BETA

RONG RONG FAMILY FOUNDATION: Form 990PF, tax year 2015

View the entire original 990 at ProPublica ↗

Organization
RONG RONG FAMILY FOUNDATION (EIN 27-4260437)
Tax period
2015-12-01 to 2016-11-30
Filed
2017-10-16
IRS object ID
201742899349100644
Schema version
2015v3.0
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)
Return2017-10-16T14:07:35-05:00ReturnTs
Tax Period End2016-11-30TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN910189318PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Moss Adams LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1805 SW Broadway Ste 1200AddressLine1Txt
CityPortlandCityNm
State AbbreviationORStateAbbreviationCd
ZIP97205ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2015-12-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN274260437EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Rong Rong Family FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlRONGBusinessNameControlTxt
Phone4085311589PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line14166 Astin Canyon CourtAddressLine1Txt
CitySan JoseCityNm
State AbbreviationCAStateAbbreviationCd
ZIP95121ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonDUNFA XIPersonNm
Person TitleCEOPersonTitleTxt
Phone4085311589PhoneNum
Signature2017-10-13SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonWendy CamposPreparerPersonNm
PTINP00448102PTIN
Phone5032421447PhoneNum
Preparation2017-10-13PreparationDt
FieldValueIRS element (for citing)
Tax2015TaxYr
Build TS2021-01-29 14:40:06ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$712,471FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$210,000ContriRcvdRevAndExpnssAmt
Gross Rents Rev And Expnss$24,528GrossRentsRevAndExpnssAmt
Gross Rents Net Invst Incm$24,528GrossRentsNetInvstIncmAmt
Gross Rents Adj Net Incm$24,528GrossRentsAdjNetIncmAmt
Net Rental Income Or Loss$13,720NetRentalIncomeOrLossAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Net ST Capital Gain Adj Net Incm$0NetSTCapitalGainAdjNetIncmAmt
Other Income Rev And Expnss$401OtherIncomeRevAndExpnssAmt
Other Income Net Invst Incm$0OtherIncomeNetInvstIncmAmt
Other Income Adj Net Incm$401OtherIncomeAdjNetIncmAmt
Total Rev And Expnss$234,929TotalRevAndExpnssAmt
Total Net Invst Incm$24,528TotalNetInvstIncmAmt
Total Adj Net Incm$24,929TotalAdjNetIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Comp Ofcr Dir Trst Net Invst Incm$0CompOfcrDirTrstNetInvstIncmAmt
Comp Ofcr Dir Trst Adj Net Incm$0CompOfcrDirTrstAdjNetIncmAmt
Comp Ofcr Dir Trst Dsbrs Chrtbl$0CompOfcrDirTrstDsbrsChrtblAmt
Accounting Fees Rev And Expnss$1,365AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm$683AccountingFeesNetInvstIncmAmt
Accounting Fees Adj Net Incm$0AccountingFeesAdjNetIncmAmt
Accounting Fees Chrtbl Prps$682AccountingFeesChrtblPrpsAmt
Taxes Rev And Expnss$2,559TaxesRevAndExpnssAmt
Taxes Net Invst Incm$80TaxesNetInvstIncmAmt
Taxes Adj Net Incm$0TaxesAdjNetIncmAmt
Taxes Dsbrs Chrtbl$0TaxesDsbrsChrtblAmt
Deprec And Dpltn Rev And Expnss$5,918DeprecAndDpltnRevAndExpnssAmt
Deprec And Dpltn Net Invst Incm$5,918DeprecAndDpltnNetInvstIncmAmt
Deprec And Dpltn Adj Net Incm$5,918DeprecAndDpltnAdjNetIncmAmt
