HAROLD AND PATRICIA KORELL FOUNDATION: Form 990PF, tax year 2011

View the entire original 990 at ProPublica ↗

Organization: HAROLD AND PATRICIA KORELL FOUNDATION (EIN 27-1507283)
Tax period: 2011-01-01 to 2011-12-31
Filed: 2012-09-21
IRS object ID: 201212659349100206
Schema version: 2011v1.2
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
Investments Corp Stock Schedule
Other Expenses Schedule
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2012-09-21T15:01:07-07:00	Timestamp
Tax Period End Date	2011-12-31	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	ROGER GODDARD CPA PC	BusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

Field	Value	IRS element (for citing)
Address Line1	3100 TIMMONS LANE SUITE 440	AddressLine1
City	HOUSTON	City
State	TX	State
ZIP Code	77027	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990PF	ReturnType
Tax Period Begin Date	2011-01-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	271507283	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	THE HAROLD AND PATRICIA KORELL FOUNDATION	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	HARO	NameControl
Phone	7135222293	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	3333 ALLEN PKWY UNIT 2708	AddressLine1
City	HOUSTON	City
State	TX	State
ZIP Code	77019	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	HAROLD M KORELL	Name
Title	PRESIDENT	Title
Phone	7135222293	Phone
Date Signed	2012-09-19	DateSigned
Authorize Third Party	true	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Name	ROGER D GODDARD	Name
Phone	7136225088	Phone
Date Prepared	2012-09-21	DatePrepared

Field	Value	IRS element (for citing)
Tax Year	2011	TaxYear
Build TS	2016-02-24 21:20:13Z	BuildTS

Form 990-PF IRS990PF

Field	Value	IRS element (for citing)
Exempt PF	X	ExemptPF
FMV Assets EOY	4380336	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
Interest On Savings Rev And Expnss	93	InterestOnSavingsRevAndExpnss
Capital Gain Net Incm Net Invst Incm	0	CapitalGainNetIncmNetInvstIncm
Total Revenue And Expenses	93	TotalRevenueAndExpenses
Total Net Investment Income	0	TotalNetInvestmentIncome
Interest Rev And Expnss	143	InterestRevAndExpnss
Taxes Rev And Expnss	9576	TaxesRevAndExpnss
Other Expenses Rev And Expnss	1089	OtherExpensesRevAndExpnss
Tot Opr Expenses Rev And Expnss	10808	TotOprExpensesRevAndExpnss
Tot Opr Expenses Net Invst Incm	0	TotOprExpensesNetInvstIncm
Tot Opr Expenses Dsbrs Chrtbl Prps	0	TotOprExpensesDsbrsChrtblPrps
Contri Gifts Paid Rev And Expnss	201250	ContriGiftsPaidRevAndExpnss
Contri Gifts Paid Dsbrs Chrtbl Prps	201250	ContriGiftsPaidDsbrsChrtblPrps
Total Expenses Rev And Expnss	212058	TotalExpensesRevAndExpnss
Total Expenses Net Invst Incm	0	TotalExpensesNetInvstIncm
Total Expenses Dsbrs Chrtbl Prps	201250	TotalExpensesDsbrsChrtblPrps
Excess Of Revenue Over Expenses	-211965	ExcessOfRevenueOverExpenses
Net Investment Income	0	NetInvestmentIncome

Balance Sheets BalanceSheets

Field	Value	IRS element (for citing)
Cash BOY	948969	CashBOY
Cash EOY	737004	CashEOY
Cash EOYFMV	737004	CashEOYFMV
Investments Corp Stock BOY	5751309	InvestmentsCorpStockBOY
Investments Corp Stock EOY	5751309	InvestmentsCorpStockEOY
Investments Corp Stock EOYFMV	3643332	InvestmentsCorpStockEOYFMV
Total Assets BOY	6700278	TotalAssetsBOY
Total Assets EOY	6488313	TotalAssetsEOY
Total Assets EOYFMV	4380336	TotalAssetsEOYFMV
Total Liabilities EOY	0	TotalLiabilitiesEOY
Org That Do Not Follow SFAS117	X	OrgThatDoNotFollowSFAS117
Retained Earnings BOY	6700278	RetainedEarningsBOY
Retained Earnings EOY	6488313	RetainedEarningsEOY
Total Net Assets BOY	6700278	TotalNetAssetsBOY
Total Net Assets EOY	6488313	TotalNetAssetsEOY
Total Liabilities Net Assets BOY	6700278	TotalLiabilitiesNetAssetsBOY
Total Liabilities Net Assets EOY	6488313	TotalLiabilitiesNetAssetsEOY

Changes In Net Assets Fund Balances ChangesInNetAssetsFundBalances

Field	Value	IRS element (for citing)
Total Net Assets Fund Balances BOY	6700278	TotalNetAssetsFundBalancesBOY
Excess Of Revenue Over Expenses	-211965	ExcessOfRevenueOverExpenses
Subtotal	6488313	Subtotal
Total Net Assets Fund Balances EOY	6488313	TotalNetAssetsFundBalancesEOY

