KARSTEN FAMILY FOUNDATION INC: Form 990PF, tax year 2019

View the entire original 990 at ProPublica ↗

Organization
KARSTEN FAMILY FOUNDATION INC (EIN 84-4036992)
Tax period
2019-12-20 to 2019-12-31
Filed
2021-02-25
IRS object ID
202110569349100406
Schema version
2019v5.1
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)
Return2021-02-25T09:30:18-00:00ReturnTs
Tax Period End2019-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Foundation Group IncBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line11321 Murfreesboro Pike Ste 610AddressLine1Txt
CityNashvilleCityNm
State AbbreviationTNStateAbbreviationCd
ZIP37217ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2019-12-20TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN844036992EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Karsten Family Foundation IncBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlKARSBusinessNameControlTxt
Phone8172013196PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line13526 W Vickery BlvdAddressLine1Txt
CityFort WorthCityNm
State AbbreviationTXStateAbbreviationCd
ZIP76107ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonThomas KarstenPersonNm
Person TitlePresidentPersonTitleTxt
Signature2021-02-25SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonWilliam G McRayPreparerPersonNm
Phone6153619445PhoneNum
Preparation2021-02-25PreparationDt
FieldValueIRS element (for citing)
Tax2019TaxYr
Build TS2022-09-23 18:48:47ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Initial ReturnYes (X)InitialReturnInd
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$489,926FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$500,000ContriRcvdRevAndExpnssAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$500,000TotalRevAndExpnssAmt
Total Net Invst Incm$0TotalNetInvstIncmAmt
Other Expenses Rev And Expnss$74OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$74OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$74TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$74TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$10,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$10,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$10,074TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$10,074TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$489,926ExcessRevenueOverExpensesAmt
Net Investment Income$0NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash EOY$489,926CashEOYAmt
Cash EOYFMV$489,926CashEOYFMVAmt
Total Assets EOY$489,926TotalAssetsEOYAmt
Total Assets EOYFMV$489,926TotalAssetsEOYFMVAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests EOY$489,926NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances EOY$489,926TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$0TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$489,926TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Excess Revenue Over Expenses$489,926ExcessRevenueOverExpensesAmt
Subtotal$489,926SubtotalAmt
Tot Net Ast Or Fund Balances EOY$489,926TotNetAstOrFundBalancesEOYAmt

Qlfy Und Sect4940e Reduced Tax QlfyUndSect4940eReducedTaxGrp

FieldValueIRS element (for citing)
Liable Section4942 TaxfalseLiableSection4942TaxInd

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$0InvestmentIncomeExciseTaxAmt

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 StateTXOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (true)Form990PFFiledWithAttyGenInd
Private Operating FoundationfalsePrivateOperatingFoundationInd
New Substantial ContributorsYes (true)NewSubstantialContributorsInd
Own Controlled EntityfalseOwnControlledEntityInd
Donor Advised FundfalseDonorAdvisedFundInd
Comply With Public Insp RqrfalseComplyWithPublicInspRqrInd
Website AddressNone at this time.WebsiteAddressTxt
Individual With BooksThomas KarstenIndividualWithBooksNm
Phone8172013196PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line13526 W Vickery BlvdAddressLine1Txt
CityFort WorthCityNm
State AbbreviationTXStateAbbreviationCd
ZIP76107ZIPCd
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 PrsnYes (true)FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified PrsnfalsePayCompDisqualifiedPrsnInd
Transfer Ast Disqualified PrsnfalseTransferAstDisqualifiedPrsnInd
Payment To Government OfficialfalsePaymentToGovernmentOfficialInd
Acts Fail To Qlfy As ExceptionsfalseActsFailToQlfyAsExceptionsInd
Uncorrected Prior ActsfalseUncorrectedPriorActsInd
Undistributed Income PYfalseUndistributedIncomePYInd
Undistr Incm Sect4942a2 Not AppfalseUndistrIncmSect4942a2NotAppInd
Business HoldingsfalseBusinessHoldingsInd
Jeopardy InvestmentsfalseJeopardyInvestmentsInd
Uncorrected PY Jeopardy InvstfalseUncorrectedPYJeopardyInvstInd
Influence LegislationfalseInfluenceLegislationInd
Influence ElectionfalseInfluenceElectionInd
Grants To IndividualsfalseGrantsToIndividualsInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Noncharitable PurposefalseNoncharitablePurposeInd
Maintained Expenditure RspnsfalseMaintainedExpenditureRspnsInd
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 PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmt
Thomas Karsten
3526 W Vickery BlvdFort WorthTX76107President005.00$0
Kimberly Karsten
3526 W Vickery BlvdFort WorthTX76107Treasurer005.00$0
Mattie Rice
3526 W Vickery BlvdFort WorthTX76107Secretary001.00$0