Other Expenses Rev And Expnss$12,686OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm$4,936OtherExpensesNetInvstIncmAmt
Other Expenses Adj Net Incm$4,890OtherExpensesAdjNetIncmAmt
Other Expenses Dsbrs Chrtbl$7,750OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$22,528TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$11,617TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Adj Net Incm$10,808TotOprExpensesAdjNetIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$8,432TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$1,500ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$1,500ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$24,028TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$11,617TotalExpensesNetInvstIncmAmt
Total Expenses Adj Net Incm$10,808TotalExpensesAdjNetIncmAmt
Total Expenses Dsbrs Chrtbl$9,932TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$210,901ExcessRevenueOverExpensesAmt
Net Investment Income$12,911NetInvestmentIncomeAmt
Adjusted Net Income$14,121AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$5,815CashBOYAmt
Cash EOY$95,415CashEOYAmt
Cash EOYFMV$95,415CashEOYFMVAmt
Sav And Temp Cash Invst EOY$0SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$0SavAndTempCashInvstEOYFMVAmt
Acct Rcvbl$7,267AcctRcvblAmt
Acct Rcvbl EOY$7,267AcctRcvblEOYAmt
Acct Rcvbl EOYFMV$7,267AcctRcvblEOYFMVAmt
Invst Land Cost Or Other Basis$316,688InvstLandCostOrOtherBasisAmt
Invst Land Accum Depreciation$20,313InvstLandAccumDepreciationAmt
Land Bldg Investments BOY$296,281LandBldgInvestmentsBOYAmt
Land Bldg Investments EOY$296,375LandBldgInvestmentsEOYAmt
Land Bldg Investments EOYFMV$296,375LandBldgInvestmentsEOYFMVAmt
Land BOY$326LandBOYAmt
Land EOY$0LandEOYAmt
Land EOYFMV$0LandEOYFMVAmt
Other Assets BOY$201,253OtherAssetsBOYAmt
Other Assets EOY$313,414OtherAssetsEOYAmt
Other Assets EOYFMV$313,414OtherAssetsEOYFMVAmt
Total Assets BOY$503,675TotalAssetsBOYAmt
Total Assets EOY$712,471TotalAssetsEOYAmt
Total Assets EOYFMV$712,471TotalAssetsEOYFMVAmt
Other Liabilities BOY$12,145OtherLiabilitiesBOYAmt
Other Liabilities EOY$0OtherLiabilitiesEOYAmt
Total Liabilities BOY$12,145TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow SFAS117Yes (X)OrgDoesNotFollowSFAS117Ind
Capital Stock BOY$585,452CapitalStockBOYAmt
Capital Stock EOY$585,452CapitalStockEOYAmt
Additional Paid In Capital BOY$0AdditionalPaidInCapitalBOYAmt
Additional Paid In Capital EOY$0AdditionalPaidInCapitalEOYAmt
Retained Earning BOY-$93,922RetainedEarningBOYAmt
Retained Earning EOY$127,019RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$491,530TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$712,471TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$503,675TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$712,471TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$491,530TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$210,901ExcessRevenueOverExpensesAmt
Other Increases$10,040OtherIncreasesAmt
Subtotal$712,471SubtotalAmt
Other Decreases$0OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$712,471TotNetAstOrFundBalancesEOYAmt

