QUEALLY FOUNDATION INC: Form 990PF, tax year 2010

View the entire original 990 at ProPublica ↗

Organization: QUEALLY FOUNDATION INC (EIN 77-0607990)
Tax period: 2010-01-01 to 2010-12-31
Filed: 2011-11-08
IRS object ID: 201113129349100866
Schema version: 2010v3.4
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
Schedule B
General Explanation Attachment
Investments Corp Stock Schedule
Liquidation Explanation Stmt
Other Expenses Schedule
Other Increases Schedule
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2011-11-08T21:40:55-00:00	Timestamp
Tax Period End Date	2010-12-31	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	55 Walls Drive	AddressLine1
City	Fairfield	City
State	CT	State
ZIP Code	06824	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990PF	ReturnType
Tax Period Begin Date	2010-01-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	770607990	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	The Paul & Anne-Marie Queally Family Foundation Inc	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	PAUL	NameControl
Phone	8008391754	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	c/o Foundation Source 501 Silversid	AddressLine1
City	Wilmington	City
State	DE	State
ZIP Code	198091377	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	Paul Queally	Name
Title	President	Title
Date Signed	2011-11-08	DateSigned
Authorize Third Party	false	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Name	Jeffrey D Haskell	Name
Phone	8008391754	Phone
Date Prepared	2011-11-08	DatePrepared

Field	Value	IRS element (for citing)
Tax Year	2010	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	2093706	FMVAssetsEOY
Method Of Accounting Cash	X	MethodOfAccountingCash

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

Field	Value	IRS element (for citing)
Contri Received Rev And Expnss	1537500	ContriReceivedRevAndExpnss
Dividends Rev And Expnss	16143	DividendsRevAndExpnss
Dividends Net Invst Incm	16143	DividendsNetInvstIncm
Net Gain Sale Assets Rev And Expnss	-52942	NetGainSaleAssetsRevAndExpnss
Gross Sales Price	791820	GrossSalesPrice
Capital Gain Net Incm Net Invst Incm	341538	CapitalGainNetIncmNetInvstIncm
Total Revenue And Expenses	1500701	TotalRevenueAndExpenses
Total Net Investment Income	357681	TotalNetInvestmentIncome
Taxes Rev And Expnss	2900	TaxesRevAndExpnss
Other Expenses Rev And Expnss	12786	OtherExpensesRevAndExpnss
Other Expenses Net Invst Incm	362	OtherExpensesNetInvstIncm
Other Expenses Dsbrs Chrtbl Prps	12424	OtherExpensesDsbrsChrtblPrps
Tot Opr Expenses Rev And Expnss	15686	TotOprExpensesRevAndExpnss
Tot Opr Expenses Net Invst Incm	362	TotOprExpensesNetInvstIncm
Tot Opr Expenses Dsbrs Chrtbl Prps	12424	TotOprExpensesDsbrsChrtblPrps
Contri Gifts Paid Rev And Expnss	1260720	ContriGiftsPaidRevAndExpnss
Contri Gifts Paid Dsbrs Chrtbl Prps	1260720	ContriGiftsPaidDsbrsChrtblPrps
Total Expenses Rev And Expnss	1276406	TotalExpensesRevAndExpnss
Total Expenses Net Invst Incm	362	TotalExpensesNetInvstIncm
Total Expenses Dsbrs Chrtbl Prps	1273144	TotalExpensesDsbrsChrtblPrps
Excess Of Revenue Over Expenses	224295	ExcessOfRevenueOverExpenses
Net Investment Income	357319	NetInvestmentIncome

Balance Sheets BalanceSheets

Field	Value	IRS element (for citing)
Savings And Temp Cash Invst BOY	1250621	SavingsAndTempCashInvstBOY
Savings And Temp Cash Invst EOY	541236	SavingsAndTempCashInvstEOY
Savings And Temp Cash Invst EOYFMV	541236	SavingsAndTempCashInvstEOYFMV
Investments Corp Stock BOY	642697	InvestmentsCorpStockBOY
Investments Corp Stock EOY	1583877	InvestmentsCorpStockEOY
Investments Corp Stock EOYFMV	1552470	InvestmentsCorpStockEOYFMV
Total Assets BOY	1893318	TotalAssetsBOY
Total Assets EOY	2125113	TotalAssetsEOY
Total Assets EOYFMV	2093706	TotalAssetsEOYFMV
Total Liabilities EOY	0	TotalLiabilitiesEOY
Org That Do Not Follow SFAS117	X	OrgThatDoNotFollowSFAS117
Retained Earnings BOY	1893318	RetainedEarningsBOY
Retained Earnings EOY	2125113	RetainedEarningsEOY
Total Net Assets BOY	1893318	TotalNetAssetsBOY
Total Net Assets EOY	2125113	TotalNetAssetsEOY
Total Liabilities Net Assets BOY	1893318	TotalLiabilitiesNetAssetsBOY
Total Liabilities Net Assets EOY	2125113	TotalLiabilitiesNetAssetsEOY

