The Klungness Family Foundation Inc: Form 990PF, tax year 2012
View the entire original 990 at ProPublica ↗
- Organization
- The Klungness Family Foundation Inc (EIN 01-0791882)
- Tax period
- 2012-01-01 to 2012-12-31
- Filed
- 2013-11-04
- IRS object ID
- 201343089349100259
- Schema version
- 2012v2.2
- 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
- Gain Loss Sale Other Assets Sch
- General Explanation Attachment
- Investments Corp Stock Schedule
- Other Expenses Schedule
- Taxes Schedule
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2013-11-04T10:04:40-00:00 | Timestamp |
| Tax Period End Date | 2012-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Foundation Source | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | One Hollow Lane Suite 212 | AddressLine1 |
| City | Lake Success | City |
| State | NY | State |
| ZIP Code | 11042 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990PF | ReturnType |
| Tax Period Begin Date | 2012-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 010791882 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | The Klungness Family Foundation Inc | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | KLUN | NameControl |
| Phone | 8008391754 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | Foundation Source 501 Silverside Rd | AddressLine1 |
| City | Wilmington | City |
| State | DE | State |
| ZIP Code | 198091377 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | James A Klungness | Name |
| Title | President | Title |
| Date Signed | 2013-11-04 | DateSigned |
| Authorize Third Party | true | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Jeffrey D Haskell | Name |
| Phone | 8008391754 | Phone |
| Date Prepared | 2013-11-04 | DatePrepared |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2012 | TaxYear |
| Build TS | 2016-02-25 16:41:14Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exempt PF | X | ExemptPF |
| FMV Assets EOY | 241655 | FMVAssetsEOY |
| Method Of Accounting Cash | X | MethodOfAccountingCash |
Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Not Required To Attach Schedule B | X | NotRequiredToAttachScheduleB |
| Dividends Rev And Expnss | 3333 | DividendsRevAndExpnss |
| Dividends Net Invst Incm | 3333 | DividendsNetInvstIncm |
| Net Gain Sale Assets Rev And Expnss | 15748 | NetGainSaleAssetsRevAndExpnss |
| Gross Sales Price | 23393 | GrossSalesPrice |
| Capital Gain Net Incm Net Invst Incm | 15748 | CapitalGainNetIncmNetInvstIncm |
| Total Revenue And Expenses | 19081 | TotalRevenueAndExpenses |
| Total Net Investment Income | 19081 | TotalNetInvestmentIncome |
| Taxes Rev And Expnss | 121 | TaxesRevAndExpnss |
| Other Expenses Rev And Expnss | 5856 | OtherExpensesRevAndExpnss |
| Other Expenses Dsbrs Chrtbl Prps | 5856 | OtherExpensesDsbrsChrtblPrps |
| Tot Opr Expenses Rev And Expnss | 5977 | TotOprExpensesRevAndExpnss |
| Tot Opr Expenses Net Invst Incm | 0 | TotOprExpensesNetInvstIncm |
| Tot Opr Expenses Dsbrs Chrtbl Prps | 5856 | TotOprExpensesDsbrsChrtblPrps |
| Contri Gifts Paid Rev And Expnss | 8000 | ContriGiftsPaidRevAndExpnss |
| Contri Gifts Paid Dsbrs Chrtbl Prps | 8000 | ContriGiftsPaidDsbrsChrtblPrps |
| Total Expenses Rev And Expnss | 13977 | TotalExpensesRevAndExpnss |
| Total Expenses Net Invst Incm | 0 | TotalExpensesNetInvstIncm |
| Total Expenses Dsbrs Chrtbl Prps | 13856 | TotalExpensesDsbrsChrtblPrps |
| Excess Of Revenue Over Expenses | 5104 | ExcessOfRevenueOverExpenses |
| Net Investment Income | 19081 | NetInvestmentIncome |