Qlfy Und Sect4940e Reduced Tax QlfyUndSect4940eReducedTaxGrp

FieldValueIRS element (for citing)
Liable Section4942 Tax0LiableSection4942TaxInd
Adjusted Qlfy Distri Yr1$5,111AdjustedQlfyDistriYr1Amt
Net Vl Noncharitable Assets Yr1$525,293NetVlNoncharitableAssetsYr1Amt
Distribution Yr10.009730DistributionYr1Rt
Adjusted Qlfy Distri Yr2$29,821AdjustedQlfyDistriYr2Amt
Net Vl Noncharitable Assets Yr2$319,985NetVlNoncharitableAssetsYr2Amt
Distribution Yr20.093195DistributionYr2Rt
Adjusted Qlfy Distri Yr3$31,780AdjustedQlfyDistriYr3Amt
Net Vl Noncharitable Assets Yr3$385,437NetVlNoncharitableAssetsYr3Amt
Distribution Yr30.082452DistributionYr3Rt
Adjusted Qlfy Distri Yr4$39,618AdjustedQlfyDistriYr4Amt
Net Vl Noncharitable Assets Yr4$110,354NetVlNoncharitableAssetsYr4Amt
Distribution Yr40.359008DistributionYr4Rt
Adjusted Qlfy Distri Yr5$5,687AdjustedQlfyDistriYr5Amt
Net Vl Noncharitable Assets Yr5$43,205NetVlNoncharitableAssetsYr5Amt
Distribution Yr50.131628DistributionYr5Rt
Total Distribution0.676013TotalDistributionRt
Average Distribution0.135203AverageDistributionRt
Net Vl Noncharitable Assets$666,928NetVlNoncharitableAssetsAmt
Adj Net Vl Noncharitable Assets$90,171AdjNetVlNoncharitableAssetsAmt
Net Investment Income Pct$129NetInvestmentIncomePctAmt
Adj Nonchrtbl Net Invst Incm Pct$90,300AdjNonchrtblNetInvstIncmPctAmt
Qualifying Distributions$9,932QualifyingDistributionsAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$258InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$258SubtotalAmt
Subtitle A Tax$0SubtitleATaxAmt
Tax Based On Investment Income$258TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$2,080EstimatedPlusOvpmtIncmTxAmt
Total Payments And Credits$2,080TotalPaymentsAndCreditsAmt
Overpayment$1,822OverpaymentAmt
Applied To ES Tax$0AppliedToESTaxAmt
Refund$1,822RefundAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political Acty0LegislativePoliticalActyInd
More Than100 Spent0MoreThan100SpentInd
Form1120 POL Filed0Form1120POLFiledInd
Section4955 Organization Tax$0Section4955OrganizationTaxAmt
Section4955 Managers Tax$0Section4955ManagersTaxAmt
Tax Reimbursed$0TaxReimbursedAmt
Activities Not Previously Rpt0ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws0ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Organization Dissolved Etc0OrganizationDissolvedEtcInd
Section508e Rqr Satisfied0Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (1)AtLeast5000InAssetsInd
Org Report Or Register StateCAOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (1)Form990PFFiledWithAttyGenInd
Private Operating FoundationYes (1)PrivateOperatingFoundationInd
New Substantial Contributors0NewSubstantialContributorsInd
Own Controlled Entity0OwnControlledEntityInd
Donor Advised Fund0DonorAdvisedFundInd
Comply With Public Insp RqrYes (1)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt
Individual With BooksDUNFA XIIndividualWithBooksNm
Phone4086230766PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line14166 ASTIN CANYON CTAddressLine1Txt
CitySAN JOSECityNm
State AbbreviationCAStateAbbreviationCd
ZIP95121ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts Question0ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified Prsn0SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn0BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified Prsn0FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified PrsnYes (1)PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn0TransferAstDisqualifiedPrsnInd
Payment To Government Official0PaymentToGovernmentOfficialInd
Acts Fail To Qlfy As ExceptionsYes (1)ActsFailToQlfyAsExceptionsInd
Uncorrected Prior ActsYes (1)UncorrectedPriorActsInd
Undistributed Income PY0UndistributedIncomePYInd
Business Holdings0BusinessHoldingsInd
Jeopardy Investments0JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst0UncorrectedPYJeopardyInvstInd
Influence Legislation0InfluenceLegislationInd
Influence Election0InfluenceElectionInd
Grants To Individuals0GrantsToIndividualsInd
Grants To Organizations0GrantsToOrganizationsInd
Noncharitable Purpose0NoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
DUNFA XI
4166 ASTIN CANYON CTSAN JOSECA95121CEO2.00$0$0$0
WEIPING DOU
4166 ASTIN CANYON CTSAN JOSECA95121CFO1.00$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

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

FieldValueIRS element (for citing)
Description1PROVIDEd FREE BADMINTON LESSONS AND sponsored tournaments OPEN TO PUBLIC.Description1Txt
Expenses1$8,432Expenses1Amt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$0AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$46,982AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$630,102FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$677,084TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$677,084AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$10,156CashDeemedCharitableAmt
Net Vl Noncharitable Assets$666,928NetVlNoncharitableAssetsAmt
Minimum Investment Return$33,346MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Sect4942j3j5 Fndtn And Frgn OrgYes (X)Sect4942j3j5FndtnAndFrgnOrgInd

