MAGARO FAMILY FOUNDATION INC: Form 990PF, tax year 2021

View the entire original 990 at ProPublica ↗

Organization: MAGARO FAMILY FOUNDATION INC (EIN 46-1558048)
Tax period: 2021-01-01 to 2021-12-31
Filed: 2022-11-15
IRS object ID: 202203199349107250
Schema version: 2021v4.0
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
Investments Other Schedule2
Legal Fees Schedule
Other Decreases Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2022-11-15T16:04:28-05:00	ReturnTs
Tax Period End	2021-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	275365387	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	AL P TREBING & ASSOCIATES	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	161 CHERRY ST	AddressLine1Txt
City	NEW CANAAN	CityNm
State Abbreviation	CT	StateAbbreviationCd
ZIP	068404709	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	461558048	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	THE MAGARO FOUNDATION INC	BusinessNameLine1Txt
Business Name Line2	C/O AL P TREBING ESQ	BusinessNameLine2Txt

Field	Value	IRS element (for citing)
Business Name Control	MAGA	BusinessNameControlTxt
Phone	4752897837	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	83 WOOSTER HEIGHTS ROAD SUITE 125	AddressLine1Txt
City	DANBURY	CityNm
State Abbreviation	CT	StateAbbreviationCd
ZIP	06810	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	AL P TREBING ESQ	PersonNm
Person Title	SECRETARY	PersonTitleTxt
Phone	4752897837	PhoneNum
Signature	2022-11-15	SignatureDt
Discuss With Paid Preparer	Yes (true)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	AL	PersonFirstNm
Person Last	TREBING	PersonLastNm

Field	Value	IRS element (for citing)
SSN	XXX-XX-XXXX	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	AL P TREBING ESQ	PreparerPersonNm
PTIN	P01394841	PTIN
Phone	2039725856	PhoneNum
Preparation	2022-11-15	PreparationDt
Self Employed	Yes (X)	SelfEmployedInd

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	$42,939,616	FMVAssetsEOYAmt
Method Of Accounting Cash	Yes (X)	MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

Field	Value	IRS element (for citing)
Schedule B Not Required	Yes (X)	ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss	$127,509	InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm	$127,509	InterestOnSavNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss	$102,420	NetGainSaleAstRevAndExpnssAmt
Gross Sales Price	$636,079	GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm	$102,420	CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss	$229,929	TotalRevAndExpnssAmt
Total Net Invst Incm	$229,929	TotalNetInvstIncmAmt
Legal Fees Rev And Expnss	$9,635	LegalFeesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss	$9,635	TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm	$0	TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl	$0	TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss	$4,558,983	ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl	$4,558,983	ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss	$4,568,618	TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm	$0	TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl	$4,558,983	TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses	-$4,338,689	ExcessRevenueOverExpensesAmt
Net Investment Income	$229,929	NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Field	Value	IRS element (for citing)
Sav And Temp Cash Invst BOY	$5,800,485	SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY	$1,150,974	SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV	$1,150,974	SavAndTempCashInvstEOYFMVAmt
Other Investments BOY	$29,311,351	OtherInvestmentsBOYAmt
Other Investments EOY	$29,326,728	OtherInvestmentsEOYAmt
Other Investments EOYFMV	$41,788,642	OtherInvestmentsEOYFMVAmt
Total Assets BOY	$35,111,836	TotalAssetsBOYAmt
Total Assets EOY	$30,477,702	TotalAssetsEOYAmt
Total Assets EOYFMV	$42,939,616	TotalAssetsEOYFMVAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Organization Follows FASB117	Yes (X)	OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY	$35,111,836	NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY	$30,477,702	NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances BOY	$35,111,836	TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY	$30,477,702	TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY	$35,111,836	TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY	$30,477,702	TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Field	Value	IRS element (for citing)
Tot Net Ast Or Fund Balances BOY	$35,111,836	TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses	-$4,338,689	ExcessRevenueOverExpensesAmt
Subtotal	$30,773,147	SubtotalAmt
Other Decreases	$295,445	OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY	$30,477,702	TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