Qlfy Und Sect4940e For Reduced Tax QlfyUndSect4940eForReducedTax

Field	Value	IRS element (for citing)
Qualifying Distributions Year1	358627	QualifyingDistributionsYear1
Noncharitable Assets Year1	5662937	NoncharitableAssetsYear1
Distribution Ratio Year1	0.063329	DistributionRatioYear1
Noncharitable Assets Year2	7563000	NoncharitableAssetsYear2
Distribution Ratio Year2	0.000000	DistributionRatioYear2
Total Distribution Ratio	0.063329	TotalDistributionRatio
Average Distribution Ratio	0.031665	AverageDistributionRatio
Net Noncharitable Assets	5430994	NetNoncharitableAssets
Adjusted Noncharitable Assets	171972	AdjustedNoncharitableAssets
Adj Nonchrtbl Assets And One	171972	AdjNonchrtblAssetsAndOnePct
Qualifying Distributions	201250	QualifyingDistributions

Excise Tax Based On Investment Incm ExciseTaxBasedOnInvestmentIncm

Field	Value	IRS element (for citing)
Domestic Org Meeting Sect4940e	X	DomesticOrgMeetingSect4940e
Investment Income Excise Tax	0	InvestmentIncomeExciseTax
Tax Under Section511	0	TaxUnderSection511
Tax Based On Investment Income	0	TaxBasedOnInvestmentIncome
Amount Credited To Next Year	0	AmountCreditedToNextYear

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
States Filed With	TX	StatesFiledWith
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
Website Address	N/A	WebsiteAddress
Books In Care Of Person Name	HAROLD KORELL	BooksInCareOfPersonName
Books In Care Of Phone Number	7135222293	BooksInCareOfPhoneNumber

Books In Care Of US Address BooksInCareOfUSAddress

Field	Value	IRS element (for citing)
Address Line1	3333 ALLEN PARKWAY 2708	AddressLine1
City	HOUSTON	City
State	TX	State
ZIP Code	77019	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
Rcv Funds To Pay Prsnl Bnft Contract	false	RcvFundsToPayPrsnlBnftContract
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 (3 entries)

Address Line1USAddress/AddressLine1	CityUSAddress/City	StateUSAddress/State	ZIP CodeUSAddress/ZIPCode	TitleTitle	Avg Hours Per Wk Devoted To PositionAvgHoursPerWkDevotedToPosition	CompensationCompensation	Contri To Empl Benefit Plans EtcContriToEmplBenefitPlansEtc	Expense Account Other AllowancesExpenseAccountOtherAllowances
HAROLD M KORELL
3333 ALLEN PARKWAY 2708	HOUSTON	TX	77019	P/Director	1.00	0	0	0
PATRICIA KORELL
3333 ALLEN PARKWAY 2708	HOUSTON	TX	77019	Sec/Director	1.00	0	0	0
ROGER D GODDARD
3100 TIMMONS LANE 440	HOUSTON	TX	77027	Tre/Director	0	0	0	0

Field	Value	IRS element (for citing)
Comp Of Highest Paid Empl NONE	NONE	CompOfHighestPaidEmplNONE
Tot Number Of Oth Empl Paid Over50k	0	TotNumberOfOthEmplPaidOver50k
Comp Of Hghst Paid Cntrct NONE	NONE	CompOfHghstPaidCntrctNONE
Tot Number Of Cntrct Paid Over50k	0	TotNumberOfCntrctPaidOver50k

Minimum Investment Return MinimumInvestmentReturn

Field	Value	IRS element (for citing)
Avg Monthly FMV Of Securities	4584060	AvgMonthlyFMVOfSecurities
Avg Monthly Cash Balances	929639	AvgMonthlyCashBalances
FMV All Other Noncharitable Assets	0	FMVAllOtherNoncharitableAssets
Total FMV Of Unused Assets	5513699	TotalFMVOfUnusedAssets
Adj Total FMV Of Unused Assets	5513699	AdjTotalFMVOfUnusedAssets
Cash Deemed Charitable	82705	CashDeemedCharitable
Net Noncharitable Assets	5430994	NetNoncharitableAssets
Minimum Investment Return	271550	MinimumInvestmentReturn

Distributable DistributableAmount

Field	Value	IRS element (for citing)
Minimum Investment Return	271550	MinimumInvestmentReturn
Distributable Amount Before Adj	271550	DistributableAmountBeforeAdj
Distributable Amount Before Ded	271550	DistributableAmountBeforeDed
Distributable Amount As Adjusted	271550	DistributableAmountAsAdjusted

Qualifying Distributions QualifyingDistributions

Field	Value	IRS element (for citing)
Expenses And Contributions	201250	ExpensesAndContributions
Qualifying Distributions	201250	QualifyingDistributions
Adj Qualifying Distributions	201250	AdjQualifyingDistributions

