FLAG ART FOUNDATION: Form 990PF, tax year 2020
View the entire original 990 at ProPublica ↗
- Organization
- FLAG ART FOUNDATION (EIN 26-0273135)
- Tax period
- 2020-01-01 to 2020-12-31
- Filed
- 2021-11-15
- IRS object ID
- 202143199349103284
- 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
- Form 990-PF
- Schedule B
- Accounting Fees Schedule
- Depreciation Schedule
- General Explanation Attachment
- Investments Other Schedule2
- Land Etc Schedule2
- Legal Fees Schedule
- Other Assets Schedule
- Other Decreases Schedule
- Other Expenses Schedule
- Other Income Schedule2
- Other Increases Schedule
- Other Liabilities Schedule
- Taxes Schedule
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2021-11-15T12:31:20-06:00 | ReturnTs |
| Tax Period End | 2020-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 420714325 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RSM US LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 TIMES SQUARE | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10036 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990PF | ReturnTypeCd |
| Tax Period Begin | 2020-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 260273135 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE FLAG ART FOUNDATION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | FLAG | BusinessNameControlTxt |
| Phone | 2125186682 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | CO GLENN FUHRMAN 640 PARK AVE 11FL | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10065 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | GLENN FUHRMAN | PersonNm |
| Person Title | PRESIDENT/TREASURER | PersonTitleTxt |
| Phone | 2125186682 | PhoneNum |
| Signature | 2021-11-15 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | GLENN | PersonFirstNm |
| Person Last | FUHRMAN | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | XXX-XX-XXXX | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | LYNNE JOHNSON | PreparerPersonNm |
| PTIN | P00757336 | PTIN |
| Phone | 2123721000 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2020 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization501c3 Exempt PF | Yes (X) | Organization501c3ExemptPFInd |
| FMV Assets EOY | $9,711,199 | FMVAssetsEOYAmt |
| Method Of Accounting Cash | Yes (X) | MethodOfAccountingCashInd |
Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contri Rcvd Rev And Expnss | $2,980,382 | ContriRcvdRevAndExpnssAmt |
| Interest On Sav Rev And Expnss | $16,253 | InterestOnSavRevAndExpnssAmt |
| Interest On Sav Net Invst Incm | $16,253 | InterestOnSavNetInvstIncmAmt |
| Interest On Savings Adj Net Incm | $16,253 | InterestOnSavingsAdjNetIncmAmt |
| Dividends Rev And Expnss | $657 | DividendsRevAndExpnssAmt |
| Dividends Net Invst Incm | $657 | DividendsNetInvstIncmAmt |
| Dividends Adj Net Incm | $657 | DividendsAdjNetIncmAmt |
| Net Gain Sale Ast Rev And Expnss | $225,003 | NetGainSaleAstRevAndExpnssAmt |
| Gross Sales Price | $3,136,620 | GrossSalesPriceAmt |
| Cap Gain Net Incm Net Invst Incm | $2,808,124 | CapGainNetIncmNetInvstIncmAmt |
| Net ST Capital Gain Adj Net Incm | $2,803,895 | NetSTCapitalGainAdjNetIncmAmt |
| Other Income Rev And Expnss | $421,477 | OtherIncomeRevAndExpnssAmt |
| Other Income Net Invst Incm | $338,802 | OtherIncomeNetInvstIncmAmt |
| Other Income Adj Net Incm | $421,477 | OtherIncomeAdjNetIncmAmt |
| Total Rev And Expnss | $3,643,772 | TotalRevAndExpnssAmt |
| Total Net Invst Incm | $3,163,836 | TotalNetInvstIncmAmt |
| Total Adj Net Incm | $3,242,282 | TotalAdjNetIncmAmt |
| Comp Ofcr Dir Trst Rev And Expnss | $185,000 | CompOfcrDirTrstRevAndExpnssAmt |
| Comp Ofcr Dir Trst Net Invst Incm | $0 | CompOfcrDirTrstNetInvstIncmAmt |
| Comp Ofcr Dir Trst Adj Net Incm | $0 | CompOfcrDirTrstAdjNetIncmAmt |
| Comp Ofcr Dir Trst Dsbrs Chrtbl | $185,000 | CompOfcrDirTrstDsbrsChrtblAmt |