Field	Value	IRS element (for citing)
Property	.3775 UNITS MEDALLION CAP. INVEST.	PropertyDesc
How Acquired	P	HowAcquiredCd
Acquired	2020-03-01	AcquiredDt
Sold	2020-06-30	SoldDt
Gross Sales Price	$636,079	GrossSalesPriceAmt
Cost Or Other Basis	$533,659	CostOrOtherBasisAmt
Gain Or Loss	$102,420	GainOrLossAmt
Gains Minus Excess Or Losses	$102,420	GainsMinusExcessOrLossesAmt

Field	Value	IRS element (for citing)
Capital Gain Net Income	$102,420	CapitalGainNetIncomeAmt
Net Short Term Capital Gain Loss	$102,420	NetShortTermCapitalGainLossAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Field	Value	IRS element (for citing)
Investment Income Excise Tax	$3,196	InvestmentIncomeExciseTaxAmt
Subtotal	$3,196	SubtotalAmt
Tax Based On Investment Income	$3,196	TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx	$49,629	EstimatedPlusOvpmtIncmTxAmt
Total Payments And Credits	$49,629	TotalPaymentsAndCreditsAmt
Overpayment	$46,433	OverpaymentAmt
Applied To ES Tax	$46,433	AppliedToESTaxAmt

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
At Least5000 In Assets	Yes (true)	AtLeast5000InAssetsInd
Org Report Or Register State	CT	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

Persons With Books Name PersonsWithBooksName

Field	Value	IRS element (for citing)
Business Name Line1	AL P TREBING ESQ	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	4752897837	PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

Field	Value	IRS element (for citing)
Address Line1	83 WOOSTER HEIGHTS ROAD	AddressLine1Txt
Address Line2	SUITE 125	AddressLine2Txt
City	DANBURY	CityNm
State Abbreviation	CT	StateAbbreviationCd
ZIP	06810	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
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
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 (3 entries)

Address Line1USAddress/AddressLine1Txt	Address Line2USAddress/AddressLine2Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	TitleTitleTxt	Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt	CompensationCompensationAmt	Employee Benefit ProgramEmployeeBenefitProgramAmt	Expense Account Other AllwncExpenseAccountOtherAllwncAmt
ALEX MAGARO
C/O THE TREBING LAW CENTER	83 WOOSTER HEIGHTS ROAD SUITE 125	DANBURY	CT	06810	DIRECTOR	000.00	$0	$0	$0
AL P TREBING ESQ
THE TREBING LAW CENTER	83 WOOSTER HEIGHTS ROAD SUITE 125	DANBURY	CT	06810	SECRETARY	000.00	$0	$0	$0
DIVIYA MAGARO
C/O THE TREBING LAW CENTER	83 WOOSTER HEIGHTS ROAD SUITE 125	DANBURY	CT	06810	PRESIDENT/TR	000.00	$0	$0	$0

Field	Value	IRS element (for citing)
Comp Of Hghst Pd Empl Or NONE	NONE	CompOfHghstPdEmplOrNONETxt
Comp Of Hghst Pd Cntrct Or NONE	NONE	CompOfHghstPdCntrctOrNONETxt

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

Field	Value	IRS element (for citing)
Description1	CHARITABLE GIVING - THE FOUNDATION MAKES CHARITABLE DONATIONS TO PUBLIC CHARITIES TO HELP THESE ORGANIZATIONS FURTHER THEIR OWN EXEMPT CHARITABLE ACTIVITIES AND PROGRAMS.	Description1Txt
Description2	THE MANAGEMENT AND ADMINISTRATIVE COSTS INCURRED TO OPERATE THE FOUNDATION DIRECTLY SUPPORT AND ARE NECESSARY TO CARRY OUT THE CHARITABLE PROGRAMS AND ACTIVITIES SUPPORTED BY THE FOUNDATION.	Description2Txt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

Field	Value	IRS element (for citing)
Description1	N/A	Description1Txt

Minimum Investment Return MinimumInvestmentReturnGrp

Field	Value	IRS element (for citing)
Average Monthly FMV Of Sec	$40,723,105	AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances	$2,204,009	AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast	$0	FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets	$42,927,114	TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast	$42,927,114	AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable	$643,907	CashDeemedCharitableAmt
Net Vl Noncharitable Assets	$42,283,207	NetVlNoncharitableAssetsAmt
Minimum Investment Return	$2,114,160	MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

