THE TIMOTHY AND SUSANNE SULLIVAN FAMILY FOUNDATION: Form 990PF, tax year 2010

View the entire original 990 at ProPublica ↗

Organization
THE TIMOTHY AND SUSANNE SULLIVAN FAMILY FOUNDATION (EIN 20-3367664)
Tax period
2010-01-01 to 2010-12-31
Filed
2011-05-04
IRS object ID
201101269349100725
Schema version
2010v3.2
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 ReturnHeader

FieldValueIRS element (for citing)
Timestamp2011-05-04T13:04:34-00:00Timestamp
Tax Period End Date2010-12-31TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

FieldValueIRS element (for citing)
Business Name Line1Foundation SourceBusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

FieldValueIRS element (for citing)
Address Line155 Walls DriveAddressLine1
CityFairfieldCity
StateCTState
ZIP Code06824ZIPCode
FieldValueIRS element (for citing)
Return Type990PFReturnType
Tax Period Begin Date2010-01-01TaxPeriodBeginDate

Filer Filer

FieldValueIRS element (for citing)
EIN203367664EIN

Name Name

FieldValueIRS element (for citing)
Business Name Line1The Timothy and Susanne Sullivan Family FoundationBusinessNameLine1
FieldValueIRS element (for citing)
Name ControlTIMONameControl
Phone8008391754Phone

US Address USAddress

FieldValueIRS element (for citing)
Address Line1c/o Foundation Source 501 SilversidAddressLine1
CityWilmingtonCity
StateDEState
ZIP Code198091377ZIPCode

Officer Officer

FieldValueIRS element (for citing)
NameTimothy P SullivanName
TitlePresidentTitle
Date Signed2011-04-13DateSigned
Authorize Third PartyfalseAuthorizeThirdParty

Preparer Preparer

FieldValueIRS element (for citing)
NameJeffrey D HaskellName
Phone8008391754Phone
Date Prepared2011-04-13DatePrepared
FieldValueIRS element (for citing)
Tax Year2010TaxYear
Build TS2016-02-24 21:20:13ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Exempt PFXExemptPF
FMV Assets EOY642587FMVAssetsEOY
Method Of Accounting CashXMethodOfAccountingCash

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Not Required To Attach Schedule BXNotRequiredToAttachScheduleB
Dividends Rev And Expnss13102DividendsRevAndExpnss
Dividends Net Invst Incm13102DividendsNetInvstIncm
Net Gain Sale Assets Rev And Expnss-13926NetGainSaleAssetsRevAndExpnss
Gross Sales Price99891GrossSalesPrice
Capital Gain Net Incm Net Invst Incm0CapitalGainNetIncmNetInvstIncm
Total Revenue And Expenses-824TotalRevenueAndExpenses
Total Net Investment Income13102TotalNetInvestmentIncome
Taxes Rev And Expnss85TaxesRevAndExpnss
Other Expenses Rev And Expnss8134OtherExpensesRevAndExpnss
Other Expenses Dsbrs Chrtbl Prps8134OtherExpensesDsbrsChrtblPrps
Tot Opr Expenses Rev And Expnss8219TotOprExpensesRevAndExpnss
Tot Opr Expenses Net Invst Incm0TotOprExpensesNetInvstIncm
Tot Opr Expenses Dsbrs Chrtbl Prps8134TotOprExpensesDsbrsChrtblPrps
Contri Gifts Paid Rev And Expnss327500ContriGiftsPaidRevAndExpnss
Contri Gifts Paid Dsbrs Chrtbl Prps327500ContriGiftsPaidDsbrsChrtblPrps
Total Expenses Rev And Expnss335719TotalExpensesRevAndExpnss
Total Expenses Net Invst Incm0TotalExpensesNetInvstIncm
Total Expenses Dsbrs Chrtbl Prps335634TotalExpensesDsbrsChrtblPrps
Excess Of Revenue Over Expenses-336543ExcessOfRevenueOverExpenses
Net Investment Income13102NetInvestmentIncome