Balance Sheets BalanceSheets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Savings And Temp Cash Invst BOY | 2811 | SavingsAndTempCashInvstBOY |
| Savings And Temp Cash Invst EOY | 15555 | SavingsAndTempCashInvstEOY |
| Savings And Temp Cash Invst EOYFMV | 15555 | SavingsAndTempCashInvstEOYFMV |
| Investments Corp Stock BOY | 228886 | InvestmentsCorpStockBOY |
| Investments Corp Stock EOY | 221246 | InvestmentsCorpStockEOY |
| Investments Corp Stock EOYFMV | 226100 | InvestmentsCorpStockEOYFMV |
| Total Assets BOY | 231697 | TotalAssetsBOY |
| Total Assets EOY | 236801 | TotalAssetsEOY |
| Total Assets EOYFMV | 241655 | TotalAssetsEOYFMV |
| Total Liabilities EOY | 0 | TotalLiabilitiesEOY |
| Org That Do Not Follow SFAS117 | X | OrgThatDoNotFollowSFAS117 |
| Retained Earnings BOY | 231697 | RetainedEarningsBOY |
| Retained Earnings EOY | 236801 | RetainedEarningsEOY |
| Total Net Assets BOY | 231697 | TotalNetAssetsBOY |
| Total Net Assets EOY | 236801 | TotalNetAssetsEOY |
| Total Liabilities Net Assets BOY | 231697 | TotalLiabilitiesNetAssetsBOY |
| Total Liabilities Net Assets EOY | 236801 | TotalLiabilitiesNetAssetsEOY |
Changes In Net Assets Fund Balances ChangesInNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Net Assets Fund Balances BOY | 231697 | TotalNetAssetsFundBalancesBOY |
| Excess Of Revenue Over Expenses | 5104 | ExcessOfRevenueOverExpenses |
| Subtotal | 236801 | Subtotal |
| Total Net Assets Fund Balances EOY | 236801 | TotalNetAssetsFundBalancesEOY |
Capital Gains And Losses CapitalGainsAndLosses
Capital Gains And Losses Info CapitalGainsAndLossesInfo
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description Of Asset | Publicly-traded Securities | DescriptionOfAsset |
| Gross Sales Price | 23393 | GrossSalesPrice |
| Cost Or Other Basis | 7645 | CostOrOtherBasis |
| Gain Or Loss | 15748 | GainOrLoss |
| Gains Minus Excess Or Losses | 15748 | GainsMinusExcessOrLosses |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Capital Gain Net Income | 15748 | CapitalGainNetIncome |
Qlfy Und Sect4940e For Reduced Tax QlfyUndSect4940eForReducedTax
| Field | Value | IRS element (for citing) |
|---|---|---|
| Liable For4942 Tax | false | LiableFor4942Tax |
| Qualifying Distributions Year1 | 6392 | QualifyingDistributionsYear1 |
| Noncharitable Assets Year1 | 234817 | NoncharitableAssetsYear1 |
| Distribution Ratio Year1 | 000.027221 | DistributionRatioYear1 |
| Qualifying Distributions Year2 | 13946 | QualifyingDistributionsYear2 |
| Noncharitable Assets Year2 | 222193 | NoncharitableAssetsYear2 |
| Distribution Ratio Year2 | 000.062765 | DistributionRatioYear2 |
| Qualifying Distributions Year3 | 12826 | QualifyingDistributionsYear3 |
| Noncharitable Assets Year3 | 198556 | NoncharitableAssetsYear3 |
| Distribution Ratio Year3 | 000.064596 | DistributionRatioYear3 |
| Qualifying Distributions Year4 | 13825 | QualifyingDistributionsYear4 |
| Noncharitable Assets Year4 | 240277 | NoncharitableAssetsYear4 |
| Distribution Ratio Year4 | 000.057538 | DistributionRatioYear4 |
| Qualifying Distributions Year5 | 8389 | QualifyingDistributionsYear5 |
| Noncharitable Assets Year5 | 282473 | NoncharitableAssetsYear5 |
| Distribution Ratio Year5 | 000.029698 | DistributionRatioYear5 |
| Total Distribution Ratio | 000.241818 | TotalDistributionRatio |
| Average Distribution Ratio | 000.048364 | AverageDistributionRatio |
| Net Noncharitable Assets | 232285 | NetNoncharitableAssets |
| Adjusted Noncharitable Assets | 11234 | AdjustedNoncharitableAssets |
| One Percent Net Investment Income | 191 | OnePercentNetInvestmentIncome |
