BOBBIE BAILEY FOUNDATION INC: Form 990PF, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- BOBBIE BAILEY FOUNDATION INC (EIN 58-2085849)
- Tax period
- 2021-01-01 to 2021-12-31
- Filed
- 2024-03-04
- IRS object ID
- 202400649349100905
- Schema version
- 2021v4.2
- 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
- Form 990-PF
- Accounting Fees Schedule
- Depreciation Schedule
- General Explanation Attachment
- Investments Corp Bonds Schedule
- Investments Corp Stock Schedule
- Investments Other Schedule2
- Land Etc Schedule2
- Legal Fees Schedule
- Other Assets Schedule
- Other Expenses Schedule
- Other Income Schedule2
- Other Increases Schedule
- Other Professional Fees Schedule
- Taxes Schedule
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-03-04T13:21:36-06:00 | ReturnTs |
| Tax Period End | 2021-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 882730877 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CHERRY BEKAERT ADVISORY LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1075 PEACHTREE STREET NE SUITE 1600 | AddressLine1Txt |
| City | ATLANTA | CityNm |
| State Abbreviation | GA | StateAbbreviationCd |
| ZIP | 30309 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990PF | ReturnTypeCd |
| Tax Period Begin | 2021-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 582085849 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BOBBIE BAILEY FOUNDATION INC | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | BOBB | BusinessNameControlTxt |
| Phone | 4042642887 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4452 BIBB BLVD 200 | AddressLine1Txt |
| City | TUCKER | CityNm |
| State Abbreviation | GA | StateAbbreviationCd |
| ZIP | 30084 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | AUDREY B MORGAN | PersonNm |
| Person Title | TRUSTEE | PersonTitleTxt |
| Phone | 4042642887 | PhoneNum |
| Signature | 2024-03-01 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | AUDREY | PersonFirstNm |
| Person Last | MORGAN | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JEFF D HORSLEY | PreparerPersonNm |
| PTIN | P00209716 | PTIN |
| Phone | 4042090954 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 3 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2021 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Amended Return | Yes (X) | AmendedReturnInd |
| Organization501c3 Exempt PF | Yes (X) | Organization501c3ExemptPFInd |
| FMV Assets EOY | $33,599,236 | FMVAssetsEOYAmt |
| Method Of Accounting Cash | Yes (X) | MethodOfAccountingCashInd |
Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Schedule B Not Required | Yes (X) | ScheduleBNotRequiredInd |
| Interest On Sav Rev And Expnss | $128,868 | InterestOnSavRevAndExpnssAmt |
| Interest On Sav Net Invst Incm | $128,868 | InterestOnSavNetInvstIncmAmt |
| Dividends Rev And Expnss | $604,390 | DividendsRevAndExpnssAmt |
| Dividends Net Invst Incm | $604,390 | DividendsNetInvstIncmAmt |
| Net Gain Sale Ast Rev And Expnss | $821,579 | NetGainSaleAstRevAndExpnssAmt |
| Gross Sales Price | $10,005,282 | GrossSalesPriceAmt |
| Cap Gain Net Incm Net Invst Incm | $821,579 | CapGainNetIncmNetInvstIncmAmt |
| Other Income Rev And Expnss | $9,360 | OtherIncomeRevAndExpnssAmt |
| Other Income Net Invst Incm | $9,360 | OtherIncomeNetInvstIncmAmt |
| Total Rev And Expnss | $1,564,197 | TotalRevAndExpnssAmt |
| Total Net Invst Incm | $1,564,197 | TotalNetInvstIncmAmt |
| Comp Ofcr Dir Trst Rev And Expnss | $129,996 | CompOfcrDirTrstRevAndExpnssAmt |
| Comp Ofcr Dir Trst Net Invst Incm | $0 | CompOfcrDirTrstNetInvstIncmAmt |
| Comp Ofcr Dir Trst Dsbrs Chrtbl | $129,996 | CompOfcrDirTrstDsbrsChrtblAmt |
| Oth Empl Slrs Wgs Rev And Expnss | $54,568 | OthEmplSlrsWgsRevAndExpnssAmt |
| Oth Empl Slrs Wgs Net Invst Incm | $0 | OthEmplSlrsWgsNetInvstIncmAmt |
| Oth Empl Slrs Wgs Dsbrs Chrtbl | $54,568 | OthEmplSlrsWgsDsbrsChrtblAmt |
| Pension Empl Bnft Rev And Expnss | $20,481 | PensionEmplBnftRevAndExpnssAmt |
| Pension Empl Bnft Net Invst Incm | $0 | PensionEmplBnftNetInvstIncmAmt |
| Pension Empl Bnft Dsbrs Chrtbl | $20,481 | PensionEmplBnftDsbrsChrtblAmt |
| Legal Fees Rev And Expnss | $28,071 | LegalFeesRevAndExpnssAmt |
| Legal Fees Net Invst Incm | $7,840 | LegalFeesNetInvstIncmAmt |
| Legal Fees Dsbrs Chrtbl | $20,231 | LegalFeesDsbrsChrtblAmt |
| Accounting Fees Rev And Expnss | $18,054 | AccountingFeesRevAndExpnssAmt |
| Accounting Fees Net Invst Incm | $4,513 | AccountingFeesNetInvstIncmAmt |
| Accounting Fees Chrtbl Prps | $13,541 | AccountingFeesChrtblPrpsAmt |
| Other Prof Fees Rev And Expnss | $268,673 | OtherProfFeesRevAndExpnssAmt |
| Other Prof Fees Net Invst Incm | $268,673 | OtherProfFeesNetInvstIncmAmt |
| Other Prof Fees Dsbrs Chrtbl | $0 | OtherProfFeesDsbrsChrtblAmt |
| Taxes Rev And Expnss | $8,372 | TaxesRevAndExpnssAmt |
| Taxes Net Invst Incm | $139 | TaxesNetInvstIncmAmt |
| Taxes Dsbrs Chrtbl | $0 | TaxesDsbrsChrtblAmt |
| Deprec And Dpltn Rev And Expnss | $1,675 | DeprecAndDpltnRevAndExpnssAmt |
| Deprec And Dpltn Net Invst Incm | $1,675 | DeprecAndDpltnNetInvstIncmAmt |
| Occupancy Rev And Expnss | $15,572 | OccupancyRevAndExpnssAmt |
| Occupancy Net Invst Incm | $0 | OccupancyNetInvstIncmAmt |
| Occupancy Dsbrs Chrtbl | $15,572 | OccupancyDsbrsChrtblAmt |
| Other Expenses Rev And Expnss | $58,131 | OtherExpensesRevAndExpnssAmt |
| Other Expenses Net Invst Incm | $40,418 | OtherExpensesNetInvstIncmAmt |
| Other Expenses Dsbrs Chrtbl | $17,713 | OtherExpensesDsbrsChrtblAmt |
| Tot Opr Expenses Rev And Expnss | $603,593 | TotOprExpensesRevAndExpnssAmt |
| Tot Opr Expenses Net Invst Incm | $323,258 | TotOprExpensesNetInvstIncmAmt |
| Tot Opr Expenses Dsbrs Chrtbl | $272,102 | TotOprExpensesDsbrsChrtblAmt |
| Contri Paid Rev And Expnss | $19,362,849 | ContriPaidRevAndExpnssAmt |
| Contri Paid Dsbrs Chrtbl | $19,362,849 | ContriPaidDsbrsChrtblAmt |
