2021-02-03T17:00:10-06:00 2020-04-30 990 2019-05-01 366828217 KRASA FAMILY TRUST (22-37883) KRAS 3126306000 THE NORTHERN TRUST COMPANY PO BOX CHICAGO IL 60680 JAMES CIARLETTE VP 3126306000 2021-01-29 2019 2022-09-23 18:48:47Z NA 4392605 false X N/A X 1982 IL TO SUPPORT ORGANIZATIONS LISTED ON SCHEDULE A PART I 1 0 0 0 0 0 0 3002214 451603 0 3002214 451603 413494 1111198 0 103607 128148 0 0 7014 9217 524115 1248563 2478099 -796960 12552883 11757767 0 0 12552883 11757767 TO SUPPORT ORGANIZATIONS LISTED ON SCHEDULE A PART I false false 1111198 1111198 LOYOLA UNIVERSITY - GRANT 1111198 true false false false false false false false false false false false false false false false false false false false false false false false false false false true false false false false false false false false false false false false false false false true false false false true 0 0 0 false false false false false false false false false false false false X 1 0 false false false false false false false true false false false true true true true false true false false false IL X NORTHERN TRUST 3126306000 PO BOX 803878 CHICAGO IL 60680 NORTHERN TRUST COMPANY TRUSTEE 40.0 0.0 X 128148 0 0 128148 0 0 1 false false false 410603 410603 3982002 3941002 41000 41000 41000 451603 451603 1111198 1111198 128148 128148 2500 2500 FOREIGN TAXES 6677 6677 SERVICE CHARGE 25 25 STATE FILING FEE 15 15 1248563 1111198 137365 0 259101 167072 12293782 11590695 12552883 11757767 0 0 X 12552883 11757767 12552883 11757767 12552883 11757767 X -796960 1844 X false false false X X 1 LOYOLA UNIVERSITY 361408475 2 true 1111198 0 1 1111198 0 true false false false false false false false false false false false false false false true false true 0 0 291903 410603 291903 410603 0 98995 55221 0 192908 355382 13574277 13587535 0 0 13574277 13587535 0 0 13574277 13587535 203614 203813 13370663 13383722 467973 468430 0 467973 468430 192908 163972 467973 467973 0 467973 1111198 0 82144 0 0 0 1193342 0 467973 0 467973 643224 0 0 0 0 0 0 0 0 0 0 1193342 643224 467973 82145 0 0 82145 0 0 0 0 82145 PART IV, SECTION D, LINE 2 NORTHERN TRUST MAINTAINED A CLOSE AND CONTINUOUS RELATIONSHIP VIA COMMUNICATION EITHER BY EMAIL, PHONE AND FACE TO FACE MEETINGS WITH THE PORTFOLIO MANAGER, CLIENT ADVISOR AND/OR MANAGING DIRECTOR. PART IV, SECTION D, LINE 3 REPRESENTATIVES OF THE TRUSTEE AND THE SUPPORTED ORGANIZATION(S) HAVE PERIODIC TELEPHONE MEETINGS DURING WHICH QUESTIONS AND CONCERNS ARE ADDRESSED. THE TERMS OF THE DISTRIBUTIONS ARE DETERMINED BY THE TRUST DOCUMENT. NORTHERN TRUST PROVIDES THE SUPPORTED ORGANIZATION(S) WITH REGULAR INVESTMENT STATEMENTS, ETC. PART V, SECTION E, LINES 2 SEE SCHEDULE O true LOYOLA UNIVERSITY 820 N MICHIGAN AVE CHICAGO IL 60611 361408475 501(c)(3) 1111198 GENERAL SUPPORT