BETA

LEGACY ECHN INC: Form 990PF, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
LEGACY ECHN INC (EIN 22-2546079)
Tax period
2024-10-01 to 2025-09-30
Filed
2026-08-17
IRS object ID
202622299349100612
Schema version
2024v5.5
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)
Return2026-08-17T10:30:58-05:00ReturnTs
Tax Period End2025-09-30TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN881478669PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1CBIZ ADVISORS LLCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line153 STATE STREET 17TH FLOORAddressLine1Txt
CityBOSTONCityNm
State AbbreviationMAStateAbbreviationCd
ZIP02109ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2024-10-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN222546079EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1LEGACY ECHN INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlLEGABusinessNameControlTxt
Phone8606461222PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1100 WESTERN BOULEVARDAddressLine1Txt
CityGLASTONBURYCityNm
State AbbreviationCTStateAbbreviationCd
ZIP06033ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonROBERT A SCHWARTZ MDPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone8606461222PhoneNum
Signature2026-08-12SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (1)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonDOUGLAS FARRINGTONPreparerPersonNm
PTINP00370668PTIN
Phone6178075000PhoneNum
Preparation2026-08-12PreparationDt
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$14,426,529FMVAssetsEOYAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$159,104ContriRcvdRevAndExpnssAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$159,104TotalRevAndExpnssAmt
Total Net Invst Incm$0TotalNetInvstIncmAmt
Total Adj Net Incm$0TotalAdjNetIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Comp Ofcr Dir Trst Net Invst Incm$0CompOfcrDirTrstNetInvstIncmAmt
Comp Ofcr Dir Trst Adj Net Incm$0CompOfcrDirTrstAdjNetIncmAmt
Comp Ofcr Dir Trst Dsbrs Chrtbl$0CompOfcrDirTrstDsbrsChrtblAmt
Legal Fees Rev And Expnss$312,909LegalFeesRevAndExpnssAmt
Legal Fees Net Invst Incm$0LegalFeesNetInvstIncmAmt
Legal Fees Adj Net Incm$0LegalFeesAdjNetIncmAmt
Legal Fees Dsbrs Chrtbl$312,909LegalFeesDsbrsChrtblAmt
Accounting Fees Rev And Expnss$37,432AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm$0AccountingFeesNetInvstIncmAmt
Accounting Fees Adj Net Incm$0AccountingFeesAdjNetIncmAmt
Accounting Fees Chrtbl Prps$37,432AccountingFeesChrtblPrpsAmt
Taxes Rev And Expnss$102TaxesRevAndExpnssAmt
Taxes Net Invst Incm$0TaxesNetInvstIncmAmt
Taxes Adj Net Incm$0TaxesAdjNetIncmAmt
Taxes Dsbrs Chrtbl$0TaxesDsbrsChrtblAmt
Other Expenses Rev And Expnss$39,947OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm$0OtherExpensesNetInvstIncmAmt
Other Expenses Adj Net Incm$0OtherExpensesAdjNetIncmAmt
Other Expenses Dsbrs Chrtbl$39,560OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$390,390TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Adj Net Incm$0TotOprExpensesAdjNetIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$389,901TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$0ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$0ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$390,390TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Adj Net Incm$0TotalExpensesAdjNetIncmAmt
Total Expenses Dsbrs Chrtbl$389,901TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$231,286ExcessRevenueOverExpensesAmt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$6,534,095CashBOYAmt
Cash EOY$6,279,583CashEOYAmt
Cash EOYFMV$6,279,583CashEOYFMVAmt
Prepaid Expenses BOY$16,482PrepaidExpensesBOYAmt
Prepaid Expenses EOY$16,483PrepaidExpensesEOYAmt
Prepaid Expenses EOYFMV$16,483PrepaidExpensesEOYFMVAmt
Other Investments BOY$3,877,393OtherInvestmentsBOYAmt
Other Investments EOY$4,144,369OtherInvestmentsEOYAmt
Other Investments EOYFMV$4,144,369OtherInvestmentsEOYFMVAmt
Other Assets BOY$3,986,094OtherAssetsBOYAmt
Other Assets EOY$3,986,094OtherAssetsEOYAmt
Other Assets EOYFMV$3,986,094OtherAssetsEOYFMVAmt
Total Assets BOY$14,414,064TotalAssetsBOYAmt
Total Assets EOY$14,426,529TotalAssetsEOYAmt
Total Assets EOYFMV$14,426,529TotalAssetsEOYFMVAmt
