FOUNDATION FOR THE PROMOTION OF INDIVIDUAL OPPORTUNITY INC: Form 990PF, tax year 2020

View the entire original 990 at ProPublica ↗

Organization
FOUNDATION FOR THE PROMOTION OF INDIVIDUAL OPPORTUNITY INC (EIN 27-4000049)
Tax period
2020-01-01 to 2020-12-31
Filed
2021-11-09
IRS object ID
202113139349101601
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)
EIN274000049EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1The Foundation for the Promotion ofBusinessNameLine1Txt
Business Name Line2Individual Opportunity IncBusinessNameLine2Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlFOUNBusinessNameControlTxt
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)
Personcharles m oberPersonNm
Person TitlepresidentPersonTitleTxt
Phone8008391754PhoneNum
Signature2021-10-31SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person Firstcharles mPersonFirstNm
Person LastoberPersonLastNm
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$936,708FMVAssetsEOYAmt
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$21InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$21InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$39,478DividendsRevAndExpnssAmt
Dividends Net Invst Incm$39,478DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$1,946NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$1,946GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$1,946CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$41,445TotalRevAndExpnssAmt
Total Net Invst Incm$41,445TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Other Prof Fees Rev And Expnss$5,570OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$5,570OtherProfFeesNetInvstIncmAmt
Taxes Rev And Expnss$2TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$8,502OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$8,502OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$14,074TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$5,570TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$8,502TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$39,400ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$39,400ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$53,474TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$5,570TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$47,902TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$12,029ExcessRevenueOverExpensesAmt
Net Investment Income$35,875NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$83,368SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$62,595SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$62,595SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$880,731CorporateStockBOYAmt
Corporate Stock EOY$889,475CorporateStockEOYAmt
Corporate Stock EOYFMV$874,113CorporateStockEOYFMVAmt
Total Assets BOY$964,099TotalAssetsBOYAmt
Total Assets EOY$952,070TotalAssetsEOYAmt
Total Assets EOYFMV$936,708TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Retained Earning BOY$964,099RetainedEarningBOYAmt
Retained Earning EOY$952,070RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$964,099TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$952,070TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$964,099TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$952,070TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$964,099TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$12,029ExcessRevenueOverExpensesAmt
Subtotal$952,070SubtotalAmt
Tot Net Ast Or Fund Balances EOY$952,070TotNetAstOrFundBalancesEOYAmt

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$1,946GrossSalesPriceAmt
Cost Or Other Basis$0CostOrOtherBasisAmt
Gain Or Loss$1,946GainOrLossAmt
Gains Minus Excess Or Losses$1,946GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$1,946CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$499InvestmentIncomeExciseTaxAmt
Subtotal$499SubtotalAmt
Tax Based On Investment Income$499TaxBasedOnInvestmentIncomeAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$500ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits$500TotalPaymentsAndCreditsAmt
Overpayment$1OverpaymentAmt
Applied To ES Tax$1AppliedToESTaxAmt

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
Charles M Ober
Foundation Source 501 Silverside RdWilmingtonDE198091377Pres, Dir, Sec1.0$0$0$0
Jacqueline Ober
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$802,881AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$74,883AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$877,764TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$877,764AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$13,166CashDeemedCharitableAmt
Net Vl Noncharitable Assets$864,598NetVlNoncharitableAssetsAmt
Minimum Investment Return$43,230MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$43,230MinimumInvestmentReturnAmt
Tax Based On Investment Income$499TaxBasedOnInvestmentIncomeAmt
Total Tax$499TotalTaxAmt
Distributable Before Adj$42,731DistributableBeforeAdjAmt
Distributable Before Ded$42,731DistributableBeforeDedAmt
Distributable As Adjusted$42,731DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

FieldValueIRS element (for citing)
Expenses And Contributions$47,902ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$47,902QualifyingDistributionsAmt
Pct Sect4940e Org Net Invst Incm$0PctSect4940eOrgNetInvstIncmAmt
Adjusted Qualifying Distri$47,902AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$42,731DistributableAsAdjustedAmt
Undistributed Income PY$44,942UndistributedIncomePYAmt
Prior Year12018PriorYear1Yr
Prior Year22017PriorYear2Yr
Prior Year32016PriorYear3Yr
Qualifying Distributions$47,902QualifyingDistributionsAmt
Applied To Year1$44,942AppliedToYear1Amt
Applied To Current Year$2,960AppliedToCurrentYearAmt
Remaining Distri From Corpus$0RemainingDistriFromCorpusAmt
Total Corpus$0TotalCorpusAmt
Undistributed Income CY$39,771UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$0ExcessDistriCyovToNextYrAmt
Excess From Current Year$0ExcessFromCurrentYearAmt
FieldValueIRS element (for citing)
Private Operating FoundationsPrivateOperatingFoundationsGrp

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerCharles M OberContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (7 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
ALLIANCE FOR OPEN SOCIETY INTERNATIONAL INC
224 W 57TH ST 4TH FLRNEW YORKNY10019N/APCMaryland Fund$10,400
CHI PSI EDUCATIONAL TRUST INC
45 RUTLEDGE STNASHVILLETN37210N/APCAlpha Psi Educational Trust$3,000
GILMAN SCHOOL INC
5407 ROLAND AVEBALTIMOREMD21210N/APCGeneral & Unrestricted$3,000
MARYLAND FOOD BANK INC
2200 HALETHORPE FARMS ROBALTIMOREMD21227N/APCCharitable Event$3,000
MARYLAND FOOD BANK INC
2200 HALETHORPE FARMS ROBALTIMOREMD21227N/APCGeneral & Unrestricted$7,000
MARYLAND YOUTH CLUB OF AMERICA INC
400 E PRATT ST STE 800BALTIMOREMD21202N/APCGeneral & Unrestricted$8,000
YOUTH ADVOCATE PROGRAMS INC
2007 N 3RD STHARRISBURGPA17102N/APCTo support services in Maryland$5,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$39,400TotalGrantOrContriPdDurYrAmt

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$21ExclusionAmt

Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$39,478ExclusionAmt
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$1,946ExclusionAmt
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$41,445ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$41,445TotalIncomeProducingActyAmt

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 (10 entries)

StockStockNmEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
BNY MELLON GLOBAL EQUITY INCOM$105,482$115,776
CALAMOS STRATEGIC TOTAL RETURN$56,193$69,523
COHEN & STEERS INFRASTUCTURE F$132,557$129,823
COHEN AND STEERS REALTY INCOME$59,927$61,317
DOUBLELINE CORE FIXED INCOME I$100,162$105,075
FEDERATED STRAT VAL FD IS$191,103$158,257
LOOMIS SAYLES BOND FUND$75,507$74,904
MAINGATE MLP FUND CL I$14,814$6,377
PIMCO INCOME FUND P CLASS$100,000$99,753
TEKLA HEALTHCARE INVESTORS$53,730$53,308

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$8,477$8,477
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$5,570Amt
Net Investment Income$5,570NetInvestmentIncomeAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
Category990-PF Excise Tax for 2019CategoryTxt
Amt$2Amt

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