WELLSPRING LEARNING FOUNDATION INC: Form 990PF, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- WELLSPRING LEARNING FOUNDATION INC (EIN 85-1292200)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-11-06
- IRS object ID
- 202413119349101661
- Schema version
- 2023v5.0
- 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
- Gain Loss Sale Other Assets Sch
- Investments Corp Stock Schedule
- Other Expenses Schedule
- Other Increases Schedule
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-06T13:32:55-05:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 592212206 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | JOHN S BUSH CPA PA | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8181 W BROWARD BOULEVARD SUITE 35 | AddressLine1Txt |
| City | PLANTATION | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 333242033 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990PF | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 851292200 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | WELLSPRING LEARNING FOUNDATION INC | BusinessNameLine1Txt |
| Business Name Line2 | WELLSPRING LEARNING FOUNDATION INC | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | WELL | BusinessNameControlTxt |
| Phone | 5618450123 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 7369 WESTPORT PLACE | AddressLine1Txt |
| City | WEST PALM BEACH | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33413 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CHARLES C CORNWELL | PersonNm |
| Person Title | OFFICER | PersonTitleTxt |
| Phone | 5618450123 | PhoneNum |
| Signature | 2024-10-31 | SignatureDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | false | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JOHN S BUSH CPA | PreparerPersonNm |
| PTIN | P00871327 | PTIN |
| Phone | 9544744100 | PhoneNum |
| Preparation | 2024-11-05 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization501c3 Exempt PF | Yes (X) | Organization501c3ExemptPFInd |
| FMV Assets EOY | $126,553 | FMVAssetsEOYAmt |
| Method Of Accounting Cash | Yes (X) | MethodOfAccountingCashInd |
Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contri Rcvd Rev And Expnss | $3,895 | ContriRcvdRevAndExpnssAmt |
| Schedule B Not Required | Yes (X) | ScheduleBNotRequiredInd |
| Interest On Sav Rev And Expnss | $1 | InterestOnSavRevAndExpnssAmt |
| Interest On Sav Net Invst Incm | $1 | InterestOnSavNetInvstIncmAmt |
| Interest On Savings Adj Net Incm | $1 | InterestOnSavingsAdjNetIncmAmt |
| Dividends Rev And Expnss | $2,011 | DividendsRevAndExpnssAmt |
| Dividends Net Invst Incm | $2,011 | DividendsNetInvstIncmAmt |
| Dividends Adj Net Incm | $2,011 | DividendsAdjNetIncmAmt |
| Net Gain Sale Ast Rev And Expnss | -$3,612 | NetGainSaleAstRevAndExpnssAmt |
| Gross Sales Price | $4,934 | GrossSalesPriceAmt |
| Total Rev And Expnss | $2,295 | TotalRevAndExpnssAmt |
| Total Net Invst Incm | $2,012 | TotalNetInvstIncmAmt |
| Total Adj Net Incm | $2,012 | TotalAdjNetIncmAmt |
| Accounting Fees Rev And Expnss | $2,175 | AccountingFeesRevAndExpnssAmt |
| Accounting Fees Net Invst Incm | $2,175 | AccountingFeesNetInvstIncmAmt |
| Accounting Fees Adj Net Incm | $2,175 | AccountingFeesAdjNetIncmAmt |
| Other Expenses Rev And Expnss | $10,000 | OtherExpensesRevAndExpnssAmt |
| Other Expenses Dsbrs Chrtbl | $10,000 | OtherExpensesDsbrsChrtblAmt |
| Tot Opr Expenses Rev And Expnss | $12,175 | TotOprExpensesRevAndExpnssAmt |
| Tot Opr Expenses Net Invst Incm | $2,175 | TotOprExpensesNetInvstIncmAmt |
| Tot Opr Expenses Adj Net Incm | $2,175 | TotOprExpensesAdjNetIncmAmt |
| Tot Opr Expenses Dsbrs Chrtbl | $10,000 | TotOprExpensesDsbrsChrtblAmt |
| Contri Paid Rev And Expnss | $0 | ContriPaidRevAndExpnssAmt |
| Contri Paid Dsbrs Chrtbl | $0 | ContriPaidDsbrsChrtblAmt |
| Total Expenses Rev And Expnss | $12,175 | TotalExpensesRevAndExpnssAmt |
| Total Expenses Net Invst Incm | $2,175 | TotalExpensesNetInvstIncmAmt |
| Total Expenses Adj Net Incm | $2,175 | TotalExpensesAdjNetIncmAmt |
| Total Expenses Dsbrs Chrtbl | $10,000 | TotalExpensesDsbrsChrtblAmt |
| Excess Revenue Over Expenses | -$9,880 | ExcessRevenueOverExpensesAmt |
| Net Investment Income | $0 | NetInvestmentIncomeAmt |