| Total Expenses Rev And Expnss | $19,966,442 | TotalExpensesRevAndExpnssAmt |
| Total Expenses Net Invst Incm | $323,258 | TotalExpensesNetInvstIncmAmt |
| Total Expenses Dsbrs Chrtbl | $19,634,951 | TotalExpensesDsbrsChrtblAmt |
| Excess Revenue Over Expenses | -$18,402,245 | ExcessRevenueOverExpensesAmt |
| Net Investment Income | $1,240,939 | NetInvestmentIncomeAmt |
Form990 PF Balance Sheets Form990PFBalanceSheetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cash BOY | $65,748 | CashBOYAmt |
| Cash EOY | $98,705 | CashEOYAmt |
| Cash EOYFMV | $98,705 | CashEOYFMVAmt |
| Sav And Temp Cash Invst BOY | $2,431,663 | SavAndTempCashInvstBOYAmt |
| Sav And Temp Cash Invst EOY | $997,711 | SavAndTempCashInvstEOYAmt |
| Sav And Temp Cash Invst EOYFMV | $997,718 | SavAndTempCashInvstEOYFMVAmt |
| Corporate Stock BOY | $20,041,912 | CorporateStockBOYAmt |
| Corporate Stock EOY | $11,872,507 | CorporateStockEOYAmt |
| Corporate Stock EOYFMV | $20,464,662 | CorporateStockEOYFMVAmt |
| Corporate Bonds BOY | $8,750,968 | CorporateBondsBOYAmt |
| Corporate Bonds EOY | $7,041,205 | CorporateBondsEOYAmt |
| Corporate Bonds EOYFMV | $7,060,670 | CorporateBondsEOYFMVAmt |
| Other Investments BOY | $6,715,212 | OtherInvestmentsBOYAmt |
| Other Investments EOY | $4,470,786 | OtherInvestmentsEOYAmt |
| Other Investments EOYFMV | $4,973,342 | OtherInvestmentsEOYFMVAmt |
| Land Bldg Equip Cost Or Other Bss | $8,464 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $4,325 | LandBldgEquipAccumDeprecAmt |
| Land BOY | $4,702 | LandBOYAmt |
| Land EOY | $4,139 | LandEOYAmt |
| Land EOYFMV | $4,139 | LandEOYFMVAmt |
| Other Assets BOY | $2,800 | OtherAssetsBOYAmt |
| Other Assets EOY | $0 | OtherAssetsEOYAmt |
| Other Assets EOYFMV | $0 | OtherAssetsEOYFMVAmt |
| Total Assets BOY | $38,013,005 | TotalAssetsBOYAmt |
| Total Assets EOY | $24,485,053 | TotalAssetsEOYAmt |
| Total Assets EOYFMV | $33,599,236 | TotalAssetsEOYFMVAmt |
| Accounts Payable BOY | $4,290 | AccountsPayableBOYAmt |
| Accounts Payable EOY | $5,564 | AccountsPayableEOYAmt |
| Total Liabilities BOY | $4,290 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $5,564 | TotalLiabilitiesEOYAmt |
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
| Capital Stock BOY | $274,955 | CapitalStockBOYAmt |
| Capital Stock EOY | $274,955 | CapitalStockEOYAmt |
| Additional Paid In Capital BOY | $0 | AdditionalPaidInCapitalBOYAmt |
| Additional Paid In Capital EOY | $0 | AdditionalPaidInCapitalEOYAmt |
| Retained Earning BOY | $37,733,760 | RetainedEarningBOYAmt |
| Retained Earning EOY | $24,204,534 | RetainedEarningEOYAmt |
| Tot Net Ast Or Fund Balances BOY | $38,008,715 | TotNetAstOrFundBalancesBOYAmt |
| Tot Net Ast Or Fund Balances EOY | $24,479,489 | TotNetAstOrFundBalancesEOYAmt |
| Total Liabilities Net Ast BOY | $38,013,005 | TotalLiabilitiesNetAstBOYAmt |
| Total Liabilities Net Ast EOY | $24,485,053 | TotalLiabilitiesNetAstEOYAmt |
Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Net Ast Or Fund Balances BOY | $38,008,715 | TotNetAstOrFundBalancesBOYAmt |
| Excess Revenue Over Expenses | -$18,402,245 | ExcessRevenueOverExpensesAmt |
| Other Increases | $4,873,019 | OtherIncreasesAmt |
| Subtotal | $24,479,489 | SubtotalAmt |
| Other Decreases | $0 | OtherDecreasesAmt |
| Tot Net Ast Or Fund Balances EOY | $24,479,489 | TotNetAstOrFundBalancesEOYAmt |
Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail
Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (2 entries)
| PropertyPropertyDesc | How AcquiredHowAcquiredCd | Gross Sales PriceGrossSalesPriceAmt | Cost Or Other BasisCostOrOtherBasisAmt | Gain Or LossGainOrLossAmt | Gains Minus Excess Or LossesGainsMinusExcessOrLossesAmt |
|---|---|---|---|---|---|
| US PUBLICLY TRADED SECURITIES | P | $9,163,463 | $7,507,357 | $1,656,106 | $1,656,106 |
| SOUTHERNAIRE REALTY CO | P | $841,819 | $1,676,346 | -$834,527 | -$834,527 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Capital Gain Net Income | $821,579 | CapitalGainNetIncomeAmt |
Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Income Excise Tax | $17,249 | InvestmentIncomeExciseTaxAmt |
| Tax Under Section511 | $0 | TaxUnderSection511Amt |
| Subtotal | $17,249 | SubtotalAmt |
| Subtitle A Tax | $0 | SubtitleATaxAmt |
| Tax Based On Investment Income | $17,249 | TaxBasedOnInvestmentIncomeAmt |
| Estimated Plus Ovpmt Incm Tx | $14,680 | EstimatedPlusOvpmtIncmTxAmt |
| Exempt Frgn Org Tax Wthld At Srce | $0 | ExemptFrgnOrgTaxWthldAtSrceAmt |
| Extsn Request Income Tax Paid | $0 | ExtsnRequestIncomeTaxPaidAmt |
| Backup Withholding Withheld | $0 | BackupWithholdingWithheldAmt |
| Total Payments And Credits | $17,249 | TotalPaymentsAndCreditsAmt |
| Original Return Tax Paid | $2,569 | OriginalReturnTaxPaidAmt |
| Es Penalty | $0 | EsPenaltyAmt |
| Tax Due | $0 | TaxDueAmt |
Statements Regarding Acty StatementsRegardingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Legislative Political Acty | 0 | LegislativePoliticalActyInd |
| More Than100 Spent | 0 | MoreThan100SpentInd |
| Form1120 POL Filed | 0 | Form1120POLFiledInd |
| Section4955 Organization Tax | $0 | Section4955OrganizationTaxAmt |
| Section4955 Managers Tax | $0 | Section4955ManagersTaxAmt |
| Tax Reimbursed | $0 | TaxReimbursedAmt |
| Activities Not Previously Rpt | 0 | ActivitiesNotPreviouslyRptInd |
| Changes To Articles Or Bylaws | 0 | ChangesToArticlesOrBylawsInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Organization Dissolved Etc | 0 | OrganizationDissolvedEtcInd |
| Section508e Rqr Satisfied | Yes (1) | Section508eRqrSatisfiedInd |
| At Least5000 In Assets | Yes (1) | AtLeast5000InAssetsInd |
| Org Report Or Register State | GA | OrgReportOrRegisterStateCd |
| Form990 PF Filed With Atty Gen | Yes (1) | Form990PFFiledWithAttyGenInd |
| Private Operating Foundation | 0 | PrivateOperatingFoundationInd |
