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BILL AND FAYE STALLINGS FAMILY FOUNDATION: Form 990PF, tax year 2020

View the entire original 990 at ProPublica ↗

Organization
BILL AND FAYE STALLINGS FAMILY FOUNDATION (EIN 20-8383433)
Tax period
2020-01-01 to 2020-12-31
Filed
2021-11-09
IRS object ID
202103139349101700
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)
Return2021-11-09T09:11:31-06:00ReturnTs
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)
EIN208383433EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Bill and Faye Stallings Family FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlBILLBusinessNameControlTxt
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)
Personmelissa goodsonPersonNm
Person TitlesecretaryPersonTitleTxt
Phone8008391754PhoneNum
Signature2021-11-03SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstmelissaPersonFirstNm
Person LastgoodsonPersonLastNm
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$156,763FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$52,430ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$1InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$1InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$5,886DividendsRevAndExpnssAmt
Dividends Net Invst Incm$5,886DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$1,829NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$4,653GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$1,829CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$60,146TotalRevAndExpnssAmt
Total Net Invst Incm$7,716TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Taxes Rev And Expnss$149TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$5,025OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$5,025OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$5,174TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$5,025TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$60,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$60,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$65,174TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$65,025TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$5,028ExcessRevenueOverExpensesAmt
Net Investment Income$7,716NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$2,225SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$21SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$21SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$109,985CorporateStockBOYAmt
Corporate Stock EOY$107,161CorporateStockEOYAmt
Corporate Stock EOYFMV$156,742CorporateStockEOYFMVAmt
Total Assets BOY$112,210TotalAssetsBOYAmt
Total Assets EOY$107,182TotalAssetsEOYAmt
Total Assets EOYFMV$156,763TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$112,210RetainedEarningBOYAmt
Retained Earning EOY$107,182RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$112,210TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$107,182TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$112,210TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$107,182TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$112,210TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$5,028ExcessRevenueOverExpensesAmt
Subtotal$107,182SubtotalAmt
Tot Net Ast Or Fund Balances EOY$107,182TotNetAstOrFundBalancesEOYAmt

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$4,653GrossSalesPriceAmt
Cost Or Other Basis$2,824CostOrOtherBasisAmt
Gain Or Loss$1,829GainOrLossAmt
Gains Minus Excess Or Losses$1,829GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$1,829CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$107InvestmentIncomeExciseTaxAmt
Subtotal$107SubtotalAmt
Tax Based On Investment Income$107TaxBasedOnInvestmentIncomeAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$110ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits$110TotalPaymentsAndCreditsAmt
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 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 (5 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
Melissa L Goodson
Foundation Source 501 Silverside RdWilmingtonDE198091377Sec1.0$0$0$0
G Blake Stallings
Foundation Source 501 Silverside RdWilmingtonDE198091377VP1.0$0$0$0
K Clark Stallings
Foundation Source 501 Silverside RdWilmingtonDE198091377VP1.0$0$0$0
Faye Stallings
Foundation Source 501 Silverside RdWilmingtonDE198091377Pres, Dir1.0$0$0$0
William R Stallings Jr
Foundation Source 501 Silverside RdWilmingtonDE198091377VP1.0$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$133,804AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$2,127AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$135,931TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$135,931AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$2,039CashDeemedCharitableAmt
Net Vl Noncharitable Assets$133,892NetVlNoncharitableAssetsAmt
Minimum Investment Return$6,695MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$6,695MinimumInvestmentReturnAmt
Tax Based On Investment Income$107TaxBasedOnInvestmentIncomeAmt
Total Tax$107TotalTaxAmt
Distributable Before Adj$6,588DistributableBeforeAdjAmt
Distributable Before Ded$6,588DistributableBeforeDedAmt
Distributable As Adjusted$6,588DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

FieldValueIRS element (for citing)
Expenses And Contributions$65,025ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$65,025QualifyingDistributionsAmt
Pct Sect4940e Org Net Invst Incm$0PctSect4940eOrgNetInvstIncmAmt
Adjusted Qualifying Distri$65,025AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$6,588DistributableAsAdjustedAmt
Prior Year12018PriorYear1Yr
Prior Year22017PriorYear2Yr
Prior Year32016PriorYear3Yr
Excess Distribution Cyov Yr5$147,981ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$138,120ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$66,570ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$67,989ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$66,779ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$487,439TotalExcessDistributionCyovAmt
Qualifying Distributions$65,025QualifyingDistributionsAmt
Applied To Current Year$6,588AppliedToCurrentYearAmt
Remaining Distri From Corpus$58,437RemainingDistriFromCorpusAmt
Total Corpus$545,876TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Corpus Distri170b1 E Or4942g3$52,430CorpusDistri170b1EOr4942g3Amt
Excess Distri Cyov From Yr5$95,551ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$397,895ExcessDistriCyovToNextYrAmt
Excess From Year4$138,120ExcessFromYear4Amt
Excess From Year3$66,570ExcessFromYear3Amt
Excess From Year2$67,989ExcessFromYear2Amt
Excess From Year1$66,779ExcessFromYear1Amt
Excess From Current Year$58,437ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