Accounts Payable BOY$39,659AccountsPayableBOYAmt
Accounts Payable EOY$16,435AccountsPayableEOYAmt
Other Liabilities BOY$898,352OtherLiabilitiesBOYAmt
Other Liabilities EOY$898,352OtherLiabilitiesEOYAmt
Total Liabilities BOY$938,011TotalLiabilitiesBOYAmt
Total Liabilities EOY$914,787TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY$9,598,660NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY$9,367,373NoDonorRstrNetAssestsEOYAmt
Donor Rstr Net Assets BOY$3,877,393DonorRstrNetAssetsBOYAmt
Donor Rstr Net Assets EOY$4,144,369DonorRstrNetAssetsEOYAmt
Tot Net Ast Or Fund Balances BOY$13,476,053TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$13,511,742TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$14,414,064TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$14,426,529TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$13,476,053TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$231,286ExcessRevenueOverExpensesAmt
Other Increases$266,975OtherIncreasesAmt
Subtotal$13,511,742SubtotalAmt
Other Decreases$0OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$13,511,742TotNetAstOrFundBalancesEOYAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$0InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$0SubtotalAmt
Subtitle A Tax$0SubtitleATaxAmt
Tax Based On Investment Income$0TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$0EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$0ExtsnRequestIncomeTaxPaidAmt
Backup Withholding Withheld$0BackupWithholdingWithheldAmt
Total Payments And Credits$0TotalPaymentsAndCreditsAmt
Es Penalty$0EsPenaltyAmt
Tax Due$0TaxDueAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political Acty0LegislativePoliticalActyInd
More Than100 Spent0MoreThan100SpentInd
Form1120 POL Filed0Form1120POLFiledInd
Section4955 Organization Tax$0Section4955OrganizationTaxAmt
Section4955 Managers Tax$0Section4955ManagersTaxAmt
Tax Reimbursed$0TaxReimbursedAmt
Activities Not Previously Rpt0ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws0ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Organization Dissolved Etc0OrganizationDissolvedEtcInd
Section508e Rqr Satisfied0Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (1)AtLeast5000InAssetsInd
Org Report Or Register StateCTOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (1)Form990PFFiledWithAttyGenInd
Private Operating Foundation0PrivateOperatingFoundationInd
New Substantial Contributors0NewSubstantialContributorsInd
Own Controlled Entity0OwnControlledEntityInd
Donor Advised Fund0DonorAdvisedFundInd
Comply With Public Insp RqrYes (1)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt
Individual With BooksMICHAEL THURZIndividualWithBooksNm
Phone8604302017PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1100 WESTERN BOULEVARDAddressLine1Txt
CityMANCHESTERCityNm
State AbbreviationCTStateAbbreviationCd
ZIP06033ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts Question0ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified Prsn0SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn0BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified Prsn0FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified Prsn0PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn0TransferAstDisqualifiedPrsnInd
Payment To Government Official0PaymentToGovernmentOfficialInd
Uncorrected Prior Acts0UncorrectedPriorActsInd
Undistributed Income PY0UndistributedIncomePYInd
Business Holdings0BusinessHoldingsInd
Jeopardy Investments0JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst0UncorrectedPYJeopardyInvstInd
Influence Legislation0InfluenceLegislationInd
Influence Election0InfluenceElectionInd
Grants To Individuals0GrantsToIndividualsInd
Grants To Organizations0GrantsToOrganizationsInd
Noncharitable Purpose0NoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (3 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
ROBERT A SCHWARTZ MD
100 WESTERN BOULEVARDGLASTONBURYCT06033PRESIDENT1.00$0$0$0
THOMAS F SCANLON
100 WESTERN BOULEVARDGLASTONBURYCT06033TREASURER1.00$0$0$0
MICHELE R BLEZARD
100 WESTERN BOULEVARDGLASTONBURYCT06033SECRETARY1.00$0$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Other Employee Paid Over50k0OtherEmployeePaidOver50kCnt

