The Klungness Family Foundation Inc: Form 990PF, tax year 2017

View the entire original 990 at ProPublica ↗

Organization
The Klungness Family Foundation Inc (EIN 01-0791882)
Tax period
2017-01-01 to 2017-12-31
Filed
2018-05-15
IRS object ID
201811359349101731
Schema version
2017v2.3
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)
Return2018-05-15T10:40:48-05:00ReturnTs
Tax Period End2017-12-31TaxPeriodEndDt

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 Begin2017-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN010791882EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1The Klungness Family Foundation IncBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% Foundation SourceInCareOfNm
Business Name ControlKLUNBusinessNameControlTxt
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)
PersonBARBARA KUNGNESS ANDERSONPersonNm
Person Titlevice presidentPersonTitleTxt
Phone8008391754PhoneNum
Signature2018-05-09SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonJeffrey D HaskellPreparerPersonNm
PTINP01345770PTIN
Phone8008391754PhoneNum
FieldValueIRS element (for citing)
Tax2017TaxYr
Build TS2022-09-23 18:48:47ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$286,707FMVAssetsEOYAmt
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$27InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$27InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss$14,688DividendsRevAndExpnssAmt
Dividends Net Invst Incm$14,688DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$932NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$932GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$932CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$15,647TotalRevAndExpnssAmt
Total Net Invst Incm$15,647TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Taxes Rev And Expnss$139TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$5,025OtherExpensesRevAndExpnssAmt
Other Expenses Dsbrs Chrtbl$5,025OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$5,164TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$5,025TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$7,300ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$7,300ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$12,464TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$12,325TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$3,183ExcessRevenueOverExpensesAmt
Net Investment Income$15,647NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$29,979SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$33,162SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$33,162SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$221,246CorporateStockBOYAmt
Corporate Stock EOY$221,246CorporateStockEOYAmt
Corporate Stock EOYFMV$253,545CorporateStockEOYFMVAmt
Total Assets BOY$251,225TotalAssetsBOYAmt
Total Assets EOY$254,408TotalAssetsEOYAmt
Total Assets EOYFMV$286,707TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow SFAS117Yes (X)OrgDoesNotFollowSFAS117Ind
Retained Earning BOY$251,225RetainedEarningBOYAmt
Retained Earning EOY$254,408RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$251,225TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$254,408TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$251,225TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$254,408TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$251,225TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$3,183ExcessRevenueOverExpensesAmt
Subtotal$254,408SubtotalAmt
Tot Net Ast Or Fund Balances EOY$254,408TotNetAstOrFundBalancesEOYAmt

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$932GrossSalesPriceAmt
Cost Or Other Basis$0CostOrOtherBasisAmt
Gain Or Loss$932GainOrLossAmt
Gains Minus Excess Or Losses$932GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$932CapitalGainNetIncomeAmt

Qlfy Und Sect4940e Reduced Tax QlfyUndSect4940eReducedTaxGrp

FieldValueIRS element (for citing)
Liable Section4942 TaxfalseLiableSection4942TaxInd
Adjusted Qlfy Distri Yr1$11,025AdjustedQlfyDistriYr1Amt
Net Vl Noncharitable Assets Yr1$254,507NetVlNoncharitableAssetsYr1Amt
Distribution Yr10.043319DistributionYr1Rt
Adjusted Qlfy Distri Yr2$11,025AdjustedQlfyDistriYr2Amt
Net Vl Noncharitable Assets Yr2$265,129NetVlNoncharitableAssetsYr2Amt
Distribution Yr20.041584DistributionYr2Rt
Adjusted Qlfy Distri Yr3$12,025AdjustedQlfyDistriYr3Amt
Net Vl Noncharitable Assets Yr3$269,449NetVlNoncharitableAssetsYr3Amt
Distribution Yr30.044628DistributionYr3Rt
Adjusted Qlfy Distri Yr4$13,712AdjustedQlfyDistriYr4Amt
Net Vl Noncharitable Assets Yr4$256,900NetVlNoncharitableAssetsYr4Amt
Distribution Yr40.053375DistributionYr4Rt
Adjusted Qlfy Distri Yr5$13,665AdjustedQlfyDistriYr5Amt
Net Vl Noncharitable Assets Yr5$232,285NetVlNoncharitableAssetsYr5Amt
Distribution Yr50.058829DistributionYr5Rt
Total Distribution0.241735TotalDistributionRt
Average Distribution0.048347AverageDistributionRt
Net Vl Noncharitable Assets$274,535NetVlNoncharitableAssetsAmt
Adj Net Vl Noncharitable Assets$13,273AdjNetVlNoncharitableAssetsAmt
Net Investment Income Pct$156NetInvestmentIncomePctAmt
Adj Nonchrtbl Net Invst Incm Pct$13,429AdjNonchrtblNetInvstIncmPctAmt
Qualifying Distributions$12,325QualifyingDistributionsAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$313InvestmentIncomeExciseTaxAmt
Subtotal$313SubtotalAmt
Tax Based On Investment Income$313TaxBasedOnInvestmentIncomeAmt
Total Payments And Credits$0TotalPaymentsAndCreditsAmt
Tax Due$313TaxDueAmt

