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VARANASI FAMILY FOUNDATION: Form 990PF, tax year 2021

View the entire original 990 at ProPublica ↗

Organization
VARANASI FAMILY FOUNDATION (EIN 85-1620462)
Tax period
2021-01-01 to 2021-12-31
Filed
2022-08-04
IRS object ID
202222169349100712
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)
Return2022-08-04T09:18:22-05:00ReturnTs
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)
EIN851620462EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Varanasi Family FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlVARABusinessNameControlTxt
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)
PersonSAI S VARANASIPersonNm
Person TitleCO-PRESIDENTPersonTitleTxt
Phone8008391754PhoneNum
Signature2022-07-25SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstSAI SPersonFirstNm
Person LastVARANASIPersonLastNm
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$583,156FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$297,995ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$22InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$22InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$3,490DividendsRevAndExpnssAmt
Dividends Net Invst Incm$3,490DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$33,318NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$283,499GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$181,261CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$334,825TotalRevAndExpnssAmt
Total Net Invst Incm$184,773TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Taxes Rev And Expnss$1,931TaxesRevAndExpnssAmt
Taxes Net Invst Incm$671TaxesNetInvstIncmAmt
Other Expenses Rev And Expnss$8,224OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$8,224OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$10,155TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$671TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$8,224TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$0ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$0ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$10,155TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$671TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$8,224TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$324,670ExcessRevenueOverExpensesAmt
Net Investment Income$184,102NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$188,030SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$393,849SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$393,849SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$63,637CorporateStockBOYAmt
Corporate Stock EOY$182,488CorporateStockEOYAmt
Corporate Stock EOYFMV$189,307CorporateStockEOYFMVAmt
Total Assets BOY$251,667TotalAssetsBOYAmt
Total Assets EOY$576,337TotalAssetsEOYAmt
Total Assets EOYFMV$583,156TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$251,667RetainedEarningBOYAmt
Retained Earning EOY$576,337RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$251,667TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$576,337TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$251,667TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$576,337TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$251,667TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$324,670ExcessRevenueOverExpensesAmt
Subtotal$576,337SubtotalAmt
Tot Net Ast Or Fund Balances EOY$576,337TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

FieldValueIRS element (for citing)
PropertyPublicly-traded SecuritiesPropertyDesc
Gross Sales Price$283,499GrossSalesPriceAmt
Cost Or Other Basis$102,238CostOrOtherBasisAmt
Gain Or Loss$181,261GainOrLossAmt
Gains Minus Excess Or Losses$181,261GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$181,261CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$2,559InvestmentIncomeExciseTaxAmt
Subtotal$2,559SubtotalAmt
Tax Based On Investment Income$2,559TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$32EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$2,600ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits$2,632TotalPaymentsAndCreditsAmt
Form2220 AttachedYes (X)Form2220AttachedInd
Es Penalty$0EsPenaltyAmt
Overpayment$73OverpaymentAmt
Applied To ES Tax$73AppliedToESTaxAmt

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 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
Website AddressN/AWebsiteAddressTxt

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 (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
Sai Varanasi
Foundation Source 501 Silverside RdWilmingtonDE198091377Co- Pres, Dir, Treas1.0$0$0$0
Theresa Varanasi
Foundation Source 501 Silverside RdWilmingtonDE198091377Co- Pres, Dir, Sec1.0$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$139,643AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$172,352AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$311,995TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$311,995AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$4,680CashDeemedCharitableAmt
Net Vl Noncharitable Assets$307,315NetVlNoncharitableAssetsAmt
Minimum Investment Return$15,366MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$15,366MinimumInvestmentReturnAmt
Tax Based On Investment Income$2,559TaxBasedOnInvestmentIncomeAmt
Total Tax$2,559TotalTaxAmt
Distributable Before Adj$12,807DistributableBeforeAdjAmt
Distributable Before Ded$12,807DistributableBeforeDedAmt
Distributable As Adjusted$12,807DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$8,224ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$8,224QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$12,807DistributableAsAdjustedAmt
Prior Year12019PriorYear1Yr
Prior Year22018PriorYear2Yr
Prior Year32017PriorYear3Yr
Excess Distribution Cyov Yr1$12,560ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$12,560TotalExcessDistributionCyovAmt
Qualifying Distributions$8,224QualifyingDistributionsAmt
Applied To Current Year$8,224AppliedToCurrentYearAmt
Remaining Distri From Corpus$0RemainingDistriFromCorpusAmt
Excess Distri Cyov App CY Corpus$4,583ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$4,583ExcessDistributionCyovAppCYAmt
Total Corpus$7,977TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$7,977ExcessDistriCyovToNextYrAmt
Excess From Year1$7,977ExcessFromYear1Amt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerSai VaranasiContributingManagerNm
Contributing ManagerTheresa VaranasiContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

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$22ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$3,490ExclusionAmt
FieldValueIRS element (for citing)
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 Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion18ExclusionCd
Exclusion$33,318ExclusionAmt
FieldValueIRS element (for citing)
Net Income Loss From Special EvtNetIncomeLossFromSpecialEvtGrp
Gross Profit Loss Sls Of InvntryGrossProfitLossSlsOfInvntryGrp

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$36,830ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$36,830TotalIncomeProducingActyAmt

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 PersonVaranasi SaiContributorPersonNm

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1PO Box 19375AddressLine1Txt
CityBoulderCityNm
State AbbreviationCOStateAbbreviationCd
ZIP80308ZIPCd
FieldValueIRS element (for citing)
Total Contributions$297,995TotalContributionsAmt
Noncash ContributionYes (X)NoncashContributionInd

Non Cash Property Contribution NonCashPropertyContributionGrp (2 entries)

ContributorContributorNumNoncash PropertyNoncashPropertyDescFair Market ValueFairMarketValueAmtReceivedReceivedDt
1SEAGATE TECHNOLOGY HOLDINGS PLC STX, 2000 sh.$186,7302021-11-03
1SEAGATE TECHNOLOGY HOLDINGS PLC STX, 1000 sh.$111,2652021-11-12

Depreciation Schedule DepreciationSchedule

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp (3 entries)

StockStockNmEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
AIRBNB$39,536$41,623
SEAGATE TECHNOLOGY HOLDINGS PL$111,451$113,206
VANGUARD HIGH DIV YIELD$31,501$34,478

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$8,199$8,199
State or Local Filing Fees$25$25

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail (2 entries)

CategoryCategoryTxtAmtAmtNet Investment IncomeNetInvestmentIncomeAmt
990-PF Extension for 2020$1,260
Foreign Tax Paid$671$671

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