Field	Value	IRS element (for citing)
Minimum Investment Return	$2,114,160	MinimumInvestmentReturnAmt
Tax Based On Investment Income	$3,196	TaxBasedOnInvestmentIncomeAmt
Total Tax	$3,196	TotalTaxAmt
Distributable Before Adj	$2,110,964	DistributableBeforeAdjAmt
Distributable Before Ded	$2,110,964	DistributableBeforeDedAmt
Distributable As Adjusted	$2,110,964	DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

Field	Value	IRS element (for citing)
Expenses And Contributions	$4,558,983	ExpensesAndContributionsAmt
Qualifying Distributions	$4,558,983	QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

Field	Value	IRS element (for citing)
Distributable As Adjusted	$2,110,964	DistributableAsAdjustedAmt
Excess Distribution Cyov Yr3	$3,180,604	ExcessDistributionCyovYr3Amt
Total Excess Distribution Cyov	$3,180,604	TotalExcessDistributionCyovAmt
Qualifying Distributions	$4,558,983	QualifyingDistributionsAmt
Applied To Current Year	$2,110,964	AppliedToCurrentYearAmt
Remaining Distri From Corpus	$2,448,019	RemainingDistriFromCorpusAmt
Total Corpus	$5,628,623	TotalCorpusAmt
Undistributed Income CY	$0	UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr	$5,628,623	ExcessDistriCyovToNextYrAmt
Excess From Year3	$3,180,604	ExcessFromYear3Amt
Excess From Current Year	$2,448,019	ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

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

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (7 entries)

Address Line1RecipientUSAddress/AddressLine1Txt	CityRecipientUSAddress/CityNm	State AbbreviationRecipientUSAddress/StateAbbreviationCd	ZIPRecipientUSAddress/ZIPCd	Recipient Foundation StatusRecipientFoundationStatusTxt	Grant Or Contribution PurposeGrantOrContributionPurposeTxt	AmtAmt
PROOF SCHOOL
555 POST STREET	SAN FRANCISCO	CA	94102	PC	DONATION	$101,000
RADCLIFFE INSTITUTE
10 GARDEN STREET	CAMBRIDGE	MA	02138	PC	DONATION	$10,000
VENDANTA SOCIETY OF NORTH TEXAS
125 WEST SCOTLAND DRIVE	IRVING	TX	75062	PC	DONATION	$1,200
MARIN COUNTY FOOD BANK
900 PENNSYLVANIA AVENUE	SAN FRANCISCO	CA	94107	PC	DONATION	$25,000
HARVARD UNIVERSITY
MASSACHUSETTS HALL	CAMBRIDGE	MA	02138	PC	DONATION	$4,341,783
REASON FOUNDATION
5737 MESMER AVENUE	LOS ANGELES	CA	90230	PC	DONATION	$70,000
MISES INSTITUTE
518 WEST MAGNOLIA AVENUE	AUBURN	AL	36832	PC	DONATION	$10,000

Field	Value	IRS element (for citing)
Total Grant Or Contri Pd Dur Yr	$4,558,983	TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

Field	Value	IRS element (for citing)
Related Or Exempt Function Incm	$127,509	RelatedOrExemptFunctionIncmAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

Field	Value	IRS element (for citing)
Related Or Exempt Function Incm	$102,420	RelatedOrExemptFunctionIncmAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Field	Value	IRS element (for citing)
Related Or Exempt Function Incm	$229,929	RelatedOrExemptFunctionIncmAmt

Field	Value	IRS element (for citing)
Total Income Producing Acty	$229,929	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

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp (3 entries)

Category Or ItemCategoryOrItemTxt	Listed At Cost Or FMVListedAtCostOrFMVCd	Book ValueBookValueAmt	EOYFMVEOYFMVAmt
JP MORGAN CHASE	AT COST	$9,679,388	$9,679,437
MENDOCINO OFFSHORE LP	AT COST	$19,632,771	$32,063,091
MEDALLION CAPITAL INVESTMENTS LTD.	AT COST	$14,569	$46,114

Legal Fees Schedule LegalFeesSchedule

Legal Fees LegalFeesGrp

Field	Value	IRS element (for citing)
Category	LEGAL FEES	CategoryTxt
Legal Fees	$9,635	LegalFeesAmt

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

Field	Value	IRS element (for citing)
Desc	BOOK-TAX ADJUSTMENTS	Desc
Amt	$295,445	Amt

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