| New Substantial Contributors | 0 | NewSubstantialContributorsInd |
| Own Controlled Entity | 0 | OwnControlledEntityInd |
| Donor Advised Fund | Yes (1) | DonorAdvisedFundInd |
| Comply With Public Insp Rqr | Yes (1) | ComplyWithPublicInspRqrInd |
| Website Address | N/A | WebsiteAddressTxt |
| Individual With Books | CHERRY BEKAERT LLP | IndividualWithBooksNm |
| Phone | 4047333247 | PhoneNum |
Location Of Books US Address LocationOfBooksUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1075 PEACHTREE STREET SUITE 2200 | AddressLine1Txt |
| City | ATLANTA | CityNm |
| State Abbreviation | GA | StateAbbreviationCd |
| ZIP | 30309 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Foreign Accounts Question | 0 | ForeignAccountsQuestionInd |
Statements Regarding Acty4720 StatementsRegardingActy4720Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sale Or Exch Disqualified Prsn | 0 | SaleOrExchDisqualifiedPrsnInd |
| Brrw Or Lend Disqualified Prsn | 0 | BrrwOrLendDisqualifiedPrsnInd |
| Furn Goods Disqualified Prsn | 0 | FurnGoodsDisqualifiedPrsnInd |
| Pay Comp Disqualified Prsn | Yes (1) | PayCompDisqualifiedPrsnInd |
| Transfer Ast Disqualified Prsn | 0 | TransferAstDisqualifiedPrsnInd |
| Payment To Government Official | 0 | PaymentToGovernmentOfficialInd |
| Acts Fail To Qlfy As Exceptions | 0 | ActsFailToQlfyAsExceptionsInd |
| Uncorrected Prior Acts | 0 | UncorrectedPriorActsInd |
| Undistributed Income PY | 0 | UndistributedIncomePYInd |
| Business Holdings | 0 | BusinessHoldingsInd |
| Jeopardy Investments | 0 | JeopardyInvestmentsInd |
| Uncorrected PY Jeopardy Invst | 0 | UncorrectedPYJeopardyInvstInd |
| Influence Legislation | 0 | InfluenceLegislationInd |
| Influence Election | 0 | InfluenceElectionInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Noncharitable Purpose | 0 | NoncharitablePurposeInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp
Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | AUDREY B MORGAN | PersonNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4452 BIBB BLVD STE 200 | AddressLine1Txt |
| City | TUCKER | CityNm |
| State Abbreviation | GA | StateAbbreviationCd |
| ZIP | 30084 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Title | TRUSTEE | TitleTxt |
| Average Hrs Per Wk Devoted To Pos | 40.00 | AverageHrsPerWkDevotedToPosRt |
| Compensation | $129,996 | CompensationAmt |
| Employee Benefit Program | $0 | EmployeeBenefitProgramAmt |
| Expense Account Other Allwnc | $0 | ExpenseAccountOtherAllwncAmt |
Compensation Highest Paid Empl CompensationHighestPaidEmplGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | ARLENE DOVE | PersonNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3760 ARDEN CREEK COURT | AddressLine1Txt |
| City | BETHLEHEM | CityNm |
| State Abbreviation | GA | StateAbbreviationCd |
| ZIP | 30620 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Title | ADMINISTRATIVE ASSIS | TitleTxt |
| Average Hrs Per Wk Devoted To Pos | 24.00 | AverageHrsPerWkDevotedToPosRt |
| Compensation | $54,568 | CompensationAmt |
| Employee Benefits | $0 | EmployeeBenefitsAmt |
| Expense Account | $0 | ExpenseAccountAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Employee Paid Over50k | 0 | OtherEmployeePaidOver50kCnt |
Compensation Of Hghst Pd Cntrct CompensationOfHghstPdCntrctGrp
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BANK OF AMERICA | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3455 PEACHTREE ROAD NE 16TH FL | AddressLine1Txt |
| City | ATLANTA | CityNm |
| State Abbreviation | GA | StateAbbreviationCd |
| ZIP | 303261113 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Service Type | INVESTMENT MANAGEMENT | ServiceTypeTxt |
| Compensation | $268,673 | CompensationAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contractor Paid Over50k | 0 | ContractorPaidOver50kCnt |
Sum Of Program Related Invst SumOfProgramRelatedInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Minimum Investment Return MinimumInvestmentReturnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Average Monthly FMV Of Sec | $40,103,961 | AverageMonthlyFMVOfSecAmt |
| Average Monthly Cash Balances | $1,717,823 | AverageMonthlyCashBalancesAmt |
| FMV All Other Noncharitable Ast | $3,865 | FMVAllOtherNoncharitableAstAmt |
| Total FMV Of Unused Assets | $41,825,649 | TotalFMVOfUnusedAssetsAmt |
| Reduction Claimed | $0 | ReductionClaimedAmt |
| Acquisition Indebtedness | $0 | AcquisitionIndebtednessAmt |
| Adjusted Total FMV Of Unused Ast | $41,825,649 | AdjustedTotalFMVOfUnusedAstAmt |
| Cash Deemed Charitable | $627,385 | CashDeemedCharitableAmt |
| Net Vl Noncharitable Assets | $41,198,264 | NetVlNoncharitableAssetsAmt |
| Minimum Investment Return | $2,059,913 | MinimumInvestmentReturnAmt |
Distributable Amount DistributableAmountGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Minimum Investment Return | $2,059,913 | MinimumInvestmentReturnAmt |
| Tax Based On Investment Income | $17,249 | TaxBasedOnInvestmentIncomeAmt |
| Total Tax | $17,249 | TotalTaxAmt |
| Distributable Before Adj | $2,042,664 | DistributableBeforeAdjAmt |
| Recoveries Qualfied Distri | $0 | RecoveriesQualfiedDistriAmt |
| Distributable Before Ded | $2,042,664 | DistributableBeforeDedAmt |
| Deduction From Distributable | $0 | DeductionFromDistributableAmt |
| Distributable As Adjusted | $2,042,664 | DistributableAsAdjustedAmt |
PF Qualifying Distributions PFQualifyingDistributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expenses And Contributions | $19,634,951 | ExpensesAndContributionsAmt |
| Program Related Invst Total | $0 | ProgramRelatedInvstTotalAmt |
| Qualifying Distributions | $19,634,951 | QualifyingDistributionsAmt |
Undistributed Income UndistributedIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Distributable As Adjusted | $2,042,664 | DistributableAsAdjustedAmt |
