EMPIRE LOAN CHARITABLE FOUNDATION: Form 990PF, tax year 2020

View the entire original 990 at ProPublica ↗

Organization
EMPIRE LOAN CHARITABLE FOUNDATION (EIN 45-2741468)
Tax period
2020-01-01 to 2020-12-31
Filed
2021-05-05
IRS object ID
202101259349103195
Schema version
2020v4.1
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)
Return2021-05-05T18:25:10-05:00ReturnTs
Tax Period End2020-12-31TaxPeriodEndDt

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 Begin2020-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN452741468EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Empire Loan Charitable FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlEMPIBusinessNameControlTxt
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)
PersonMICHAEL D GOLDSTEINPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone8008391754PhoneNum
Signature2021-04-21SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstMICHAEL DPersonFirstNm
Person LastGOLDSTEINPersonLastNm
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)
Tax2020TaxYr
Build TS2022-09-23 18:48:47ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$5,768FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$103,000ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$58InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$58InterestOnSavNetInvstIncmAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$103,058TotalRevAndExpnssAmt
Total Net Invst Incm$58TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Taxes Rev And Expnss$1TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$7,552OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$7,552OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$7,553TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$7,552TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$94,275ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$94,275ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$101,828TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$101,827TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$1,230ExcessRevenueOverExpensesAmt
Net Investment Income$58NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$4,538SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$5,768SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$5,768SavAndTempCashInvstEOYFMVAmt
Total Assets BOY$4,538TotalAssetsBOYAmt
Total Assets EOY$5,768TotalAssetsEOYAmt
Total Assets EOYFMV$5,768TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$4,538RetainedEarningBOYAmt
Retained Earning EOY$5,768RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$4,538TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$5,768TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$4,538TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$5,768TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$4,538TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$1,230ExcessRevenueOverExpensesAmt
Subtotal$5,768SubtotalAmt
Tot Net Ast Or Fund Balances EOY$5,768TotNetAstOrFundBalancesEOYAmt
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$1InvestmentIncomeExciseTaxAmt
Subtotal$1SubtotalAmt
Tax Based On Investment Income$1TaxBasedOnInvestmentIncomeAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Total Payments And Credits$0TotalPaymentsAndCreditsAmt
Tax Due$1TaxDueAmt

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
Michael D Goldstein
Foundation Source 501 Silverside RdWilmingtonDE198091377Pres, Dir, Sec1.0$0$0$0
John Keithline
Foundation Source 501 Silverside RdWilmingtonDE198091377Dir, VP1.0$0$0$0
Allison Picott
Foundation Source 501 Silverside RdWilmingtonDE198091377Dir, VP1.0$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$9,977AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$9,977TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$9,977AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$150CashDeemedCharitableAmt
Net Vl Noncharitable Assets$9,827NetVlNoncharitableAssetsAmt
Minimum Investment Return$491MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$491MinimumInvestmentReturnAmt
Tax Based On Investment Income$1TaxBasedOnInvestmentIncomeAmt
Total Tax$1TotalTaxAmt
Distributable Before Adj$490DistributableBeforeAdjAmt
Distributable Before Ded$490DistributableBeforeDedAmt
Distributable As Adjusted$490DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

FieldValueIRS element (for citing)
Expenses And Contributions$101,827ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$101,827QualifyingDistributionsAmt
Pct Sect4940e Org Net Invst Incm$0PctSect4940eOrgNetInvstIncmAmt
Adjusted Qualifying Distri$101,827AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$490DistributableAsAdjustedAmt
Prior Year12018PriorYear1Yr
Prior Year22017PriorYear2Yr
Prior Year32016PriorYear3Yr
Excess Distribution Cyov Yr5$64,741ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$79,560ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$78,295ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$53,682ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$109,724ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$386,002TotalExcessDistributionCyovAmt
Qualifying Distributions$101,827QualifyingDistributionsAmt
Applied To Current Year$490AppliedToCurrentYearAmt
Remaining Distri From Corpus$101,337RemainingDistriFromCorpusAmt
Total Corpus$487,339TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$64,741ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$422,598ExcessDistriCyovToNextYrAmt
Excess From Year4$79,560ExcessFromYear4Amt
Excess From Year3$78,295ExcessFromYear3Amt
Excess From Year2$53,682ExcessFromYear2Amt
Excess From Year1$109,724ExcessFromYear1Amt
Excess From Current Year$101,337ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

