The Klungness Family Foundation Inc: Form 990PF, tax year 2010
View the entire original 990 at ProPublica ↗
- Organization
- The Klungness Family Foundation Inc (EIN 01-0791882)
- Tax period
- 2010-01-01 to 2010-12-31
- Filed
- 2011-11-04
- IRS object ID
- 201113089349100516
- 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
- General Explanation Attachment
- Investments Corp Stock Schedule
- Other Expenses Schedule
- Taxes Schedule
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2011-11-04T00:23:19-00:00 | 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 | 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 | 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 | James A Klungness | Name |
| Title | President | Title |
| Date Signed | 2011-11-04 | DateSigned |
| Authorize Third Party | false | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Jeffrey D Haskell | Name |
| Phone | 8008391754 | Phone |
| Date Prepared | 2011-11-04 | DatePrepared |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2010 | TaxYear |
| Build TS | 2016-03-07 17:11:31Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exempt PF | X | ExemptPF |
| FMV Assets EOY | 240104 | 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 | 4828 | DividendsRevAndExpnss |
| Dividends Net Invst Incm | 4828 | DividendsNetInvstIncm |
| Net Gain Sale Assets Rev And Expnss | 321 | NetGainSaleAssetsRevAndExpnss |
| Gross Sales Price | 5000 | GrossSalesPrice |
| Capital Gain Net Incm Net Invst Incm | 321 | CapitalGainNetIncmNetInvstIncm |
| Total Revenue And Expenses | 5149 | TotalRevenueAndExpenses |
| Total Net Investment Income | 5149 | TotalNetInvestmentIncome |
| Taxes Rev And Expnss | 27 | TaxesRevAndExpnss |
| Other Expenses Rev And Expnss | 5497 | OtherExpensesRevAndExpnss |
| Other Expenses Dsbrs Chrtbl Prps | 5497 | OtherExpensesDsbrsChrtblPrps |
| Tot Opr Expenses Rev And Expnss | 5524 | TotOprExpensesRevAndExpnss |
| Tot Opr Expenses Net Invst Incm | 0 | TotOprExpensesNetInvstIncm |
| Tot Opr Expenses Dsbrs Chrtbl Prps | 5497 | TotOprExpensesDsbrsChrtblPrps |
| Contri Gifts Paid Rev And Expnss | 8500 | ContriGiftsPaidRevAndExpnss |
| Contri Gifts Paid Dsbrs Chrtbl Prps | 8500 | ContriGiftsPaidDsbrsChrtblPrps |
| Total Expenses Rev And Expnss | 14024 | TotalExpensesRevAndExpnss |
| Total Expenses Net Invst Incm | 0 | TotalExpensesNetInvstIncm |
| Total Expenses Dsbrs Chrtbl Prps | 13997 | TotalExpensesDsbrsChrtblPrps |
| Excess Of Revenue Over Expenses | -8875 | ExcessOfRevenueOverExpenses |
| Net Investment Income | 5149 | NetInvestmentIncome |
Balance Sheets BalanceSheets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Savings And Temp Cash Invst BOY | 5033 | SavingsAndTempCashInvstBOY |
| Savings And Temp Cash Invst EOY | 160 | SavingsAndTempCashInvstEOY |
| Savings And Temp Cash Invst EOYFMV | 160 | SavingsAndTempCashInvstEOYFMV |
| Investments Corp Stock BOY | 235968 | InvestmentsCorpStockBOY |
| Investments Corp Stock EOY | 231966 | InvestmentsCorpStockEOY |
| Investments Corp Stock EOYFMV | 239944 | InvestmentsCorpStockEOYFMV |
| Total Assets BOY | 241001 | TotalAssetsBOY |
| Total Assets EOY | 232126 | TotalAssetsEOY |
| Total Assets EOYFMV | 240104 | TotalAssetsEOYFMV |
| Total Liabilities EOY | 0 | TotalLiabilitiesEOY |
| Org That Do Not Follow SFAS117 | X | OrgThatDoNotFollowSFAS117 |
| Retained Earnings BOY | 241001 | RetainedEarningsBOY |
| Retained Earnings EOY | 232126 | RetainedEarningsEOY |
| Total Net Assets BOY | 241001 | TotalNetAssetsBOY |
| Total Net Assets EOY | 232126 | TotalNetAssetsEOY |
| Total Liabilities Net Assets BOY | 241001 | TotalLiabilitiesNetAssetsBOY |
| Total Liabilities Net Assets EOY | 232126 | TotalLiabilitiesNetAssetsEOY |
Changes In Net Assets Fund Balances ChangesInNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Net Assets Fund Balances BOY | 241001 | TotalNetAssetsFundBalancesBOY |
| Excess Of Revenue Over Expenses | -8875 | ExcessOfRevenueOverExpenses |