| Adj Nonchrtbl Assets And One | 11425 | AdjNonchrtblAssetsAndOnePct |
| Qualifying Distributions | 13856 | QualifyingDistributions |
Excise Tax Based On Investment Incm ExciseTaxBasedOnInvestmentIncm
| Field | Value | IRS element (for citing) |
|---|---|---|
| Domestic Org Meeting Sect4940e | X | DomesticOrgMeetingSect4940e |
| Investment Income Excise Tax | 191 | InvestmentIncomeExciseTax |
| Subtotal | 191 | Subtotal |
| Tax Based On Investment Income | 191 | TaxBasedOnInvestmentIncome |
| Est Tax Payments And Overpayment | 3 | EstTaxPaymentsAndOverpayment |
| Tax Paid With Extension | 188 | TaxPaidWithExtension |
| Total Credits And Payments | 191 | TotalCreditsAndPayments |
| Tax Paid Original Return | 191 | TaxPaidOriginalReturn |
Statements Regarding Activities StatementsRegardingActivities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Legislative Political Activities | false | LegislativePoliticalActivities |
| More Than100 Spent | false | MoreThan100Spent |
| Form1120 POL Filed | false | Form1120POLFiled |
| Activities Not Prev Reported | false | ActivitiesNotPrevReported |
| Changes To Articles Or Bylaws | false | ChangesToArticlesOrBylaws |
| Unrelated Bus Income Over1000 | false | UnrelatedBusIncomeOver1000 |
| Termination Etc | false | TerminationEtc |
| Requirements Of Sect508e | true | RequirementsOfSect508e |
| At Least5000 In Assets | true | AtLeast5000InAssets |
| Form990 PF Filed With AG | true | Form990PFFiledWithAG |
| Private Operating Foundation | false | PrivateOperatingFoundation |
| New Substantial Contributors | false | NewSubstantialContributors |
| Interest In Controlled Entity | false | InterestInControlledEntity |
| Applicable Insurance Contract | false | ApplicableInsuranceContract |
| Comply With Public Inspection Rqr | true | ComplyWithPublicInspectionRqr |
Books In Care Of Business Name BooksInCareOfBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | co Foundation Source | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Books In Care Of Phone Number | 8008391754 | BooksInCareOfPhoneNumber |
Books In Care Of US Address BooksInCareOfUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 501 Silverside Road Suite 123 | AddressLine1 |
| City | Wilmington | City |
| State | DE | State |
| ZIP Code | 198091377 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Foreign Bank | false | ForeignBank |
Statements Regarding Acty4720 StatementsRegardingActy4720
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sale Or Exchange With Dsqfly Person | false | SaleOrExchangeWithDsqflyPerson |
| Borrow Or Lend With Dsqfly Person | false | BorrowOrLendWithDsqflyPerson |
| Furnished Goods With Dsqfly Person | false | FurnishedGoodsWithDsqflyPerson |
| Pay Compensation To Dsqfly Person | false | PayCompensationToDsqflyPerson |
| Transfer Assets To Dsqfly Person | false | TransferAssetsToDsqflyPerson |
| Payment To Government Offical | false | PaymentToGovernmentOffical |
| Uncorrected Prior Acts | false | UncorrectedPriorActs |
| Undistributed Income Prior Years | false | UndistributedIncomePriorYears |
| Business Holdings | false | BusinessHoldings |
| Jeopardy Investments | false | JeopardyInvestments |
| Uncorrected Jeopardy Investments | false | UncorrectedJeopardyInvestments |
| Influence Legislation | false | InfluenceLegislation |
| Influence Election | false | InfluenceElection |
| Grants To Individuals | false | GrantsToIndividuals |
| Grants To Organizations | false | GrantsToOrganizations |
| Noncharitable Purpose | false | NoncharitablePurpose |