Balance Sheets BalanceSheets

FieldValueIRS element (for citing)
Savings And Temp Cash Invst BOY294968SavingsAndTempCashInvstBOY
Savings And Temp Cash Invst EOY67540SavingsAndTempCashInvstEOY
Savings And Temp Cash Invst EOYFMV67540SavingsAndTempCashInvstEOYFMV
Investments Corp Stock BOY679838InvestmentsCorpStockBOY
Investments Corp Stock EOY570723InvestmentsCorpStockEOY
Investments Corp Stock EOYFMV575047InvestmentsCorpStockEOYFMV
Total Assets BOY974806TotalAssetsBOY
Total Assets EOY638263TotalAssetsEOY
Total Assets EOYFMV642587TotalAssetsEOYFMV
Total Liabilities EOY0TotalLiabilitiesEOY
Org That Do Not Follow SFAS117XOrgThatDoNotFollowSFAS117
Retained Earnings BOY974806RetainedEarningsBOY
Retained Earnings EOY638263RetainedEarningsEOY
Total Net Assets BOY974806TotalNetAssetsBOY
Total Net Assets EOY638263TotalNetAssetsEOY
Total Liabilities Net Assets BOY974806TotalLiabilitiesNetAssetsBOY
Total Liabilities Net Assets EOY638263TotalLiabilitiesNetAssetsEOY

Changes In Net Assets Fund Balances ChangesInNetAssetsFundBalances

FieldValueIRS element (for citing)
Total Net Assets Fund Balances BOY974806TotalNetAssetsFundBalancesBOY
Excess Of Revenue Over Expenses-336543ExcessOfRevenueOverExpenses
Subtotal638263Subtotal
Total Net Assets Fund Balances EOY638263TotalNetAssetsFundBalancesEOY

Capital Gains And Losses CapitalGainsAndLosses

Capital Gains And Losses Info CapitalGainsAndLossesInfo

FieldValueIRS element (for citing)
Description Of AssetPublicly-traded SecuritiesDescriptionOfAsset
Gross Sales Price99891GrossSalesPrice
Cost Or Other Basis113817CostOrOtherBasis
Gain Or Loss-13926GainOrLoss
Gains Minus Excess Or Losses-13926GainsMinusExcessOrLosses
FieldValueIRS element (for citing)
Capital Gain Net Income-13926CapitalGainNetIncome

Qlfy Und Sect4940e For Reduced Tax QlfyUndSect4940eForReducedTax

FieldValueIRS element (for citing)
Liable For4942 TaxfalseLiableFor4942Tax
Qualifying Distributions Year1144569QualifyingDistributionsYear1
Noncharitable Assets Year1845875NoncharitableAssetsYear1
Distribution Ratio Year1000.170911DistributionRatioYear1
Qualifying Distributions Year215944QualifyingDistributionsYear2
Noncharitable Assets Year21007954NoncharitableAssetsYear2
Distribution Ratio Year2000.015818DistributionRatioYear2
Qualifying Distributions Year318714QualifyingDistributionsYear3
Noncharitable Assets Year31140001NoncharitableAssetsYear3
Distribution Ratio Year3000.016416DistributionRatioYear3
Qualifying Distributions Year4104962QualifyingDistributionsYear4
Noncharitable Assets Year4952608NoncharitableAssetsYear4
Distribution Ratio Year4000.110184DistributionRatioYear4
Qualifying Distributions Year596250QualifyingDistributionsYear5
Noncharitable Assets Year545230NoncharitableAssetsYear5
Distribution Ratio Year5002.128012DistributionRatioYear5
Total Distribution Ratio002.441341TotalDistributionRatio
Average Distribution Ratio000.488268AverageDistributionRatio
Net Noncharitable Assets776492NetNoncharitableAssets
Adjusted Noncharitable Assets379136AdjustedNoncharitableAssets
One Percent Net Investment Income131OnePercentNetInvestmentIncome
Adj Nonchrtbl Assets And One379267AdjNonchrtblAssetsAndOnePct
Qualifying Distributions335634QualifyingDistributions

Excise Tax Based On Investment Incm ExciseTaxBasedOnInvestmentIncm

FieldValueIRS element (for citing)
Investment Income Excise Tax262InvestmentIncomeExciseTax
Subtotal262Subtotal
Tax Based On Investment Income262TaxBasedOnInvestmentIncome
Tax Due262TaxDue

