FLAG ART FOUNDATION: Form 990PF, tax year 2018
View the entire original 990 at ProPublica ↗
- Organization
- FLAG ART FOUNDATION (EIN 26-0273135)
- Tax period
- 2018-01-01 to 2018-12-31
- Filed
- 2019-11-15
- IRS object ID
- 201913199349100141
- Schema version
- 2018v3.1
- 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
- Depreciation Schedule
- General Explanation Attachment
- Investments Other Schedule2
- Land Etc Schedule2
- Legal Fees Schedule
- Other Assets Schedule
- Other Expenses Schedule
- Other Income Schedule2
- Other Professional Fees Schedule
- Taxes Schedule
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2019-11-15T09:05:54-06:00 | ReturnTs |
| Tax Period End | 2018-12-31 | 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 | 2018-01-01 | 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 | 2123031650 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | C/O MSD CAPITAL LP 645 FIFTH AVENUE | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 100225910 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | GLENN FUHRMAN | PersonNm |
| Person Title | CHAIRMAN / PRESIDENT | PersonTitleTxt |
| Phone | 2123031650 | PhoneNum |
| Signature | 2019-11-15 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | LYNNE JOHNSON | PreparerPersonNm |
| PTIN | P00757336 | PTIN |
| Phone | 2123721000 | PhoneNum |
Filing Security Information FilingSecurityInformation
IP Address IPAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| I Pv4 Address | 96.224.92.161 | IPv4AddressTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IP | 2019-11-15 | IPDt |
| IP Tm | 08:50:36 | IPTm |
| IP Timezone | ES | IPTimezoneCd |
| Filing License Type | P | FilingLicenseTypeCd |
| At Submission Creation Device Id | DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 | AtSubmissionCreationDeviceId |
| At Submission Filing Device Id | 3BE78EE3CD9C04C31E2E3DD4590FA9F8F4A6D636 | AtSubmissionFilingDeviceId |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2018 | TaxYr |
| Build TS | 2020-03-31 21:24:44Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization501c3 Exempt PF | Yes (X) | Organization501c3ExemptPFInd |
| FMV Assets EOY | $4,545,600 | 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 | $0 | ContriRcvdRevAndExpnssAmt |
| Schedule B Not Required | Yes (X) | ScheduleBNotRequiredInd |
| Interest On Sav Rev And Expnss | $18,096 | InterestOnSavRevAndExpnssAmt |
| Interest On Sav Net Invst Incm | $18,096 | InterestOnSavNetInvstIncmAmt |
| Interest On Savings Adj Net Incm | $18,096 | InterestOnSavingsAdjNetIncmAmt |
| Net Gain Sale Ast Rev And Expnss | -$356,926 | NetGainSaleAstRevAndExpnssAmt |
| Gross Sales Price | $2,644,352 | GrossSalesPriceAmt |
| Cap Gain Net Incm Net Invst Incm | $2,602,988 | CapGainNetIncmNetInvstIncmAmt |
| Net ST Capital Gain Adj Net Incm | $1,650 | NetSTCapitalGainAdjNetIncmAmt |
| Gross Sales Less Ret And Allwnc | $155 | GrossSalesLessRetAndAllwncAmt |
| Gross Profit Rev And Expnss | $155 | GrossProfitRevAndExpnssAmt |
| Gross Profit Adj Net Incm | $155 | GrossProfitAdjNetIncmAmt |
| Other Income Rev And Expnss | -$431,095 | OtherIncomeRevAndExpnssAmt |
| Other Income Net Invst Incm | -$368,243 | OtherIncomeNetInvstIncmAmt |
| Other Income Adj Net Incm | -$431,095 | OtherIncomeAdjNetIncmAmt |
| Total Rev And Expnss | -$769,770 | TotalRevAndExpnssAmt |