| Undistributed Income PY | $0 | UndistributedIncomePYAmt |
| Total For Prior Years | $0 | TotalForPriorYearsAmt |
| Excess Distribution Cyov Yr2 | $170,335 | ExcessDistributionCyovYr2Amt |
| Total Excess Distribution Cyov | $170,335 | TotalExcessDistributionCyovAmt |
| Qualifying Distributions | $19,634,951 | QualifyingDistributionsAmt |
| Applied To Year1 | $0 | AppliedToYear1Amt |
| Applied To Prior Years | $0 | AppliedToPriorYearsAmt |
| Treated As Distri From Corpus | $0 | TreatedAsDistriFromCorpusAmt |
| Applied To Current Year | $2,042,664 | AppliedToCurrentYearAmt |
| Remaining Distri From Corpus | $17,592,287 | RemainingDistriFromCorpusAmt |
| Excess Distri Cyov App CY Corpus | $0 | ExcessDistriCyovAppCYCorpusAmt |
| Excess Distribution Cyov App CY | $0 | ExcessDistributionCyovAppCYAmt |
| Total Corpus | $17,762,622 | TotalCorpusAmt |
| Prior Year Undistributed Incm | $0 | PriorYearUndistributedIncmAmt |
| Prior Year Deficiency Or Tax | $0 | PriorYearDeficiencyOrTaxAmt |
| Taxable1 | $0 | Taxable1Amt |
| Taxable2 | $0 | Taxable2Amt |
| Undistributed Income CY | $0 | UndistributedIncomeCYAmt |
| Corpus Distri170b1 E Or4942g3 | $0 | CorpusDistri170b1EOr4942g3Amt |
| Excess Distri Cyov From Yr5 | $0 | ExcessDistriCyovFromYr5Amt |
| Excess Distri Cyov To Next Yr | $17,762,622 | ExcessDistriCyovToNextYrAmt |
| Excess From Year2 | $170,335 | ExcessFromYear2Amt |
| Excess From Current Year | $17,592,287 | ExcessFromCurrentYearAmt |
Supplementary Information SupplementaryInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Only Contri To Preselected | Yes (X) | OnlyContriToPreselectedInd |
Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (37 entries)
| Address Line1RecipientUSAddress/AddressLine1Txt | CityRecipientUSAddress/CityNm | State AbbreviationRecipientUSAddress/StateAbbreviationCd | ZIPRecipientUSAddress/ZIPCd | Recipient RelationshipRecipientRelationshipTxt | Recipient Foundation StatusRecipientFoundationStatusTxt | Grant Or Contribution PurposeGrantOrContributionPurposeTxt | AmtAmt |
|---|---|---|---|---|---|---|---|
| AGAPE YOUTH & FAMILY CENTER | |||||||
| 2210 MARIETTA BLVD NW | ATLANTA | GA | 30318 | N/A | PC | OPERATIONS | $15,000 |
| AMERICAN RED CROSS | |||||||
| P O BOX 37839 | BOONE | IA | 50037 | N/A | PC | DISASTER RELIEF PROGRAMS | $85,000 |
| ARTSBRIDGE FOUNDATION | |||||||
| 2800 COBB GALLERIA PKWY | ATLANTA | GA | 30339 | N/A | PC | THEATRE EDUCATION | $10,000 |
| ATLANTA BALLET | |||||||
| 2800 COBB GALLERIA PKWY | ATLANTA | GA | 30339 | N/A | PC | THEATRICAL BALLET OPERATIONS | $25,000 |
| ATLANTA COMMUNITY FOOD BANK | |||||||
| 3400 N DESERT DRIVE | EAST POINT | GA | 30344 | N/A | PC | TO PROVIDE ASSISTANCE DURING COVID 19 PANDEMIC | $25,000 |
| ATLANTA MISSION | |||||||
| 2353 POLTON ROAD NW | ATLANTA | GA | 30318 | N/A | PC | PROVIDE ASSISTANCE DURING COVID-19 PANDEMIC | $10,000 |
| ATLANTA VOLUNTEER LAWYERS FOUNDATION | |||||||
| 235 PEACHTREE STREET NE SUITE 1750 | ATLANTA | GA | 30303 | N/A | PC | OPERATIONS AND PHONES | $10,000 |
| BERRY COLLEGE | |||||||
| 2277 MARTHA BERRY HWY NW | MOUNT BERRY | GA | 30149 | N/A | PC | NEW THEATRE | $4,996,087 |
| CARE USA | |||||||
| 151 ELLIS STREET NE | ATLANTA | GA | 30303 | N/A | PC | PHILANTHROPIC | $5,000 |
| CASA | |||||||
| 4309 MEMORIAL DRIVE | DECATUR | GA | 30032 | N/A | PC | FOSTER CARE OPERATIONS | $10,000 |
| CHRIS 180 | |||||||
| 1017 FAYETTEVILLE RD SE B | ATLANTA | GA | 30316 | N/A | PC | CAPITAL CAMPAIGN | $25,000 |
| CITY OF REFUGE | |||||||
| 1300 JOSEPH E BOONE BLVD NW | ATLANTA | GA | 30314 | N/A | PC | OPERATIONS | $15,000 |
| COMMUNITY FOUNDATION OF GREATER ATLANTA | |||||||
| 191 PEACHTREE STREET NE STE 1000 | ATLANTA | GA | 30303 | N/A | PC | PHILANTHROPIC | $4,999,262 |
| COVENANT HOUSE GEORGIA | |||||||
| 1559 JOHNSON RD NW | ATLANTA | GA | 30318 | N/A | PC | OPERATIONS | $25,000 |
| EMORY ADRC | |||||||
| 201 DOWMAN DRIVE | ATLANTA | GA | 30322 | N/A | PC | MEDICAL RESEARCH ON ALZHEIMER'S DISEASE | $25,000 |
| EMORY UNIVERSITY VETERANS | |||||||
| 201 DOWMAN DRIVE | ATLANTA | GA | 30322 | N/A | PC | TO PROVIDE ASSISTANCE TO VETERANS | $10,000 |
| GEORGIA AGAPE INC | |||||||
| 3094 MERCER UNIVERSITY DR SUITE 200 | ATLANTA | GA | 30341 | N/A | PC | OPERATIONS | $10,000 |
| GEORGIA CENTER FOR CHILD ADVOCACY INC | |||||||
| 1485 WOODLAND AVE SE | ATLANTA | GA | 30316 | N/A | PC | OPERATIONS | $20,000 |
| GEORGIA SYMPHONY ORCHESTRA | |||||||
| 36 TRAMMELL ST SW SUITE 100 | MARIETTA | GA | 30064 | N/A | PC | MUSICAL EDUCATION | $10,000 |
| GLOBAL GROWERS NETWORK | |||||||
| P O BOX 276 | AVONDALE | GA | 30002 | N/A | PC | OPERATIONS | $10,000 |
| GOOD SAMARITAN HEALTH CENTER OF GWINNETT | |||||||
| 1175 COMMERCIAL COURT | NORCROSS | GA | 30093 | N/A | PC | TO PROVIDE HEALTHCARE ASSISTANCE TO UNINSURED AND UNINSURED WORKING POOR | $25,000 |
| HILLSIDE INC | |||||||
| 690 COURTENAY DRIVE NE | ATLANTA | GA | 30306 | N/A | PC | OPERATIONS | $5,000 |
| HOPE ATLANTA | |||||||
| 458 PONCE DE LEON AVE NE | ATLANTA | GA | 30308 | N/A | PC | ASSISTANCE FOR HOMELESS SHELTERS | $5,000 |
| KENNESAW STATE UNIVERSITY FOUNDATION | |||||||
| 1000 CHASTAIN ROAD | KENNESAW | GA | 30144 | N/A | PC | SCHOLARSHIP FUNDS | $8,550,000 |
| L'ARCHE ATLANTA | |||||||
| 500 S COLUMBIA DRIVE | DECATUR | GA | 30030 | N/A | PC | OPERATIONS | $2,500 |
| MERCY CARE FOUNDATION | |||||||
| 5134 PEACHTREE ROAD | CHAMBLEE | GA | 30341 | N/A | PC | MEDICAL SERVICES | $25,000 |
| METROPOLITAN COUNSELING SERVICES INC | |||||||
| 2801 BUFORD HWY NE 470 | ATLANTA | GA | 30329 | N/A | PC | OPERATIONS | $15,000 |
| MOVING IN THE SPIRIT | |||||||
| 4544 ANGIER AVE NE | ATLANTA | GA | 30308 | N/A | PC | MARTA CARDS | $5,000 |
| MUST MINISTRIES | |||||||
| 460 PAT MELL RD SE | SMYRNA | GA | 30080 | N/A | PC | PROVIDE ASSISTANCE TO HOMELESS AND STRUGGLING INDIVIDUALS DURING COVID-19 PANDEMIC | $10,000 |
