CLARK FOUNDATION INC: Form 990PF, tax year 2021

View the entire original 990 at ProPublica ↗

Organization: CLARK FOUNDATION INC (EIN 62-0695496)
Tax period: 2021-01-01 to 2021-12-31
Filed: 2022-11-14
IRS object ID: 202203189349105305
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
Form 990-PF
Accounting Fees Schedule
Investments Corp Stock Schedule
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2022-11-14T04:08:06-00:00	ReturnTs
Tax Period End	2021-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	454698605	PreparerFirmEIN

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	2021-01-01	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	PersonNm
Person Title	DIRECTOR	PersonTitleTxt
Phone	4238861240	PhoneNum
Signature	2022-11-14	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	990009999	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	Edward F Schemel	PreparerPersonNm
PTIN	P00718263	PTIN
Phone	4232679955	PhoneNum
Preparation	2022-11-14	PreparationDt
Self Employed	Yes (X)	SelfEmployedInd

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	2	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2021	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	$528,574	FMVAssetsEOYAmt
Method Of Accounting Cash	Yes (X)	MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

Field	Value	IRS element (for citing)
Interest On Sav Rev And Expnss	$3	InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm	$3	InterestOnSavNetInvstIncmAmt
Interest On Savings Adj Net Incm	$3	InterestOnSavingsAdjNetIncmAmt
Dividends Rev And Expnss	$15,690	DividendsRevAndExpnssAmt
Dividends Net Invst Incm	$15,690	DividendsNetInvstIncmAmt
Dividends Adj Net Incm	$15,690	DividendsAdjNetIncmAmt
Net Gain Sale Ast Rev And Expnss	$10,081	NetGainSaleAstRevAndExpnssAmt
Gross Sales Price	$10,208	GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm	$10,081	CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss	$25,774	TotalRevAndExpnssAmt
Total Net Invst Incm	$25,774	TotalNetInvstIncmAmt
Total Adj Net Incm	$15,693	TotalAdjNetIncmAmt
Accounting Fees Rev And Expnss	$400	AccountingFeesRevAndExpnssAmt
Taxes Rev And Expnss	$243	TaxesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss	$643	TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm	$0	TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl	$0	TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss	$25,500	ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl	$25,500	ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss	$26,143	TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm	$0	TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl	$25,500	TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses	-$369	ExcessRevenueOverExpensesAmt
Net Investment Income	$25,774	NetInvestmentIncomeAmt
Adjusted Net Income	$15,693	AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Field	Value	IRS element (for citing)
Cash BOY	$406	CashBOYAmt
Cash EOY	$164	CashEOYAmt
Cash EOYFMV	$164	CashEOYFMVAmt
Corporate Stock BOY	$6,671	CorporateStockBOYAmt
Corporate Stock EOY	$6,544	CorporateStockEOYAmt
Corporate Stock EOYFMV	$528,410	CorporateStockEOYFMVAmt
Total Assets BOY	$7,077	TotalAssetsBOYAmt
Total Assets EOY	$6,708	TotalAssetsEOYAmt
Total Assets EOYFMV	$528,574	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	-$4,260	RetainedEarningBOYAmt
Retained Earning EOY	-$4,629	RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY	$7,077	TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY	$6,708	TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY	$7,077	TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY	$6,708	TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Field	Value	IRS element (for citing)
Tot Net Ast Or Fund Balances BOY	$7,077	TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses	-$369	ExcessRevenueOverExpensesAmt
Subtotal	$6,708	SubtotalAmt
Tot Net Ast Or Fund Balances EOY	$6,708	TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

Field	Value	IRS element (for citing)
Property	470SH REGIONS BANK	PropertyDesc
How Acquired	P	HowAcquiredCd
Acquired	2016-06-01	AcquiredDt
Sold	2021-12-15	SoldDt
Gross Sales Price	$10,208	GrossSalesPriceAmt
Cost Or Other Basis	$127	CostOrOtherBasisAmt
Gain Or Loss	$10,081	GainOrLossAmt
Gains Minus Excess Or Losses	$10,081	GainsMinusExcessOrLossesAmt

