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HAROLD AND PATRICIA KORELL FOUNDATION: Form 990PF, tax year 2015

View the entire original 990 at ProPublica ↗

Organization
HAROLD AND PATRICIA KORELL FOUNDATION (EIN 27-1507283)
Tax period
2015-01-01 to 2015-12-31
Filed
2016-11-15
IRS object ID
201613209349102456
Schema version
2015v2.1
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 ReturnHeader

FieldValueIRS element (for citing)
Return2016-11-15T11:19:01-08:00ReturnTs
Tax Period End2015-12-31TaxPeriodEndDt

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 Begin2015-01-01TaxPeriodBeginDt

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
Signature2016-05-18SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonROGER D GODDARDPreparerPersonNm
Phone7136225088PhoneNum
Preparation2016-05-18PreparationDt
FieldValueIRS element (for citing)
Tax2015TaxYr
Build TS2017-02-10 21:41:12ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Amended ReturnYes (X)AmendedReturnInd
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$782,263FMVAssetsEOYAmt
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$5InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$5InterestOnSavNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss$128,372NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$135,796GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$128,372CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$128,377TotalRevAndExpnssAmt
Total Net Invst Incm$128,377TotalNetInvstIncmAmt
Tot Opr Expenses Rev And Expnss$0TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$205,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$205,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$205,000TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$205,000TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$76,623ExcessRevenueOverExpensesAmt
Net Investment Income$128,377NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$74,210SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$5,012SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$5,012SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY$5,751,309CorporateStockBOYAmt
Corporate Stock EOY$5,511,814CorporateStockEOYAmt
Corporate Stock EOYFMV$777,251CorporateStockEOYFMVAmt
Total Assets BOY$5,825,519TotalAssetsBOYAmt
Total Assets EOY$5,516,826TotalAssetsEOYAmt
Total Assets EOYFMV$782,263TotalAssetsEOYFMVAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow SFAS117Yes (X)OrgDoesNotFollowSFAS117Ind
Retained Earning BOY$5,825,519RetainedEarningBOYAmt
Retained Earning EOY$5,516,826RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$5,825,519TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$5,516,826TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$5,825,519TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$5,516,826TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$5,825,519TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$76,623ExcessRevenueOverExpensesAmt
Subtotal$5,748,896SubtotalAmt
Other Decreases$232,070OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$5,516,826TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (3 entries)

PropertyPropertyDescHow AcquiredHowAcquiredCdAcquiredAcquiredDtSoldSoldDtGross Sales PriceGrossSalesPriceAmtDepreciationDepreciationAmtCost Or Other BasisCostOrOtherBasisAmtGain Or LossGainOrLossAmtFMV As Of123169FMVAsOf123169AmtAdjusted Basis As Of123169AdjustedBasisAsOf123169AmtExcess FMV Over Adjusted BssExcessFMVOverAdjustedBssAmtGains Minus Excess Or LossesGainsMinusExcessOrLossesAmt
Southwestern Energy - 1,550 sharesD1997-04-282015-05-08$44,312$0$2,422$41,890$0$0$0$41,890
Southwestern Energy - 1,600 sharesD1997-04-282015-05-08$45,742$0$2,501$43,241$0$0$0$43,241
Southwestern Energy - 1,600 sharesD1997-04-282015-05-08$45,742$0$2,501$43,241$0$0$0$43,241
FieldValueIRS element (for citing)
Capital Gain Net Income$128,372CapitalGainNetIncomeAmt