| Oth Empl Slrs Wgs Rev And Expnss | $165,542 | OthEmplSlrsWgsRevAndExpnssAmt |
| Oth Empl Slrs Wgs Net Invst Incm | $0 | OthEmplSlrsWgsNetInvstIncmAmt |
| Oth Empl Slrs Wgs Adj Net Incm | $0 | OthEmplSlrsWgsAdjNetIncmAmt |
| Oth Empl Slrs Wgs Dsbrs Chrtbl | $165,542 | OthEmplSlrsWgsDsbrsChrtblAmt |
| Pension Empl Bnft Rev And Expnss | $29,956 | PensionEmplBnftRevAndExpnssAmt |
| Pension Empl Bnft Net Invst Incm | $0 | PensionEmplBnftNetInvstIncmAmt |
| Pension Empl Bnft Adj Net Incm | $0 | PensionEmplBnftAdjNetIncmAmt |
| Pension Empl Bnft Dsbrs Chrtbl | $29,956 | PensionEmplBnftDsbrsChrtblAmt |
| Legal Fees Rev And Expnss | $12,335 | LegalFeesRevAndExpnssAmt |
| Legal Fees Net Invst Incm | $0 | LegalFeesNetInvstIncmAmt |
| Legal Fees Adj Net Incm | $0 | LegalFeesAdjNetIncmAmt |
| Legal Fees Dsbrs Chrtbl | $12,335 | LegalFeesDsbrsChrtblAmt |
| Accounting Fees Rev And Expnss | $12,500 | AccountingFeesRevAndExpnssAmt |
| Accounting Fees Net Invst Incm | $6,250 | AccountingFeesNetInvstIncmAmt |
| Accounting Fees Adj Net Incm | $0 | AccountingFeesAdjNetIncmAmt |
| Accounting Fees Chrtbl Prps | $6,250 | AccountingFeesChrtblPrpsAmt |
| Interest Rev And Expnss | $476 | InterestRevAndExpnssAmt |
| Interest Net Invst Incm | $476 | InterestNetInvstIncmAmt |
| Interest Adj Net Incm | $0 | InterestAdjNetIncmAmt |
| Interest Dsbrs Chrtbl | $0 | InterestDsbrsChrtblAmt |
| Taxes Rev And Expnss | $55,929 | TaxesRevAndExpnssAmt |
| Taxes Net Invst Incm | $0 | TaxesNetInvstIncmAmt |
| Taxes Adj Net Incm | $0 | TaxesAdjNetIncmAmt |
| Taxes Dsbrs Chrtbl | $23,929 | TaxesDsbrsChrtblAmt |
| Deprec And Dpltn Rev And Expnss | $3,081 | DeprecAndDpltnRevAndExpnssAmt |
| Deprec And Dpltn Net Invst Incm | $0 | DeprecAndDpltnNetInvstIncmAmt |
| Deprec And Dpltn Adj Net Incm | $3,081 | DeprecAndDpltnAdjNetIncmAmt |
| Occupancy Rev And Expnss | $102,107 | OccupancyRevAndExpnssAmt |
| Occupancy Net Invst Incm | $0 | OccupancyNetInvstIncmAmt |
| Occupancy Adj Net Incm | $0 | OccupancyAdjNetIncmAmt |
| Occupancy Dsbrs Chrtbl | $102,107 | OccupancyDsbrsChrtblAmt |
| Trav Conf Meeting Rev And Expnss | $3,016 | TravConfMeetingRevAndExpnssAmt |
| Trav Conf Meeting Net Invst Incm | $0 | TravConfMeetingNetInvstIncmAmt |
| Trav Conf Meeting Adj Net Incm | $0 | TravConfMeetingAdjNetIncmAmt |
| Trav Conf Meeting Dsbrs Chrtbl | $3,016 | TravConfMeetingDsbrsChrtblAmt |
| Other Expenses Rev And Expnss | $363,511 | OtherExpensesRevAndExpnssAmt |
| Other Expenses Net Invst Incm | $144 | OtherExpensesNetInvstIncmAmt |
| Other Expenses Adj Net Incm | $0 | OtherExpensesAdjNetIncmAmt |
| Other Expenses Dsbrs Chrtbl | $363,274 | OtherExpensesDsbrsChrtblAmt |
| Tot Opr Expenses Rev And Expnss | $933,453 | TotOprExpensesRevAndExpnssAmt |
| Tot Opr Expenses Net Invst Incm | $6,870 | TotOprExpensesNetInvstIncmAmt |
| Tot Opr Expenses Adj Net Incm | $3,081 | TotOprExpensesAdjNetIncmAmt |
| Tot Opr Expenses Dsbrs Chrtbl | $891,409 | TotOprExpensesDsbrsChrtblAmt |
| Contri Paid Rev And Expnss | $410,000 | ContriPaidRevAndExpnssAmt |
| Contri Paid Dsbrs Chrtbl | $410,000 | ContriPaidDsbrsChrtblAmt |
| Total Expenses Rev And Expnss | $1,343,453 | TotalExpensesRevAndExpnssAmt |
| Total Expenses Net Invst Incm | $6,870 | TotalExpensesNetInvstIncmAmt |
| Total Expenses Adj Net Incm | $3,081 | TotalExpensesAdjNetIncmAmt |
| Total Expenses Dsbrs Chrtbl | $1,301,409 | TotalExpensesDsbrsChrtblAmt |
| Excess Revenue Over Expenses | $2,300,319 | ExcessRevenueOverExpensesAmt |
| Net Investment Income | $3,156,966 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $3,239,201 | AdjustedNetIncomeAmt |
Form990 PF Balance Sheets Form990PFBalanceSheetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cash BOY | $955 | CashBOYAmt |
| Sav And Temp Cash Invst BOY | $350,814 | SavAndTempCashInvstBOYAmt |
