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HAROLD AND PATRICIA KORELL FOUNDATION: Form 990PF, tax year 2016

View the entire original 990 at ProPublica ↗

Organization
HAROLD AND PATRICIA KORELL FOUNDATION (EIN 27-1507283)
Tax period
2016-01-01 to 2016-12-31
Filed
2017-06-29
IRS object ID
201711809349100006
Schema version
2016v3.0
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)
Return2017-06-29T06:39:51-07:00ReturnTs
Tax Period End2016-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Roger Goddard CPA PCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line13100 Timmons Lane Suite 440AddressLine1Txt
CityHoustonCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77027ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2016-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN271507283EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1The Harold and Patricia Korell FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlHAROBusinessNameControlTxt
Phone7135222293PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line13333 Allen Pkwy Unit 2708AddressLine1Txt
CityHoustonCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77019ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonHAROLD M KORELLPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone7135222293PhoneNum
Signature2017-06-27SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonROGER D GODDARDPreparerPersonNm
Phone7136225088PhoneNum
Preparation2017-06-29PreparationDt

Filing Security Information FilingSecurityInformation

IP Address IPAddress

FieldValueIRS element (for citing)
I Pv4 Address74.213.53.25IPv4AddressTxt
FieldValueIRS element (for citing)
IP2017-06-29IPDt
IP Tm06:39:42IPTm
IP TimezonePDIPTimezoneCd
Filing License TypePFilingLicenseTypeCd
At Submission Creation Device Id16E3B034A97A269718EB753575D53CBE46767BCFAtSubmissionCreationDeviceId
At Submission Filing Device Id16E3B034A97A269718EB753575D53CBE46767BCFAtSubmissionFilingDeviceId
FieldValueIRS element (for citing)
Tax2016TaxYr
Build TS2021-01-29 14:40:06ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$1,244,339FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss$10InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$10InterestOnSavNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$220,620NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$247,685GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$220,620CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$220,630TotalRevAndExpnssAmt
Total Net Invst Incm$220,630TotalNetInvstIncmAmt
Taxes Rev And Expnss$3,807TaxesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss$3,807TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$0ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$0ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$3,807TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$0TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$216,823ExcessRevenueOverExpensesAmt
Net Investment Income$220,630NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$5,012SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$248,899SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$248,899SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$5,511,814CorporateStockBOYAmt
Corporate Stock EOY$4,638,640CorporateStockEOYAmt
Corporate Stock EOYFMV$995,440CorporateStockEOYFMVAmt
Total Assets BOY$5,516,826TotalAssetsBOYAmt
Total Assets EOY$4,887,539TotalAssetsEOYAmt
Total Assets EOYFMV$1,244,339TotalAssetsEOYFMVAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow SFAS117Yes (X)OrgDoesNotFollowSFAS117Ind
Retained Earning BOY$5,516,826RetainedEarningBOYAmt
Retained Earning EOY$4,887,539RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$5,516,826TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$4,887,539TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$5,516,826TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$4,887,539TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$5,516,826TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$216,823ExcessRevenueOverExpensesAmt
Subtotal$5,733,649SubtotalAmt
Other Decreases$846,110OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$4,887,539TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp

FieldValueIRS element (for citing)
PropertySouthwestern Energy Company - 17,318 sharesPropertyDesc
How AcquiredDHowAcquiredCd
Acquired2015-05-08AcquiredDt
Sold2016-07-26SoldDt
Gross Sales Price$247,685GrossSalesPriceAmt
Depreciation$0DepreciationAmt
Cost Or Other Basis$27,065CostOrOtherBasisAmt
Gain Or Loss$220,620GainOrLossAmt
FMV As Of123169$0FMVAsOf123169Amt
Adjusted Basis As Of123169$0AdjustedBasisAsOf123169Amt
Excess FMV Over Adjusted Bss$0ExcessFMVOverAdjustedBssAmt
Gains Minus Excess Or Losses$220,620GainsMinusExcessOrLossesAmt
FieldValueIRS element (for citing)
Capital Gain Net Income$220,620CapitalGainNetIncomeAmt