Qlfy Und Sect4940e Reduced Tax QlfyUndSect4940eReducedTaxGrp

FieldValueIRS element (for citing)
Liable Section4942 TaxfalseLiableSection4942TaxInd
Adjusted Qlfy Distri Yr1$225,000AdjustedQlfyDistriYr1Amt
Net Vl Noncharitable Assets Yr1$4,779,796NetVlNoncharitableAssetsYr1Amt
Distribution Yr10.047073DistributionYr1Rt
Adjusted Qlfy Distri Yr2$219,000AdjustedQlfyDistriYr2Amt
Net Vl Noncharitable Assets Yr2$4,628,318NetVlNoncharitableAssetsYr2Amt
Distribution Yr20.047317DistributionYr2Rt
Adjusted Qlfy Distri Yr3$219,000AdjustedQlfyDistriYr3Amt
Net Vl Noncharitable Assets Yr3$4,345,478NetVlNoncharitableAssetsYr3Amt
Distribution Yr30.050397DistributionYr3Rt
Adjusted Qlfy Distri Yr4$201,250AdjustedQlfyDistriYr4Amt
Net Vl Noncharitable Assets Yr4$5,430,994NetVlNoncharitableAssetsYr4Amt
Distribution Yr40.037056DistributionYr4Rt
Adjusted Qlfy Distri Yr5$358,627AdjustedQlfyDistriYr5Amt
Net Vl Noncharitable Assets Yr5$5,662,937NetVlNoncharitableAssetsYr5Amt
Distribution Yr50.063329DistributionYr5Rt
Total Distribution0.245172TotalDistributionRt
Average Distribution0.049034AverageDistributionRt
Net Vl Noncharitable Assets$2,222,459NetVlNoncharitableAssetsAmt
Adj Net Vl Noncharitable Assets$108,976AdjNetVlNoncharitableAssetsAmt
Net Investment Income Pct$1,284NetInvestmentIncomePctAmt
Adj Nonchrtbl Net Invst Incm Pct$110,260AdjNonchrtblNetInvstIncmPctAmt
Qualifying Distributions$205,000QualifyingDistributionsAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Domestic Org Meeting Sect4940eYes (X)DomesticOrgMeetingSect4940eInd
Investment Income Excise Tax$1,284InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$1,284SubtotalAmt
Tax Based On Investment Income$1,284TaxBasedOnInvestmentIncomeAmt
Original Return Tax Paid$0OriginalReturnTaxPaidAmt
Form2220 AttachedYes (X)Form2220AttachedInd
Es Penalty$23EsPenaltyAmt
Tax Due$1,307TaxDueAmt
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$2,184,513AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$71,791AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$2,256,304TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$2,256,304AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$33,845CashDeemedCharitableAmt
Net Vl Noncharitable Assets$2,222,459NetVlNoncharitableAssetsAmt
Minimum Investment Return$111,123MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$111,123MinimumInvestmentReturnAmt
Tax Based On Investment Income$1,284TaxBasedOnInvestmentIncomeAmt
Total Tax$1,284TotalTaxAmt
Distributable Before Adj$109,839DistributableBeforeAdjAmt
Distributable Before Ded$109,839DistributableBeforeDedAmt
Distributable As Adjusted$109,839DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

FieldValueIRS element (for citing)
Expenses And Contributions$205,000ExpensesAndContributionsAmt
Qualifying Distributions$205,000QualifyingDistributionsAmt
Pct Sect4940e Org Net Invst Incm$1,284PctSect4940eOrgNetInvstIncmAmt
Adjusted Qualifying Distri$203,716AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$109,839DistributableAsAdjustedAmt
Undistributed Income PY$15,318UndistributedIncomePYAmt
Qualifying Distributions$205,000QualifyingDistributionsAmt
Applied To Year1$15,318AppliedToYear1Amt
Applied To Current Year$109,839AppliedToCurrentYearAmt
Remaining Distri From Corpus$79,843RemainingDistriFromCorpusAmt
Total Corpus$79,843TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$79,843ExcessDistriCyovToNextYrAmt
Excess From Current Year$79,843ExcessFromCurrentYearAmt

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

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (3 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
Rose of Sharon Missionary Baptist Church
1106 ValentineHoustonTX77019N.A.Church$5,000
Baylor College of Medicine
One Baylor PlazaHoustonTX77030N.A.facilityHealth care$5,000
Colorado School of Mines Foundation
PO Box 4005GoldenCO804024005N.A.institutionEducational$195,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$205,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$5ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$128,372ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Exclusion$128,377ExclusionAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$128,377TotalIncomeProducingActyAmt

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

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

FieldValueIRS element (for citing)
Form And Line ReferenceAmended return statementFormAndLineReferenceDesc
Medium ExplanationTHE ORIGINAL RETURN HAD ERRORS ON FORM 990-PF, PAGE 9, LINES 4D, 4E, 6, 9 AND 10E. THIS AMENDED RETURN IS BEING FILED TO CORRECT THESE ERRORS.MediumExplanationTxt

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockSouthwestern Energy Co. - 109,318 shares (value at time of receiptStockNm
EOY Book Value$5,511,814EOYBookValueAmt
EOYFMV$777,251EOYFMVAmt

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

FieldValueIRS element (for citing)
DescDrop in value of shares from donation to sale dateDesc
Amt$232,070Amt

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