Form990 PF Balance Sheets Form990PFBalanceSheetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cash BOY | $1,873 | CashBOYAmt |
| Cash EOY | $539 | CashEOYAmt |
| Cash EOYFMV | $539 | CashEOYFMVAmt |
| Corporate Stock BOY | $113,071 | CorporateStockBOYAmt |
| Corporate Stock EOY | $126,014 | CorporateStockEOYAmt |
| Corporate Stock EOYFMV | $126,014 | CorporateStockEOYFMVAmt |
| Total Assets BOY | $114,944 | TotalAssetsBOYAmt |
| Total Assets EOY | $126,553 | TotalAssetsEOYAmt |
| Total Assets EOYFMV | $126,553 | TotalAssetsEOYFMVAmt |
| Total Liabilities EOY | $0 | TotalLiabilitiesEOYAmt |
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
| No Donor Rstr Net Assests BOY | $114,944 | NoDonorRstrNetAssestsBOYAmt |
| No Donor Rstr Net Assests EOY | $126,553 | NoDonorRstrNetAssestsEOYAmt |
| Tot Net Ast Or Fund Balances BOY | $114,944 | TotNetAstOrFundBalancesBOYAmt |
| Tot Net Ast Or Fund Balances EOY | $126,553 | TotNetAstOrFundBalancesEOYAmt |
| Total Liabilities Net Ast BOY | $114,944 | TotalLiabilitiesNetAstBOYAmt |
| Total Liabilities Net Ast EOY | $126,553 | TotalLiabilitiesNetAstEOYAmt |
Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Net Ast Or Fund Balances BOY | $114,944 | TotNetAstOrFundBalancesBOYAmt |
| Excess Revenue Over Expenses | -$9,880 | ExcessRevenueOverExpensesAmt |
| Other Increases | $21,489 | OtherIncreasesAmt |
| Subtotal | $126,553 | SubtotalAmt |
| Tot Net Ast Or Fund Balances EOY | $126,553 | TotNetAstOrFundBalancesEOYAmt |
Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Income Excise Tax | $0 | InvestmentIncomeExciseTaxAmt |
Statements Regarding Acty StatementsRegardingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Legislative Political Acty | false | LegislativePoliticalActyInd |
| More Than100 Spent | false | MoreThan100SpentInd |
| Form1120 POL Filed | false | Form1120POLFiledInd |
| Activities Not Previously Rpt | false | ActivitiesNotPreviouslyRptInd |
| Changes To Articles Or Bylaws | false | ChangesToArticlesOrBylawsInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Organization Dissolved Etc | false | OrganizationDissolvedEtcInd |
| Section508e Rqr Satisfied | Yes (true) | Section508eRqrSatisfiedInd |
| At Least5000 In Assets | Yes (true) | AtLeast5000InAssetsInd |
| Org Report Or Register State | FL | OrgReportOrRegisterStateCd |
| Form990 PF Filed With Atty Gen | Yes (true) | Form990PFFiledWithAttyGenInd |
| Private Operating Foundation | Yes (true) | PrivateOperatingFoundationInd |
| New Substantial Contributors | false | NewSubstantialContributorsInd |
| Own Controlled Entity | false | OwnControlledEntityInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Comply With Public Insp Rqr | Yes (true) | ComplyWithPublicInspRqrInd |
| Website Address | N/A | WebsiteAddressTxt |
| Individual With Books | CHARLES C CORNWELL | IndividualWithBooksNm |
| Phone | 5618450123 | PhoneNum |
Location Of Books US Address LocationOfBooksUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 7369 WESTPORT PLACE | AddressLine1Txt |
| City | WEST PALM BEACH | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33413 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Foreign Accounts Question | false | ForeignAccountsQuestionInd |
Statements Regarding Acty4720 StatementsRegardingActy4720Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sale Or Exch Disqualified Prsn | false | SaleOrExchDisqualifiedPrsnInd |
| Brrw Or Lend Disqualified Prsn | false | BrrwOrLendDisqualifiedPrsnInd |
| Furn Goods Disqualified Prsn | false | FurnGoodsDisqualifiedPrsnInd |
| Pay Comp Disqualified Prsn | false | PayCompDisqualifiedPrsnInd |
| Transfer Ast Disqualified Prsn | false | TransferAstDisqualifiedPrsnInd |
| Payment To Government Official | false | PaymentToGovernmentOfficialInd |
| Undistributed Income PY | false | UndistributedIncomePYInd |
| Business Holdings | false | BusinessHoldingsInd |
| Jeopardy Investments | false | JeopardyInvestmentsInd |
| Uncorrected PY Jeopardy Invst | false | UncorrectedPYJeopardyInvstInd |
| Influence Legislation | false | InfluenceLegislationInd |