Statements Regarding Activities StatementsRegardingActivities

FieldValueIRS element (for citing)
Legislative Political ActivitiesfalseLegislativePoliticalActivities
More Than100 SpentfalseMoreThan100Spent
Form1120 POL FiledfalseForm1120POLFiled
Activities Not Prev ReportedfalseActivitiesNotPrevReported
Changes To Articles Or BylawsfalseChangesToArticlesOrBylaws
Unrelated Bus Income Over1000falseUnrelatedBusIncomeOver1000
Termination EtctrueTerminationEtc
Requirements Of Sect508etrueRequirementsOfSect508e
At Least5000 In AssetstrueAtLeast5000InAssets
Form990 PF Filed With AGtrueForm990PFFiledWithAG
Private Operating FoundationfalsePrivateOperatingFoundation
New Substantial ContributorsfalseNewSubstantialContributors
Interest In Controlled EntityfalseInterestInControlledEntity
Applicable Insurance ContractfalseApplicableInsuranceContract
Comply With Public Inspection RqrtrueComplyWithPublicInspectionRqr

Books In Care Of Business Name BooksInCareOfBusinessName

FieldValueIRS element (for citing)
Business Name Line1co Foundation SourceBusinessNameLine1
FieldValueIRS element (for citing)
Books In Care Of Phone Number8008391754BooksInCareOfPhoneNumber

Books In Care Of US Address BooksInCareOfUSAddress

FieldValueIRS element (for citing)
Address Line1501 Silverside Road Suite 123AddressLine1
CityWilmingtonCity
StateDEState
ZIP Code198091377ZIPCode
FieldValueIRS element (for citing)
Foreign BankfalseForeignBank

Statements Regarding Acty4720 StatementsRegardingActy4720

FieldValueIRS element (for citing)
Sale Or Exchange With Dsqfly PersonfalseSaleOrExchangeWithDsqflyPerson
Borrow Or Lend With Dsqfly PersonfalseBorrowOrLendWithDsqflyPerson
Furnished Goods With Dsqfly PersonfalseFurnishedGoodsWithDsqflyPerson
Pay Compensation To Dsqfly PersonfalsePayCompensationToDsqflyPerson
Transfer Assets To Dsqfly PersonfalseTransferAssetsToDsqflyPerson
Payment To Government OfficalfalsePaymentToGovernmentOffical
Uncorrected Prior ActsfalseUncorrectedPriorActs
Undistributed Income Prior YearsfalseUndistributedIncomePriorYears
Business HoldingsfalseBusinessHoldings
Jeopardy InvestmentsfalseJeopardyInvestments
Uncorrected Jeopardy InvestmentsfalseUncorrectedJeopardyInvestments
Influence LegislationfalseInfluenceLegislation
Influence ElectionfalseInfluenceElection
Grants To IndividualsfalseGrantsToIndividuals
Grants To OrganizationsfalseGrantsToOrganizations
Noncharitable PurposefalseNoncharitablePurpose
Pay Premiums Prsnl Bnft ContractfalsePayPremiumsPrsnlBnftContract
Prohibited Tax Shelter TransactnfalseProhibitedTaxShelterTransactn
Proceeds Or Net IncometrueProceedsOrNetIncome

Ofcr Dir Trustees Key Employee Info OfcrDirTrusteesKeyEmployeeInfo

Ofcr Dir Trustees Or Key Employee OfcrDirTrusteesOrKeyEmployee (2 entries)

Address Line1USAddress/AddressLine1CityUSAddress/CityStateUSAddress/StateZIP CodeUSAddress/ZIPCodeTitleTitleAvg Hours Per Wk Devoted To PositionAvgHoursPerWkDevotedToPositionCompensationCompensation
Susanne Sullivan
c/o Foundation Source 501 SilversidWilmingtonDE19809Vice President / Director001.000
Timothy P Sullivan
c/o Foundation Source 501 SilversidWilmingtonDE19809President / Director / Secretary001.000
FieldValueIRS element (for citing)
Comp Of Highest Paid Empl NONENONECompOfHighestPaidEmplNONE

