Carolands Foundation in Hillsborough, California (CA)

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Carolands Foundation
Employer Identification Number (EIN)461631709
Name of OrganizationCarolands Foundation
In Care of NameFranklin Resources Inc
Address565 Remillard Dr, Hillsborough, CA 94010-6739
SubsectionCharitable Organization, Educational Organization
Ruling Date07/2013
DeductibilityContributions are deductible
FoundationPrivate operating foundation (other)
OrganizationTrust
Exempt Organization StatusUnconditional Exemption
Tax Period11/2013
Assets$50,000,000 to greater
Income$50,000,000 to greater
Filing Requirement990 - Not required to file (all other)
Asset Amount$130,813,800
Amount of Income$131,910,484
Form 990 Revenue Amount$131,910,484
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Private Operating Foundations


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Amount of income in 2013: $131,910,484
Carolands Foundation: 

 $131,910,484
Other organizations performing similar types of work: 

 $45,945

Assets in 2013: $130,813,800
Carolands Foundation: 

 $130,813,800
Other organizations performing similar types of work: 

 $120,180

Expenses in 2013: $1,096,684
This organization: 

 $1,096,684
Other organizations performing similar types of work: 

 $39,714

Income to expenses ratio in 2013: 120.3
Carolands Foundation: 

 120.3
Other organizations performing similar types of work: 

 1.1

Grants share in income in 2013: 100.0%
This organization: 

 100.0%
Other organizations performing similar types of work: 

 2.2%

Financial snapshot for 2013 ($)