Changes In Net Assets Fund Balances ChangesInNetAssetsFundBalances

Field	Value	IRS element (for citing)
Total Net Assets Fund Balances BOY	1893318	TotalNetAssetsFundBalancesBOY
Excess Of Revenue Over Expenses	224295	ExcessOfRevenueOverExpenses
Other Increases	7500	OtherIncreases
Subtotal	2125113	Subtotal
Total Net Assets Fund Balances EOY	2125113	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	791820	GrossSalesPrice
Cost Or Other Basis	450282	CostOrOtherBasis
Gain Or Loss	341538	GainOrLoss
Gains Minus Excess Or Losses	341538	GainsMinusExcessOrLosses

Field	Value	IRS element (for citing)
Capital Gain Net Income	341538	CapitalGainNetIncome

Qlfy Und Sect4940e For Reduced Tax QlfyUndSect4940eForReducedTax

Field	Value	IRS element (for citing)
Liable For4942 Tax	false	LiableFor4942Tax
Qualifying Distributions Year1	1281663	QualifyingDistributionsYear1
Noncharitable Assets Year1	1750994	NoncharitableAssetsYear1
Distribution Ratio Year1	000.731963	DistributionRatioYear1
Qualifying Distributions Year2	2231613	QualifyingDistributionsYear2
Noncharitable Assets Year2	2607710	NoncharitableAssetsYear2
Distribution Ratio Year2	000.855775	DistributionRatioYear2
Qualifying Distributions Year3	303317	QualifyingDistributionsYear3
Noncharitable Assets Year3	2647000	NoncharitableAssetsYear3
Distribution Ratio Year3	000.114589	DistributionRatioYear3
Qualifying Distributions Year4	306668	QualifyingDistributionsYear4
Noncharitable Assets Year4	1393970	NoncharitableAssetsYear4
Distribution Ratio Year4	000.219996	DistributionRatioYear4
Qualifying Distributions Year5	129402	QualifyingDistributionsYear5
Noncharitable Assets Year5	397002	NoncharitableAssetsYear5
Distribution Ratio Year5	000.325948	DistributionRatioYear5
Total Distribution Ratio	002.248271	TotalDistributionRatio
Average Distribution Ratio	000.449654	AverageDistributionRatio
Net Noncharitable Assets	1182341	NetNoncharitableAssets
Adjusted Noncharitable Assets	531644	AdjustedNoncharitableAssets
One Percent Net Investment Income	3573	OnePercentNetInvestmentIncome
Adj Nonchrtbl Assets And One	535217	AdjNonchrtblAssetsAndOnePct
Qualifying Distributions	1273144	QualifyingDistributions

Excise Tax Based On Investment Incm ExciseTaxBasedOnInvestmentIncm

Field	Value	IRS element (for citing)
Domestic Org Meeting Sect4940e	X	DomesticOrgMeetingSect4940e
Investment Income Excise Tax	3573	InvestmentIncomeExciseTax
Subtotal	3573	Subtotal
Tax Based On Investment Income	3573	TaxBasedOnInvestmentIncome
Est Tax Payments And Overpayment	12180	EstTaxPaymentsAndOverpayment
Tax Paid With Extension	7080	TaxPaidWithExtension
Total Credits And Payments	19260	TotalCreditsAndPayments
Tax Paid Original Return	19260	TaxPaidOriginalReturn
Form2220 Attached	X	Form2220Attached
Overpayment	15687	Overpayment
Amount Credited To Next Year	3700	AmountCreditedToNextYear
Amount To Be Refunded	11987	AmountToBeRefunded

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	true	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
Proceeds Or Net Income	true	ProceedsOrNetIncome

Ofcr Dir Trustees Key Employee Info OfcrDirTrusteesKeyEmployeeInfo

Ofcr Dir Trustees Or Key Employee OfcrDirTrusteesOrKeyEmployee (2 entries)