| Pay Premiums Prsnl Bnft Contract | false | PayPremiumsPrsnlBnftContract |
| Prohibited Tax Shelter Transactn | false | ProhibitedTaxShelterTransactn |
Ofcr Dir Trustees Key Employee Info OfcrDirTrusteesKeyEmployeeInfo
Ofcr Dir Trustees Or Key Employee OfcrDirTrusteesOrKeyEmployee
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person Name | James A Klungness | PersonName |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | Foundation Source 501 Silverside Rd | AddressLine1 |
| City | Wilmington | City |
| State | DE | State |
| ZIP Code | 19809 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Title | Pres / Dir / Sec | Title |
| Avg Hours Per Wk Devoted To Position | 001.00 | AvgHoursPerWkDevotedToPosition |
| Compensation | 0 | Compensation |
Minimum Investment Return MinimumInvestmentReturn
| Field | Value | IRS element (for citing) |
|---|---|---|
| Avg Monthly FMV Of Securities | 234129 | AvgMonthlyFMVOfSecurities |
| Avg Monthly Cash Balances | 1693 | AvgMonthlyCashBalances |
| FMV All Other Noncharitable Assets | 0 | FMVAllOtherNoncharitableAssets |
| Total FMV Of Unused Assets | 235822 | TotalFMVOfUnusedAssets |
| Adj Total FMV Of Unused Assets | 235822 | AdjTotalFMVOfUnusedAssets |
| Cash Deemed Charitable | 3537 | CashDeemedCharitable |
| Net Noncharitable Assets | 232285 | NetNoncharitableAssets |
| Minimum Investment Return | 11614 | MinimumInvestmentReturn |
Distributable DistributableAmount
| Field | Value | IRS element (for citing) |
|---|---|---|
| Minimum Investment Return | 11614 | MinimumInvestmentReturn |
| Tax Based On Investment Income | 191 | TaxBasedOnInvestmentIncome |
| Total Tax | 191 | TotalTax |
| Distributable Amount Before Adj | 11423 | DistributableAmountBeforeAdj |
| Distributable Amount Before Ded | 11423 | DistributableAmountBeforeDed |
| Distributable Amount As Adjusted | 11423 | DistributableAmountAsAdjusted |
Qualifying Distributions QualifyingDistributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expenses And Contributions | 13856 | ExpensesAndContributions |
| Qualifying Distributions | 13856 | QualifyingDistributions |
| One Pct Sect4940e Org Net Invst Incm | 191 | OnePctSect4940eOrgNetInvstIncm |
| Adj Qualifying Distributions | 13665 | AdjQualifyingDistributions |
Undistributed Income UndistributedIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Distributable Amount As Adjusted | 11423 | DistributableAmountAsAdjusted |
| Undistributed Income Prior Year | 11217 | UndistributedIncomePriorYear |
| Qualifying Distributions | 13856 | QualifyingDistributions |
| Applied To Year1 | 11217 | AppliedToYear1 |
| Applied To Current Year | 2639 | AppliedToCurrentYear |
| Undistributed Income CY | 8784 | UndistributedIncomeCY |
Supplementary Information SupplementaryInformation
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributing Manager | James A Klungness | ContributingManager |
| Only Contributes To Preselected | X | OnlyContributesToPreselected |
Grant Or Contri Paid During Year GrantOrContriPaidDuringYear (4 entries)
| Address Line1RecipientUSAddress/AddressLine1 | CityRecipientUSAddress/City | StateRecipientUSAddress/State | ZIP CodeRecipientUSAddress/ZIPCode | Recipient RelationshipRecipientRelationship | Recipient Foundation StatusRecipientFoundationStatus | Purpose Of Grant Or ContributionPurposeOfGrantOrContribution | AmountAmount |
|---|---|---|---|---|---|---|---|
| CARING HOUSE INC | |||||||
| 1305 PROSPECT AVE | IRON MOUNTAIN | MI | 49801 | N/A | 509a1 | General Unrestricted | $2,000 |
| FINLANDIA UNIVERSITY | |||||||