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

FieldValueIRS element (for citing)
Expenses And Contributions$9,932ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Qualifying Distributions$9,932QualifyingDistributionsAmt
Pct Sect4940e Org Net Invst Incm$0PctSect4940eOrgNetInvstIncmAmt
Adjusted Qualifying Distri$9,932AdjustedQualifyingDistriAmt

Private Operating Foundations PrivateOperatingFoundationsGrp

FieldValueIRS element (for citing)
Private Operating Fndtn Ruling2010-12-14PrivateOperatingFndtnRulingDt
Section4942j3Yes (X)Section4942j3Ind

Lessor Adj Net Incm Min Invst Ret LessorAdjNetIncmMinInvstRetGrp

FieldValueIRS element (for citing)
Current Year$14,121CurrentYearAmt
Year1$10,440Year1Amt
Year2$12,187Year2Amt
Year3$4,915Year3Amt
Total$41,663TotalAmt

Pct85 Lessor Adj Incm Or Min Ret Pct85LessorAdjIncmOrMinRetGrp

FieldValueIRS element (for citing)
Current Year$12,003CurrentYearAmt
Year1$8,874Year1Amt
Year2$10,359Year2Amt
Year3$4,178Year3Amt
Total$35,414TotalAmt

Qualifying Distributions QualifyingDistributionsGrp

FieldValueIRS element (for citing)
Current Year$9,932CurrentYearAmt
Year1$5,111Year1Amt
Year2$29,821Year2Amt
Year3$31,780Year3Amt
Total$76,644TotalAmt

Qualifying Distri Not Used Drt QualifyingDistriNotUsedDrtGrp

FieldValueIRS element (for citing)
Current Year$1,500CurrentYearAmt
Year1$0Year1Amt
Year2$185Year2Amt
Year3$795Year3Amt
Total$2,480TotalAmt

Qualifying Distri Made Drt QualifyingDistriMadeDrtGrp

FieldValueIRS element (for citing)
Current Year$8,432CurrentYearAmt
Year1$5,111Year1Amt
Year2$29,636Year2Amt
Year3$30,985Year3Amt
Total$74,164TotalAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Total Assets Sect4942j3 Bi TotalAssetsSect4942j3BiGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Two Thirds Minimum Invst Ret TwoThirdsMinimumInvstRetGrp

FieldValueIRS element (for citing)
Current Year$22,231CurrentYearAmt
Year1$17,510Year1Amt
Year2$11,790Year2Amt
Year3$12,852Year3Amt
Total$64,383TotalAmt

Total Support TotalSupportGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Public Support Type PublicSupportType

FieldValueIRS element (for citing)
Total$0TotalAmt

Largest Support From EO LargestSupportFromEOGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Gross Investment Income GrossInvestmentIncomeGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerDUNFA XIContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp

Recipient Business Name RecipientBusinessName

FieldValueIRS element (for citing)
Business Name Line1Bay Badminton Training AcademyBusinessNameLine1Txt

Recipient US Address RecipientUSAddress

FieldValueIRS element (for citing)
Address Line1600 S Amphlett BlvdAddressLine1Txt
CitySan MateoCityNm
State AbbreviationCAStateAbbreviationCd
ZIP94402ZIPCd
FieldValueIRS element (for citing)
Recipient RelationshipNONERecipientRelationshipTxt
Recipient Foundation StatusPCRecipientFoundationStatusTxt
Grant Or Contribution PurposeDONATIONGrantOrContributionPurposeTxt
Amt$1,500Amt
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$1,500TotalGrantOrContriPdDurYrAmt
Total Grant Or Contri Apprv Fut$0TotalGrantOrContriApprvFutAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Net Rntl Incm Re Not Debt Fincd Prop NetRntlIncmReNotDebtFincdProp

FieldValueIRS element (for citing)
Exclusion16ExclusionCd
Exclusion$13,720ExclusionAmt