Qlfy Und Sect4940e Reduced Tax QlfyUndSect4940eReducedTaxGrp

FieldValueIRS element (for citing)
Liable Section4942 TaxfalseLiableSection4942TaxInd
Adjusted Qlfy Distri Yr1$203,716AdjustedQlfyDistriYr1Amt
Net Vl Noncharitable Assets Yr1$2,222,459NetVlNoncharitableAssetsYr1Amt
Distribution Yr10.091662DistributionYr1Rt
Adjusted Qlfy Distri Yr2$225,000AdjustedQlfyDistriYr2Amt
Net Vl Noncharitable Assets Yr2$4,779,796NetVlNoncharitableAssetsYr2Amt
Distribution Yr20.047073DistributionYr2Rt
Adjusted Qlfy Distri Yr3$219,000AdjustedQlfyDistriYr3Amt
Net Vl Noncharitable Assets Yr3$4,628,318NetVlNoncharitableAssetsYr3Amt
Distribution Yr30.047317DistributionYr3Rt
Adjusted Qlfy Distri Yr4$219,000AdjustedQlfyDistriYr4Amt
Net Vl Noncharitable Assets Yr4$4,345,478NetVlNoncharitableAssetsYr4Amt
Distribution Yr40.050397DistributionYr4Rt
Adjusted Qlfy Distri Yr5$201,250AdjustedQlfyDistriYr5Amt
Net Vl Noncharitable Assets Yr5$5,430,994NetVlNoncharitableAssetsYr5Amt
Distribution Yr50.037056DistributionYr5Rt
Total Distribution0.273505TotalDistributionRt
Average Distribution0.054701AverageDistributionRt
Net Vl Noncharitable Assets$1,227,778NetVlNoncharitableAssetsAmt
Adj Net Vl Noncharitable Assets$67,161AdjNetVlNoncharitableAssetsAmt
Net Investment Income Pct$2,206NetInvestmentIncomePctAmt
Adj Nonchrtbl Net Invst Incm Pct$69,367AdjNonchrtblNetInvstIncmPctAmt
Qualifying Distributions$0QualifyingDistributionsAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$4,413InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$4,413SubtotalAmt
Tax Based On Investment Income$4,413TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$2,500EstimatedPlusOvpmtIncmTxAmt
Total Payments And Credits$2,500TotalPaymentsAndCreditsAmt
Original Return Tax Paid$2,500OriginalReturnTaxPaidAmt
Form2220 AttachedYes (X)Form2220AttachedInd
Es Penalty$4EsPenaltyAmt
Tax Due$1,917TaxDueAmt
Applied To ES Tax$0AppliedToESTaxAmt

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 StateTXOrgReportOrRegisterStateCd
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
Website AddressN/AWebsiteAddressTxt
Individual With BooksHAROLD KORELLIndividualWithBooksNm
Phone7135222293PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line13333 Allen Parkway 2708AddressLine1Txt
CityHoustonCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77019ZIPCd
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
HAROLD M KORELL
3333 Allen Parkway 2708HoustonTX77019P/Director1.00$0$0$0
PATRICIA KORELL
3333 Allen Parkway 2708HoustonTX77019Sec/Director1.00$0$0$0
ROGER D GODDARD
3100 Timmons Lane 440HoustonTX77027Tre/Director0$0$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Other Employee Paid Over50k0OtherEmployeePaidOver50kCnt
Comp Of Hghst Pd Cntrct Or NONENONECompOfHghstPdCntrctOrNONETxt
Contractor Paid Over50k0ContractorPaidOver50kCnt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$1,129,693AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$116,782AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$1,246,475TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$1,246,475AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$18,697CashDeemedCharitableAmt
Net Vl Noncharitable Assets$1,227,778NetVlNoncharitableAssetsAmt
Minimum Investment Return$61,389MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$61,389MinimumInvestmentReturnAmt
Tax Based On Investment Income$4,413TaxBasedOnInvestmentIncomeAmt
Total Tax$4,413TotalTaxAmt
Distributable Before Adj$56,976DistributableBeforeAdjAmt
Distributable Before Ded$56,976DistributableBeforeDedAmt
Distributable As Adjusted$56,976DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

FieldValueIRS element (for citing)
Expenses And Contributions$0ExpensesAndContributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$56,976DistributableAsAdjustedAmt
Excess Distribution Cyov Yr1$79,843ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$79,843TotalExcessDistributionCyovAmt
Excess Distri Cyov App CY Corpus$56,976ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$56,976ExcessDistributionCyovAppCYAmt
Total Corpus$22,867TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$22,867ExcessDistriCyovToNextYrAmt
Excess From Year1$22,867ExcessFromYear1Amt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerHAROLD M KORELL AND PATRICIA KORELLContributingManagerNm
Contributing ManagerTRADED SECURITIES WITH A MARKET VALContributingManagerNm
Contributing ManagerHAROLD M KORELL AND PATRICIA KORELLContributingManagerNm

Application Submission Info ApplicationSubmissionInfoGrp

FieldValueIRS element (for citing)
Recipient PersonHAROLD KORELLRecipientPersonNm

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line13333 Allen Parkway 2708AddressLine1Txt
CityHoustonCityNm
State AbbreviationTXStateAbbreviationCd
ZIP77019ZIPCd
FieldValueIRS element (for citing)
Recipient Phone7135222293RecipientPhoneNum
Form And Info And MaterialsWRITTEN REQUEST INCLUDING BROCHURE ON ORGANIZATIONFormAndInfoAndMaterialsTxt
Submission DeadlinesNONESubmissionDeadlinesTxt
Restrictions On AwardsNONERestrictionsOnAwardsTxt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$10ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$220,620ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$220,630ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$220,630TotalIncomeProducingActyAmt

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

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockSouthwestern Energy Co. - 92,000 shares (value at time of receiptStockNm
EOY Book Value$4,638,640EOYBookValueAmt
EOYFMV$995,440EOYFMVAmt

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

FieldValueIRS element (for citing)
DescDrop in value of shares from donation to sale dateDesc
Amt$846,110Amt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryFederal income taxCategoryTxt
Amt$3,807Amt

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