EXPLANATION FOR FORM 990, SCHEDULE I, PART 1, LINE 2 MEETINGS AT LEAST ANNUALLY WITH SUPPORTED ORGANIZATION SCHEDULE A, PART V, SCH E, LINES 2 THE KRASA FAMILY TRUST (THE TRUST) FAILED TO DISTRIBUTE $643,224 FOR YEARS PRIOR TO 2019, IN ACCORDANCE WITH TREASURY REGULATION SECTION 1.509(A)-4(I)(5)(II), BECAUSE THE NORTHERN TRUST COMPANY (NORTHERN), THE SOLE TRUSTEE, HAD NOT YET CREATED PROCEDURES TO COMPLY WITH THE NEW REQUIREMENTS UNDER THE REVISED REGULATIONS. CONT. INSTEAD, THE TRUST PROPERLY PAID OUT THE NET INCOME DISTRIBUTABLE UNDER THE TERMS OF THE GOVERNING INSTRUMENT PRIOR APRIL 30, 2020, BUT FAILED TO CALCULATE THE DIFFERENCE BETWEEN THAT AND THE DISTRIBUTABLE AMOUNT AS DEFINED IN TREASURY REGULATION SECTION 1.509(A)-4(I)(5)(II)(B). CONT. HOWEVER, IN CONNECTION WITH THE PREPARATION OF THIS NEW SCHEDULE A, THE NORTHERN TAX DEPARTMENT RECOGNIZED THE NEED TO HAVE SYSTEMATIC PROCEDURES FOR COMPLIANCE WITH THE NEW REQUIREMENT, AND HAS IMPLEMENTED PROCEDURES SIMILAR TO THOSE USED FOR THE PRIVATE FOUNDATIONS THAT NORTHERN ADMINISTERS. CONT. THE REASONABLE CAUSE EXCEPTION UNDER TREASURY REGULATION SECTION 1.509(A)-4(I)(5)(II)(F) STATES AN ORGANIZATION THAT FAILS TO DISTRIBUTE ITS DISTRIBUTABLE AMOUNT WILL NOT BE CLASSIFIED AS A PRIVATE FOUNDATION FOR THE YEAR OF THE FAILURE IF THE ORGANIZATION ESTABLISHES TO THE SATISFACTION OF THE IRS THAT: CONT. (1) THE FAILURE WAS DUE TO UNFORESEEN EVENTS OR CIRCUMSTANCES BEYOND ITS CONTROL, A CLERICAL ERROR, OR AN INCORRECT VALUATION OF ASSETS; (2) THE FAILURE WAS DUE TO REASONABLE CAUSE AND NOT TO WILLFUL NEGLECT; CONT. AND (3) THE DISTRIBUTION REQUIREMENT IS MET WITHIN 180 DAYS AFTER THE ORGANIZATION IS FIRST ABLE TO DISTRIBUTE ITS DISTRIBUTABLE AMOUNT NOTWITHSTANDING THE UNFORESEEN EVENTS OR CIRCUMSTANCES, OR WITHIN 180 DAYS AFTER THE CLERICAL ERROR OR INCORRECT VALUATION WAS OR SHOULD HAVE BEEN DISCOVERED. CONT. AS ESTABLISHED ABOVE, THE UNDERDISTRIBUTION WAS DUE TO REASONABLE CAUSE AND NOT TO WILLFUL NEGLECT. THE TRUST WILL PAY OUT THE UNDERDISTRIBUTION IN LESS THAN 180 DAYS SINCE THE DISCOVERY OF THE UNDERDISTRIBUTION AND HENCEFORTH WILL TIMELY COMPLY WITH THE DISTRIBUTABLE AMOUNT REQUIREMENT. EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 8b THE ORGANIZATION HAD NO COMMITTEES FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW COPY OF TAX RETURN SENT TO TRUSTEE FOR REVIEW AND COMMENT EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12c ANNUAL ACKNOWLEDGEMENT FORM 990, PAGE 6, PART VI, LINE 19 UPON REQUEST EXPLANATION FOR FORM 990, PART XI, LINE 9 TAX COST ADJUSTMENT LOYOLA UNIVERSITY 820 N MICHIGAN AVE CHICAGO IL 60611 361408475 UNIVERSITY IL 501(c)(3) 2 N/A false false true false false false false false false false false false false false false false false false false false