| OUR HOUSE INC | |||||||
| 711 S COLUMBIA DRIVE | DECATUR | GA | 30030 | N/A | PC | CHILDHOOD EDUCATION SUPPORT SERVICES | $275,000 |
| PHYSICIANS CARE CLINIC | |||||||
| 440 WINN WAY | DECATUR | GA | 30030 | N/A | PC | OPERATIONS | $5,000 |
| QUALITY CARE FOR CHILDREN | |||||||
| 2751 BUFORD HWY NE 500 | ATLANTA | GA | 30324 | N/A | PC | OPERATIONS | $10,000 |
| REACH OUT AND READ GEORGIA | |||||||
| 89 SOUTH ST SUITE 201 | BOSTON | MA | 02111 | N/A | PC | OPERATIONS | $10,000 |
| SAMARITAN COUNSELING CENTER OF ATLANTA | |||||||
| 1328 W PEACHTREE ST NE | ATLANTA | GA | 30309 | N/A | PC | CLINICAL AND SPIRITUAL COUNSELING | $5,000 |
| SCOTTDALE EARLY LEARNING | |||||||
| 479 WARREN AVE | SCOTTDALE | GA | 30079 | N/A | PC | OPERATIONS | $50,000 |
| VISION TO LEARN | |||||||
| 12100 WILSHIRE BOULEVARD SUITE 1275 | LOS ANGELES | CA | 90025 | N/A | PC | OPERATIONS | $15,000 |
| WELLSPRING LIVING | |||||||
| 1040 BOULEVARD STE M | ATLNATA | GA | 30312 | N/A | PC | DMST RECOVERY OPERATIONS | $10,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Grant Or Contri Pd Dur Yr | $19,362,849 | TotalGrantOrContriPdDurYrAmt |
| Total Grant Or Contri Apprv Fut | $0 | TotalGrantOrContriApprvFutAmt |
Analysis Income Producing Acty AnalysisIncomeProducingActyGrp
Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 14 | ExclusionCd |
| Exclusion | $128,868 | ExclusionAmt |
Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 14 | ExclusionCd |
| Exclusion | $604,390 | ExclusionAmt |
Other Investment Income OtherInvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 14 | ExclusionCd |
| Exclusion | $9,360 | ExclusionAmt |
Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 18 | ExclusionCd |
| Exclusion | $821,579 | ExclusionAmt |
Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Unrelated Business Taxbl Incm | $0 | UnrelatedBusinessTaxblIncmAmt |
| Exclusion | $1,564,197 | ExclusionAmt |
| Related Or Exempt Function Incm | $0 | RelatedOrExemptFunctionIncmAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Income Producing Acty | $1,564,197 | TotalIncomeProducingActyAmt |
Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trnsfr Of Cash To Nonchrtbl EO | 0 | TrnsfrOfCashToNonchrtblEOInd |
| Trnsfr Other Asset Nonchrtbl EO | 0 | TrnsfrOtherAssetNonchrtblEOInd |
| Sales Or Exchanges Of Assets | 0 | SalesOrExchangesOfAssetsInd |
| Purchase Of Assets Nonchrtbl EO | 0 | PurchaseOfAssetsNonchrtblEOInd |
| Rental Of Facilities Oth Assets | 0 | RentalOfFacilitiesOthAssetsInd |
| Reimbursement Arrangements | 0 | ReimbursementArrangementsInd |
| Loans Or Loan Guarantees | 0 | LoansOrLoanGuaranteesInd |
| Performance Of Services Etc | 0 | PerformanceOfServicesEtcInd |
| Sharing Of Facilities Etc | 0 | SharingOfFacilitiesEtcInd |
| Relationships Nonchrtbl EO | 0 | RelationshipsNonchrtblEOInd |
Accounting Fees Schedule AccountingFeesSchedule
Accounting Fees Detail AccountingFeesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | RETURN PREP AND TAX COMPLIANCE FEES | CategoryTxt |
| Amt | $18,054 | Amt |
| Net Investment Income | $4,513 | NetInvestmentIncomeAmt |
| Disbursements Charitable Prps | $13,541 | DisbursementsCharitablePrpsAmt |
Depreciation Schedule DepreciationSchedule
Depreciation Property DepreciationPropertyGrp (5 entries)
| PropertyPropertyDesc | AcquiredAcquiredDt | Cost Or Other BasisCostOrOtherBasisAmt | Prior Year DepreciationPriorYearDepreciationAmt | Computation MethodComputationMethodTxt | LifeLifeRt | Current Year ExpenseCurrentYearExpenseAmt | Net Investment IncomeNetInvestmentIncomeAmt |
|---|---|---|---|---|---|---|---|
| COMPUTER | 2019-01-22 | $1,854 | $711 | SL | 5.000000000000 | $371 | $0 |
| COMPUTER | 2019-01-22 | $2,413 | $925 | SL | 5.000000000000 | $483 | $0 |
| COMPUTER | 2019-09-16 | $1,463 | $366 | SL | 5.000000000000 | $293 | $0 |
| COMPUTER | 2018-12-19 | $1,622 | $648 | SL | 5.000000000000 | $324 | $0 |
| COMPUTER | 2021-02-15 | $1,112 | SL | 5.000000000000 | $204 | $0 |
General Explanation Attachment GeneralExplanationAttachment
General Explanation GeneralExplanationGrp (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | Medium ExplanationMediumExplanationTxt | IdentifierIdentifierTxt |
|---|---|---|
| 990PF PART I LINE 25: | THE ORGANIZATION MADE NON-CASH DONATIONS OF PUBLICLY TRADED SECURITIES AND MUTUAL FUNDS TO KENNESAW STATE UNIVERSITY IN THE AMOUNT OF $2,234,209 ON 6/8/2021 AND $2,781,311 ON 6/17/2021 FOR A TOTAL OF $5,015,520. THE BOOK VALUE ON THE DONATED SECURITIES WAS $2,715,541.THE METHOD USED TO VALUE THE DONATED SECURITIES WAS THE AVERAGE OF THE HIGH AND LOW PRICE ON THE DATE OF THE GIFT. THE NON-CASH DONATIONS WERE MADE IN ADDITION TO CASH DONATIONS IN THE AMOUNT OF $3,534,480. TOTAL CHARITABLE DONATIONS REPORTED ON PART XIV WERE $8,550,000 MADE TO KENNESAW STATE UNIVERSITY. | |
| 990PF PART I LINE 25: | THE ORGANIZATION MADE A NON-CASH DONATION OF PUBLICLY TRADED SECURITIES AND MUTUAL FUNDS TO THE COMMUNITY FOUNDATION OF GREATER ATLANTA ON 4/26/2021 IN THE AMOUNT OF $4,453,333. THE BOOK VALUE OF THE DONATED SECURITIES WAS 2,885,102. THE METHOD USED TO VALUE THE DONATED SECURITIES WAS THE AVERAGE OF THE HIGH AND LOW PRICE ON THE DATE OF THE GIFT. THE NON-CASH DONATIONS WERE MADE IN ADDITION TO CASH DONATIONS IN THE AMOUNT OF $545,929. TOTAL CHARITABLE DONATIONS REPORTED ON PART XIV WERE $4,999,262 MADE TO COMMUNITY FOUNDATION OF GREATER ATLANTA. | |
| 990PF PART I LINE 25: | THE ORGANIZATION MADE A NON-CASH DONATION OF PUBLICLY TRADED SECURITIES AND MUTUAL FUNDS TO BERRY COLLEGE IN THE AMOUNT OF $2,882,587 ON 12/2/2021 AND $1,692,993 ON 12/3/2021 A TOTAL OF $4,575,580. THE BOOK VALUE ON THE DONATED SECURITIES WAS $3,570,770.THE METHOD USED TO VALUE THE DONATED SECURITIES WAS THE AVERAGE OF THE HIGH AND LOW PRICE ON THE DATE OF THE GIFT. THE NON-CASH DONATIONS WERE MADE IN ADDITION TO CASH DONATIONS IN THE AMOUNT OF $420,507. TOTAL CHARITABLE DONATIONS REPORTED ON PART XIV WERE $4,996,087 MADE TO BERRY COLLEGE. | |