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

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (14 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
BOSTON CITY LIGHTS FOUNDATION INC
1154 WASHINGTON STBOSTONMA02118N/APCGeneral & Unrestricted$7,500
BOSTON EXPLORERS INC
72 MONTGOMERY STBOSTONMA02116N/APCGeneral & Unrestricted$6,000
BOSTON UNIVERSITY - WBUR
890 COMMONWEALTH AVE 3RD FLBOSTONMA02215N/APCGeneral & Unrestricted$30,000
DIMOCK SUPPORT CORPORATION
55 DIMOCK STROXBURYMA02119N/ASO III FICharitable Event$10,000
HAYMAKERS FOR HOPE INC
43 WOODRIDGE RDWELLESLEYMA02482N/APCGeneral & Unrestricted$2,500
HOLE IN THE WALL GANG FUND INC
555 LONG WHARF DRNEW HAVENCT06511N/APCCharitable Event$12,500
MERRIMACK VALLEY FOOD BANK INC
735 BROADWAY STLOWELLMA01854N/APCGeneral & Unrestricted$5,000
NO BOOKS NO BALL
9 ROZELLA STDORCHESTERMA02122N/APCAnnual Thanksgiving Turkey Give-Away fund$2,500
OLD DARTMOUTH HISTORICAL SOCIETY
18 JOHNNY CAKE HLNEW BEDFORDMA02740N/APCCharitable Event$1,000
OLD DARTMOUTH HISTORICAL SOCIETY
18 JOHNNY CAKE HLNEW BEDFORDMA02740N/APCCharitable Event$1,500
PAN MASSACHUSETTS CHALLENGE TRUST
77 4TH AVENEEDHAMMA02494N/APCGeneral & Unrestricted$8,000
THE LENNY ZAKIM FUND INC
33 ARCH ST 26TH FLBOSTONMA02110N/APCCharitable Event$2,500
UTEC INC
35 WARREN STLOWELLMA01852N/APCGeneral & Unrestricted$5,000
WHALING CITY LITTLE BASEBALL LEAGUE
PO BOX 61036NEW BEDFORDMA02746N/APCGeneral & Unrestricted$275
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$94,275TotalGrantOrContriPdDurYrAmt

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$58ExclusionAmt
FieldValueIRS element (for citing)
Div And Int From Sec Part VIIDivAndIntFromSecPartVIIGrp
Net Rntl Incm Re Debt Fincd PropNetRntlIncmReDebtFincdPropGrp
Net Rntl Incm Re Not Debt Fincd PropNetRntlIncmReNotDebtFincdProp
Net Rental Income Personal PropNetRentalIncomePersonalPropGrp
Other Investment Incm Part VIIOtherInvestmentIncmPartVIIGrp
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$58ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$58TotalIncomeProducingActyAmt

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 PersonEmpire Loan Collateral Loan Co InContributorPersonNm

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1C/O M GOLDSTEIN 1130 WASHINGTON STAddressLine1Txt
CityBostonCityNm
State AbbreviationMAStateAbbreviationCd
ZIP02118ZIPCd
FieldValueIRS element (for citing)
Total Contributions$103,000TotalContributionsAmt
Person ContributionYes (X)PersonContributionInd

Depreciation Schedule DepreciationSchedule

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, 2020, the Foundation made distributions from assets from sources other than current income. Collectively, the distributions in excess of current income totaled $94,275. This amount represents 25% or more of the Foundation's net assets of $4,538 (as measured by fair market value) at the beginning of the Foundation's taxable year ending December 31, 2020. 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 XV, Line 3a; each such grant was made solely for the charitable purpose specified therein.ExplanationTxt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$7,527$7,527
State or Local Filing Fees$25$25

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
Category990-PF Excise Tax for 2019CategoryTxt
Amt$1Amt

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