Compensation Of Hghst Pd Cntrct CompensationOfHghstPdCntrctGrp

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1WIGGIN AND DANA LLPBusinessNameLine1Txt

US Address USAddress

FieldValueIRS element (for citing)
Address Line1265 CHURCH STREET PO BOX 1832AddressLine1Txt
CityNEW HAVENCityNm
State AbbreviationCTStateAbbreviationCd
ZIP06508ZIPCd
FieldValueIRS element (for citing)
Service TypeLEGAL SERVICESServiceTypeTxt
Compensation$306,841CompensationAmt
FieldValueIRS element (for citing)
Contractor Paid Over50k0ContractorPaidOver50kCnt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$0AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$6,354,090AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$8,130,463FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$14,484,553TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$14,484,553AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$217,268CashDeemedCharitableAmt
Net Vl Noncharitable Assets$14,267,285NetVlNoncharitableAssetsAmt
Minimum Investment Return$713,364MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$713,364MinimumInvestmentReturnAmt
Total Tax$0TotalTaxAmt
Distributable Before Adj$713,364DistributableBeforeAdjAmt
Recoveries Qualfied Distri$0RecoveriesQualfiedDistriAmt
Distributable Before Ded$713,364DistributableBeforeDedAmt
Deduction From Distributable$0DeductionFromDistributableAmt
Distributable As Adjusted$713,364DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$389,901ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Qualifying Distributions$389,901QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$713,364DistributableAsAdjustedAmt
Undistributed Income PY$0UndistributedIncomePYAmt
Total For Prior Years$0TotalForPriorYearsAmt
Excess Distribution Cyov Yr2$251,646ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$106,452ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$358,098TotalExcessDistributionCyovAmt
Qualifying Distributions$389,901QualifyingDistributionsAmt
Applied To Year1$0AppliedToYear1Amt
Applied To Prior Years$0AppliedToPriorYearsAmt
Treated As Distri From Corpus$0TreatedAsDistriFromCorpusAmt
Applied To Current Year$389,901AppliedToCurrentYearAmt
Remaining Distri From Corpus$0RemainingDistriFromCorpusAmt
Excess Distri Cyov App CY Corpus$323,463ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$323,463ExcessDistributionCyovAppCYAmt
Total Corpus$34,635TotalCorpusAmt
Prior Year Undistributed Incm$0PriorYearUndistributedIncmAmt
Prior Year Deficiency Or Tax$0PriorYearDeficiencyOrTaxAmt
Taxable1$0Taxable1Amt
Taxable2$0Taxable2Amt
Undistributed Income CY$0UndistributedIncomeCYAmt
Corpus Distri170b1 E Or4942g3$0CorpusDistri170b1EOr4942g3Amt
Excess Distri Cyov From Yr5$0ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$34,635ExcessDistriCyovToNextYrAmt
Excess From Year1$34,635ExcessFromYear1Amt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd
Total Grant Or Contri Pd Dur Yr$0TotalGrantOrContriPdDurYrAmt
Total Grant Or Contri Apprv Fut$0TotalGrantOrContriApprvFutAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Unrelated Business Taxbl Incm$0UnrelatedBusinessTaxblIncmAmt
Exclusion$0ExclusionAmt
Related Or Exempt Function Incm$0RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$0TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO0TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO0TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets0SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO0PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets0RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements0ReimbursementArrangementsInd
Loans Or Loan Guarantees0LoansOrLoanGuaranteesInd
Performance Of Services Etc0PerformanceOfServicesEtcInd
Sharing Of Facilities Etc0SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO0RelationshipsNonchrtblEOInd

