Liberty Bank Foundation in Wethersfield, Connecticut (CT)

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Liberty Bank Foundation
Employer Identification Number (EIN)061479957
Name of OrganizationLiberty Bank Foundation
In Care of NameLiberty Trust Company
Address1190 Silas Deane Hwy, Wethersfield, CT 06109-4304
ActivitiesGifts, grants, or loans to other organizations
SubsectionCharitable Organization
Ruling Date06/1997
DeductibilityContributions are deductible
FoundationPrivate non-operating foundation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$10,000,000 to $49,999,999
Income$10,000,000 to $49,999,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$11,033,930
Amount of Income$13,323,593
Form 990 Revenue Amount$567,266
National Taxonomy of Exempt Entities (NTEE)Employment, Job-Related: Goodwill Industries

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Amount of income in 2013: $13,323,593 (it was $8,003,063 in 2012)
Liberty Bank Foundation: 

Other organizations performing similar types of work: 


Assets in 2013: $11,033,930 (it was $8,922,365 in 2012)
This organization: 

Other organizations performing similar types of work: 


Expenses in 2012: $1,044,164
This organization: 

Other organizations performing similar types of work: 


Income to expenses ratio in 2012: 12.8
This organization: 

Other organizations performing similar types of work: 


Grants share in income in 2012: 0.0%
Liberty Bank Foundation: 

Other organizations performing similar types of work: 


Financial snapshot ($)

Revenue for 2012

Expenses for 2012

Assets for 2012

Analysis of Revenue and Expenses (for 2012)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$888,343$888,343$0
Contributions, gifts, grants, etc., received$0
Interest on savings and temporary cash investments$0
Dividends and interest from securities$237,964
Gross rents$0
Gross profit from sales of goods$0
Other income$0
Total expenses and disbursements$1,044,164$83,928$0$842,593
Compensation of officers, directors, trustees, etc.$164,093
Total operating and administrative expenses$418,273$83,928$326,302
Contributions, gifts, grants paid$625,891
Excess of revenue over expenses and disbursements$-155,821
Net investment income$804,415
Adjusted net income$0
Balance Sheets (for 2012)
Book ValueFair Market Value
Total assets$8,922,365$8,922,365
Cash - non-interest-bearing$0
Investments-U.S. and state government obligations$0
Investments-corporate stock$0
Investments-corporate bonds$0
Investments-mortgage loans$0
Total liabilities$145,765
Mortgages and other notes payable$0
Total liabilities and net assets/fund balances$8,776,600
Capital Gains and Losses for Tax on Investment Income (for 2012)
Capital gain net income$650,379
Net capital loss$0
Excise Tax Based on Investment Income (for 2012)
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)No
Tax based on investment income$8,044
Total credits and payments$8,480
2012 estimated tax payments and 2011 overpayment credited to 2012$4,880
Exempt foreign organizations-tax withheld at source$0
Tax paid with application for extension of time to file (Form 8868)$3,600
Backup withholding erroneously withheld$0
Any penalty for underpayment of estimated tax$1
Tax due$0
Amount to be credited to 2013 estimated tax$435
Statements Regarding Activities (for 2012)
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
Was there a liquidation, termination, dissolution, or substantial contraction during the year?No
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for calendar year 2012 or the taxable year beginning in 2012?No
Statements Regarding Activities for Which Form 4720 May Be Required (for 2012)
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?Yes
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
At the end of tax year 2012, did the foundation have any undistributed income for tax year(s) beginning before 2012?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 invest during the year any amount in a manner that would jeopardize its charitable purposes?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
Minimum Investment Return (for 2012)
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$9,471,024
Net value of noncharitable-use assets$9,328,960
Minimum investment return$466,448
Distributable Amount (for 2012)
Distributable amount$458,404
Undistributed Income (for 2012)
Distributable amount for 2012$458,404
Undistributed income for 2012. This amount must be distributed in 2013$0
Private Operating Foundations (for 2012)
The lesser of the adjusted net income or the minimum investment return$0$0$0$0$0
Qualifying distributions made directly for active conduct of exempt activities$0$0$0$0$0
Value of all assets$0$0$0$0$0
Value of assets qualifying under section 4942(j)(3)(B)(i)$0$0$0$0$0
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
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Southern Oregon Goodwill Industries11 W Jackson St, Medford, OR 97501-2332OR1968-09$14,939,713
2Goodwill Industries Of Western Connecticut Inc165 Ocean Ter, Bridgeport, CT 06605-2719CT1957-11$49,260,276
3Sandy River Charitable Foundation349 Voter Hill Rd, Farmington, ME 04938-6030ME1997-04$36,712,146
4Liberty Bank Foundation1190 Silas Deane Hwy, Wethersfield, CT 06109-4304CT1997-06$13,323,593
5Zanesville Welfare Org & Goodwill Industries3610 West Pike, Zanesville, OH 43701-9335OH1942-10$10,654,060
6Beagary Charitable Tr, Morgan Benjamin B Ttee49 Westview Dr, Brooklyn, CT 06234CT1996-03$3,021,878
7Rosenthal Fund784 Park Avenue No 19b, New York, NY 10021-3553NY1997-04$2,179,160
8South Shore Bank Charitable Foundation Inc1530 Main St, S Weymouth, MA 02190-1310MA1997-04$1,595,539
9The Willowbank Foundation123 Pleasant St Ste 202, Marblehead, MA 01945-2381MA1997-04$1,036,508
10Noiles Family Foundation114 Elm Pl, New Canaan, CT 06840-6309CT1997-09$972,119
11Whittingham Family Foundation Inc1200 High Ridge Rd Ste 2, Stamford, CT 06905-1202CT1997-04$933,142
12Louis F And Mary A Tagliatela Foundation Inc1621 State St, New Haven, CT 06511-1411CT1997-06$608,488
13Tilles Family Foundation7600 Jericho Tpke, Woodbury, NY 11797-1728NY1997-04$388,100
14Somerset Hills Education Foundation25 Olcott Ave, Bernardsville, NJ 07924-2307NJ1997-06$147,731
15M Bonnie Axthelm Charitable Foundation, Brown Megan A Et Al TteesC/O 33 Minute Man Hill, Westport, CT 06880CT1997-04$145,753
16Schwimmers Foundation, Schwimmer Leiser Ttee266 Keap St Apt 2r, Brooklyn, NY 11211-7391NY1997-05$59,007
17Schiff Family Foundation Inc1060 5th Ave, New York, NY 10128-0104NY1997-04$55,788
18Westfield High School Ice Hockey AssociationPO BOX 2864, Westfield, NJ 07091-2864NJ1997-08$54,848
19Csb Foundation84 Perkins Rd, Southbury, CT 06488-1032CT1997-06$3,936
20Anderson Family Foundation37 Brookwood Ln, New Canaan, CT 06840-3102CT1997-06$2,899
Number of organizations performing similar types of work
District of Columbia1
North Carolina4
New Hampshire1
New Jersey5
New Mexico1
New York16
South Carolina2
Total132 is not associated with, endorsed by, or sponsored by Liberty Bank Foundation and has no official or unofficial affiliation with Liberty Bank Foundation