| Total Net Invst Incm | $2,252,841 | TotalNetInvstIncmAmt |
| Total Adj Net Incm | -$411,194 | TotalAdjNetIncmAmt |
| Comp Ofcr Dir Trst Rev And Expnss | $175,000 | 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 | $175,000 | CompOfcrDirTrstDsbrsChrtblAmt |
| Oth Empl Slrs Wgs Rev And Expnss | $152,903 | 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 | $152,903 | OthEmplSlrsWgsDsbrsChrtblAmt |
| Pension Empl Bnft Rev And Expnss | $30,358 | PensionEmplBnftRevAndExpnssAmt |
| Pension Empl Bnft Net Invst Incm | $0 | PensionEmplBnftNetInvstIncmAmt |
| Pension Empl Bnft Adj Net Incm | $0 | PensionEmplBnftAdjNetIncmAmt |
| Pension Empl Bnft Dsbrs Chrtbl | $30,358 | PensionEmplBnftDsbrsChrtblAmt |
| Legal Fees Rev And Expnss | $25,176 | LegalFeesRevAndExpnssAmt |
| Legal Fees Net Invst Incm | $0 | LegalFeesNetInvstIncmAmt |
| Legal Fees Adj Net Incm | $0 | LegalFeesAdjNetIncmAmt |
| Legal Fees Dsbrs Chrtbl | $25,176 | LegalFeesDsbrsChrtblAmt |
| Other Prof Fees Rev And Expnss | $17,331 | OtherProfFeesRevAndExpnssAmt |
| Other Prof Fees Net Invst Incm | $0 | OtherProfFeesNetInvstIncmAmt |
| Other Prof Fees Adj Net Incm | $0 | OtherProfFeesAdjNetIncmAmt |
| Other Prof Fees Dsbrs Chrtbl | $17,331 | OtherProfFeesDsbrsChrtblAmt |
| Taxes Rev And Expnss | $140,650 | TaxesRevAndExpnssAmt |
| Taxes Net Invst Incm | $0 | TaxesNetInvstIncmAmt |
| Taxes Adj Net Incm | $0 | TaxesAdjNetIncmAmt |
| Taxes Dsbrs Chrtbl | $140,650 | 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 | $230,753 | OccupancyRevAndExpnssAmt |
| Occupancy Net Invst Incm | $0 | OccupancyNetInvstIncmAmt |
| Occupancy Adj Net Incm | $0 | OccupancyAdjNetIncmAmt |
| Occupancy Dsbrs Chrtbl | $230,753 | OccupancyDsbrsChrtblAmt |
| Trav Conf Meeting Rev And Expnss | $34,262 | TravConfMeetingRevAndExpnssAmt |
| Trav Conf Meeting Net Invst Incm | $0 | TravConfMeetingNetInvstIncmAmt |
| Trav Conf Meeting Adj Net Incm | $0 | TravConfMeetingAdjNetIncmAmt |
| Trav Conf Meeting Dsbrs Chrtbl | $34,262 | TravConfMeetingDsbrsChrtblAmt |
| Other Expenses Rev And Expnss | $571,356 | OtherExpensesRevAndExpnssAmt |
| Other Expenses Net Invst Incm | $17,661 | OtherExpensesNetInvstIncmAmt |
| Other Expenses Adj Net Incm | $0 | OtherExpensesAdjNetIncmAmt |
| Other Expenses Dsbrs Chrtbl | $553,695 | OtherExpensesDsbrsChrtblAmt |
| Tot Opr Expenses Rev And Expnss | $1,380,870 | TotOprExpensesRevAndExpnssAmt |
| Tot Opr Expenses Net Invst Incm | $17,661 | TotOprExpensesNetInvstIncmAmt |
| Tot Opr Expenses Adj Net Incm | $3,081 | TotOprExpensesAdjNetIncmAmt |
| Tot Opr Expenses Dsbrs Chrtbl | $1,360,128 | TotOprExpensesDsbrsChrtblAmt |
| Contri Paid Rev And Expnss | $450,000 | ContriPaidRevAndExpnssAmt |
| Contri Paid Dsbrs Chrtbl | $450,000 | ContriPaidDsbrsChrtblAmt |
| Total Expenses Rev And Expnss | $1,830,870 | TotalExpensesRevAndExpnssAmt |
| Total Expenses Net Invst Incm | $17,661 | TotalExpensesNetInvstIncmAmt |
| Total Expenses Adj Net Incm | $3,081 | TotalExpensesAdjNetIncmAmt |
| Total Expenses Dsbrs Chrtbl | $1,810,128 | TotalExpensesDsbrsChrtblAmt |
| Excess Revenue Over Expenses | -$2,600,640 | ExcessRevenueOverExpensesAmt |
| Net Investment Income | $2,235,180 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $0 | AdjustedNetIncomeAmt |
Form990 PF Balance Sheets Form990PFBalanceSheetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cash BOY | $600 | CashBOYAmt |