| FORM 990-PF PAGE 5, PART VI-B: | PART VI-B, LINE 1A QUESTION 4 EXPLANATION- FOUNDATION TRUSTEE AUDREY B. MORGAN RECEIVED ANNUAL SALARY OF $129,996 DURING 2021 FOR FULL-TIME EMPLOYMENT SERVICES AS THE FOUNDATION'S MANAGER. SHE IS THE SISTER OF DISQUALIFIED PERSON M. BOBBIE BAILEY AND HER ESTATE. AMOUNT IS NECESSARY AND REASONABLE BASED ON MARKET COMPENSATION ANALYSIS FOR SIMILAR FOUNDATION SERVICE PROVIDERS. THUS, THE REG SECTION 53.4941(D)-3(C) EXCEPTION APPLIES, SUCH THAT NO TAX IS DUE UNDER IRC 4941, NOR IS FORM 4720 REQUIRED. | |
| 990-PF | THE 2021 FORM 990-PF IS BEING AMENDED TO REPORT FORM 8865(RETURN OF US PERSONS WITH RESPECT TO CERTAIN FOREIGN PARTNERSHIPS) TO REPORT CAPITAL CONTRIBUTIONS IN THE AMOUNT OF $268,000 WHICH WERE MADE TO THE BCP VIII ACCESS FUND(OFFSHORE) LP.THE BOBBIE BAILEY FOUNDATION INADVERTENTLY OMITTED FILING FORM 8865 ON THE ORIGINAL FORM 990-PF. FAILURE TO REPORT THE FORM 8865 ON THE ORIGINAL FORM 990-PF WAS NOT DUE TO NEGLIGENCE OR WILLFULL NEGLECT. PLEASE SEE THE REASONABLE CAUSE STATEMENT FOR FILING A DELINQUENT FORM 8865.ONCE IT WAS DETERMINED THERE WAS A FILING REQUIREMENT FOR TAX YEAR 2021 TO REPORT THE INVESTMENT MADE IN THE BCP VIII ACCESS FUND (OFFSHORE) THE FOUNDATION EXERCISED ORDINARY BUSINESS CARE AND PRUDENCE AND TOOK STEPS TO REQUEST AN AMENDED FORM 990-PF BE FILED. | EXPLANATION FOR FILING AMENDED RETURN |
| FORM 8865 | THE IRS HAS SET FORTH DELINQUENT INTERNATIONAL INFORMATION RETURN SUBMISSION PROCEDURES FOR TAXPAYERS SEEKING RELIEF FROM PENALTIES ASSOCIATED WITH THEIR DELINQUENT INTERNATIONAL INFORMATION RETURNS. THE DELINQUENT INTERNATIONAL INFORMATION RETURN SUBMISSION PROCEDURES APPLY TO TAXPAYERS THAT (1) HAVE NOT FILED ONE OR MORE REQUIRED INTERNATIONAL INFORMATION RETURNS, (2) HAVE REASONABLE CAUSE FOR NOT TIMELY FILING THE INFORMATION RETURNS, (3) ARE NOT UNDER A CIVIL EXAMINATION OR CRIMINAL INVESTIGATION BY THE IRS, AND (4) HAVE NOT ALREADY BEEN CONTACTED BY THE IRS ABOUT THE DELINQUENT INFORMATION RETURNS. TO SEEK RELIEF UNDER THE DELINQUENT INTERNATIONAL INFORMATION RETURN SUBMISSION PROCEDURES, TAXPAYERS ARE DIRECTED TO FILE THE DELINQUENT INFORMATION RETURNS WITH A STATEMENT OF ALL FACTS ESTABLISHING REASONABLE CAUSE FOR THE LATE FILING.BOBBIE BAILEY FOUNDATION, INC. ("BBF OR "THE FOUNDATION") HAS FILED A DELINQUENT FORM 8865 RETURN OF U.S. PERSONS WITH RESPECT TO CERTAIN FOREIGN PARTNERSHIPS FOR THE TAX YEAR ENDED DECEMBER 31, 2021 ("2021"). BBF SATISFIES EACH OF THE ABOVE REQUIREMENTS. BBF (1) HAS NOT FILED A REQUIRED INTERNATIONAL INFORMATION RETURN, (2) HAS REASONABLE CAUSE FOR NOT TIMELY FILING THE RETURN, (3) IS NOT UNDER A CIVIL EXAMINATION OR CRIMINAL INVESTIGATION BY THE IRS AND (4) HAS NOT ALREADY BEEN CONTACTED BY THE IRS ABOUT THE DELINQUENT INFORMATION RETURN. MOREOVER, THE ENTITY FOR WHICH THE INFORMATION RETURN IS BEING FILED WAS NOT ENGAGED IN TAX EVASION. FOR THE REASONS DISCUSSED BELOW, ANY POTENTIAL PENALTIES SHOULD NOT BE ASSESSED ON THE GROUNDS THAT THE DELINQUENT FILING OF BBF'S 2021 FORM 8865 AND WAS DUE TO REASONABLE CAUSE AND NOT WILLFUL NEGLECT.STATEMENT OF FACTSESTABLISHED IN 1994, BBF IS A PRIVATE FOUNDATION WHICH HAS AWARDED MILLIONS OF DOLLARS IN GRANTS TO VARIOUS PHILANTHROPIC ORGANIZATIONS, INCLUDING HIGHER EDUCATION INSTITUTIONS AND OTHER CHARITIES SUPPORTING A RANGE OF HEALTH AND HUMAN SERVICES, ARTS AND OTHER CHARITABLE CAUSES. TO HELP FUND THESE ENDEAVORS AND MAINTAIN LIQUID RESERVES, BBF HAS MAINTAINED INVESTMENTS IN MANAGED ACCOUNTS AT BANK OF AMERICA. BBF HAS RELIED ON INVESTMENT ADVISORS TO MAKE INVESTMENTS ON BEHALF OF THE FOUNDATION. IN 2021, BBF'S INVESTMENT ADVISORS MADE AN INVESTMENT IN THE BCP VIII ACCESS FUND (OFFSHORE) LP, WHICH IS LOCATED IN THE CAYMAN ISLANDS (THE "CAYMAN ISLANDS INVESTMENT"). THIS INVESTMENT CONSTITUTED LESS THAN 1% OF THE FOUNDATION'S TOTAL INVESTMENT VALUE DEPLOYED ACROSS HUNDREDS OF SECURITIES IN 11 MANAGED INVESTMENT ACCOUNTS. (CONTINUED.) | STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING |
| FORM 8865 | BBF HAS RELIED ON ITS INVESTMENT ADVISORS AND TAX PREPARERS TO ENSURE CORRECT FILING AND REPORTING IN REGARD TO INVESTMENTS MADE ON BEHALF OF THE FOUNDATION. HOWEVER, DESPITE HAVING ACCESS TO ALL PERTINENT INFORMATION, THE INVESTMENT ADVISORS FAILED TO INFORM BBF OR ITS TAX PREPARER THAT THIS INVESTMENT WAS MADE INTO A FOREIGN PARTNERSHIP AND IN EXCESS OF THE FORM 8865 INVESTMENT THRESHOLD TO REPORT THIS INVESTMENT. CONSEQUENTLY, THE TAX PREPARER WHO PREPARED THE FOUNDATION'S 2021 FORM 990-PF WAS NOT AWARE OF THIS FILING REQUIREMENT AT THE TIME OF PREPARATION AND TIMELY FILING IN 2022 OF THE FOUNDATIONS 2021 TAX RETURN. THUS, THE ORIGINALLY FILED 2021 FORM 990-PF DID NOT INCLUDE FORM 8865 TO REPORT THIS INVESTMENT. IN 2023, BBF ENGAGED CHERRY BEKAERT ADVISORY LLC ("CHERRY BEKAERT") TO PREPARE ITS 2022 FORM 990-PF. DURING THAT PROCESS, CHERRY BEKAERT NOTED AN INVESTMENT ON A 2022 BROKERAGE STATEMENT THAT CAUSED THE TAX PREPARER TO INQUIRE FURTHER WITH THE BANK OF AMERICA ADVISORS ON POTENTIAL INVESTMENTS REQUIRING FOREIGN DISCLOSURES. THIS ANALYSIS AND CORRESPONDENCE RESULTED IN THE DETERMINATION THAT BCP VIII ACCESS FUND (OFFSHORE) LP WAS A FOREIGN PARTNERSHIP, AND INVESTMENTS MADE BY BBF IN A MANAGED ACCOUNT EXCEEDED THE THRESHOLD FOR FORM 8865 FILING REQUIREMENT FOR 2022. CHERRY BEKAERT SUBSEQUENTLY INFORMED BBF OF THIS REQUIREMENT AND PREPARED FORM 8865 TO INCLUDE WITH ITS TIMELY-FILED 2022 FORM 990-PF. CHERRY BEKAERT CONTINUED TO ANALYZE AND DISCUSS WITH BANK OF AMERICA PRIOR YEAR INVESTMENTS MADE INTO BCP VIII ACCESS FUND (OFFSHORE) LP TO DETERMINE IF PRIOR YEAR FORM 8865 FILING REQUIREMENTS MAY HAVE EXISTED WITH RESPECT TO THIS INVESTMENT BASED ON THE AMOUNTS OF PRIOR YEAR INVESTMENTS. THIS RESULTED IN A DETERMINATION THAT FORM 8865 WAS REQUIRED FOR 2021 ALSO. AT THAT POINT, BBF ENGAGED CHERRY BEKAERT, WHO WORKED DILIGENTLY TO PROPERLY PREPARE AND FILE AN AMENDED 2021 RETURN TOGETHER WITH A FORM 8865 AND THIS STATEMENT OF REASONABLE CAUSE. | STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING |
| FORM 8865 | LAW & ANALYSISSECTION 6038B OF THE CODE AND THE REGULATIONS THEREUNDER REQUIRE A UNITED STATES PERSON TO PROVIDE NOTICE WITH RESPECT TO CERTAIN TRANSFERS OF PROPERTY TO FOREIGN CORPORATIONS AND PARTNERSHIPS, INCLUDING TRANSFERS THAT QUALIFY UNDER SECTION 721. THIS REQUIREMENT IS SATISFIED BY FILING FORM 8865 WITH THE TRANSFEROR'S TIMELY FILED INCOME TAX RETURN FOR THE TAXABLE YEAR THAT INCLUDES THE DATE OF THE TRANSFER. SECTION 6038B(C) IMPOSES A PENALTY FOR NOT FURNISHING SUCH INFORMATION IN A TIMELY MANNER, UNLESS THE TAXPAYER ESTABLISHES THAT SUCH FAILURE IS DUE TO REASONABLE CAUSE AND NOT WILLFUL NEGLECT. SEE ALSO TREAS. REG. 1.6038B-1(F)(3).REASONABLE CAUSENEITHER SECTION 6038B NOR THE TREASURY REGULATIONS THEREUNDER PROVIDE CLEAR GUIDELINES FOR DETERMINING WHETHER REASONABLE CAUSE EXISTS IN A PARTICULAR INSTANCE. FOR OTHER PENALTIES, THE REGULATIONS PROVIDE THAT A FAILURE TO FILE WILL BE CONSIDERED TO BE DUE TO REASONABLE CAUSE TO THE EXTENT THAT THE TAXPAYER MAKES A SATISFACTORY SHOWING THAT IT EXERCISED ORDINARY BUSINESS CARE AND PRUDENCE IN PROVIDING FOR FILING OF THE RETURN OR STATEMENT. SEE TREAS. REG. 301.66511(C). WHETHER A FAILURE TO COMPLY WAS DUE TO REASONABLE CAUSE SHALL BE DETERMINED UPON CONSIDERATION OF ALL THE FACTS AND CIRCUMSTANCES. SEE TREAS. REG. 301.66511(C). SEE ALSO IRM 20.1.1.3.2.COURTS HAVE ALSO DEFINED THE TERM REASONABLE CAUSE IN INTERPRETING VARIOUS PROVISIONS OF THE CODE. THE SUPREME COURT HAS RECOGNIZED THAT A TAXPAYER MAY GENERALLY ESTABLISH REASONABLE CAUSE BY THE EXERCISE OF ORDINARY BUSINESS ARE AND PRUDENCE. SEE UNITED STATES V. BOYLE, 469 U.S. 241 (1985). OTHER COURT CASES EXPLAIN THAT A DETERMINATION OF REASONABLE CAUSE IS TO BE MADE ON A CASEBYCASE BASIS, TAKING INTO ACCOUNT ALL PERTINENT FACTS AND CIRCUMSTANCES. REYNOLDS V. COMM'R, 296 F.3D 607, 618 (7TH CIR. 2002); WILLIAMS V. COMM'R, 123 T.C. 144, 153 (2004).WHILE THE FACTS AND CIRCUMSTANCES OF EACH CASE ARE UNIQUE, COURTS HAVE CONSIDERED VARIOUS FACTORS, WHICH, IF PRESENT, SHOULD BE TAKEN INTO ACCOUNT IN DETERMINING REASONABLE CAUSE. GENERALLY, THE MOST IMPORTANT FACTOR IS THE EXTENT OF THE TAXPAYER'S EFFORT TO REPORT THE PROPER TAX LIABILITY. CONGDON V. UNITED STATES, NO. 4:09CV289, 2011 U.S. DIST. LEXIS 98024, AT *1011 (E.D. TEX. AUG. 11, 2011) (ADDRESSING REASONABLE CAUSE FOR THE FAILURE TO FILE A FORM 5471). (CONTINUED.) | STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING |
| FORM 8865 | TAKING INTO CONSIDERATION ALL THE FACTS AND CIRCUMSTANCES, INCLUDING BBF'S EFFORTS TO REPORT THE PROPER TAX LIABILITY FOR 2021, ITS EXERCISE OF ORDINARY BUSINESS CARE AND PRUDENCE, AND ITS RELIANCE ON ITS INVESTMENT AND TAX ADVISORS, BBF ACTED REASONABLY AND IN GOOD FAITH AND IS THEREFORE ENTITLED TO REASONABLE CAUSE RELIEF.BBF REPORTED THE PROPER TAX LIABILITYAS EXPLAINED ABOVE, THE MOST IMPORTANT FACTOR IN DETERMINING REASONABLE CAUSE IS THE TAXPAYER'S EFFORT TO REPORT THE PROPER TAX LIABILITY. IN THIS CASE, BBF PROPERLY CALCULATED AND REPORTED ITS PROPER TAX LIABILITY FOR 2021. ALTHOUGH FORM 8865 REPORTING THE CAYMAN ISLANDS INVESTMENT WAS NOT ORIGINALLY INCLUDED WITH THE FORM 990-PF, ALL INVESTMENTS OF BBF AND ANY REVENUE EARNED FROM THOSE INVESTMENTS WAS PROPERLY REPORTED ON THE 2021 FORM 990-PF. AS A RESULT, BBF SATISFIES THE MOST IMPORTANT FACTOR IN A REASONABLE CAUSE DETERMINATION, AND NO PENALTIES SHOULD BE ASSESSED DUE TO THE FILING OF THE FORM 8865. BBF EXERCISED ORDINARY BUSINESS CARE AND PRUDENCEREASONABLE CAUSE RELIEF IS GENERALLY GRANTED WHEN TAXPAYERS EXERCISED ORDINARY BUSINESS CARE AND PRUDENCE IN DETERMINING THEIR TAX OBLIGATIONS, BUT NEVERTHELESS FAILED TO COMPLY WITH THOSE OBLIGATIONS. SEE IRM 20.1.1.3.2.1. THE MAIN FACTORS THE IRS CONSIDERS WHEN EVALUATING ORDINARY BUSINESS CARE AND PRUDENCE INCLUDE THE TAXPAYER'S REASON FOR NOT TIMELY FILING THE REQUIRED RETURNS AND THE LENGTH OF TIME BETWEEN THE NONCOMPLIANCE AND COMPLIANCE. SEE IRM 20.1.1.3.2.2(2).(CONTINUED.) | STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING |
| FORM 8865 | IN THIS CASE, BBF'S REASON FOR NOT TIMELY FILING THE 2021 FORM 8865 IS THAT IS THAT IT WAS NOT PROPERLY ADVISED BY ITS INVESTMENT ADVISORS, WHO FAILED TO NOTIFY BBF AND ITS TAX PREPARER THAT IT NEEDED TO FILE THESE FORMS AFTER THE CAYMAN ISLANDS INVESTMENT WAS MADE IN EXCESS OF THE FORM 8865 REPORTING THRESHOLD. AS SOON AS BBF LEARNED FROM CHERRY BEKAERT THAT ITS INVESTMENT ADVISORS FAILED TO PROPERLY ADVISE ON THE REPORTING REQUIREMENT, IT SOUGHT IMMEDIATE HELP FROM CHERRY BEKAERT TO GET THE FORM 8865 FILED CORRECTLY AND REMEDY THE SITUATION TO ENSURE THE TIMELY AND CORRECT FILINGS FOR FUTURE RETURNS.THEREFORE, BBF EXERCISED ORDINARY BUSINESS CARE AND PRUDENCE WITH RESPECT TO ITS FEDERAL TAX OBLIGATIONS, AND IT SHOULD NOT BE ASSESSED PENALTIES FOR THE LATE FILING OF THE FORM 8865.BBF REASONABLY RELIED ON ITS INVESTMENT AND TAX ADVISORSRELIANCE ON THE ADVICE OF PROFESSIONALS IS TANTAMOUNT TO ACTING IN A REASONABLE MANNER IF "UNDER ALL THE CIRCUMSTANCES, SUCH RELIANCE IS REASONABLE AND THE TAXPAYER ACTED IN GOOD FAITH." SEE, E.G., VORSHECK V. COMM'R, 933 F.2D 757, 759 (9TH CIR. 1991); SHELTON V. COMM'R, 105 T.C. 114, 125 (1995). A TAXPAYER'S RELIANCE ON AN ADVISOR'S GUIDANCE REGARDING SUBSTANTIVE LEGAL ISSUES MAY CONSTITUTE REASONABLE CAUSE EVEN WHEN SUCH ADVICE MAY BE INCORRECT. SEE UNITED STATES V. BOYLE, 469 U.S. 241, 250251 (1985); MCMAHAN V. COMM'R, 114 F.3D 366, 369 (2D CIR. 1997). IN BOYLE, THE SUPREME COURT