Address Line1USAddress/AddressLine1	CityUSAddress/City	StateUSAddress/State	ZIP CodeUSAddress/ZIPCode	TitleTitle	Avg Hours Per Wk Devoted To PositionAvgHoursPerWkDevotedToPosition	CompensationCompensation
Anne-Marie Queally
c/o Foundation Source 501 Silversid	Wilmington	DE	19809	Vice President / Director	001.00	0
Paul B Queally
c/o Foundation Source 501 Silversid	Wilmington	DE	19809	President / Director / Secretary	001.00	0

Field	Value	IRS element (for citing)
Comp Of Highest Paid Empl NONE	NONE	CompOfHighestPaidEmplNONE

Minimum Investment Return MinimumInvestmentReturn

Field	Value	IRS element (for citing)
Avg Monthly FMV Of Securities	542158	AvgMonthlyFMVOfSecurities
Avg Monthly Cash Balances	658188	AvgMonthlyCashBalances
FMV All Other Noncharitable Assets	0	FMVAllOtherNoncharitableAssets
Total FMV Of Unused Assets	1200346	TotalFMVOfUnusedAssets
Adj Total FMV Of Unused Assets	1200346	AdjTotalFMVOfUnusedAssets
Cash Deemed Charitable	18005	CashDeemedCharitable
Net Noncharitable Assets	1182341	NetNoncharitableAssets
Minimum Investment Return	59117	MinimumInvestmentReturn

Distributable DistributableAmount

Field	Value	IRS element (for citing)
Minimum Investment Return	59117	MinimumInvestmentReturn
Tax Based On Investment Income	3573	TaxBasedOnInvestmentIncome
Total Tax	3573	TotalTax
Distributable Amount Before Adj	55544	DistributableAmountBeforeAdj
Recoveries Qlfy Distributions	7500	RecoveriesQlfyDistributions
Distributable Amount Before Ded	63044	DistributableAmountBeforeDed
Distributable Amount As Adjusted	63044	DistributableAmountAsAdjusted

Qualifying Distributions QualifyingDistributions

Field	Value	IRS element (for citing)
Expenses And Contributions	1273144	ExpensesAndContributions
Qualifying Distributions	1273144	QualifyingDistributions
One Pct Sect4940e Org Net Invst Incm	3573	OnePctSect4940eOrgNetInvstIncm
Adj Qualifying Distributions	1269571	AdjQualifyingDistributions

Undistributed Income UndistributedIncome

Field	Value	IRS element (for citing)
Distributable Amount As Adjusted	63044	DistributableAmountAsAdjusted
Excess Distri Carryover Year5	112118	ExcessDistriCarryoverYear5
Excess Distri Carryover Year4	274359	ExcessDistriCarryoverYear4
Excess Distri Carryover Year3	172904	ExcessDistriCarryoverYear3
Excess Distri Carryover Year2	2102778	ExcessDistriCarryoverYear2
Excess Distri Carryover Year1	1212403	ExcessDistriCarryoverYear1
Total Excess Distri Carryover	3874562	TotalExcessDistriCarryover
Qualifying Distributions	1273144	QualifyingDistributions
Applied To Current Year	63044	AppliedToCurrentYear
Remaining Distri From Corpus	1210100	RemainingDistriFromCorpus
Total Corpus	5084662	TotalCorpus
Undistributed Income CY	0	UndistributedIncomeCY
Excess Distri Cyov From Year5	112118	ExcessDistriCyovFromYear5
Excess Distri Cyov To Next Year	4972544	ExcessDistriCyovToNextYear
Excess From Year4	274359	ExcessFromYear4
Excess From Year3	172904	ExcessFromYear3
Excess From Year2	2102778	ExcessFromYear2
Excess From Year1	1212403	ExcessFromYear1
Excess From Current Year	1210100	ExcessFromCurrentYear

Supplementary Information SupplementaryInformation

Field	Value	IRS element (for citing)
Contributing Manager	Anne-Marie Queally	ContributingManager
Contributing Manager	Paul B Queally	ContributingManager
Only Contributes To Preselected	X	OnlyContributesToPreselected

Grant Or Contri Paid During Year GrantOrContriPaidDuringYear (8 entries)