| Cash EOY | $5,538 | CashEOYAmt |
| Cash EOYFMV | $5,538 | CashEOYFMVAmt |
| Sav And Temp Cash Invst BOY | $3,225,251 | SavAndTempCashInvstBOYAmt |
| Sav And Temp Cash Invst EOY | $1,817,744 | SavAndTempCashInvstEOYAmt |
| Sav And Temp Cash Invst EOYFMV | $1,817,744 | SavAndTempCashInvstEOYFMVAmt |
| Acct Rcvbl | $417 | AcctRcvblAmt |
| Acct Rcvbl BOY | $423 | AcctRcvblBOYAmt |
| Acct Rcvbl EOY | $417 | AcctRcvblEOYAmt |
| Acct Rcvbl EOYFMV | $417 | AcctRcvblEOYFMVAmt |
| Other Investments BOY | $3,002,928 | OtherInvestmentsBOYAmt |
| Other Investments EOY | $1,687,802 | OtherInvestmentsEOYAmt |
| Other Investments EOYFMV | $2,329,840 | OtherInvestmentsEOYFMVAmt |
| Land Bldg Equip Cost Or Other Bss | $125,103 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $8,042 | LandBldgEquipAccumDeprecAmt |
| Land BOY | $0 | LandBOYAmt |
| Land EOY | $117,061 | LandEOYAmt |
| Land EOYFMV | $117,061 | LandEOYFMVAmt |
| Other Assets BOY | $275,000 | OtherAssetsBOYAmt |
| Other Assets EOY | $275,000 | OtherAssetsEOYAmt |
| Other Assets EOYFMV | $275,000 | OtherAssetsEOYFMVAmt |
| Total Assets BOY | $6,504,202 | TotalAssetsBOYAmt |
| Total Assets EOY | $3,903,562 | TotalAssetsEOYAmt |
| Total Assets EOYFMV | $4,545,600 | TotalAssetsEOYFMVAmt |
| Total Liabilities BOY | $0 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $0 | TotalLiabilitiesEOYAmt |
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
| 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 | $6,073,262 | RetainedEarningBOYAmt |
| Retained Earning EOY | $3,472,622 | RetainedEarningEOYAmt |
| Tot Net Ast Or Fund Balances BOY | $6,504,202 | TotNetAstOrFundBalancesBOYAmt |
| Tot Net Ast Or Fund Balances EOY | $3,903,562 | TotNetAstOrFundBalancesEOYAmt |
| Total Liabilities Net Ast BOY | $6,504,202 | TotalLiabilitiesNetAstBOYAmt |
| Total Liabilities Net Ast EOY | $3,903,562 | TotalLiabilitiesNetAstEOYAmt |
Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Net Ast Or Fund Balances BOY | $6,504,202 | TotNetAstOrFundBalancesBOYAmt |
| Excess Revenue Over Expenses | -$2,600,640 | ExcessRevenueOverExpensesAmt |
| Other Increases | $0 | OtherIncreasesAmt |
| Subtotal | $3,903,562 | SubtotalAmt |
| Other Decreases | $0 | OtherDecreasesAmt |
| Tot Net Ast Or Fund Balances EOY | $3,903,562 | TotNetAstOrFundBalancesEOYAmt |
Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail
Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (2 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 | $2,644,352 | $43,014 | $2,601,338 | $2,601,338 | ||
| MSD PRIVATE CREDIT OPPORTUNITY FUND LP (STCG) | P | $1,650 | $1,650 | 2018-12-31 | 2018-12-31 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Capital Gain Net Income | $2,602,988 | CapitalGainNetIncomeAmt |
| Net Short Term Capital Gain Loss | $1,650 | NetShortTermCapitalGainLossAmt |
Qlfy Und Sect4940e Reduced Tax QlfyUndSect4940eReducedTaxGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Liable Section4942 Tax | 0 | LiableSection4942TaxInd |
| Adjusted Qlfy Distri Yr1 | $903,532 | AdjustedQlfyDistriYr1Amt |
| Net Vl Noncharitable Assets Yr1 | $993,295 | NetVlNoncharitableAssetsYr1Amt |
| Distribution Yr1 | 0.909631 | DistributionYr1Rt |
| Adjusted Qlfy Distri Yr2 | $957,758 | AdjustedQlfyDistriYr2Amt |