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

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (3 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
James A Klungness
Foundation Source 501 Silverside RdWilmingtonDE198091377Pres / Dir / Sec1.0$0$0$0
Kraig Klungness
Foundation Source 501 Silverside RdWilmingtonDE198091377VP / Dir1.0$0$0$0
Barbara Klungness Anderson
Foundation Source 501 Silverside RdWilmingtonDE198091377VP / Dir1.0$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$250,700AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$28,016AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$278,716TotalFMVOfUnusedAssetsAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$278,716AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$4,181CashDeemedCharitableAmt
Net Vl Noncharitable Assets$274,535NetVlNoncharitableAssetsAmt
Minimum Investment Return$13,727MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$13,727MinimumInvestmentReturnAmt
Tax Based On Investment Income$313TaxBasedOnInvestmentIncomeAmt
Total Tax$313TotalTaxAmt
Distributable Before Adj$13,414DistributableBeforeAdjAmt
Distributable Before Ded$13,414DistributableBeforeDedAmt
Distributable As Adjusted$13,414DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

FieldValueIRS element (for citing)
Expenses And Contributions$12,325ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$0CharitableAssetsAcquisPaidAmt
Set Aside Suitability Test$0SetAsideSuitabilityTestAmt
Set Aside Cash Distri Test$0SetAsideCashDistriTestAmt
Qualifying Distributions$12,325QualifyingDistributionsAmt
Adjusted Qualifying Distri$12,325AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$13,414DistributableAsAdjustedAmt
Undistributed Income PY$12,025UndistributedIncomePYAmt
Prior Year12015PriorYear1Yr
Prior Year22014PriorYear2Yr
Prior Year32013PriorYear3Yr
Qualifying Distributions$12,325QualifyingDistributionsAmt
Applied To Year1$12,025AppliedToYear1Amt
Applied To Current Year$300AppliedToCurrentYearAmt
Remaining Distri From Corpus$0RemainingDistriFromCorpusAmt
Total Corpus$0TotalCorpusAmt
Undistributed Income CY$13,114UndistributedIncomeCYAmt
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 ManagerJames A KlungnessContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (3 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
BAY CLIFF HEALTH CAMP
PO BOX 310BIG BAYMI49808N/APCGeneral & Unrestricted$3,000
CARING HOUSE INC
1305 PROSPECT AVEIRON MOUNTAINMI49801N/APCGeneral & Unrestricted$3,300
FINLANDIA UNIVERSITY
601 QUINCY STHANCOCKMI49930N/APCGeneral & Unrestricted$1,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$7,300TotalGrantOrContriPdDurYrAmt

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$27ExclusionAmt

Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$14,688ExclusionAmt
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$932ExclusionAmt
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$15,647ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$15,647TotalIncomeProducingActyAmt

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 (9 entries)

StockStockNmEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
COHEN & STEERS RLTY INCM CL A$8,279$8,244
EAGLE SER TR MID CAP STK FD CL$37,245$37,677
HARBOR FDS INTL FD$28,920$36,793
JP MORGAN CORE BOND FUND$27,821$30,013
JP MORGAN SMALL CAP EQUITY INS$33,628$61,825
JPMORGAN HIGH YIELD BOND FUND$12,662$11,458
JPMORGAN MULTI CAP-MARKET NEUT$19,214$19,341
MARSICO INVT FD FOCUS FD$36,628$33,376
TEMPLETON DEVELOPING MARKETS T$16,849$14,818

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
Administrative Fees$5,000$5,000
State or Local Filing Fees$25$25

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
Category990-PF Excise Tax for 2016CategoryTxt
Amt$139Amt

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