| Sav And Temp Cash Invst EOY | $2,378,484 | SavAndTempCashInvstEOYAmt |
| Sav And Temp Cash Invst EOYFMV | $2,378,484 | SavAndTempCashInvstEOYFMVAmt |
| Acct Rcvbl | $5,030 | AcctRcvblAmt |
| Acct Rcvbl BOY | $312,860 | AcctRcvblBOYAmt |
| Acct Rcvbl EOY | $5,030 | AcctRcvblEOYAmt |
| Acct Rcvbl EOYFMV | $5,030 | AcctRcvblEOYFMVAmt |
| Other Investments BOY | $2,425,229 | OtherInvestmentsBOYAmt |
| Other Investments EOY | $3,054,581 | OtherInvestmentsEOYAmt |
| Other Investments EOYFMV | $4,941,786 | OtherInvestmentsEOYFMVAmt |
| Land Bldg Equip Cost Or Other Bss | $125,103 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $14,204 | LandBldgEquipAccumDeprecAmt |
| Land BOY | $113,980 | LandBOYAmt |
| Land EOY | $110,899 | LandEOYAmt |
| Land EOYFMV | $110,899 | LandEOYFMVAmt |
| Other Assets BOY | $2,275,000 | OtherAssetsBOYAmt |
| Other Assets EOY | $2,275,000 | OtherAssetsEOYAmt |
| Other Assets EOYFMV | $2,275,000 | OtherAssetsEOYFMVAmt |
| Total Assets BOY | $5,478,838 | TotalAssetsBOYAmt |
| Total Assets EOY | $7,823,994 | TotalAssetsEOYAmt |
| Total Assets EOYFMV | $9,711,199 | TotalAssetsEOYFMVAmt |
| Accounts Payable EOY | $2,174 | AccountsPayableEOYAmt |
| Other Liabilities BOY | $0 | OtherLiabilitiesBOYAmt |
| Other Liabilities EOY | $225 | OtherLiabilitiesEOYAmt |
| Total Liabilities BOY | $0 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $2,399 | TotalLiabilitiesEOYAmt |
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
| Capital Stock BOY | $430,940 | CapitalStockBOYAmt |
| Capital Stock EOY | $430,940 | CapitalStockEOYAmt |
| Additional Paid In Capital BOY | $0 | AdditionalPaidInCapitalBOYAmt |
| Additional Paid In Capital EOY | $0 | AdditionalPaidInCapitalEOYAmt |
| Retained Earning BOY | $5,047,898 | RetainedEarningBOYAmt |
| Retained Earning EOY | $7,390,655 | RetainedEarningEOYAmt |
| Tot Net Ast Or Fund Balances BOY | $5,478,838 | TotNetAstOrFundBalancesBOYAmt |
| Tot Net Ast Or Fund Balances EOY | $7,821,595 | TotNetAstOrFundBalancesEOYAmt |
| Total Liabilities Net Ast BOY | $5,478,838 | TotalLiabilitiesNetAstBOYAmt |
| Total Liabilities Net Ast EOY | $7,823,994 | TotalLiabilitiesNetAstEOYAmt |
Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Net Ast Or Fund Balances BOY | $5,478,838 | TotNetAstOrFundBalancesBOYAmt |
| Excess Revenue Over Expenses | $2,300,319 | ExcessRevenueOverExpensesAmt |
| Other Increases | $68,398 | OtherIncreasesAmt |
| Subtotal | $7,847,555 | SubtotalAmt |
| Other Decreases | $25,960 | OtherDecreasesAmt |
| Tot Net Ast Or Fund Balances EOY | $7,821,595 | TotNetAstOrFundBalancesEOYAmt |
Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail
Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (4 entries)
| PropertyPropertyDesc | How AcquiredHowAcquiredCd | Gross Sales PriceGrossSalesPriceAmt | Cost Or Other BasisCostOrOtherBasisAmt | Gain Or LossGainOrLossAmt | Gains Minus Excess Or LossesGainsMinusExcessOrLossesAmt | AcquiredAcquiredDt | SoldSoldDt |
|---|---|---|---|---|---|---|---|
| PUBLICLY TRADED SECURITIES | P | $3,136,620 | $396,770 | $2,739,850 | $2,739,850 | ||
| MSD PRIVATE CREDIT OPPORTUNITY FUND LP (STCG) | P | $64,536 | $64,536 | 2020-12-31 | 2020-12-31 | ||
| MSD PRIVATE CREDIT OPPORTUNITY FUND LP (LTCG) | P | $4,229 | $4,229 | 2020-12-31 | 2020-12-31 | ||
| UBTI FROM MSD PRIVATE CREDIT OPPORTUNITY FUND LP (STCG) | P | -$491 | -$491 | 2020-12-31 | 2020-12-31 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Capital Gain Net Income | $2,808,124 | CapitalGainNetIncomeAmt |
| Net Short Term Capital Gain Loss | $2,803,895 | NetShortTermCapitalGainLossAmt |
Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Income Excise Tax | $43,882 | InvestmentIncomeExciseTaxAmt |
| Tax Under Section511 | $0 | TaxUnderSection511Amt |
| Subtotal | $43,882 | SubtotalAmt |
| Subtitle A Tax | $0 | SubtitleATaxAmt |