| Net Vl Noncharitable Assets Yr2 | $205,878 | NetVlNoncharitableAssetsYr2Amt |
| Distribution Yr2 | 4.652066 | DistributionYr2Rt |
| Adjusted Qlfy Distri Yr3 | $831,727 | AdjustedQlfyDistriYr3Amt |
| Net Vl Noncharitable Assets Yr3 | $605,844 | NetVlNoncharitableAssetsYr3Amt |
| Distribution Yr3 | 1.372840 | DistributionYr3Rt |
| Adjusted Qlfy Distri Yr4 | $888,131 | AdjustedQlfyDistriYr4Amt |
| Net Vl Noncharitable Assets Yr4 | $547,067 | NetVlNoncharitableAssetsYr4Amt |
| Distribution Yr4 | 1.623441 | DistributionYr4Rt |
| Adjusted Qlfy Distri Yr5 | $760,227 | AdjustedQlfyDistriYr5Amt |
| Net Vl Noncharitable Assets Yr5 | $1,306,050 | NetVlNoncharitableAssetsYr5Amt |
| Distribution Yr5 | 0.582081 | DistributionYr5Rt |
| Total Distribution | 9.140059 | TotalDistributionRt |
| Average Distribution | 1.828012 | AverageDistributionRt |
| Net Vl Noncharitable Assets | $4,281,351 | NetVlNoncharitableAssetsAmt |
| Adj Net Vl Noncharitable Assets | $7,826,361 | AdjNetVlNoncharitableAssetsAmt |
| Net Investment Income Pct | $22,352 | NetInvestmentIncomePctAmt |
| Adj Nonchrtbl Net Invst Incm Pct | $7,848,713 | AdjNonchrtblNetInvstIncmPctAmt |
| Qualifying Distributions | $1,810,128 | QualifyingDistributionsAmt |
Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Income Excise Tax | $44,704 | InvestmentIncomeExciseTaxAmt |
| Tax Under Section511 | $0 | TaxUnderSection511Amt |
| Subtotal | $44,704 | SubtotalAmt |
| Subtitle A Tax | $0 | SubtitleATaxAmt |
| Tax Based On Investment Income | $44,704 | TaxBasedOnInvestmentIncomeAmt |
| Estimated Plus Ovpmt Incm Tx | $60,000 | EstimatedPlusOvpmtIncmTxAmt |
| Extsn Request Income Tax Paid | $15,000 | ExtsnRequestIncomeTaxPaidAmt |
| Backup Withholding Withheld | $0 | BackupWithholdingWithheldAmt |
| Total Payments And Credits | $75,000 | TotalPaymentsAndCreditsAmt |
| Form2220 Attached | Yes (X) | Form2220AttachedInd |
| Es Penalty | $0 | EsPenaltyAmt |
| Overpayment | $30,296 | OverpaymentAmt |
| Applied To ES Tax | $30,296 | 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 |
| Individual With Books | GLENN FUHRMAN | IndividualWithBooksNm |
| Phone | 2123031650 | PhoneNum |
Location Of Books US Address LocationOfBooksUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 645 FIFTH AVENUE | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 100225910 | 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 | 0 | TransferAstDisqualifiedPrsnInd |
| Payment To Government Official | 0 | PaymentToGovernmentOfficialInd |
| Acts Fail To Qlfy As Exceptions | 0 | 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 (4 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 MSD CAPITAL 645 FIFTH AVENUE | NEW YORK | NY | 100225910 | CHAIRMAN AND PRESIDENT | 5.00 | $0 | $0 | $0 |
| JOHN PHELAN | ||||||||
| C/O MSD CAPITAL 645 FIFTH AVENUE | NEW YORK | NY | 100225910 | VICE PRESIDENT/TREASURER | 5.00 | $0 | $0 | $0 |
| ERIC LANE | ||||||||
| C/O MSD CAPITAL 645 FIFTH AVENUE | NEW YORK | NY | 100225910 | VICE PRESIDENT/SECRETARY | 5.00 | $0 | $0 | $0 |
| STEPHANIE ROACH | ||||||||
| C/O MSD CAPITAL 645 FIFTH AVENUE | NEW YORK | NY | 100225910 | DIRECTOR | 40.00 | $175,000 | $11,311 | $0 |