| Subtotal | 232126 | Subtotal |
| Total Net Assets Fund Balances EOY | 232126 | 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 | 5000 | GrossSalesPrice |
| Cost Or Other Basis | 4679 | CostOrOtherBasis |
| Gain Or Loss | 321 | GainOrLoss |
| Gains Minus Excess Or Losses | 321 | GainsMinusExcessOrLosses |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Capital Gain Net Income | 321 | CapitalGainNetIncome |
Qlfy Und Sect4940e For Reduced Tax QlfyUndSect4940eForReducedTax
| Field | Value | IRS element (for citing) |
|---|---|---|
| Liable For4942 Tax | false | LiableFor4942Tax |
| Qualifying Distributions Year1 | 12826 | QualifyingDistributionsYear1 |
| Noncharitable Assets Year1 | 198556 | NoncharitableAssetsYear1 |
| Distribution Ratio Year1 | 000.064596 | DistributionRatioYear1 |
| Qualifying Distributions Year2 | 13825 | QualifyingDistributionsYear2 |
| Noncharitable Assets Year2 | 240277 | NoncharitableAssetsYear2 |
| Distribution Ratio Year2 | 000.057538 | DistributionRatioYear2 |
| Qualifying Distributions Year3 | 8389 | QualifyingDistributionsYear3 |
| Noncharitable Assets Year3 | 282473 | NoncharitableAssetsYear3 |
| Distribution Ratio Year3 | 000.029698 | DistributionRatioYear3 |
| Qualifying Distributions Year4 | 4684 | QualifyingDistributionsYear4 |
| Noncharitable Assets Year4 | 264776 | NoncharitableAssetsYear4 |
| Distribution Ratio Year4 | 000.017690 | DistributionRatioYear4 |
| Noncharitable Assets Year5 | 10261 | NoncharitableAssetsYear5 |
| Total Distribution Ratio | 000.169522 | TotalDistributionRatio |
| Average Distribution Ratio | 000.033904 | AverageDistributionRatio |
| Net Noncharitable Assets | 222193 | NetNoncharitableAssets |
| Adjusted Noncharitable Assets | 7533 | AdjustedNoncharitableAssets |
| One Percent Net Investment Income | 51 | OnePercentNetInvestmentIncome |
| Adj Nonchrtbl Assets And One | 7584 | AdjNonchrtblAssetsAndOnePct |
| Qualifying Distributions | 13997 | QualifyingDistributions |
Excise Tax Based On Investment Incm ExciseTaxBasedOnInvestmentIncm
| Field | Value | IRS element (for citing) |
|---|---|---|
| Domestic Org Meeting Sect4940e | X | DomesticOrgMeetingSect4940e |
| Investment Income Excise Tax | 51 | InvestmentIncomeExciseTax |
| Subtotal | 51 | Subtotal |
| Tax Based On Investment Income | 51 | TaxBasedOnInvestmentIncome |
| Tax Paid With Extension | 53 | TaxPaidWithExtension |
| Total Credits And Payments | 53 | TotalCreditsAndPayments |
| Tax Paid Original Return | 53 | TaxPaidOriginalReturn |
| Overpayment | 2 | Overpayment |
| Amount Credited To Next Year | 2 | 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 |
| 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
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person Name | James A Klungness | PersonName |
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 | 19809 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Title | President / Director / Secretary | Title |
| Avg Hours Per Wk Devoted To Position | 001.00 | AvgHoursPerWkDevotedToPosition |
| Compensation | 0 | Compensation |
| 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 | 222140 | AvgMonthlyFMVOfSecurities |
| Avg Monthly Cash Balances | 3437 | AvgMonthlyCashBalances |
| FMV All Other Noncharitable Assets | 0 | FMVAllOtherNoncharitableAssets |
| Total FMV Of Unused Assets | 225577 | TotalFMVOfUnusedAssets |
| Adj Total FMV Of Unused Assets | 225577 | AdjTotalFMVOfUnusedAssets |
| Cash Deemed Charitable | 3384 | CashDeemedCharitable |
| Net Noncharitable Assets | 222193 | NetNoncharitableAssets |
| Minimum Investment Return | 11110 | MinimumInvestmentReturn |
Distributable DistributableAmount
| Field | Value | IRS element (for citing) |
|---|---|---|
| Minimum Investment Return | 11110 | MinimumInvestmentReturn |
| Tax Based On Investment Income | 51 | TaxBasedOnInvestmentIncome |
| Total Tax | 51 | TotalTax |