Address Line1RecipientUSAddress/AddressLine1	CityRecipientUSAddress/City	StateRecipientUSAddress/State	ZIP CodeRecipientUSAddress/ZIPCode	Recipient RelationshipRecipientRelationship	Recipient Foundation StatusRecipientFoundationStatus	Purpose Of Grant Or ContributionPurposeOfGrantOrContribution	AmountAmount
BOOMER ESIASON FOUNDATION
200B ARMSTRONG RD	GARDEN CITY PARK	NY	11040	N/A	509(a)(2)	General Unrestricted	$55,000
MIKEY CZECH FOUNDATION
PO BOX 1717	NEW CANAAN	CT	06840	N/A	509(a)(1)	General Unrestricted	$1,000
NEW CANAAN TEEN CENTER
PO BOX 1255	NEW CANAAN	CT	06840	N/A	509(a)(1)	General Unrestricted	$720
ST ALOYSIUS CHURCH CORPORATION
40 MAPLE ST	NEW CANAAN	CT	06840	N/A	509(a)(1)	Bishops Appeal Fund	$50,000
THE EMILY KRZYEWSKI FAMILY LIFE CEN
904 W CHAPEL HILL ST	DURHAM	NC	27701	N/A	509(a)(1)	General Unrestricted	$35,500
THE MULTIPLE MYELOMA RESEARCH FDN
383 MAIN AVE FL 5	NORWALK	CT	06851	N/A	509(a)(1)	General Unrestricted	$21,000
UNIVERSITY OF RICHMOND
28 WESTHAMPTON WAY	RICHMOND	VA	23173	N/A	509(a)(1)	General Unrestricted	$1,090,000
YOUTH IMPROVING NON-PROFITS
2801 M ST NW	WASHINGTON	DC	20007	N/A	509(a)(1)	General Unrestricted	$7,500

Field	Value	IRS element (for citing)
Tot Grant Or Contri Paid During Year	1260720	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	$16,142	ExclusionAmount

Gain Sales Assets Oth Than Invntry GainSalesAssetsOthThanInvntry

Field	Value	IRS element (for citing)
Exclusion Code	18	ExclusionCode
Exclusion	-$52,942	ExclusionAmount

Subtotals Part XVIA SubtotalsPartXVIA

Field	Value	IRS element (for citing)
Exclusion	-$36,800	ExclusionAmount

Field	Value	IRS element (for citing)
Total Part XVIA	-36800	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

Schedule B IRS990ScheduleB

Field	Value	IRS element (for citing)
Organization501c3 Exempt PF	X	Organization501c3ExemptPF
General Rule	X	GeneralRule

Contributor Info ContributorInfo

Field	Value	IRS element (for citing)
Contributor Number	0001	ContributorNumber

Contributor Name Business ContributorNameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	Queally Paul B	BusinessNameLine1

Contributor Address US ContributorAddressUS

Field	Value	IRS element (for citing)
Address Line1	67 Lone Tree Farm Rd	AddressLine1
City	New Canaan	City
State	CT	State
ZIP Code	06840	ZIPCode

Field	Value	IRS element (for citing)
Aggregate Contributions	1537500	AggregateContributions
Noncash Contribution Type	X	NoncashContributionType

Noncash Property NoncashProperty

Field	Value	IRS element (for citing)
Contributor Number From Part I	0001	ContributorNumberFromPartI
Noncash Property Description	SAVVIS, INC	NoncashPropertyDescription
Fair Market Value	1537500	FairMarketValue
Date Received	2010-12-27	DateReceived

General Explanation Attachment GeneralExplanationAttachment

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corp Stock InvestmentsCorpStock (2 entries)

Name Of StockNameOfStock	EOY Book ValueEOYBookValue	EOYFMVEOYFMV
3000 shares of ALPINE GLOBAL PREMIER PROP FD AWP	46377	21270
60000 shares of SAVVIS INC SVVS	1537500	1531200

Liquidation Explanation Stmt LiquidationExplanationStmt

Field	Value	IRS element (for citing)
Statement	This 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 Paul Anne-Marie Queally Family Foundation Inc. the Foundation made distributions from assets from sources other than current income. Collectively, the distributions in excess of current income totaled 1,260,720. This amount represents over 25 of the Foundations net assets of 1,654,767 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 (3 entries)

DescriptionDescription	Revenue And Expenses Per BooksRevenueAndExpensesPerBooks	Disbursements Charitable PrpsDisbursementsCharitablePrps	Net Investment IncomeNetInvestmentIncome
Administrative Fees	12399	12399
Bank Charges	362		362
State or Local Filing Fees	25	25

Other Increases Schedule OtherIncreasesSchedule

Other Increases OtherIncreases

Field	Value	IRS element (for citing)
Description	Returned Grant	Description
Amount	$7,500	Amount

Taxes Schedule TaxesSchedule

Taxes Taxes

Field	Value	IRS element (for citing)
Category	Estimated Tax for 2010	Category
Amount	$2,900	Amount
Net Investment Income	0	NetInvestmentIncome
Adjusted Net Income	0	AdjustedNetIncome
Disbursements Charitable Prps	0	DisbursementsCharitablePrps