| Tax Based On Investment Income | $43,882 | TaxBasedOnInvestmentIncomeAmt |
| Estimated Plus Ovpmt Incm Tx | $60,323 | EstimatedPlusOvpmtIncmTxAmt |
| Exempt Frgn Org Tax Wthld At Srce | $0 | ExemptFrgnOrgTaxWthldAtSrceAmt |
| Extsn Request Income Tax Paid | $0 | ExtsnRequestIncomeTaxPaidAmt |
| Backup Withholding Withheld | $0 | BackupWithholdingWithheldAmt |
| Total Payments And Credits | $60,323 | TotalPaymentsAndCreditsAmt |
| Form2220 Attached | Yes (X) | Form2220AttachedInd |
| Es Penalty | $0 | EsPenaltyAmt |
| Overpayment | $16,441 | OverpaymentAmt |
| Applied To ES Tax | $16,441 | AppliedToESTaxAmt |
| Refund | $0 | RefundAmt |
Statements Regarding Acty StatementsRegardingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Legislative Political Acty | 0 | LegislativePoliticalActyInd |
| More Than100 Spent | 0 | MoreThan100SpentInd |
| Form1120 POL Filed | 0 | Form1120POLFiledInd |
| Section4955 Organization Tax | $0 | Section4955OrganizationTaxAmt |
| Section4955 Managers Tax | $0 | Section4955ManagersTaxAmt |
| Tax Reimbursed | $0 | TaxReimbursedAmt |
| Activities Not Previously Rpt | 0 | ActivitiesNotPreviouslyRptInd |
| Changes To Articles Or Bylaws | 0 | ChangesToArticlesOrBylawsInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Organization Dissolved Etc | 0 | OrganizationDissolvedEtcInd |
| Section508e Rqr Satisfied | Yes (1) | Section508eRqrSatisfiedInd |
| At Least5000 In Assets | Yes (1) | AtLeast5000InAssetsInd |
| Org Report Or Register State | NY | OrgReportOrRegisterStateCd |
| Org Report Or Register State | DE | OrgReportOrRegisterStateCd |
| Form990 PF Filed With Atty Gen | Yes (1) | Form990PFFiledWithAttyGenInd |
| Private Operating Foundation | Yes (1) | PrivateOperatingFoundationInd |
| New Substantial Contributors | 0 | NewSubstantialContributorsInd |
| Own Controlled Entity | 0 | OwnControlledEntityInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Comply With Public Insp Rqr | Yes (1) | ComplyWithPublicInspRqrInd |
| Website Address | WWW.FLAGARTFOUNDATION.ORG | WebsiteAddressTxt |
Persons With Books Name PersonsWithBooksName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GLENN FUHRMAN | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2125186682 | PhoneNum |
Location Of Books US Address LocationOfBooksUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | C/O GLENN FUHRMAN 640 PARK AVE 11FL | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10065 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Foreign Accounts Question | 0 | ForeignAccountsQuestionInd |
Statements Regarding Acty4720 StatementsRegardingActy4720Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sale Or Exch Disqualified Prsn | Yes (1) | SaleOrExchDisqualifiedPrsnInd |
| Brrw Or Lend Disqualified Prsn | 0 | BrrwOrLendDisqualifiedPrsnInd |
| Furn Goods Disqualified Prsn | 0 | FurnGoodsDisqualifiedPrsnInd |
| Pay Comp Disqualified Prsn | Yes (1) | PayCompDisqualifiedPrsnInd |
| Transfer Ast Disqualified Prsn | Yes (1) | TransferAstDisqualifiedPrsnInd |
| Payment To Government Official | 0 | PaymentToGovernmentOfficialInd |
| Acts Fail To Qlfy As Exceptions | Yes (1) | ActsFailToQlfyAsExceptionsInd |
| Uncorrected Prior Acts | 0 | UncorrectedPriorActsInd |
| Undistributed Income PY | 0 | UndistributedIncomePYInd |
| Business Holdings | 0 | BusinessHoldingsInd |
| Jeopardy Investments | 0 | JeopardyInvestmentsInd |
| Uncorrected PY Jeopardy Invst | 0 | UncorrectedPYJeopardyInvstInd |
| Influence Legislation | 0 | InfluenceLegislationInd |
| Influence Election | 0 | InfluenceElectionInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Noncharitable Purpose | 0 | NoncharitablePurposeInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp
Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | TitleTitleTxt | Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt | CompensationCompensationAmt | Employee Benefit ProgramEmployeeBenefitProgramAmt | Expense Account Other AllwncExpenseAccountOtherAllwncAmt |