Undistributed Income UndistributedIncome

Field	Value	IRS element (for citing)
Distributable Amount As Adjusted	271550	DistributableAmountAsAdjusted
Excess Distri Carryover Year1	79662	ExcessDistriCarryoverYear1
Total Excess Distri Carryover	79662	TotalExcessDistriCarryover
Qualifying Distributions	201250	QualifyingDistributions
Applied To Current Year	201250	AppliedToCurrentYear
Excess Distri Cyov App CY Corpus	70299	ExcessDistriCyovAppCYCorpus
Excess Distri Cyov Applied CY	70299	ExcessDistriCyovAppliedCY
Total Corpus	9363	TotalCorpus
Undistributed Income CY	1	UndistributedIncomeCY
Excess Distri Cyov To Next Year	9363	ExcessDistriCyovToNextYear
Excess From Year1	9363	ExcessFromYear1

Supplementary Information SupplementaryInformation

Field	Value	IRS element (for citing)
Contributing Manager	HAROLD M KORELL AND PATRICIA KORELL	ContributingManager
Contributing Manager	TRADED SECURITIES WITH A MARKET VAL	ContributingManager
Contributing Manager	HAROLD M KORELL AND PATRICIA KORELL	ContributingManager

Appication Submission Info AppicationSubmissionInfo

Field	Value	IRS element (for citing)
Recipient Name	HAROLD KORELL	RecipientName

Recipient US Address RecipientUSAddress

Field	Value	IRS element (for citing)
Address Line1	3333 ALLEN PARKWAY 2708	AddressLine1
City	HOUSTON	City
State	TX	State
ZIP Code	77019	ZIPCode

Field	Value	IRS element (for citing)
Recipient Phone Number	7135222293	RecipientPhoneNumber
Form And Info And Materials	WRITTEN REQUEST INCLUDING BROCHURE ON ORGANIZATION	FormAndInfoAndMaterials
Submission Deadlines	NONE	SubmissionDeadlines
Restrictions On Awards	NONE	RestrictionsOnAwards

Grant Or Contri Paid During Year GrantOrContriPaidDuringYear (7 entries)

Address Line1RecipientUSAddress/AddressLine1	CityRecipientUSAddress/City	StateRecipientUSAddress/State	ZIP CodeRecipientUSAddress/ZIPCode	Recipient Foundation StatusRecipientFoundationStatus	Purpose Of Grant Or ContributionPurposeOfGrantOrContribution	AmountAmount
BILLINGS CLINIC FOUNDATION
2917 TENTH AVENUE NORTH	BILLINGS	MT	59107	N.A.	ServicesGeriatric	$70,000
COLORADO SCHOOL OF MINES
PO BOX 4005	GOLDEN	CO	804010005	N.A.	higher educationInstitute of	$45,000
ST JOHN'S CHURCH
BUFFALO SPEEDWAY	HOUSTON	TX	77019	N.A.	institutionReligious	$1,000
LUTHERAN SOCIAL SERVICES OF THE SOUTH
PO BOX 140767	AUSTIN	TX	787140767	N.A.	facility for theAssisted livingelderly	$26,250
SCOTT & WHITE HEALTHCARE FOUNDATION
700 MEDICAL PARKWAY	BRENHAM	TX	77833	N.A.	care facilitySupport health	$2,500
BAYLOR COLLEGE OF MEDICINE
1 BAYLOR PLAZA	HOUSTON	TX	77030	N.A.	Health care facility	$51,500
BIG HORN COUNTY LIBRARY FOUNDATION
PO BOX 231	BASIN	WY	82410	N.A.	public librarySupport for	$5,000

Field	Value	IRS element (for citing)
Tot Grant Or Contri Paid During Year	201250	TotGrantOrContriPaidDuringYear

Analysis Income Producing Acty AnalysisIncomeProducingActy

Int On Savings And Temp Cash Invst IntOnSavingsAndTempCashInvst

Field	Value	IRS element (for citing)
Exclusion Code	14	ExclusionCode
Exclusion	$93	ExclusionAmount

Subtotals Part XVIA SubtotalsPartXVIA

Field	Value	IRS element (for citing)
Exclusion	$93	ExclusionAmount

Field	Value	IRS element (for citing)
Total Part XVIA	93	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

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corp Stock InvestmentsCorpStock

Field	Value	IRS element (for citing)
Name Of Stock	Southwestern Energy Co. - 114,068 shares (value at time of receipt	NameOfStock
EOY Book Value	5751309	EOYBookValue
EOYFMV	3643332	EOYFMV

Other Expenses Schedule OtherExpensesSchedule

Other Expenses OtherExpenses (2 entries)

DescriptionDescription	Revenue And Expenses Per BooksRevenueAndExpensesPerBooks
Penalty	239
Application for tax-exempt ruling	850

Taxes Schedule TaxesSchedule

Taxes Taxes

Field	Value	IRS element (for citing)
Category	Federal income tax	Category
Amount	$9,576	Amount

Comments