Compensation Highest Paid Empl CompensationHighestPaidEmplGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JONATHAN RIDER | PersonNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | C/O MSD CAPITAL 645 FIFTH AVENUE | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 100225910 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Title | ASSISTANT DIRECTOR | TitleTxt |
| Average Hrs Per Wk Devoted To Pos | 40.00 | AverageHrsPerWkDevotedToPosRt |
| Compensation | $90,000 | CompensationAmt |
| Employee Benefits | $11,311 | EmployeeBenefitsAmt |
| Expense Account | $0 | ExpenseAccountAmt |
| 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 | 21 PIECES OF ART LOANED TO 9 GALLERIES AND MUSEUMS EACH FOR PERIODS RANGING FROM 1 MONTH TO 7 MONTHS. | 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 | $163,578 | 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 | $266,519 | AverageMonthlyFMVOfSecAmt |
| Average Monthly Cash Balances | $2,914,690 | AverageMonthlyCashBalancesAmt |
| FMV All Other Noncharitable Ast | $1,165,340 | FMVAllOtherNoncharitableAstAmt |
| Total FMV Of Unused Assets | $4,346,549 | TotalFMVOfUnusedAssetsAmt |
| Reduction Claimed | $0 | ReductionClaimedAmt |
| Acquisition Indebtedness | $0 | AcquisitionIndebtednessAmt |
| Adjusted Total FMV Of Unused Ast | $4,346,549 | AdjustedTotalFMVOfUnusedAstAmt |
| Cash Deemed Charitable | $65,198 | CashDeemedCharitableAmt |
| Net Vl Noncharitable Assets | $4,281,351 | NetVlNoncharitableAssetsAmt |
| Minimum Investment Return | $214,068 | 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 | $1,810,128 | ExpensesAndContributionsAmt |
| Program Related Invst Total | $0 | ProgramRelatedInvstTotalAmt |
| Qualifying Distributions | $1,810,128 | QualifyingDistributionsAmt |
| Pct Sect4940e Org Net Invst Incm | $0 | PctSect4940eOrgNetInvstIncmAmt |
| Adjusted Qualifying Distri | $1,810,128 | 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 | $0 | CurrentYearAmt |
| Year1 | $452 | Year1Amt |
| Year2 | $607 | Year2Amt |
| Year3 | $1,289 | Year3Amt |
| Total | $2,348 | TotalAmt |
Pct85 Lessor Adj Incm Or Min Ret Pct85LessorAdjIncmOrMinRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $0 | CurrentYearAmt |
| Year1 | $384 | Year1Amt |
| Year2 | $516 | Year2Amt |
| Year3 | $1,096 | Year3Amt |
| Total | $1,996 | TotalAmt |
Qualifying Distributions QualifyingDistributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $1,810,128 | CurrentYearAmt |
| Year1 | $903,532 | Year1Amt |
| Year2 | $957,758 | Year2Amt |
| Year3 | $831,727 | Year3Amt |
| Total | $4,503,145 | 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 | $1,810,128 | CurrentYearAmt |
| Year1 | $903,532 | Year1Amt |
| Year2 | $957,758 | Year2Amt |
| Year3 | $831,727 | Year3Amt |
| Total | $4,503,145 | 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 | $142,712 | CurrentYearAmt |
| Year1 | $33,110 | Year1Amt |
| Year2 | $6,863 | Year2Amt |
| Year3 | $20,195 | Year3Amt |
| Total | $202,880 | 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
Recipient Business Name RecipientBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE CONTEMPORARY AUSTIN | BusinessNameLine1Txt |
Recipient US Address RecipientUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3809 WEST 35TH STREET | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 78731 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Recipient Relationship | NONE | RecipientRelationshipTxt |
| Recipient Foundation Status | PC | RecipientFoundationStatusTxt |