Revenue for 2013

Assets at the end of 2013

Expenses for 2013

Analysis of Revenue and Expenses (for 2013)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$131,910,484$484$484
Contributions, gifts, grants, etc., received$131,910,000
Interest on savings and temporary cash investments$484
Dividends and interest from securities$0
Gross rents$0
Gross sales price for all assets$0
Gross profit from sales of goods$0
Other income$0
Total expenses and disbursements$1,096,684$38,944$484$1,057,256
Compensation of officers, directors, trustees, etc.$0
Pension plans, employee benefits$66,204
Legal fees$72,688
Accounting fees$5,200
Interest$0
Depreciation$0
Occupancy$0
Travel, conferences, and meetings$605
Printing and publications$611
Total operating and administrative expenses$1,096,684$38,944$1,057,256
Contributions, gifts, grants paid$0
Excess of revenue over expenses and disbursements$130,813,800
Net investment income$0
Adjusted net income$0
Balance Sheets
2013
Book ValueFair Market Value
Total assets$130,813,800$130,813,800
Cash - non-interest-bearing$813,800
Investments-U.S. and state government obligations$0
Investments-corporate stock$0
Investments-corporate bonds$0
Investments-mortgage loans$0
Investments-other$0
Other assets$0
Total liabilities$0
Total liabilities and net assets/fund balances$130,813,800
Capital Gains and Losses for Tax on Investment Income
2013
Capital gain net income$0
Net capital loss$0
Excise Tax Based on Investment Income
2013
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)No
Tax based on investment income$0
Total credits and payments$0
Any penalty for underpayment of estimated tax$0
Tax due$0
Overpayment$0
Amount to be credited to next year's estimated tax$0
Statements Regarding Activities
2013
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign?No
Has the foundation engaged in any activities that have not previously been reported to the IRS?No
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of incorporation, or bylaws, or other similar instruments?No
Has the foundation filed a tax return on Form 990-T for this year?No
Was there a liquidation, termination, dissolution, or substantial contraction during the year?No
Has the foundation furnished a copy of Form 990-PF to the Attorney General (or designate) of each state?Yes
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for current calendar year or the taxable year beginning in this year?Yes
Did any persons become substantial contributors during the tax year?Yes
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had advisory privileges?No
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?Yes
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041No
Statements Regarding Activities for Which Form 4720 May Be Required
2013
During the year did the foundation (either directly or indirectly):
Engage in the sale or exchange, or leasing of property with a disqualified person?No
Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person?No
Furnish goods, services, or facilities to (or accept them from) a disqualified person?No
Pay compensation to, or pay or reimburse the expenses of, a disqualified person?No
Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)?No
Agree to pay money or property to a government official?No
Did any of the acts fail to qualify under the exceptions described in Regulations section 53.4941(d)-3 or in a current notice regarding disaster assistance?No
Did the foundation engage in a prior year in any of the acts, other than excepted acts, that were not corrected before the first day of the tax year beginning in this year?No
At the end of this tax year, did the foundation have any undistributed income for tax year(s) beginning before this year?No
Are there any years listed above for which the foundation is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income?No
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year?No
Did the foundation have excess business holdings in this year as a result of (1) any purchase by the foundation or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3) the lapse of the 10-, 15-, or 20-year first phase holding period?No
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?No
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in this year?No
During the year did the foundation pay or incur any amount to:
Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?No
Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive?No
Provide a grant to an individual for travel, study, or other similar purposes?No
Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)?No
Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals?No
Did any of the transactions fail to qualify under the exceptions described in Regulations section 53.4945 or in a current notice regarding disaster assistance?No
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?No
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?No
Minimum Investment Return
2013
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$345,881
Net value of noncharitable-use assets$340,693
Minimum investment return$16,011
Distributable Amount
2013
Distributable amount$0
Undistributed Income
2013
Distributable amount for this year$0
Undistributed income for this year. This amount must be distributed in the next year$0
Private Operating Foundations (for 2010 - 2013)
2013201220112010Total
The lesser of the adjusted net income or the minimum investment return$1$0$0$0$1
Qualifying distributions made directly for active conduct of exempt activities$131,057,256$0$0$0$131,057,256
Value of all assets$130,345,881$0$0$0$130,345,881
Value of assets qualifying under section 4942(j)(3)(B)(i)$130,345,881$0$0$0$130,345,881
2/3 of minimum investment return$0$0$0$0$0
Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties)$0$0$0$0$0
Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)$0$0$0$0$0
Gross investment income$0$0$0$0$0
Supplementary Information (for 2013)
Grants approved for future payment$0
Analysis of Income-Producing Activities (for 2013)
AmountRelated or exempt function income
Program service revenue
Fees and contracts from government agencies$0$0
Membership dues and assessments$0$0
Interest on savings and temporary cash investments$0$0
Dividends and interest from securities$484$0
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations (for 2013)
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Transfers from the reporting foundation to a noncharitable exempt organization of:
CashNo
Other assetsNo
Other transactions:
Sales of assets to a noncharitable exempt organizationNo
Purchases of assets from a noncharitable exempt organizationNo
Rental of facilities, equipment, or other assetsNo
Reimbursement arrangementsNo
Loans or loan guaranteesNo
Performance of services or membership or fundraising solicitationsNo
Sharing of facilities, equipment, mailing lists, other assets, or paid employeesNo
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Carolands Foundation565 Remillard Dr, Hillsborough, CA 94010-6739CA2013-07$131,910,484
2The Draper Richards Foundation1600 El Camino Real Ste 155, Menlo Park, CA 94025-4120CA2002-07$18,796,693
3Maurice And Paul Marciano Art Foundation144 S Beverly Dr, Beverly Hills, CA 90212-3033CA2012-12$15,660,329
4Brystal Foundation2210 Winding Hills Ct, San Jose, CA 95138-2456CA2011-08$13,223,650
5The Gordon R And Mary M Howard Family FoundationPO BOX 2670, Toluca Lake, CA 91610-0670CA2000-05$3,818,287
6Djek Inc777 Arnorld Dr, Martinez, CA 94553-3633CA2014-06$2,089,400
7Whittier Educational Foundation3060 El Cerrito Plaza 145, El Cerrito, CA 94530-4011CA2001-03$1,890,441
8Tomkat Ranch Educational FoundationPO BOX 726, Pescadero, CA 94060-0726CA2009-01$1,368,676
9Sam Simon Foundation - Feeding Families, Sam Simon Ttee11444 W Olympic Blvd Fl 11, Los Angeles, CA 90064-1500CA2012-01$1,125,053
10Shared Presence Foundation18592 Main St, Huntingtn Bch, CA 92648-1701CA2012-02$1,000,364
11Elwyn And Jennifer Berlekamp Foundation5665 College Ave Ste 330, Oakland, CA 94618-1625CA2014-08$865,990
12Slate Family Foundation4950 Murphy Canyon Road, San Diego, CA 92123-4900CA2006-05$799,090
13The@whitney Foundation Inc323 W Cromwell Ave, Fresno, CA 93711-5844CA2001-04$791,124
14James E Aldredge Foundation5588 N El Adobe Dr, Fresno, CA 93711-2373CA2007-01$720,880
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16The Flwor Foundation40087 Mission Blvd No 163, Fremont, CA 94539-3680CA2007-12$600,806
17Wadhwani Operating Foundation50 California St Ste 3550, San Francisco, CA 94111-4717CA2013-12$572,199
18Photophilanthropy333 Valencia Street, San Francisco, CA 94103-3547CA2011-01$570,177
19Napa Tree Foundation381 Carolina Ln, Palo Alto, CA 94306-4122CA2011-03$517,373
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Number of organizations performing similar types of work
Alabama20
Arkansas6
Arizona21
California255
Colorado50
Connecticut21
District of Columbia9
Delaware7
Florida103
Georgia33
Hawaii6
Iowa6
Idaho8
Illinois37
Indiana16
Kansas10
Kentucky11
Louisiana12
Massachusetts40
Maryland20
Maine6
Michigan28
Minnesota26
Missouri19
Mississippi3
Montana5
North Carolina24
Nebraska7
New Hampshire7
New Jersey23
New Mexico9
Nevada26
New York122
Ohio45
Oklahoma9
Oregon16
Pennsylvania47
Rhode Island8
South Carolina15
South Dakota6
Tennessee17
Texas80
Utah25
Virginia29
Vermont4
Washington30
Wisconsin10
Wyoming4
International3
Total1,344

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