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

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp

Recipient Business Name RecipientBusinessName

FieldValueIRS element (for citing)
Business Name Line1HOPE OF GLORY MINISTRIES INCBusinessNameLine1Txt

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 2038AddressLine1Txt
CityGREENVILLECityNm
State AbbreviationNCStateAbbreviationCd
ZIP27836ZIPCd
FieldValueIRS element (for citing)
Recipient RelationshipN/ARecipientRelationshipTxt
Recipient Foundation StatusPCRecipientFoundationStatusTxt
Grant Or Contribution PurposeGeneral & UnrestrictedGrantOrContributionPurposeTxt
Amt$60,000Amt
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$60,000TotalGrantOrContriPdDurYrAmt

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$1ExclusionAmt

Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$5,886ExclusionAmt
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 Incm Part VIIOtherInvestmentIncmPartVIIGrp

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion18ExclusionCd
Exclusion$1,829ExclusionAmt
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$7,716ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$7,716TotalIncomeProducingActyAmt

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 PersonStallings Faye via iraContributorPersonNm

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line11645 E Arlington Boulevard Suite EAddressLine1Txt
CityGreenvilleCityNm
State AbbreviationNCStateAbbreviationCd
ZIP27858ZIPCd
FieldValueIRS element (for citing)
Total Contributions$52,430TotalContributionsAmt
Person ContributionYes (X)PersonContributionInd

Depreciation Schedule DepreciationSchedule

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp (2 entries)

IdentifierIdentifierTxtForm And Line ReferenceFormAndLineReferenceDescMedium ExplanationMediumExplanationTxt
conduit electionForm 990-PF, Part XIII, Line 7Amount Treated as Distributions out of Corpus to Satisfy Section 170(b)(1)(F)(ii) The Bill and Faye Stallings Family Foundation (the "Foundation") hereby elects to satisfy the requirements of Internal Revenue Code ("Code") Section 170(b)(1)(F)(ii) in respect of contributions of cash with a value of $52,430 received in the taxable year ending December 31, 2020 (the "Conduit Election Year"). To satisfy the requirements of Code Section 170(b)(1)(F)(ii), a private non-operating foundation must: (A) by the end of the Conduit Election Year, distribute any undistributed income from the year immediately preceding the Conduit Election Year; (B) distribute, in the absence of an election under Code Section 4942(h)(2), any undistributed income from the Conduit Election Year by the end of the Conduit Election Year; and (C) make qualifying distributions treated as distributions out of corpus by no later than the 15th day of the third month of the taxable year following the Conduit Election Year in an amount equal to 100 percent of the contributions received by such foundation in the Conduit Election Year. A. Satisfaction of Minimum Distribution Requirement for the Conduit Election Year. As reported on Part XIII, Line 2, column (c), the undistributed income for the year immediately preceding the Conduit Election Year is $0. In other words, the Foundation had no undistributed income for 2019. B. Timely Satisfaction of Minimum Distribution Requirement for the Taxable Year following the Conduit Election Year. As reported on Part XIII, Line 6f, column (d), the undistributed income for the Conduit Election Year is $0. In other words, the Foundation had no undistributed income for 2020. C. Sufficient Timely Qualified Distributions Made Out of Corpus. To satisfy the requirements of Internal Revenue Code Section 170(b)(1)(F)(ii), the Foundation had until March 15, 2021, the 15th day of the third month of the taxable year following the Conduit Election Year, to make distributions out of corpus in an amount equal to 100 percent of the contributions received by it in the Conduit Election Year, $52,430. As reported on Part XIII, Line 7, the Foundation is treating $52,430 as a current distribution out of corpus in full satisfaction of the requirements of Code Section 170(b)(1)(F)(ii) in respect of the Conduit Election Year. The Foundation has attached the necessary election, pursuant to Treasury Regulations Section 53.4942(a)-3(c)(2)(iv), to treat $52,430, of its unused prior years' corpus distributions, as a current distribution out of corpus.
conduit electionForm 990-PF, Part XIII, Line 7Election to Treat Unused Prior Year Corpus Distributions as Current Year Corpus Distributions Pursuant to Treasury Regulations Section 53.4942(a)-3(c)(2)(iv), Bill and Faye Stallings Family Foundation hereby elects to treat, as a current distribution out of corpus, the following unused prior year's distributions that were treated as corpus distributions under Treasury Regulations Section 53.4942(a)-3(d)(1)(iii) in such prior tax year: Tax Year: 2015 Amount: $52,430 By: MELISSA L. GOODSON Title: SECRETARY

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockTRUIST FINANCIAL CORPORATIONStockNm
EOY Book Value$107,161EOYBookValueAmt
EOYFMV$156,742EOYFMVAmt

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 $60,000. This amount represents 25% or more of the Foundation's net assets of $191,811 (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$5,000$5,000
State or Local Filing Fees$25$25

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
Category990-PF Excise Tax for 2019CategoryTxt
Amt$149Amt

Comments

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