| Grant Or Contribution Purpose | FOR DONEE'S EXEMPT PURPOSE | GrantOrContributionPurposeTxt |
| Amt | $450,000 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Grant Or Contri Pd Dur Yr | $450,000 | 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 | $18,096 | ExclusionAmt |
Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 18 | ExclusionCd |
| Exclusion | -$356,926 | ExclusionAmt |
Gross Profit Loss Sls Of Invntry GrossProfitLossSlsOfInvntryGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 01 | ExclusionCd |
| Exclusion | $155 | ExclusionAmt |
Other Revenue Described OtherRevenueDescribedGrp (4 entries)
| DescDesc | ExclusionExclusionCd | ExclusionExclusionAmt | BusinessBusinessCd | Unrelated Business Taxbl IncmUnrelatedBusinessTaxblIncmAmt |
|---|---|---|---|---|
| MSD AQUA PARTNERS LP | 14 | -$1,814 | ||
| MSD PRIVATE CREDIT OPP FUND LP | 14 | $18,855 | ||
| MSD RING PARTNERS LP | 14 | -$385,284 | ||
| UBTI LOSS FROM LIMITED PARTNERSHIPS | 525990 | -$62,852 |
Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Unrelated Business Taxbl Incm | -$62,852 | UnrelatedBusinessTaxblIncmAmt |
| Exclusion | -$706,918 | ExclusionAmt |
| Related Or Exempt Function Incm | $0 | RelatedOrExemptFunctionIncmAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Income Producing Acty | -$769,770 | 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 |
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 | SL | 39.000000000000 | $3,081 | $0 | $3,081 | 2018-01-12 |
General Explanation Attachment GeneralExplanationAttachment
General Explanation GeneralExplanationGrp (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | Medium ExplanationMediumExplanationTxt |
|---|---|
| FORM 990PF, PART I, LINE 10A | GROSS SALES OF $155 IS FROM CATALOGUE SALES. |
| FORM 990PF, PART VII-B, LINE 1A(1) | THE FOUNDATION LEASES SPACE FROM FLAG ART PROPERTY LLC, A LIMITED LIABILITY COMPANY WHICH IS 100% OWNED BY GLENN FUHRMAN, A DISQUALIFIED PERSON. THE LEASE AGREEMENT PROVIDES FOR RENT OF $0. |
| FORM 990PF, PART XV, LINE 2 | THE FLAG ART FOUNDATION ("FOUNDATION") WAS CREATED ON MAY 25, 2007 AS A NON-PROFIT CORPORATION TO PROMOTE THE STUDY, IMPROVEMENT AND ADVANCEMENT OF THE VISUAL ARTS, TO FURTHER THE PUBLIC'S APPRECIATION AND UNDERSTANDING OF ACHIEVEMENTS AND ART WORKS ELICITED BY ART, ARCHITECTURE AND LANDSCAPE, TO LOAN WORKS OF ART TO OTHER PUBLIC CHARITIES FOR EXHIBITION, AND TO HOLD AND SUPPORT EXHIBITIONS OF POSTWAR AND CONTEMPORARY WORKS OF ART.THE FOUNDATION WILL OWN (OR HAVE LOANED TO IT FROM OTHERS) PAINTINGS, DRAWINGS AND OTHER WORKS OF ART, AND MAY ALSO OWN OR HAVE LOANED TO IT BOOKS, PUBLICATIONS AND ARCHIVAL MATERIALS RELATED TO WORKS OF ART. THE FOUNDATION WILL USE THESE ITEMS TO CARRY OUT ITS CHARITABLE, EDUCATIONAL AND CULTURAL PROGRAMS AS DESCRIBED BELOW.A PRINCIPAL ACTIVITY OF THE FOUNDATION WILL BE TO CIRCULATE WORKS OF ART ON A CONTINUING BASIS TO EDUCATIONAL INSTITUTIONS, PUBLIC MUSEUMS AND SIMILAR SECTION 501(C)(3) INSTITUTIONS FOR PUBLIC EXAMINATION AND DISPLAY AND USE BY TEACHERS, SCHOLARS AND OTHERS FOR STUDY OF ART AND CULTURE. THE FOUNDATION WILL NOT CHARGE THE INSTITUTIONS TO WHICH IT LENDS WORKS OF ART FOR THEIR USE OF THESE WORKS, BUT THE INSTITUTIONS SOMETIMES MAY BE EXPECTED TO PAY FOR TRANSPORTATION COSTS AND COSTS ASSOCIATED WITH SAFEKEEPING AND PRESERVATION OF THE ART WHILE AT SUCH INSTITUTIONS. |