|---|---|---|---|---|---|---|---|---|
| GLENN FUHRMAN | ||||||||
| C/O GLENN FUHRMAN 640 PARK AVE 11FL | NEW YORK | NY | 10065 | PRESIDENT/TREASURER | 5.00 | $0 | $0 | $0 |
| AMANDA FUHRMAN | ||||||||
| C/O GLENN FUHRMAN 640 PARK AVE 11FL | NEW YORK | NY | 10065 | VP/SECRETARY | 5.00 | $0 | $0 | $0 |
| STEPHANIE ROACH | ||||||||
| C/O GLENN FUHRMAN 640 PARK AVE 11FL | NEW YORK | NY | 10065 | DIRECTOR | 40.00 | $183,582 | $12,863 | $0 |
Compensation Highest Paid Empl CompensationHighestPaidEmplGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | TitleTitleTxt | Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt | CompensationCompensationAmt | Employee BenefitsEmployeeBenefitsAmt | Expense AccountExpenseAccountAmt |
|---|---|---|---|---|---|---|---|---|
| JONATHAN RIDER | ||||||||
| C/O GLENN FUHRMAN 640 PARK AVE 11FL | NEW YORK | NY | 10065 | ASSISTANT DIRECTOR | 40.00 | $110,457 | $12,863 | $0 |
| CAROLINE CASSIDY | ||||||||
| C/O GLENN FUHRMAN 640 PARK AVE 11FL | NEW YORK | NY | 10065 | EXHIBITIONS & PROGRA | 40.00 | $53,310 | $357 | $0 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Employee Paid Over50k | 0 | OtherEmployeePaidOver50kCnt |
| Comp Of Hghst Pd Cntrct Or NONE | NONE | CompOfHghstPdCntrctOrNONETxt |
| Contractor Paid Over50k | 0 | ContractorPaidOver50kCnt |
Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description1 | MAINTAINING WEBSITE OF FOUNDATION TO SHOWCASE ART HELD IN GALLERY AND NOTIFY PUBLIC OF UPCOMING EVENTS. | Description1Txt |
| Expenses1 | $0 | Expenses1Amt |
| Description2 | 7 PIECES OF ART LOANED TO 7 GALLERIES AND MUSEUMS EACH FOR PERIODS RANGING FROM 3 MONTHS TO OPEN ENDED. | Description2Txt |
| Expenses2 | $0 | Expenses2Amt |
| Description3 | REPRODUCTION OF AN OLD 80'S MOVIE USING ACTORS FROM VARIOUS HARLEM SCHOOLS IN HELPING OUT THE COMMUNITY. | Description3Txt |
| Expenses3 | $0 | Expenses3Amt |
Sum Of Program Related Invst SumOfProgramRelatedInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Minimum Investment Return MinimumInvestmentReturnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Average Monthly FMV Of Sec | $438,145 | AverageMonthlyFMVOfSecAmt |
| Average Monthly Cash Balances | $2,120,331 | AverageMonthlyCashBalancesAmt |
| FMV All Other Noncharitable Ast | $4,272,321 | FMVAllOtherNoncharitableAstAmt |
| Total FMV Of Unused Assets | $6,830,797 | TotalFMVOfUnusedAssetsAmt |
| Reduction Claimed | $0 | ReductionClaimedAmt |
| Acquisition Indebtedness | $0 | AcquisitionIndebtednessAmt |
| Adjusted Total FMV Of Unused Ast | $6,830,797 | AdjustedTotalFMVOfUnusedAstAmt |
| Cash Deemed Charitable | $102,462 | CashDeemedCharitableAmt |
| Net Vl Noncharitable Assets | $6,728,335 | NetVlNoncharitableAssetsAmt |
| Minimum Investment Return | $336,417 | MinimumInvestmentReturnAmt |
Distributable Amount DistributableAmountGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sect4942j3j5 Fndtn And Frgn Org | Yes (X) | Sect4942j3j5FndtnAndFrgnOrgInd |
Qualifying Distri Part XII QualifyingDistriPartXIIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expenses And Contributions | $1,301,409 | ExpensesAndContributionsAmt |
| Program Related Invst Total | $0 | ProgramRelatedInvstTotalAmt |
| Qualifying Distributions | $1,301,409 | QualifyingDistributionsAmt |
| Pct Sect4940e Org Net Invst Incm | $0 | PctSect4940eOrgNetInvstIncmAmt |
| Adjusted Qualifying Distri | $1,301,409 | AdjustedQualifyingDistriAmt |
Private Operating Foundations PrivateOperatingFoundationsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Private Operating Fndtn Ruling | 2007-12-26 | PrivateOperatingFndtnRulingDt |
| Section4942j3 | Yes (X) | Section4942j3Ind |
Lessor Adj Net Incm Min Invst Ret LessorAdjNetIncmMinInvstRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $336,417 | CurrentYearAmt |