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

FieldValueIRS element (for citing)
Description1Karsten Family Foundation, Inc. provides financial support to organizations in the local Fort Worth community that are focused on addressing poverty, homelessness, and youth services.Description1Txt
Expenses1$10,000Expenses1Amt
Description2The management and administrative costs incurred to operate the foundation, directly support, and are necessary to carry out the charitable programs and activities conducted by the foundation.Description2Txt
Expenses2$74Expenses2Amt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$0AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$228,747AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$228,747TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$228,747AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$3,431CashDeemedCharitableAmt
Net Vl Noncharitable Assets$225,316NetVlNoncharitableAssetsAmt
Minimum Investment Return$370MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$370MinimumInvestmentReturnAmt
Distributable Before Adj$370DistributableBeforeAdjAmt
Distributable Before Ded$370DistributableBeforeDedAmt
Distributable As Adjusted$370DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

FieldValueIRS element (for citing)
Expenses And Contributions$10,074ExpensesAndContributionsAmt
Qualifying Distributions$10,074QualifyingDistributionsAmt
Adjusted Qualifying Distri$10,074AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$370DistributableAsAdjustedAmt
Qualifying Distributions$10,074QualifyingDistributionsAmt
Applied To Current Year$370AppliedToCurrentYearAmt
Remaining Distri From Corpus$9,704RemainingDistriFromCorpusAmt
Total Corpus$9,704TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$9,704ExcessDistriCyovToNextYrAmt
Excess From Current Year$9,704ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerThomas and Kimberly KarstenContributingManagerNm
Shareholder ManagerNot ApplicableShareholderManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp

Recipient Business Name RecipientBusinessName

FieldValueIRS element (for citing)
Business Name Line1Fort Worth K-LifeBusinessNameLine1Txt

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line16101 Malvey AvenueAddressLine1Txt
CityFort WorthCityNm
State AbbreviationTXStateAbbreviationCd
ZIP76116ZIPCd
FieldValueIRS element (for citing)
Recipient Foundation StatusPCRecipientFoundationStatusTxt
Grant Or Contribution PurposeDonation to a domestically registered 501c3 Public Charity.GrantOrContributionPurposeTxt
Amt$10,000Amt
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$10,000TotalGrantOrContriPdDurYrAmt

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 PersonThomas Kimberly KarstenContributorPersonNm

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line13655 Encanto DriveAddressLine1Txt
CityFort WorthCityNm
State AbbreviationTXStateAbbreviationCd
ZIP76109ZIPCd
FieldValueIRS element (for citing)
Total Contributions$500,000TotalContributionsAmt
Person ContributionYes (X)PersonContributionInd

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp

FieldValueIRS element (for citing)
DescBank Service ChargesDesc
Revenue And Expenses Per Books$74RevenueAndExpensesPerBooksAmt
Disbursements Charitable Prps$74DisbursementsCharitablePrpsAmt

Substantial Contributors Sch SubstantialContributorsSch

Substantial Contributor Detail SubstantialContributorDetail

FieldValueIRS element (for citing)
PersonThomas Kimberly KarstenPersonNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line13655 Encanto DriveAddressLine1Txt
CityFort WorthCityNm
State AbbreviationTXStateAbbreviationCd
ZIP76109ZIPCd

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