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 | $765,584 | $836,685 |
| MSD PRIVATE CREDIT OPPORTUNITY FUND LP | FMV | $607,180 | $612,692 |
| MSD RING PARTNERS LP | FMV | $315,038 | $880,463 |
Land Etc Schedule2 LandEtcSchedule2
Land Etc LandEtcGrp (2 entries)
| Category Or ItemCategoryOrItemTxt | Cost Or Other BasisCostOrOtherBasisAmt | Accumulated DepreciationAccumulatedDepreciationAmt | Book ValueBookValueAmt |
|---|---|---|---|
| COMPUTER EQUIPMENT | $4,961 | $4,961 | $0 |
| LEASEHOLD IMPROVEMENTS | $120,142 | $3,081 | $117,061 |
Legal Fees Schedule LegalFeesSchedule
Legal Fees LegalFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | LEGAL FEES | CategoryTxt |
| Legal Fees | $25,176 | LegalFeesAmt |
| Net Investment Income | $0 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $0 | AdjustedNetIncomeAmt |
| Disbursements Charitable Prps | $25,176 | DisbursementsCharitablePrpsAmt |
Other Assets Schedule OtherAssetsSchedule
Other Assets Schedule OtherAssetsScheduleGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | ARTWORK | Desc |
| BOY Book Value | $275,000 | BOYBookValueAmt |
| EOY Book Value | $275,000 | EOYBookValueAmt |
| EOYFMV | $275,000 | EOYFMVAmt |
Other Expenses Schedule OtherExpensesSchedule
Other Expenses Schedule OtherExpensesScheduleGrp (16 entries)
| DescDesc | Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|---|---|
| ART ADVERTISING | $30,144 | $0 | $0 | $30,144 |
| ART EVENTS | $9,075 | $0 | $0 | $9,075 |
| ART RELATED EXPENSES | $174,306 | $0 | $0 | $174,306 |
| ART SHIPPING AND HANDLING | $135,153 | $0 | $0 | $135,153 |
| BANK CHARGES | $17,661 | $17,661 | $0 | $0 |
| COMMUNICATIONS | $5,443 | $0 | $0 | $5,443 |
| DELAWARE FILING FEE | $234 | $0 | $0 | $234 |
| INSURANCE | $12,403 | $0 | $0 | $12,403 |
| MEALS | $595 | $0 | $0 | $595 |
| NYS DEPT OF LAW | $250 | $0 | $0 | $250 |
| OFFICE SUPPLIES | $3,464 | $0 | $0 | $3,464 |
| PANTRY SUPPLIES | $4,062 | $0 | $0 | $4,062 |
| PAYROLL PREPARATION EXPENSE | $1,869 | $0 | $0 | $1,869 |
| PROGRAM EXPENSES | $163,578 | $0 | $0 | $163,578 |
| STORAGE EXPENSE | $7,092 | $0 | $0 | $7,092 |
| TECHNOLOGY | $6,027 | $0 | $0 | $6,027 |
Other Income Schedule2 OtherIncomeSchedule2
Other Income Detail OtherIncomeDetail (4 entries)
| DescDesc | Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt |
|---|---|---|---|
| MSD AQUA PARTNERS LP | -$1,814 | -$1,814 | -$1,814 |
| MSD PRIVATE CREDIT OPP FUND LP | $18,855 | $18,855 | $18,855 |
| MSD RING PARTNERS LP | -$385,284 | -$385,284 | -$385,284 |
| UBTI LOSS FROM LIMITED PARTNERSHIPS | -$62,852 | -$62,852 |
Other Professional Fees Schedule OtherProfessionalFeesSchedule
Other Professional Fees Detail OtherProfessionalFeesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | OTHER PROFESSIONAL FEES | CategoryTxt |
| Amt | $17,331 | Amt |
| Net Investment Income | $0 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $0 | AdjustedNetIncomeAmt |
| Disbursements Charitable Prps | $17,331 | DisbursementsCharitablePrpsAmt |
Taxes Schedule TaxesSchedule
Taxes Detail TaxesDetail (2 entries)
| CategoryCategoryTxt | AmtAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|---|---|
| PAYROLL TAXES | $22,133 | $0 | $0 | $22,133 |
| FEDERAL EXCISE TAX | $118,517 | $0 | $0 | $118,517 |
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