| Year1 | $137,322 | Year1Amt |
| Year2 | $0 | Year2Amt |
| Year3 | $452 | Year3Amt |
| Total | $474,191 | TotalAmt |
Pct85 Lessor Adj Incm Or Min Ret Pct85LessorAdjIncmOrMinRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $285,954 | CurrentYearAmt |
| Year1 | $116,724 | Year1Amt |
| Year2 | $0 | Year2Amt |
| Year3 | $384 | Year3Amt |
| Total | $403,062 | TotalAmt |
Qualifying Distributions QualifyingDistributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $1,301,409 | CurrentYearAmt |
| Year1 | $1,407,162 | Year1Amt |
| Year2 | $1,810,128 | Year2Amt |
| Year3 | $903,532 | Year3Amt |
| Total | $5,422,231 | TotalAmt |
Qualifying Distri Not Used Drt QualifyingDistriNotUsedDrtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $0 | CurrentYearAmt |
| Year1 | $0 | Year1Amt |
| Year2 | $0 | Year2Amt |
| Year3 | $0 | Year3Amt |
| Total | $0 | TotalAmt |
Qualifying Distri Made Drt QualifyingDistriMadeDrtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $1,301,409 | CurrentYearAmt |
| Year1 | $1,407,162 | Year1Amt |
| Year2 | $1,810,128 | Year2Amt |
| Year3 | $903,532 | Year3Amt |
| Total | $5,422,231 | TotalAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Total Assets Sect4942j3 Bi TotalAssetsSect4942j3BiGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Two Thirds Minimum Invst Ret TwoThirdsMinimumInvstRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $224,278 | CurrentYearAmt |
| Year1 | $119,610 | Year1Amt |
| Year2 | $142,712 | Year2Amt |
| Year3 | $33,110 | Year3Amt |
| Total | $519,710 | TotalAmt |
Total Support TotalSupportGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Public Support Type PublicSupportType
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Largest Support From EO LargestSupportFromEOGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Gross Investment Income GrossInvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Supplementary Information SupplementaryInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributing Manager | GLENN FUHRMAN | ContributingManagerNm |
| Only Contri To Preselected | Yes (X) | OnlyContriToPreselectedInd |
Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (2 entries)
| Address Line1RecipientUSAddress/AddressLine1Txt | CityRecipientUSAddress/CityNm | State AbbreviationRecipientUSAddress/StateAbbreviationCd | ZIPRecipientUSAddress/ZIPCd | Recipient RelationshipRecipientRelationshipTxt | Recipient Foundation StatusRecipientFoundationStatusTxt | Grant Or Contribution PurposeGrantOrContributionPurposeTxt | AmtAmt |
|---|---|---|---|---|---|---|---|
| 92ND STREET Y NURSERY SCHOOL | |||||||
| 1395 LEXINGTON AVENUE | NEW YORK | NY | 10128 | NONE | PC | FOR DONEE'S EXEMPT PURPOSE | $10,000 |
| THE CONTEMPORARY AUSTIN | |||||||
| 3809 WEST 35TH STREET | AUSTIN | TX | 78703 | NONE | PC | FOR DONEE'S EXEMPT PURPOSE | $400,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Grant Or Contri Pd Dur Yr | $410,000 | TotalGrantOrContriPdDurYrAmt |
| Total Grant Or Contri Apprv Fut | $0 | TotalGrantOrContriApprvFutAmt |
Analysis Income Producing Acty AnalysisIncomeProducingActyGrp
Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 14 | ExclusionCd |
| Exclusion | $16,253 | ExclusionAmt |
Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 14 | ExclusionCd |
| Exclusion | $657 | ExclusionAmt |
Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business | 525990 | BusinessCd |
| Unrelated Business Taxbl Incm | $491 | UnrelatedBusinessTaxblIncmAmt |
| Exclusion | 18 | ExclusionCd |
| Exclusion | $224,512 | ExclusionAmt |
Gross Profit Loss Sls Of Invntry GrossProfitLossSlsOfInvntryGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 01 | ExclusionCd |
Other Revenue Described OtherRevenueDescribedGrp (3 entries)