Schedule B IRS990ScheduleB

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
General RuleYes (X)GeneralRuleInd

Contributor Information ContributorInformationGrp (4 entries)

ContributorContributorNumAddress Line1ContributorUSAddress/AddressLine1TxtCityContributorUSAddress/CityNmState AbbreviationContributorUSAddress/StateAbbreviationCdZIPContributorUSAddress/ZIPCdTotal ContributionsTotalContributionsAmtPerson ContributionPersonContributionInd
WILLIAM E BARTON TRUST
199 FOUNDERS PLAZAEAST HARTFORDCT06108$81,503Yes (X)
MARY BARTON TRUST
299 FOUNDERS PLAZAEAST HARTFORDCT06108$50,394Yes (X)
DILLON LAURENCE M TRUST
399 FOUNDERS PLAZAEAST HARTFORDCT06108$11,015Yes (X)
ESTATE OF RAYMOND F DAMATO
4202 WEST CENTER STREETMANCHESTERCT06040$12,969Yes (X)

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

FieldValueIRS element (for citing)
CategoryACCOUNTING FEESCategoryTxt
Amt$37,432Amt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$37,432DisbursementsCharitablePrpsAmt

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

FieldValueIRS element (for citing)
Form And Line ReferencePART I - LINE 16A AND PART XI - QUALIFYING DISTRIBUTIONS, LINE 1AFormAndLineReferenceDesc
Medium ExplanationTREATMENT OF LEGAL FEES AS QUALIFYING DISTRIBUTIONS:DURING THE FISCAL YEAR, LEGACY ECHN WAS ENGAGED IN ONGOING EFFORTS TO PROTECT ITS CHARITABLE ASSETS FROM OUTSIDE CLAIMS, TO OBTAIN ASSETS TO WHICH IT WAS ENTITLED, AND TO PRESERVE ITS ASSETS FOR EVENTUAL DISTRIBUTION TO ANOTHER CHARITABLE FOUNDATION AS REQUIRED BY CONNECTICUT LAW. ALTHOUGH THE TRUST'S DISTRIBUTIONS CANNOT BE DIRECTLY TRACKED TO PAYMENT OF LEGAL EXPENSES INCURRED FOR THOSE PURPOSES, THEY WERE GENERALLY USED FOR THEM.LEGACY ECHN IS CURRENTLY PRECLUDED BY CONNECTICUT LAW FROM MAKING ANY DISTRIBUTIONS TO ITS DESIGNATED 501(C)(3) CHARITABLE BENEFICIARY EASTERN CONNECTICUT FOUNDATION FOR HEALTH, INC. ("ECFH"). LEGACY ECHN WILL UPON RECEIPT OF A SUPERIOR COURT ORDER IN THE FUTURE DISTRIBUTE AND TRANSFER ALL ITS ASSETS TO ECHF IN ACCORDANCE WITH CONNECTICUT LAW GOVERNING SALES OF A NONPROFIT HOSPITAL'S ASSETS TO A FOR-PROFIT PURCHASER. PRIOR TO THAT TIME, AND AS DESCRIBED BELOW, LEGACY ECHN HAS BEEN EXPENDING THE DISTRIBUTIONS IT RECEIVES TO PAY LEGAL FEES AND EXPENSES THAT ARE REASONABLE AND NECESSARY TO FURTHER ITS CHARITABLE PURPOSES, INCLUDING TO PRESERVE AND PROTECT ITS CHARITABLE ASSETS IN LITIGATION FROM ASSERTED CLAIMS AND LIABILITIES RELATED TO THE SALE OF ITS ASSETS TO THE FOR-PROFIT ENTITY, AND TO COLLECT AMOUNTS DUE TO IT FROM THE FOR-PROFIT ENTITY. CONSISTENT WITH REVENUE RULING 75-495 AND ITS PROGENY, THESE FEES AND EXPENSES ARE QUALIFYING DISTRIBUTIONS BECAUSE THEY ARE BOTH REASONABLE AND NECESSARY TO ACCOMPLISH AN EXEMPT PURPOSE.AS BACKGROUND, LEGACY ECHN WAS THE PARENT OF A CHARITABLE HOSPITAL SYSTEM THAT SOLD ITS ASSETS TO A FOR-PROFIT PURCHASER ("PROSPECT MEDICAL OR "PMH") IN 2016. AFTER THE SALE, PMH ASSERTED