Minimum Investment Return MinimumInvestmentReturn

FieldValueIRS element (for citing)
Avg Monthly FMV Of Securities572713AvgMonthlyFMVOfSecurities
Avg Monthly Cash Balances215604AvgMonthlyCashBalances
FMV All Other Noncharitable Assets0FMVAllOtherNoncharitableAssets
Total FMV Of Unused Assets788317TotalFMVOfUnusedAssets
Adj Total FMV Of Unused Assets788317AdjTotalFMVOfUnusedAssets
Cash Deemed Charitable11825CashDeemedCharitable
Net Noncharitable Assets776492NetNoncharitableAssets
Minimum Investment Return38825MinimumInvestmentReturn

Distributable DistributableAmount

FieldValueIRS element (for citing)
Minimum Investment Return38825MinimumInvestmentReturn
Tax Based On Investment Income262TaxBasedOnInvestmentIncome
Total Tax262TotalTax
Distributable Amount Before Adj38563DistributableAmountBeforeAdj
Distributable Amount Before Ded38563DistributableAmountBeforeDed
Distributable Amount As Adjusted38563DistributableAmountAsAdjusted

Qualifying Distributions QualifyingDistributions

FieldValueIRS element (for citing)
Expenses And Contributions335634ExpensesAndContributions
Qualifying Distributions335634QualifyingDistributions
Adj Qualifying Distributions335634AdjQualifyingDistributions

Undistributed Income UndistributedIncome

FieldValueIRS element (for citing)
Distributable Amount As Adjusted38563DistributableAmountAsAdjusted
Excess Distri Carryover Year524614ExcessDistriCarryoverYear5
Excess Distri Carryover Year478196ExcessDistriCarryoverYear4
Excess Distri Carryover Year1102467ExcessDistriCarryoverYear1
Total Excess Distri Carryover205277TotalExcessDistriCarryover
Qualifying Distributions335634QualifyingDistributions
Applied To Current Year38563AppliedToCurrentYear
Remaining Distri From Corpus297071RemainingDistriFromCorpus
Total Corpus502348TotalCorpus
Undistributed Income CY0UndistributedIncomeCY
Excess Distri Cyov From Year524614ExcessDistriCyovFromYear5
Excess Distri Cyov To Next Year477734ExcessDistriCyovToNextYear
Excess From Year478196ExcessFromYear4
Excess From Year1102467ExcessFromYear1
Excess From Current Year297071ExcessFromCurrentYear

Supplementary Information SupplementaryInformation

FieldValueIRS element (for citing)
Contributing ManagerSusanne SullivanContributingManager
Contributing ManagerTimothy P SullivanContributingManager
Only Contributes To PreselectedXOnlyContributesToPreselected

Grant Or Contri Paid During Year GrantOrContriPaidDuringYear (5 entries)

Address Line1RecipientUSAddress/AddressLine1CityRecipientUSAddress/CityStateRecipientUSAddress/StateZIP CodeRecipientUSAddress/ZIPCodeRecipient RelationshipRecipientRelationshipRecipient Foundation StatusRecipientFoundationStatusPurpose Of Grant Or ContributionPurposeOfGrantOrContributionAmountAmount
BIG SHOULDERS FUND
309 W WASHINGTON ST STE 550CHICAGOIL60606N/A509(a)(1)Santa Lucia and St. Barbara Grammer Schools Patron$100,000
NATIONAL MULTIPLE SCLEROSIS SOCIETY
525 W MONROE STCHICAGOIL60661N/A509(a)(1)Charitable Event$7,500
NORTHLIGHT THEATRE INC
9501 SKOKIE BLVDSKOKIEIL60077N/A509(a)(2)General Unrestricted$45,000
NORTHLIGHT THEATRE INC
9501 SKOKIE BLVDSKOKIEIL60077N/A509(a)(2)Leadership Campaign$50,000
UNITED STATES NAVAL ACADEMY FDN INC
USNAF GIFT PROCESSING291 WOOD RDANNAPOLISMD21402N/A509(a)(1)Ethical Leadership, Annual Fund Athletic Excellence Fund$125,000
FieldValueIRS element (for citing)
Tot Grant Or Contri Paid During Year327500TotGrantOrContriPaidDuringYear

