2Amt
Excess From Year1$390,975ExcessFromYear1Amt
Excess From Current Year$837,613ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

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

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp

Recipient Business Name RecipientBusinessName

FieldValueIRS element (for citing)
Business Name Line1LORAIN COUNTY COMMUNITY COLLEGE FOUNDATIONBusinessNameLine1Txt

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line11005 ABBE RD NAddressLine1Txt
CityELYRIACityNm
State AbbreviationOHStateAbbreviationCd
ZIP44035ZIPCd
FieldValueIRS element (for citing)
Recipient RelationshipN/ARecipientRelationshipTxt
Recipient Foundation StatusSO III FIRecipientFoundationStatusTxt
Grant Or Contribution PurposeRichard A. Desich Institute for Sensor Commercialization and Richard A. Desich School of BusinessGrantOrContributionPurposeTxt
Amt$1,000,000Amt
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$1,000,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

FieldValueIRS element (for citing)
Fees Contracts From Govt AgFeesContractsFromGovtAgGrp
Membership Dues And AssmntMembershipDuesAndAssmntGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$113ExclusionAmt
FieldValueIRS element (for citing)
Dividends And Interest From Sec DtlDividendsAndInterestFromSecDtl
Net Rntl Incm Re Debt Fincd PropNetRntlIncmReDebtFincdPropGrp
Net Rntl Incm Re Not Debt Fincd PropNetRntlIncmReNotDebtFincdProp
Net Rental Income Personal PropNetRentalIncomePersonalPropGrp
Other Investment IncomeOtherInvestmentIncomeGrp
Gain Sales Ast Oth Than InvntryGainSalesAstOthThanInvntryGrp
Net Income Loss From Special EvtNetIncomeLossFromSpecialEvtGrp
Gross Profit Loss Sls Of InvntryGrossProfitLossSlsOfInvntryGrp

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$113ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$113TotalIncomeProducingActyAmt

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

Schedule B IRS990ScheduleB

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
General RuleYes (X)GeneralRuleInd

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
Contributor1ContributorNum
Contributor PersonDesich RichardContributorPersonNm

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1200 Dorado Beach Drive Apt 3632AddressLine1Txt
CityDoradoCityNm
State AbbreviationPRStateAbbreviationCd
ZIP00646ZIPCd
FieldValueIRS element (for citing)
Total Contributions$1,694,907TotalContributionsAmt
Person ContributionYes (X)PersonContributionInd

Depreciation Schedule DepreciationSchedule

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp

FieldValueIRS element (for citing)
Category Or ItemPACIFIC LIFE - POLICY # VF5191CategoryOrItemTxt
Book Value$3,459,782BookValueAmt
EOYFMV$3,459,782EOYFMVAmt

Liquidation Explanation Stmt LiquidationExplanationStmt

FieldValueIRS element (for citing)
ExplanationAs explained below, the Foundation has no plans for dissolution. This statement is submitted to report the distribution of certain assets during the year. The distributions resulted in a substantial contraction of assets. The following information is submitted in accordance with Treasury Regulation Section 1.6043-3(a)(1) and the Form 990-PF instructions: During the taxable year ending December 31, 2021, the Foundation made distributions from assets from sources other than current income. Collectively, the distributions in excess of current income totaled $1,000,000. This amount represents 25% or more of the Foundation's net assets of $3,271,493 (as measured by fair market value) at the beginning of the Foundation's taxable year ending December 31, 2021. Although the Foundation technically experienced a substantial contraction, it will continue in existence and has no plans for dissolution. The Foundation made distributions of cash to the grantees listed in the attachment to Part XIV, Line 3a; each such grant was made solely for the charitable purpose specified therein.ExplanationTxt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (4 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$8,000$8,000
Life Insurance Premium$482,806
Postage/Delivery Service$31$31
State or Local Filing Fees$289$289

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