The Sorenson Legacy Foundation in Salt Lake Cty, Utah (UT)

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The Sorenson Legacy Foundation
Employer Identification Number (EIN)870669065
Name of OrganizationThe Sorenson Legacy Foundation
In Care of NamePaul H Ludlow
Address2511 S West Temple, Salt Lake Cty, UT 84115-3060
SubsectionCharitable Organization
Ruling Date03/2002
DeductibilityContributions are deductible
FoundationPrivate non-operating foundation
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2011
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 - Not required to file (all other) (990-PF required)
Asset Amount$822,852,382
Amount of Income$10,323,030
Form 990 Revenue Amount$38,821,890
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Private Independent Foundations


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Amount of income in 2011: $10,323,030 (it was $12,219,531 in 2010)
This organization: 

 $10,323,030
Other organizations performing similar types of work: 

 $103,138

Assets in 2011: $822,852,382 (it was $750,131,842 in 2010)
This organization: 

 $822,852,382
Other organizations performing similar types of work: 

 $338,623

Expenses in 2011: $27,407,659
This organization: 

 $27,407,659
Other organizations performing similar types of work: 

 $46,867

Income to expenses ratio in 2011: 0.4
The Sorenson Legacy Foundation: 

 0.4
Other organizations performing similar types of work: 

 1.1

Grants share in income in 2011: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 79.6%

Financial snapshot ($)

Revenue for 2011

Expenses for 2011

Assets for 2011

Analysis of Revenue and Expenses (for 2011)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$38,821,890$38,223,668$0
Contributions, gifts, grants, etc., received$0
Interest on savings and temporary cash investments$3,983,058
Dividends and interest from securities$6,339,972
Gross rents$0
Gross profit from sales of goods$0
Other income$0
Other$28,498,860
Total expenses and disbursements$27,407,659$2,373,155$0$24,404,312
Compensation of officers, directors, trustees, etc.$522,083
Total operating and administrative expenses$5,150,781$2,373,155$2,147,434
Contributions, gifts, grants paid$22,256,878
Excess of revenue over expenses and disbursements$11,414,231
Net investment income$35,850,513
Adjusted net income$0
Balance Sheets (for 2011)
Book ValueFair Market Value
Total assets$822,852,382$605,414,434
Cash - non-interest-bearing$42,328
Investments-U.S. and state government obligations$10,640,870
Investments-corporate stock$237,099,615
Investments-corporate bonds$53,185,926
Investments-mortgage loans$0
Investments-other$489,393,777
Other$32,489,866
Total liabilities$588,945
Mortgages and other notes payable$0
Other$588,945
Total liabilities and net assets/fund balances$822,263,437
Capital Gains and Losses for Tax on Investment Income (for 2011)
Capital gain net income$28,498,860
Net capital loss$0
Excise Tax Based on Investment Income (for 2011)
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)No
Tax based on investment income$717,010
Total credits and payments$724,043
2011 estimated tax payments and 2010 overpayment credited to 2011$614,043
Exempt foreign organizations-tax withheld at source$0
Tax paid with application for extension of time to file (Form 8868)$110,000
Backup withholding erroneously withheld$0
Any penalty for underpayment of estimated tax$0
Overpayment$7,033
Amount to be credited to 2012 estimated tax$7,033
Statements Regarding Activities (for 2011)
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 2011 or the taxable year beginning in 2011?No
Statements Regarding Activities for Which Form 4720 May Be Required (for 2011)
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?Yes
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
At the end of tax year 2011, did the foundation have any undistributed income for tax year(s) beginning before 2011?No
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year?Yes
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 2011)
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$578,239,313
Net value of noncharitable-use assets$569,565,720
Minimum investment return$28,478,286
Distributable Amount (for 2011)
Distributable amount$27,761,276
Undistributed Income (for 2011)
Distributable amount for 2011$27,761,276
Undistributed income for 2011. This amount must be distributed in 2012$0
Private Operating Foundations (for 2011)
2011201020092008Total
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
1Sorenson Impact Foundation299 S Main Street, Salt Lake City, UT 84111-1919UT2011-10$12,137,697
2The Sorenson Legacy Foundation2511 S West Temple, Salt Lake Cty, UT 84115-3060UT2002-03$10,323,030
3Sorenson Legacy FoundationPO BOX 65912, Salt Lake Cty, UT 84165-0912UT2011-10$9,727,421
4My Good Fund2223 South Highland Drive E6-133, Salt Lake City, UT 84106-3672UT2010-02$8,451,734
5Legacy Cultural Research Foundation2920 S 925 W, Ogden, UT 84401-3800UT2004-09$7,919,189
6Bastian Family Charitable Foundaton500 N Market Place Dr Ste 240, Centerville, UT 84014-1748UT2010-08$2,855,300
7Sally Langdon Barefoot Foundation2490 Wall Ave, Ogden, UT 84401-3057UT2004-01$2,612,760
8The David E Cumming Family FoundationPO BOX 570, Oakley, UT 84055-0570UT2007-08$1,360,689
9C Fred & Leora Mae Evans Family Charitable Foundation4692 N 300 W, Provo, UT 84604-7711UT2009-03$1,000,135
10The John D Cumming Family Foundation1115 Old Ranch Rd, Park City, UT 84098-6700UT2007-09$955,048
11Lynn And Richard Bleil Charitable Foundation6170 Trailside Dr, Park City, UT 84098-6180UT2014-09$900,001
12The@lorraine Beckham Ashe Foundation1260 Oakcrest Cir, Provo, UT 84604-2121UT2002-10$805,166
13Stephen G And Susan E Denkers Family Foundation5210 Skyline Dr, Ogden, UT 84403-4692UT2000-11$770,005
14Duane And Marci Shaw Foundation Inc1220 E 7800 S, Sandy, UT 84094-7285UT2012-09$762,512
15Telemachus Foundation To Empower The Poor And End War549 N Cortez St, Salt Lake Cty, UT 84103-2122UT2003-03$671,270
16Sjinc FoundationPO BOX 58054, Salt Lake Cty, UT 84158-0054UT2002-06$455,016
17Reagan Foundation1775 N Warm Springs Rd, Salt Lake Cty, UT 84116-2353UT2000-10$405,520
18Caldwell Family Foundation1773 E Hidden Valley Club Dr, Sandy, UT 84092-5881UT2014-07$396,193
19Ure Fam Foundation, Kent F & Jolyn B Ure Ttee3766 W Ridge View Rd, Morgan, UT 84050-8712UT2012-03$384,111
20The@henry S And Patrice Hemingway Foundation290 E Penny Parade Dr, Salt Lake Cty, UT 84103-2857UT2005-02$332,480
Number of organizations performing similar types of work
Alaska9
Alabama199
Arkansas82
Arizona267
California2,351
Colorado400
Connecticut391
District of Columbia107
Delaware405
Florida1,490
Georgia455
Hawaii86
Iowa147
Idaho73
Illinois1,069
Indiana261
Kansas152
Kentucky147
Louisiana127
Massachusetts713
Maryland422
Maine67
Michigan549
Minnesota327
Missouri308
Mississippi56
Montana59
North Carolina649
North Dakota15
Nebraska126
New Hampshire66
New Jersey849
New Mexico78
Nevada194
New York2,454
Ohio628
Oklahoma223
Oregon179
Pennsylvania935
Rhode Island181
South Carolina141
South Dakota32
Tennessee192
Texas1,225
Utah217
Virginia452
Vermont36
Washington375
Wisconsin334
West Virginia49
Wyoming61
International38
Total20,448

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