Analysis Income Producing Acty AnalysisIncomeProducingActy

Dividends And Int From Sec Part VII DividendsAndIntFromSecPartVII

FieldValueIRS element (for citing)
Exclusion Code14ExclusionCode
Exclusion$13,102ExclusionAmount

Gain Sales Assets Oth Than Invntry GainSalesAssetsOthThanInvntry

FieldValueIRS element (for citing)
Exclusion Code18ExclusionCode
Exclusion-$13,926ExclusionAmount

Subtotals Part XVIA SubtotalsPartXVIA

FieldValueIRS element (for citing)
Exclusion-$824ExclusionAmount
FieldValueIRS element (for citing)
Total Part XVIA-824TotalPartXVIA

Trnsfr Tr Rln With Noncharitable EO TrnsfrTrRlnWithNoncharitableEO

FieldValueIRS element (for citing)
Trnsfr Of Cash To Noncharitable EOfalseTrnsfrOfCashToNoncharitableEO
Trnsfr Oth Assets Noncharitable EOfalseTrnsfrOthAssetsNoncharitableEO
Sales Or Exchanges Of AssetsfalseSalesOrExchangesOfAssets
Purchase Assets Noncharitable EOfalsePurchaseAssetsNoncharitableEO
Rental Of Facilities EtcfalseRentalOfFacilitiesEtc
Reimbursement ArrangementsfalseReimbursementArrangements
Loans Or Loan GuaranteesfalseLoansOrLoanGuarantees
Performance Of Services EtcfalsePerformanceOfServicesEtc
Sharing Of Facilities EtcfalseSharingOfFacilitiesEtc
Relationships Noncharitable E OsfalseRelationshipsNoncharitableEOs

General Explanation Attachment GeneralExplanationAttachment

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corp Stock InvestmentsCorpStock (5 entries)

Name Of StockNameOfStockEOY Book ValueEOYBookValueEOYFMVEOYFMV
5491 shares of COLUMBIA ACORN FUND CLASS Z ACRNX162156165770
1100 shares of ISHARES SP MIDCAP 400 BARRA VALUE IJJ8351887406
1100 shares of ISHARES SP MIDCAP 400 GROWTH INDEX FUND IJK84860110792
2200 shares of ISHARES TRUST MSCI EAFE INDEX FUND EFA150761128084
660 shares of SPDR SP 500 ETF TRUST SPY8942882995

Liquidation Explanation Stmt LiquidationExplanationStmt

FieldValueIRS element (for citing)
StatementThis statement is submitted to report the distribution of certain assets during the above-referenced year. The distributions resulted in a substantial contraction of assets. The following information is submitted in accordance with Treasury Regulation Section 1.6043-3a1 and the Form 990-PF instructions During the taxable year ending December 31, 2010, The Timothy and Susanne Sullivan Family Foundation the Foundation made distributions from assets from sources other than current income. Collectively, the distributions in excess of current income totaled 327,500. This amount represents over 25 of the Foundations net assets of 873,318 as measured by fair market value at the beginning of the Foundations taxable year ending December 31, 2010. Although the Foundation technically experienced a substantial contraction, it will continue in existence and has no plans for dissolution. The Foundation made distributions of cash to the grantees listed in the attachment to Part XV, Line 3a each such grant was made solely for the charitable purpose specified therein.Statement

Other Expenses Schedule OtherExpensesSchedule

Other Expenses OtherExpenses (2 entries)

DescriptionDescriptionRevenue And Expenses Per BooksRevenueAndExpensesPerBooksDisbursements Charitable PrpsDisbursementsCharitablePrps
Administrative Fees81098109
State or Local Filing Fees2525

Taxes Schedule TaxesSchedule

Taxes Taxes

FieldValueIRS element (for citing)
CategoryExcise Tax for 2009Category
Amount$85Amount
Net Investment Income0NetInvestmentIncome
Adjusted Net Income0AdjustedNetIncome
Disbursements Charitable Prps0DisbursementsCharitablePrps

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