THAT UNDER THE ASSET PURCHASE AGREEMENT IT WAS ENTITLED TO RECEIVE ROUGHLY $10,000,000 OF A CHARITABLE BEQUEST TO ONE OF THE SYSTEM'S HOSPITALS, AND IT SUED DEMANDING PAYMENT OF THE BEQUEST. AFTER A TRIAL CONDUCTED IN NOVEMBER 2022, THE CONNECTICUT SUPERIOR COURT IN JULY 2023 ISSUED A DECISION FINDING IN FAVOR OF LEGACY ECHN AND HOLDING THAT LEGACY ECHN HAD THE RIGHT TO RETAIN THE BEQUEST. THE FOR-PROFIT PURCHASER PMH APPEALED THAT DECISION, AND THAT APPEAL HAS BEEN STAYED SINCE PMH FILED FOR BANKRUPTCY (AS EXPLAINED BELOW).FOLLOWING THE SUPERIOR COURT'S JULY 2023 DECISION IN LEGACY ECHN'S FAVOR IN THE CHARITABLE FUNDS CASE, LEGACY ECHN FILED A MOTION SEEKING REIMBURSEMENT OF ITS ATTORNEYS' FEES AND COSTS, WHICH WERE CHARGED AT REDUCED HOURLY RATES SUBSTANTIALLY LESS THAN THOSE CHARGED TO THE GENERAL PUBLIC. ON NOVEMBER 12, 2024, DURING THE TRUST'S FISCAL YEAR AT ISSUE, THE SUPERIOR COURT ISSUED A DECISION AWARDING FEES TO LEGACY ECHN, AFTER WHICH LEGACY ECHN ATTACHED AND GARNISHED PMH'S ASSETS TO SECURE THE JUDGMENT. PMH ALSO APPEALED THE DECISION AWARDING ATTORNEYS' FEES, AND THAT APPEAL HAS BEEN STAYED SINCE PMH FILED FOR BANKRUPTCY (AS EXPLAINED BELOW).IN ADDITION TO THE CHARITABLE BEQUEST LITIGATION, LEGACY ECHN SEPARATELY SUED THE FOR-PROFIT PURCHASER SEEKING PROTECTION FROM NEARLY $10,000,000 IN IMPOSED AND THREATENED PENALTIES BY THE IRS AND THE RECOVERY OF ASSOCIATED LEGAL AND OTHER PROFESSIONAL SERVICE FEES ARISING FROM THE FOR-PROFIT ENTITY'S "WILLFUL DISREGARD" OF IRS NOTICES WHILE PROVIDING REQUIRED POST-CLOSING SERVICES TO LEGACY ECHN, INCLUDING THE FILING OF ITS TAX RETURNS. THIS CASE WAS ALSO TRIED IN THE SUPERIOR COURT, AND ON SEPTEMBER 12, 2024, THE SUPERIOR COURT FOUND IN LEGACY ECHN'S FAVOR IN PART AND AWARDED LEGACY ECHN ITS LEGAL FEES RELATED TO ADDRESSING THE TAX REPORTING PROBLEM. PMH APPEALED, AND THAT APPEAL HAS BEEN STAYED SINCE PMH FILED FOR BANKRUPTCY (AS EXPLAINED BELOW).ON JANUARY 11, 2025, DURING THE TRUST'S FISCAL YEAR AT ISSUE, PMH FILED FOR BANKRUPTCY PROTECTION IN TEXAS, WHICH RESULTED IN THE NEED FOR LEGACY ECHN TO INCUR ADDITIONAL LEGAL EXPENSE IN PARTICIPATING AND MONITORING THAT PROCEEDING FOR ITS EFFECT ON LEGACY ECHN'S RIGHTS. NOTABLY, THE BANKRUPTCY FILING RESULTED IN AN AUTOMATIC STAY OF ALL OTHER JUDICIAL PROCEEDINGS, INCLUDING THE PENDING APPEALS (AS NOTED ABOVE).FINALLY, LEGACY ECHN INCURRED LEGAL FEES TO PREPARE FOR TRANSFER AND DISTRIBUTION OF ITS ASSETS TO THE NEW CHARITABLE FOUNDATION AS REQUIRED BY CONNECTICUT LAW. THIS WORK INCLUDED CONFERRING WITH THE CONNECTICUT ATTORNEY GENERAL AND ECFH TO ANALYZE MECHANISMS TO DISTRIBUTE LEGACY ECHN'S ASSETS TO ECHF PRIOR TO RESOLUTION OF ALL PENDING MATTERS AND DRAFTING AN ASSIGNMENT AGREEMENT THAT WOULD TRANSFER ALL ASSETS AND LIABILITIES TO ECHF WITH COURT APPROVAL. LEGACY ECHN ALSO INCURRED NECESSARY EXPENSES FOR ACCOUNTING AND AUDIT SERVICES AND INSURANCE.MediumExplanationTxt