Field	Value	IRS element (for citing)
Capital Gain Net Income	$10,081	CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Field	Value	IRS element (for citing)
Investment Income Excise Tax	$358	InvestmentIncomeExciseTaxAmt
Subtotal	$358	SubtotalAmt
Tax Based On Investment Income	$358	TaxBasedOnInvestmentIncomeAmt
Tax Due	$358	TaxDueAmt

Statements Regarding Acty StatementsRegardingActyGrp

Field	Value	IRS element (for citing)
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
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	$461,012	AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances	$285	AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast	$0	FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets	$461,297	TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast	$461,297	AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable	$6,919	CashDeemedCharitableAmt
Net Vl Noncharitable Assets	$454,378	NetVlNoncharitableAssetsAmt
Minimum Investment Return	$22,719	MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

Field	Value	IRS element (for citing)
Minimum Investment Return	$22,719	MinimumInvestmentReturnAmt
Tax Based On Investment Income	$358	TaxBasedOnInvestmentIncomeAmt
Total Tax	$358	TotalTaxAmt
Distributable Before Adj	$22,361	DistributableBeforeAdjAmt
Distributable Before Ded	$22,361	DistributableBeforeDedAmt
Distributable As Adjusted	$22,361	DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

Field	Value	IRS element (for citing)
Expenses And Contributions	$25,500	ExpensesAndContributionsAmt
Qualifying Distributions	$25,500	QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

Field	Value	IRS element (for citing)
Distributable As Adjusted	$22,361	DistributableAsAdjustedAmt
Undistributed Income PY	$144	UndistributedIncomePYAmt
Excess Distribution Cyov Yr4	$50	ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3	$3,680	ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2	$395	ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1	$144	ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov	$4,269	TotalExcessDistributionCyovAmt
Qualifying Distributions	$25,500	QualifyingDistributionsAmt
Applied To Year1	$144	AppliedToYear1Amt
Applied To Current Year	$22,361	AppliedToCurrentYearAmt
Remaining Distri From Corpus	$2,995	RemainingDistriFromCorpusAmt
Total Corpus	$7,264	TotalCorpusAmt
Undistributed Income CY	$0	UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr	$7,264	ExcessDistriCyovToNextYrAmt
Excess From Year4	$50	ExcessFromYear4Amt
Excess From Year3	$3,680	ExcessFromYear3Amt
Excess From Year2	$395	ExcessFromYear2Amt
Excess From Year1	$144	ExcessFromYear1Amt
Excess From Current Year	$2,995	ExcessFromCurrentYearAmt

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 ST	CHATTANOOGA	TN	37405	PC	GENERAL DONATION	$5,100
CHATTANOOGA CHRISTIAN SCHOOL
3354 CHARGER DRIVE	CHATTANOOGA	TN	37409	PC	GENERAL DONATION	$5,100
HOPE FOR THE INNER CITY
PO BOX 11584	CHATTANOOGA	TN	37401	PC	GENERAL DONATION	$5,100
DUBOSE CONFERENCE CENTER
635 COLLEGE ST	MONTEAGLE	TN	37356	PC	GENERAL DONATION	$5,100
SEVENTH WELL
PO BOX 22481	CHATTANOOGA	TN	37422	PC	GENERAL DONATION	$5,100

Field	Value	IRS element (for citing)
Total Grant Or Contri Pd Dur Yr	$25,500	TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$15,693	ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Field	Value	IRS element (for citing)
Exclusion	$15,693	ExclusionAmt

Field	Value	IRS element (for citing)
Total Income Producing Acty	$15,693	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

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

Field	Value	IRS element (for citing)
Stock	BROKERAGE ACCOUNT	StockNm
EOY Book Value	$6,544	EOYBookValueAmt
EOYFMV	$528,410	EOYFMVAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

Field	Value	IRS element (for citing)
Category	TENNESSEE TAX	CategoryTxt
Amt	$243	Amt

CLARK FOUNDATION INC: Form 990PF, tax year 2021

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

PF Qualifying Distributions PFQualifyingDistributionsGrp

Undistributed Income UndistributedIncomeGrp

Supplementary Information SupplementaryInformationGrp

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (5 entries)

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

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