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PATEL FAMILY FOUNDATION: Form 990PF, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
PATEL FAMILY FOUNDATION (EIN 87-3741492)
Tax period
2024-01-01 to 2024-12-31
Filed
2025-07-02
IRS object ID
202531839349100758
Schema version
2024v5.1
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)
Return2025-07-02T07:37:53-05:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Foundation SourceBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line13333 New Hyde Park Rd Ste 406AddressLine1Txt
CityNew Hyde ParkCityNm
State AbbreviationNYStateAbbreviationCd
ZIP11042ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2024-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN873741492EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Patel Family FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlPATEBusinessNameControlTxt
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)
PersonHARIT PATELPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone8008391754PhoneNum
Signature2025-06-26SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (true)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonJeffrey D HaskellPreparerPersonNm
PTINP01345770PTIN
Phone8008391754PhoneNum
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$266,486FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$0ContriRcvdRevAndExpnssAmt
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss$54InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$54InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$4,457DividendsRevAndExpnssAmt
Dividends Net Invst Incm$4,457DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$21,710NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$137,464GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$21,710CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$26,221TotalRevAndExpnssAmt
Total Net Invst Incm$26,221TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Other Prof Fees Rev And Expnss$2,324OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$2,324OtherProfFeesNetInvstIncmAmt
Other Expenses Rev And Expnss$8,556OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$8,556OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$10,880TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$2,324TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$8,556TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$10,001ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$10,001ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$20,881TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$2,324TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$18,557TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$5,340ExcessRevenueOverExpensesAmt
Net Investment Income$23,897NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$7,895SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$9,718SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$9,718SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$223,673CorporateStockBOYAmt
Corporate Stock EOY$227,190CorporateStockEOYAmt
Corporate Stock EOYFMV$256,768CorporateStockEOYFMVAmt
Total Assets BOY$231,568TotalAssetsBOYAmt
Total Assets EOY$236,908TotalAssetsEOYAmt
Total Assets EOYFMV$266,486TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$231,568RetainedEarningBOYAmt
Retained Earning EOY$236,908RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$231,568TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$236,908TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$231,568TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$236,908TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$231,568TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$5,340ExcessRevenueOverExpensesAmt
Subtotal$236,908SubtotalAmt
Tot Net Ast Or Fund Balances EOY$236,908TotNetAstOrFundBalancesEOYAmt

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$137,464GrossSalesPriceAmt
Cost Or Other Basis$115,754CostOrOtherBasisAmt
Gain Or Loss$21,710GainOrLossAmt
Gains Minus Excess Or Losses$21,710GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$21,710CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$332InvestmentIncomeExciseTaxAmt
Subtotal$332SubtotalAmt
Tax Based On Investment Income$332TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$35EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$300ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits$335TotalPaymentsAndCreditsAmt
Overpayment$3OverpaymentAmt
Applied To ES Tax$3AppliedToESTaxAmt

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

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
Diixa Patel
Foundation Source 501 Silverside RdWilmingtonDE198091377Dir, Sec, Treas1.0$0$0$0
Harit Patel
Foundation Source 501 Silverside RdWilmingtonDE198091377Dir, Pres1.0$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$252,967AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$7,705AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$260,672TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$260,672AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$3,910CashDeemedCharitableAmt
Net Vl Noncharitable Assets$256,762NetVlNoncharitableAssetsAmt
Minimum Investment Return$12,838MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$12,838MinimumInvestmentReturnAmt
Tax Based On Investment Income$332TaxBasedOnInvestmentIncomeAmt
Total Tax$332TotalTaxAmt
Distributable Before Adj$12,506DistributableBeforeAdjAmt
Distributable Before Ded$12,506DistributableBeforeDedAmt
Distributable As Adjusted$12,506DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$18,557ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$18,557QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$12,506DistributableAsAdjustedAmt
Excess Distribution Cyov Yr2$832ExcessDistributionCyovYr2Amt
Total Excess Distribution Cyov$832TotalExcessDistributionCyovAmt
Qualifying Distributions$18,557QualifyingDistributionsAmt
Applied To Current Year$12,506AppliedToCurrentYearAmt
Remaining Distri From Corpus$6,051RemainingDistriFromCorpusAmt
Total Corpus$6,883TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$6,883ExcessDistriCyovToNextYrAmt
Excess From Year2$832ExcessFromYear2Amt
Excess From Current Year$6,051ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerDiixa PatelContributingManagerNm
Contributing ManagerHarit PatelContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (2 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
MAJI WELLS
202 N CEDAR AVE SUITE 1OWATONNAMN55060N/APCGeneral & Unrestricted$9,000
SACRED HEART SCHOOLS ATHERTON
150 VALPARAISO AVEATHERTONCA94027N/APCSHS Annual Fund$1,001
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$10,001TotalGrantOrContriPdDurYrAmt

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$54ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$4,457ExclusionAmt
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$21,710ExclusionAmt
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$26,221ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$26,221TotalIncomeProducingActyAmt

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

Depreciation Schedule DepreciationSchedule

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp (19 entries)

StockStockNmEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
AVANTIS US SMALL CAP VALUE ETF$12,959$16,328
COLUMBIA RESEARCH ENHANCED COR$32,084$33,030
DB X TRACKERS MSCI EMERGING MA$166$182
FIDELITY TOTAL BOND ETF$15,387$14,768
FIRST TR ETF VIII CBOE VEST BU$10,211$13,803
FIRST TRUST LARGE CAP CORE A$125$145
FIRST TRUST TCW OPP FIXED INC$8,001$7,597
INVESCO QQQ TRUST$9,599$13,708
ISHARE SP GBL 100 IN$14,414$19,250
ISHARES CORE US VALUE$20,489$25,089
ISHARES MSCI ACWI INDEX$21,706$25,135
ISHARES TR S & P MIDCAP 400 IN$17,429$20,744
JANUS HENDERSON AAA CLO ETF$17,614$17,791
RIDGEWORTH SEIX HIGH YIELD BON$8,073$8,107
SPDR BLACKSTONE/GSO SENIOR LOA$108$108
SPDR GOLD SHARES$3,606$5,085
SPDR S&P 500 GROWTH$21,919$23,513
SPDR S&P EMERGING MARKETS DIV$13,261$12,334
VANGUARD WORLD FUND ETF MEGA C$39$51

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$8,531$8,531
State or Local Filing Fees$25$25

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail

FieldValueIRS element (for citing)
CategoryInvestment Management ServicesCategoryTxt
Amt$2,324Amt
Net Investment Income$2,324NetInvestmentIncomeAmt

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