Other Revenue Described OtherRevenueDescribedGrp

FieldValueIRS element (for citing)
DescFederal Tax RefundDesc
Exclusion03ExclusionCd
Exclusion$401ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Unrelated Business Taxbl Incm$0UnrelatedBusinessTaxblIncmAmt
Exclusion$14,121ExclusionAmt
Related Or Exempt Function Incm$0RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$14,121TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO0TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO0TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets0SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO0PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets0RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements0ReimbursementArrangementsInd
Loans Or Loan Guarantees0LoansOrLoanGuaranteesInd
Performance Of Services Etc0PerformanceOfServicesEtcInd
Sharing Of Facilities Etc0SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO0RelationshipsNonchrtblEOInd

Schedule B IRS990ScheduleB

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
General RuleYes (X)GeneralRuleInd

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
Contributor1ContributorNum
Contributor PersonDUNFA XIContributorPersonNm

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line14166 ASTIN CANYON CTAddressLine1Txt
CitySAN JOSECityNm
State AbbreviationCAStateAbbreviationCd
ZIP95121ZIPCd
FieldValueIRS element (for citing)
Total Contributions$210,000TotalContributionsAmt
Person ContributionYes (X)PersonContributionInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

FieldValueIRS element (for citing)
CategoryAccounting FeesCategoryTxt
Amt$1,365Amt
Net Investment Income$683NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$682DisbursementsCharitablePrpsAmt

Depreciation Schedule DepreciationSchedule

Depreciation Property DepreciationPropertyGrp (4 entries)

PropertyPropertyDescAcquiredAcquiredDtCost Or Other BasisCostOrOtherBasisAmtPrior Year DepreciationPriorYearDepreciationAmtComputation MethodComputationMethodTxtLifeLifeRtCurrent Year ExpenseCurrentYearExpenseAmtNet Investment IncomeNetInvestmentIncomeAmtAdjusted Net IncomeAdjustedNetIncomeAmt
1388 Northwood Drive - Residence2013-05-16$43,544$2,792SL39.000000000000$1,117$1,117$1,117
4730 Antelope Circle - Residence2013-07-09$187,258$11,603SL39.000000000000$4,801$4,801$4,801
1388 Northwood Drive - Land2013-05-16$10,886L39.000000000000$0$0$0
4730 Antelope Circle - Land2013-07-09$75,000L39.000000000000$0$0$0

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

FieldValueIRS element (for citing)
IdentifierInitial Taxes on Self-DealingIdentifierTxt
Form And Line ReferenceForm 4720; Schedule AFormAndLineReferenceDesc
Medium ExplanationThe acts of self-dealing disclosed on this IRS Form 4720 filed on behalf of the Rong Rong Family Foundation (the "Foundation") are the result of certain inadvertent violations of the self-dealing rules resulting from the use by Mr. Xi, a director and officer of the Foundation, of certain Foundation assets for personal purposes based upon improper professional advice. Mr. Xi had hired a certified professional accountant, Mr. Jimmy J. Chen, CPA, to help him form the Foundation, structure its operations in compliance with California state and federal tax laws, and prepare its annual tax returns. Mr. Chen had advised Mr. Xi that the expenditure of Foundation funds for these purposes was appropriate. In seeking out the professional advice of Mr. Chen, Mr. Xi thought he had found a knowledgeable and trustworthy tax advisor. Mr. Chen was well regarded in the community and held himself out as an experienced CPA who could properly structure a private foundation and advise Mr. Xi regarding its operations. Unfortunately, Mr. Xi's trust and reliance on Mr. Chen were misplaced as evidenced by the fact that Mr. Chen is currently under indictment for tax fraud in connection with Mr. Chen's operation of his own private foundation and his use of that foundation to pay for personal expenses and evade California taxes. Mr. Xi's new tax advisors have advised him that certain expenses that Mr. Chen advised Mr. Xi could be claimed as expenses of the Foundation should have been characterized as Mr. Xi's personal, non-deductible expenses and, as a result, these prior allocations must be treated as acts of self-dealing. Accordingly, this Form 4720 discloses all of Mr. Xi's personal use of Foundation assets for this and prior tax years and, as of the date of this filing, Mr. Xi has corrected all of these prior acts of self-dealing. In addition, Mr. Xi will be filing a separate Form 4720 and paying the initial self-dealer excise tax resulting from these transactions. However, neither Mr. Xi nor any other "foundation manager" is liable for the Internal Revenue Code ("Code") section 4941(a)(2) excise tax applicable to a foundation manager who participates in an act of self-dealing, knowing that it is such an act, and who does so willfully and not due to reasonable cause. Treas. Reg. section 53.4941(a)-1(b)(1). As explained above, the misallocation of expenses giving rise to these acts of self-dealing were not willful mischaracterizations by Mr. Xi. Rather, these mischaracterizations were the result of relying on Mr. Chen's improper professional advice. Neither Mr. Xi nor any other foundation manager knew at the time that the misallocation of expenses constituted self-dealing, thus they cannot be held liable under Code section 4941(a)(2). See Treas. Reg. section 53.4941(a)-1(b)(3) (indicating that a person shall be considered to have participated in a self-dealing transaction "knowing" that is an act of self-dealing only if he is aware that such an act may violate the self-dealing rules, among other requirements); Treas. Reg. section 53.4941(a)-1(b)(4) (indicating that for participation to be willful, it must be "voluntary, conscious, and intentional").MediumExplanationTxt