| Distributable Amount Before Adj | 11059 | DistributableAmountBeforeAdj |
| Distributable Amount Before Ded | 11059 | DistributableAmountBeforeDed |
| Distributable Amount As Adjusted | 11059 | DistributableAmountAsAdjusted |
Qualifying Distributions QualifyingDistributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expenses And Contributions | 13997 | ExpensesAndContributions |
| Qualifying Distributions | 13997 | QualifyingDistributions |
| One Pct Sect4940e Org Net Invst Incm | 51 | OnePctSect4940eOrgNetInvstIncm |
| Adj Qualifying Distributions | 13946 | AdjQualifyingDistributions |
Undistributed Income UndistributedIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Distributable Amount As Adjusted | 11059 | DistributableAmountAsAdjusted |
| Undistributed Income Prior Year | 8926 | UndistributedIncomePriorYear |
| Qualifying Distributions | 13997 | QualifyingDistributions |
| Applied To Year1 | 8926 | AppliedToYear1 |
| Applied To Current Year | 5071 | AppliedToCurrentYear |
| Undistributed Income CY | 5988 | 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 (5 entries)
| Address Line1RecipientUSAddress/AddressLine1 | CityRecipientUSAddress/City | StateRecipientUSAddress/State | ZIP CodeRecipientUSAddress/ZIPCode | Recipient RelationshipRecipientRelationship | Recipient Foundation StatusRecipientFoundationStatus | Purpose Of Grant Or ContributionPurposeOfGrantOrContribution | AmountAmount |
|---|---|---|---|---|---|---|---|
| BAY CLIFF HEALTH CAMP | |||||||
| PO BOX 310 | BIG BAY | MI | 49808 | N/A | 509(a)(1) | General Unrestricted | $500 |
| CARING HOUSE INC | |||||||
| 1305 PROSPECT AVE | IRON MOUNTAIN | MI | 49801 | N/A | 509(a)(1) | General Unrestricted | $2,000 |
| FINLANDIA UNIVERSITY | |||||||
| 601 QUINCY ST | HANCOCK | MI | 49930 | N/A | 509(a)(1) | General Unrestricted | $2,000 |
| PINE MOUNTAIN MUSIC FESTIVAL INC | |||||||
| PO BOX 406 | HANCOCK | MI | 49930 | N/A | 509(a)(2) | General Unrestricted | $3,000 |
| WILDLANDS CPR | |||||||
| PO BOX 7516 | MISSOULA | MT | 59807 | N/A | 509(a)(1) | General Unrestricted | $1,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Grant Or Contri Paid During Year | 8500 | 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 | $4,828 | ExclusionAmount |
Gain Sales Assets Oth Than Invntry GainSalesAssetsOthThanInvntry
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion Code | 18 | ExclusionCode |
| Exclusion | $321 | ExclusionAmount |
Subtotals Part XVIA SubtotalsPartXVIA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | $5,149 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Part XVIA | 5149 | 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 |
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 CSEIX | 8279 | 6252 |
| 1328 shares of EAGLE SER TR MID CAP STK FD CL A HMCAX | 37246 | 36601 |
| 531 shares of HARBOR FDS INTL FD HAINX | 28221 | 32160 |
| 2592 shares of JP MORGAN CORE BOND FUND WOBDX | 27821 | 29702 |
| 1367 shares of JP MORGAN SMALL CAP EQUITY INSTL SELECT VSEIX | 42557 | 50242 |
| 1546 shares of JPMORGAN HIGH YIELD BOND FUND SELECT OHYFX | 12662 | 12602 |
| 2071 shares of JPMORGAN MULTI CAP-MARKET NEUTRAL FD OGNIX | 21894 | 20030 |
| 1955 shares of MARSICO INVT FD FOCUS FD MFOCX | 36628 | 35370 |
| 665 shares of TEMPLETON DEVELOPING MARKETS TRUST CLASS A TEDMX | 16658 | 16985 |
Other Expenses Schedule OtherExpensesSchedule
Other Expenses OtherExpenses (2 entries)
| DescriptionDescription | Revenue And Expenses Per BooksRevenueAndExpensesPerBooks | Disbursements Charitable PrpsDisbursementsCharitablePrps |
|---|---|---|
| Administrative Fees | 5472 | 5472 |
| State or Local Filing Fees | 25 | 25 |
Taxes Schedule TaxesSchedule
Taxes Taxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | Excise Tax for 2009 | Category |
| Amount | $27 | Amount |
| Net Investment Income | 0 | NetInvestmentIncome |
| Adjusted Net Income | 0 | AdjustedNetIncome |
| Disbursements Charitable Prps | 0 | DisbursementsCharitablePrps |