Kelly Foundation in Libertyville, Illinois (IL)

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Kelly Foundation
Employer Identification Number (EIN)461625964
Name of OrganizationKelly Foundation
In Care of NamePaul J Kelly
Address1925 Enterprise Ct, Libertyville, IL 60048-9764
SubsectionEducational Organization
Ruling Date06/2014
DeductibilityContributions are deductible
FoundationPrivate non-operating foundation
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$1,000,000 to $4,999,999
Income$500,000 to $999,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$1,045,696
Amount of Income$800,446
Form 990 Revenue Amount$800,446
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Fund Raising and/or Fund Distribution


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Amount of income in 2013: $800,446
This organization: 

 $800,446
Other organizations performing similar types of work: 

 $68,292

Assets in 2013: $1,045,696
Kelly Foundation: 

 $1,045,696
Other organizations performing similar types of work: 

 $56,708

Expenses in 2013: $154,758
Kelly Foundation: 

 $154,758
Other organizations performing similar types of work: 

 $47,239

Income to expenses ratio in 2013: 5.2
Kelly Foundation: 

 5.2
Other organizations performing similar types of work: 

 1.8

Grants share in income in 2013: 99.9%
This organization: 

 99.9%
Other organizations performing similar types of work: 

 0.5%

Financial snapshot for 2013 ($)

Revenue for 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$800,446$446$0
Contributions, gifts, grants, etc., received$800,000
Interest on savings and temporary cash investments$446
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$154,758$15$0$147,450
Compensation of officers, directors, trustees, etc.$0
Pension plans, employee benefits$0
Legal fees$0
Accounting fees$6,111
Interest$0
Depreciation$0
Occupancy$0
Travel, conferences, and meetings$0
Printing and publications$0
Total operating and administrative expenses$7,308$15$0
Contributions, gifts, grants paid$147,450
Excess of revenue over expenses and disbursements$645,688
Net investment income$431
Adjusted net income$0
Balance Sheets
2013
Book ValueFair Market Value
Total assets$1,045,696$1,045,696
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
Investments-other$0
Other assets$0
Total liabilities$0
Total liabilities and net assets/fund balances$1,045,696
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$4
Total credits and payments$0
Any penalty for underpayment of estimated tax$0
Tax due$4
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?No
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$381,806
Net value of noncharitable-use assets$376,079
Minimum investment return$18,804
Distributable Amount
2013
Distributable amount$18,800
Undistributed Income
2013
Distributable amount for this year$18,800
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$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
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$446$0
Dividends and interest from securities$0$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
1The University Of Arkansas Fort Smith Foundation IncPO BOX 3649, Fort Smith, AR 72913-3649AR1975-01$25,316,256
2Rsf Social Investment Fund Inc1002 Oreilly Ave, San Francisco, CA 94129-5257CA2000-12$4,721,971
3The Elizabeth Bowers Zambia Education FundPo Box 294, Salem, OR 97308-0294OR2007-03$49,547
4Green Dot AmericaFriedman Huey Assoc Llp 1313 W 175th Street, Homewood, IL 60430IL2011-01$2,278,775
5Tcs Education Foundation350 N Orleans, Chicago, IL 60654-1975IL2010-06$1,619,952
6Richard And Diane Weinberg Family Foundation401 N Michigan Ave Ste 3050, Chicago, IL 60611-5515IL2012-04$1,023,678
7Elsie I Stout And Clarence R Stout Memorial FoundationC/O Mark Mcgrath 113 S Main St, Mackinaw, IL 61755IL2012-09$844,391
8Kelly Foundation1925 Enterprise Ct, Libertyville, IL 60048-9764IL2014-06$800,446
9Shop For Schools Nfp3031 Acadia Way, Quincy, IL 62301-6298IL2012-11$606,041
10The John A Miller Family Foundation2101 Claire Ct, Glenview, IL 60025-7634IL1999-02$470,204
11University Club Foundation76 E Monroe St, Chicago, IL 60603-2703IL1960-07$314,056
12Cary-Grove Fine Arts Foundation7106 Dove Way, Cary, IL 60013-6063IL2013-03$211,774
13Teach Americas Children Inc4065 Commercial Ave, Northbrook, IL 60062-1828IL2010-11$196,692
14Bansan Foundation433 W Harrison St P O Box 8684, Chicago, IL 60680IL2007-07$191,476
15Friends Of Mckenna Technical Institute687 Sheridan Road, Wilmette, IL 60091IL2014-10$145,189
16In Search Of Genius Foundation1044 W Randolph St, Chicago, IL 60607-2215IL2007-06$137,956
17U-46 Educational Foundation355 East Chicago Street, Elgin, IL 60120IL2007-07$119,325
18Staunton Education FoundationPO BOX 192, Staunton, IL 62088-0192IL2008-10$118,437
19Friends Of Drummond Inc1845 W Cortland St, Chicago, IL 60622-1036IL2006-04$112,210
20Summit Hill Educational Foundation20100 S Spruce Dr, Frankfort, IL 60423-7099IL2006-12$103,278
Number of organizations performing similar types of work
Alaska7
Alabama39
Arkansas28
Arizona62
California468
Colorado75
Connecticut42
District of Columbia26
Delaware21
Florida199
Georgia92
Hawaii20
Iowa51
Idaho25
Illinois163
Indiana50
Kansas30
Kentucky52
Louisiana31
Massachusetts119
Maryland69
Maine25
Michigan104
Minnesota55
Missouri67
Mississippi19
Montana15
North Carolina95
North Dakota4
Nebraska19
New Hampshire31
New Jersey157
New Mexico21
Nevada24
New York236
Ohio140
Oklahoma40
Oregon47
Pennsylvania119
Rhode Island23
South Carolina34
South Dakota7
Tennessee57
Texas254
Utah22
Virginia97
Vermont10
Washington103
Wisconsin57
West Virginia11
Wyoming7
International17
Total3,586

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