| DescDesc | ExclusionExclusionCd | ExclusionExclusionAmt | BusinessBusinessCd | Unrelated Business Taxbl IncmUnrelatedBusinessTaxblIncmAmt |
|---|---|---|---|---|
| MSD AQUA PARTNERS LP | 14 | $235,806 | ||
| MSD PRIVATE CREDIT OPPORTUNITY FUND LP | 14 | $107,849 | 525990 | $17,870 |
| MSD RING PARTNERS LP | 14 | -$4,853 | 525990 | $64,805 |
Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Unrelated Business Taxbl Incm | $83,166 | UnrelatedBusinessTaxblIncmAmt |
| Exclusion | $580,224 | ExclusionAmt |
| Related Or Exempt Function Incm | $0 | RelatedOrExemptFunctionIncmAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Income Producing Acty | $663,390 | TotalIncomeProducingActyAmt |
Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trnsfr Of Cash To Nonchrtbl EO | 0 | TrnsfrOfCashToNonchrtblEOInd |
| Trnsfr Other Asset Nonchrtbl EO | 0 | TrnsfrOtherAssetNonchrtblEOInd |
| Sales Or Exchanges Of Assets | 0 | SalesOrExchangesOfAssetsInd |
| Purchase Of Assets Nonchrtbl EO | 0 | PurchaseOfAssetsNonchrtblEOInd |
| Rental Of Facilities Oth Assets | 0 | RentalOfFacilitiesOthAssetsInd |
| Reimbursement Arrangements | 0 | ReimbursementArrangementsInd |
| Loans Or Loan Guarantees | 0 | LoansOrLoanGuaranteesInd |
| Performance Of Services Etc | 0 | PerformanceOfServicesEtcInd |
| Sharing Of Facilities Etc | 0 | SharingOfFacilitiesEtcInd |
| Relationships Nonchrtbl EO | 0 | RelationshipsNonchrtblEOInd |
Schedule B IRS990ScheduleB
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization501c3 Exempt PF | Yes (X) | Organization501c3ExemptPFInd |
| General Rule | Yes (X) | GeneralRuleInd |
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | 1 | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GLENN FUHRMAN | BusinessNameLine1Txt |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 640 PARK AVENUE 11FL | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10065 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | $2,980,382 | TotalContributionsAmt |
| Noncash Contribution | Yes (X) | NoncashContributionInd |
Non Cash Property Contribution NonCashPropertyContributionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | 1 | ContributorNum |
| Noncash Property | 119,646 SHARES OF LIVONGO HEALTH INC. | NoncashPropertyDesc |
| Fair Market Value | $2,980,382 | FairMarketValueAmt |
| Received | 2020-01-29 | ReceivedDt |
Accounting Fees Schedule AccountingFeesSchedule
Accounting Fees Detail AccountingFeesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | TAX PREPARATION FEES | CategoryTxt |
| Amt | $12,500 | Amt |
| Net Investment Income | $6,250 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $0 | AdjustedNetIncomeAmt |
| Disbursements Charitable Prps | $6,250 | DisbursementsCharitablePrpsAmt |
Depreciation Schedule DepreciationSchedule
Depreciation Property DepreciationPropertyGrp (2 entries)
| PropertyPropertyDesc | Cost Or Other BasisCostOrOtherBasisAmt | Prior Year DepreciationPriorYearDepreciationAmt | Computation MethodComputationMethodTxt | LifeLifeRt | Current Year ExpenseCurrentYearExpenseAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt | AcquiredAcquiredDt |
|---|---|---|---|---|---|---|---|---|
| COMPUTER EQUIPMENT | $4,961 | $4,961 | SL | 5.000000000000 | $0 | $0 | $0 | |
| LEASEHOLD IMPROVEMENTS | $120,142 | $6,162 | SL | 39.000000000000 | $3,081 | $0 | $3,081 | 2018-01-12 |
General Explanation Attachment GeneralExplanationAttachment
General Explanation GeneralExplanationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | OTHER ASSETS - ARTWORK | IdentifierTxt |
| Form And Line Reference | FORM 990-PF, PART II LINE 15, COLUMN A | FormAndLineReferenceDesc |
| Medium Explanation | THE FLAG ART FOUNDATION MAKES AN ADJUSTMENT OF THE DONATED ARTWORK WORTH $2,000,000 THAT WAS NOT BEING PICKED UP IN THE YEAR 2019 TAX RETURN. | MediumExplanationTxt |
Investments Other Schedule2 InvestmentsOtherSchedule2