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp

FieldValueIRS element (for citing)
Category Or ItemINVESTMENTCategoryOrItemTxt
Listed At Cost Or FMVAT COSTListedAtCostOrFMVCd
Book Value$4,144,369BookValueAmt
EOYFMV$4,144,369EOYFMVAmt

Legal Fees Schedule LegalFeesSchedule

Legal Fees LegalFeesGrp

FieldValueIRS element (for citing)
CategoryLEGAL FEESCategoryTxt
Legal Fees$312,909LegalFeesAmt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$312,909DisbursementsCharitablePrpsAmt

Other Assets Schedule OtherAssetsSchedule

Other Assets Schedule OtherAssetsScheduleGrp (2 entries)

DescDescBOY Book ValueBOYBookValueAmtEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
ESTIMATED SETTLEMENTS DUE FROM THIRD-PARTY PAYERS$1,837,022$1,837,022$1,837,022
DUE FROM PROSPECT ECHN, INC.$2,149,072$2,149,072$2,149,072

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (3 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtNet Investment IncomeNetInvestmentIncomeAmtAdjusted Net IncomeAdjustedNetIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
INSURANCE - D AND O LIABILITY$39,560$0$0$39,560
POSTAGE AND MAILING SERVICE$13$0$0$0
BANK FEE$374$0$0$0

Other Increases Schedule OtherIncreasesSchedule

Other Increases Detail OtherIncreasesDetail

FieldValueIRS element (for citing)
DescUNREALISED GAINS (LOSSES)Desc
Amt$266,975Amt

Other Liabilities Schedule OtherLiabilitiesSchedule

Other Liabilities Detail OtherLiabilitiesDetail (2 entries)

DescDescBOY Book ValueBOYBookValueAmtEOY Book ValueEOYBookValueAmt
ESTIMATED SETTLEMENTS DUE TO THIRD PARTY PAYERS$610,898$610,898
DUE TO PMH - SALE OF BUILDING$287,454$287,454

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryEXCISE TAXCategoryTxt
Amt$102Amt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$0DisbursementsCharitablePrpsAmt

Comments

Anonymous: no account or email. Up to 2,000 characters, at most one link. Comments are checked automatically; some wait for review.