Investments Land Schedule2 InvestmentsLandSchedule2

Investment Land InvestmentLandGrp (4 entries)

Category Or ItemCategoryOrItemTxtCost Or Other BasisCostOrOtherBasisAmtAccumulated DepreciationAccumulatedDepreciationAmtBook ValueBookValueAmt
1388 Northwood Drive - Residence$43,544$3,909$39,635
4730 Antelope Circle - Residence$187,258$16,404$170,854
1388 Northwood Drive - Land$10,886$0$10,886
4730 Antelope Circle - Land$75,000$0$75,000

Other Assets Schedule OtherAssetsSchedule

Other Assets Schedule OtherAssetsScheduleGrp (4 entries)

DescDescBOY Book ValueBOYBookValueAmtEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
Menhart Prime LLC$100,152$130,152$130,152
Investment$100,000$183,262$183,262
Investment -ART$1,100
ROUNDING$1

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (8 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtNet Investment IncomeNetInvestmentIncomeAmtAdjusted Net IncomeAdjustedNetIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
BANK CHARGES$46$46$0$0
State Filing Fee$60$0$0$60
PROGRAM EXPENSE$7,690$0$0$7,690
Property Taxes$763$763$763$0
Property Insurance$138$138$138$0
Repairs$95$95$95$0
Property Insurance$444$444$444$0
Property Taxes$3,450$3,450$3,450$0

Other Income Schedule2 OtherIncomeSchedule2

Other Income Detail OtherIncomeDetail

FieldValueIRS element (for citing)
DescFederal Tax RefundDesc
Revenue And Expenses Per Books$401RevenueAndExpensesPerBooksAmt
Adjusted Net Income$401AdjustedNetIncomeAmt

Other Increases Schedule OtherIncreasesSchedule

Other Increases Detail OtherIncreasesDetail

FieldValueIRS element (for citing)
Descprior period adjustmentDesc
Amt$10,040Amt

Other Liabilities Schedule OtherLiabilitiesSchedule

Other Liabilities Detail OtherLiabilitiesDetail

FieldValueIRS element (for citing)
DescADVANCE FROM FOUNDERDesc
BOY Book Value$12,145BOYBookValueAmt
EOY Book Value$0EOYBookValueAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail (2 entries)

CategoryCategoryTxtAmtAmtNet Investment IncomeNetInvestmentIncomeAmtAdjusted Net IncomeAdjustedNetIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
FEDERAL TAXES$2,479$0$0$0
STATE TAXES$80$80$0$0

Comments

Anonymous: no account or email. Up to 2,000 characters, at most one link. Comments are checked automatically; some wait for review.