RECOGNIZED THAT "COURTS HAVE FREQUENTLY HELD THAT 'REASONABLE CAUSE' IS ESTABLISHED WHEN A TAXPAYER SHOWS THAT HE REASONABLY RELIED ON THE ADVICE OF AN ACCOUNTANT OR ATTORNEYEVEN WHEN SUCH ADVICE TURNED OUT TO HAVE BEEN MISTAKEN." BOYLE, 469 U.S. AT 250. ACCORDING TO THE COURT:WHEN AN ACCOUNTANT OR ATTORNEY ADVISES A TAXPAYER ON A MATTER OF TAX LAWIT IS REASONABLE FOR THE TAXPAYER TO RELY ON THAT ADVICE. MOST TAXPAYERS ARE NOT COMPETENT TO DISCERN ERROR IN THE SUBSTANTIVE ADVICE OF AN ACCOUNTANT OR ATTORNEY. TO REQUIRE THE TAXPAYER TO CHALLENGE THE ATTORNEY, TO SEEK A "SECOND OPINION, OR TO TRY TO MONITOR COUNSEL ON THE PROVISIONS OF THE CODEWOULD NULLIFY THE VERY PURPOSE OF SEEKING THE ADVICE OF A PRESUMED EXPERT IN THE FIRST PLACE. ORDINARY BUSINESS CARE AND PRUDENCE" DO NOT DEMAND SUCH ACTIONS. ID. (INTERNAL CITATIONS OMITTED).IN ORDER TO ESTABLISH THAT RELIANCE ON AN ADVISOR WAS REASONABLE, THE TAXPAYER MUST SHOW THAT ALL REQUIRED INFORMATION WAS SUPPLIED TO A COMPETENT ADVISOR AND THAT GOOD FAITH RELIANCE ON THE ADVISOR'S ADVICE RESULTED IN THE FAILURE TO FILE. SPECIFICALLY, THE TAXPAYER SHOULD ESTABLISH THREE ELEMENTS: (1) ITS ADVISOR HAD SUFFICIENT EXPERTISE TO JUSTIFY THE RELIANCE; (2) THE TAXPAYER PROVIDED THE NECESSARY AND ACCURATE INFORMATION TO THE ADVISOR; AND (3) THE TAXPAYER ACTUALLY RELIED IN GOOD FAITH ON THE ADVISOR'S JUDGMENT. SEE NEONATOLOGY ASSOCS., P.A. V. COMM'R, 115 T.C. 43, 98 (2000), AFF'D 299 F.3D 221 (3D CIR. 2002). SEE ALSO FLUME, T.C. MEMO. 2017-21. [CONTINUED ON PDF ATTACHMENT] | STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING |
Investments Corp Bonds Schedule InvestmentsCorpBondsSchedule
Investments Corporate Bonds InvestmentsCorporateBondsGrp (3 entries)
| BondBondNm | EOY Book ValueEOYBookValueAmt | EOYFMVEOYFMVAmt |
|---|---|---|
| BOA INVESTMENT GRADE TAXABLE | $5,596,673 | $5,581,478 |
| BOA INTERNATIONAL DEVELOPED BONDS | $580,018 | $577,625 |
| BOA GLOBAL HIGH YIELD TAXABLE | $864,514 | $901,567 |
Investments Corp Stock Schedule InvestmentsCorpStockSchedule
Investments Corporate Stock InvestmentsCorporateStockGrp (5 entries)
| StockStockNm | EOY Book ValueEOYBookValueAmt | EOYFMVEOYFMVAmt |
|---|---|---|
| BOA US LARGE CAP | $5,477,958 | $10,542,801 |
| BOA US MID CAP | $2,286,507 | $3,790,035 |
| BOA US SMALL CAP | $1,695,778 | $2,423,015 |
| BOA INTERNATIONAL DEVELOPMENT | $1,385,398 | $2,195,886 |
| BOA EMERGING MARKETS | $1,026,866 | $1,512,925 |
Investments Other Schedule2 InvestmentsOtherSchedule2
Investments Other InvestmentsOtherGrp (4 entries)
| Category Or ItemCategoryOrItemTxt | Listed At Cost Or FMVListedAtCostOrFMVCd | Book ValueBookValueAmt | EOYFMVEOYFMVAmt |
|---|---|---|---|
| BOA HEDGE FUNDS | AT COST | $2,702,914 | $2,945,216 |
| BOA PRIVATE EQUITY SPECIFIC STRATEGY | AT COST | $284,000 | $291,741 |
| BOA REAL ESTATE PRIVATE OWNERSHIP | AT COST | $849,050 | $1,091,909 |
| BOA COMMODITIES | AT COST | $634,822 | $644,476 |
Land Etc Schedule2 LandEtcSchedule2
Land Etc LandEtcGrp (5 entries)
| Category Or ItemCategoryOrItemTxt | Cost Or Other BasisCostOrOtherBasisAmt | Accumulated DepreciationAccumulatedDepreciationAmt | Book ValueBookValueAmt | EOYFMVEOYFMVAmt |
|---|---|---|---|---|
| COMPUTER | $1,854 | $1,082 | $772 | $772 |
| COMPUTER | $2,413 | $1,408 | $1,005 | $1,005 |
| COMPUTER | $1,463 | $659 | $804 | $804 |
| COMPUTER | $1,622 | $972 | $650 | $650 |
| COMPUTER | $1,112 | $204 | $908 | $908 |
Legal Fees Schedule LegalFeesSchedule
Legal Fees LegalFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | GENERAL COUNSEL & INVESTMENT SETTLEMENT | CategoryTxt |
| Legal Fees | $28,071 | LegalFeesAmt |
| Net Investment Income | $7,840 | NetInvestmentIncomeAmt |
| Disbursements Charitable Prps | $20,231 | DisbursementsCharitablePrpsAmt |
Other Assets Schedule OtherAssetsSchedule
Other Assets Schedule OtherAssetsScheduleGrp (2 entries)
| DescDesc | BOY Book ValueBOYBookValueAmt |
|---|---|
| LOAN TO SOUTHERNAIRE | $2,800 |
| LOAN TO SOUTHERNAIRE |
Other Expenses Schedule OtherExpensesSchedule
Other Expenses Schedule OtherExpensesScheduleGrp (8 entries)
| DescDesc | Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt | Net Investment IncomeNetInvestmentIncomeAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|---|
| COMPUTER MAINT/INFO TECH | $4,250 | $0 | $4,250 |
| GA SEC OF STATE ANNUAL REGISTRATION | $80 | $0 | $80 |
| INSURANCE | $621 | $0 | $621 |
| OFFICE CLEANING AND MAINTENANCE | $7,846 | $0 | $7,846 |
| POSTAGE, MAILING SERVICE | $1,419 | $0 | $1,419 |
| PROFESSIONAL DUES | $15 | $0 | $15 |
| SUPPLIES | $3,482 | $0 | $3,482 |
| OTHER INVESTMENT EXPENSE | $40,418 | $40,418 | $0 |
Other Income Schedule2 OtherIncomeSchedule2
Other Income Detail OtherIncomeDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER INCOME | Desc |
| Revenue And Expenses Per Books | $9,360 | RevenueAndExpensesPerBooksAmt |
| Net Investment Income | $9,360 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $9,360 | AdjustedNetIncomeAmt |
Other Increases Schedule OtherIncreasesSchedule
Other Increases Detail OtherIncreasesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | BOOK VALUE (COST) < FMV ON CURRENT YEAR GRANTS PAID | Desc |
| Amt | $4,873,019 | Amt |
Other Professional Fees Schedule OtherProfessionalFeesSchedule
Other Professional Fees Detail OtherProfessionalFeesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | INVESTMENT MGMT FEES | CategoryTxt |
| Amt | $268,673 | Amt |
| Net Investment Income | $268,673 | NetInvestmentIncomeAmt |
| Disbursements Charitable Prps | $0 | DisbursementsCharitablePrpsAmt |
Taxes Schedule TaxesSchedule
Taxes Detail TaxesDetail (2 entries)
| CategoryCategoryTxt | AmtAmt | Net Investment IncomeNetInvestmentIncomeAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|---|
| FEDERAL ESTIMATED TAXES | $8,233 | $0 | $0 |
| OTHER TAXES | $139 | $139 | $0 |