| 601 QUINCY ST | HANCOCK | MI | 49930 | N/A | 509a1 | General Unrestricted | $2,000 |
| PINE MOUNTAIN MUSIC FESTIVAL INC | |||||||
| PO BOX 406 | HANCOCK | MI | 49930 | N/A | 509a2 | General Unrestricted | $3,000 |
| WILDLANDS CPR | |||||||
| PO BOX 7516 | MISSOULA | MT | 59807 | N/A | 509a1 | General Unrestricted | $1,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Grant Or Contri Paid During Year | 8000 | TotGrantOrContriPaidDuringYear |
Analysis Income Producing Acty AnalysisIncomeProducingActy
Dividends And Int From Sec Part VII DividendsAndIntFromSecPartVII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion Code | 14 | ExclusionCode |
| Exclusion | $3,333 | ExclusionAmount |
Gain Sales Assets Oth Than Invntry GainSalesAssetsOthThanInvntry
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion Code | 18 | ExclusionCode |
| Exclusion | $15,748 | ExclusionAmount |
Subtotals Part XVIA SubtotalsPartXVIA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | $19,081 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Part XVIA | 19081 | TotalPartXVIA |
Trnsfr Tr Rln With Noncharitable EO TrnsfrTrRlnWithNoncharitableEO
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trnsfr Of Cash To Noncharitable EO | false | TrnsfrOfCashToNoncharitableEO |
| Trnsfr Oth Assets Noncharitable EO | false | TrnsfrOthAssetsNoncharitableEO |
| Sales Or Exchanges Of Assets | false | SalesOrExchangesOfAssets |
| Purchase Assets Noncharitable EO | false | PurchaseAssetsNoncharitableEO |
| Rental Of Facilities Etc | false | RentalOfFacilitiesEtc |
| Reimbursement Arrangements | false | ReimbursementArrangements |
| Loans Or Loan Guarantees | false | LoansOrLoanGuarantees |
| Performance Of Services Etc | false | PerformanceOfServicesEtc |
| Sharing Of Facilities Etc | false | SharingOfFacilitiesEtc |
| Relationships Noncharitable E Os | false | RelationshipsNoncharitableEOs |
Gain Loss Sale Other Assets Sch GainLossSaleOtherAssetsSch
Gain Loss Sale Other Asset GainLossSaleOtherAsset
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Publicly-traded Securities | Name |
| Gross Sales Price | 23393 | GrossSalesPrice |
| Basis | 7645 | Basis |
| Total Net | 15748 | TotalNet |
General Explanation Attachment GeneralExplanationAttachment
Investments Corp Stock Schedule InvestmentsCorpStockSchedule
Investments Corp Stock InvestmentsCorpStock (9 entries)
| Name Of StockNameOfStock | EOY Book ValueEOYBookValue | EOYFMVEOYFMV |
|---|---|---|
| 556 shares of COHEN STEERS RLTY INCM INC NEW A | 8279 | 7493 |
| 1328 shares of EAGLE SER TR MID CAP STK FD CL A | 37245 | 32087 |
| 545 shares of HARBOR FDS INTL FD | 28920 | 33851 |
| 2592 shares of JP MORGAN CORE BOND FUND | 27821 | 31257 |
| 1080 shares of JP MORGAN SMALL CAP EQUITY INSTL SELECT | 33628 | 41447 |
| 1546 shares of JPMORGAN HIGH YIELD BOND FUND SELECT | 12662 | 12587 |
| 1818 shares of JPMORGAN MULTI CAP-MARKET NEUTRAL FD | 19214 | 17596 |
| 1955 shares of MARSICO INVT FD FOCUS FD | 36628 | 33865 |
| 674 shares of TEMPLETON DEVELOPING MARKETS TRUST CLASS A | 16849 | 15917 |
Other Expenses Schedule OtherExpensesSchedule
Other Expenses OtherExpenses (2 entries)
| DescriptionDescription | Revenue And Expenses Per BooksRevenueAndExpensesPerBooks | Disbursements Charitable PrpsDisbursementsCharitablePrps |
|---|---|---|
| Administrative Fees | 5831 | 5831 |
| State or Local Filing Fees | 25 | 25 |
Taxes Schedule TaxesSchedule
Taxes Taxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | IRS Excise Tax Payment with 1st ext 990-PF | Category |
| Amount | $121 | Amount |