Investments Other InvestmentsOtherGrp (3 entries)
| Category Or ItemCategoryOrItemTxt | Listed At Cost Or FMVListedAtCostOrFMVCd | Book ValueBookValueAmt | EOYFMVEOYFMVAmt |
|---|---|---|---|
| MSD AQUA PARTNERS LP | FMV | $765,464 | $1,533,079 |
| MSD PRIVATE CREDIT OPPORTUNITY FUND LP | FMV | $2,026,729 | $2,108,924 |
| MSD RING PARTNERS LP | FMV | $262,388 | $1,299,783 |
Land Etc Schedule2 LandEtcSchedule2
Land Etc LandEtcGrp (2 entries)
| Category Or ItemCategoryOrItemTxt | Cost Or Other BasisCostOrOtherBasisAmt | Accumulated DepreciationAccumulatedDepreciationAmt | Book ValueBookValueAmt | EOYFMVEOYFMVAmt |
|---|---|---|---|---|
| COMPUTER EQUIPMENT | $4,961 | $4,961 | $0 | $0 |
| LEASEHOLD IMPROVEMENTS | $120,142 | $9,243 | $110,899 | $110,899 |
Legal Fees Schedule LegalFeesSchedule
Legal Fees LegalFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | LEGAL FEES | CategoryTxt |
| Legal Fees | $12,335 | LegalFeesAmt |
| Net Investment Income | $0 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $0 | AdjustedNetIncomeAmt |
| Disbursements Charitable Prps | $12,335 | DisbursementsCharitablePrpsAmt |
Other Assets Schedule OtherAssetsSchedule
Other Assets Schedule OtherAssetsScheduleGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | ARTWORK | Desc |
| BOY Book Value | $2,275,000 | BOYBookValueAmt |
| EOY Book Value | $2,275,000 | EOYBookValueAmt |
| EOYFMV | $2,275,000 | EOYFMVAmt |
Other Decreases Schedule OtherDecreasesSchedule
Other Decreases Detail OtherDecreasesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | PRIOR PERIOD ADJUSTMENT | Desc |
| Amt | $25,960 | Amt |
Other Expenses Schedule OtherExpensesSchedule
Other Expenses Schedule OtherExpensesScheduleGrp (15 entries)
| DescDesc | Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|---|---|
| ART ADVERTISING | $41,937 | $0 | $0 | $41,937 |
| ART RELATED EXPENSES | $61,343 | $0 | $0 | $61,343 |
| ART SHIPPING AND HANDLING | $41,937 | $0 | $0 | $41,937 |
| BANK CHARGES | $144 | $144 | $0 | $0 |
| COMMUNICATIONS | $31,995 | $0 | $0 | $31,995 |
| DUES AND SUBSCRIPTIONS | $2,661 | $0 | $0 | $2,661 |
| EXHIBITION EXPENSE | $103,323 | $0 | $0 | $103,323 |
| INSURANCE | $20,056 | $0 | $0 | $20,056 |
| MEALS | $8,771 | $0 | $0 | $8,771 |
| MISC. EXPENSES | $4,673 | $0 | $0 | $4,580 |
| OFFICE SUPPLIES | $13,125 | $0 | $0 | $13,125 |
| PROGRAM EXPENSE | $637 | $0 | $0 | $637 |
| REPAIRS AND MAINTENANCE | $21,262 | $0 | $0 | $21,262 |
| STORAGE EXPENSE | $7,528 | $0 | $0 | $7,528 |
| TELEPHONE | $4,119 | $0 | $0 | $4,119 |
Other Income Schedule2 OtherIncomeSchedule2
Other Income Detail OtherIncomeDetail (3 entries)
| DescDesc | Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt |
|---|---|---|---|
| MSD AQUA PARTNERS LP | $235,806 | $235,806 | $235,806 |
| MSD PRIVATE CREDIT OPPORTUNITY FUND LP | $125,719 | $107,849 | $125,719 |
| MSD RING PARTNERS LP | $59,952 | -$4,853 | $59,952 |
Other Increases Schedule OtherIncreasesSchedule
Other Increases Detail OtherIncreasesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | PRIOR YEAR CHECKS NOT CASHED | Desc |
| Amt | $68,398 | Amt |
Other Liabilities Schedule OtherLiabilitiesSchedule
Other Liabilities Detail OtherLiabilitiesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | DUE TO FLAG FOUNDATION FOR EXCELLENCE IN EDUCATION | Desc |
| BOY Book Value | $0 | BOYBookValueAmt |
| EOY Book Value | $225 | EOYBookValueAmt |
Taxes Schedule TaxesSchedule
Taxes Detail TaxesDetail (5 entries)
| CategoryCategoryTxt | AmtAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|---|---|
| PAYROLL TAXES | $23,398 | $0 | $0 | $23,398 |
| FEDERAL EXCISE TAX | $32,000 | $0 | $0 | $0 |
| NYS FILING FEE | $50 | $0 | $0 | $50 |
| NYS DEPT OF LAW | $250 | $0 | $0 | $250 |
| DELAWARE FILING FEE | $231 | $0 | $0 | $231 |
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