| Influence Election | false | InfluenceElectionInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Noncharitable Purpose | false | NoncharitablePurposeInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | false | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | false | PayPremiumsPrsnlBnftCntrctInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp
Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | TitleTitleTxt | Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt | CompensationCompensationAmt | Employee Benefit ProgramEmployeeBenefitProgramAmt | Expense Account Other AllwncExpenseAccountOtherAllwncAmt | Address Line2USAddress/AddressLine2Txt |
|---|---|---|---|---|---|---|---|---|---|
| CHARLES C CORNWELL | |||||||||
| 7369 WESTPORT PLACE | WEST PALM BEACH | FL | 33413 | OFFICER | 5.00 | $0 | $0 | $0 | |
| ANDREW CORNWELL | |||||||||
| 3776 MARKET WALK | CLARKSTON | GA | 30021 | OFFICER | 5.00 | $0 | $0 | $0 | |
| ELIZABETH CORNWELL | |||||||||
| 2525 LIBERTY PARK DR | CAPE CORAL | FL | 33909 | OFFICER | 5.00 | $0 | $0 | $0 | UNIT 2305 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Comp Of Hghst Pd Empl Or NONE | NONE | CompOfHghstPdEmplOrNONETxt |
| Comp Of Hghst Pd Cntrct Or NONE | NONE | CompOfHghstPdCntrctOrNONETxt |
Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description1 | VARIOUS, EDUCATION | Description1Txt |
| Expenses1 | $10,000 | Expenses1Amt |
Sum Of Program Related Invst SumOfProgramRelatedInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description1 | N/A | Description1Txt |
Minimum Investment Return MinimumInvestmentReturnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Average Monthly FMV Of Sec | $126,014 | AverageMonthlyFMVOfSecAmt |
| Average Monthly Cash Balances | $539 | AverageMonthlyCashBalancesAmt |
| FMV All Other Noncharitable Ast | $0 | FMVAllOtherNoncharitableAstAmt |
| Total FMV Of Unused Assets | $126,553 | TotalFMVOfUnusedAssetsAmt |
| Adjusted Total FMV Of Unused Ast | $126,553 | AdjustedTotalFMVOfUnusedAstAmt |
| Cash Deemed Charitable | $1,898 | CashDeemedCharitableAmt |
| Net Vl Noncharitable Assets | $124,655 | NetVlNoncharitableAssetsAmt |
| Minimum Investment Return | $6,233 | MinimumInvestmentReturnAmt |
Distributable Amount DistributableAmountGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sect4942j3j5 Fndtn And Frgn Org | Yes (X) | Sect4942j3j5FndtnAndFrgnOrgInd |
PF Qualifying Distributions PFQualifyingDistributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expenses And Contributions | $10,000 | ExpensesAndContributionsAmt |
| Qualifying Distributions | $10,000 | QualifyingDistributionsAmt |
Undistributed Income UndistributedIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Qualifying Distributions | $10,000 | QualifyingDistributionsAmt |
| Remaining Distri From Corpus | $10,000 | RemainingDistriFromCorpusAmt |
| Total Corpus | $10,000 | TotalCorpusAmt |
Private Operating Foundations PrivateOperatingFoundationsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Section4942j3 | Yes (X) | Section4942j3Ind |
Lessor Adj Net Incm Min Invst Ret LessorAdjNetIncmMinInvstRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $0 | CurrentYearAmt |
| Year3 | $424 | Year3Amt |
| Total | $424 | TotalAmt |
Pct85 Lessor Adj Incm Or Min Ret Pct85LessorAdjIncmOrMinRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Year3 | $360 | Year3Amt |
| Total | $360 | TotalAmt |
Qualifying Distributions QualifyingDistributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $10,000 | CurrentYearAmt |
| Year1 | $10,000 | Year1Amt |
| Year2 | $22,500 | Year2Amt |
| Total | $42,500 | TotalAmt |
Qualifying Distri Made Drt QualifyingDistriMadeDrtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $10,000 | CurrentYearAmt |
| Year1 | $10,000 | Year1Amt |
| Year2 | $22,500 | Year2Amt |
| Total | $42,500 | TotalAmt |
Two Thirds Minimum Invst Ret TwoThirdsMinimumInvstRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $4,155 | CurrentYearAmt |
| Year1 | $4,311 | Year1Amt |
| Year2 | $5,291 | Year2Amt |
| Year3 | $4,811 | Year3Amt |
| Total | $18,568 | TotalAmt |
Supplementary Information SupplementaryInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Only Contri To Preselected | Yes (X) | OnlyContriToPreselectedInd |
Application Submission Info ApplicationSubmissionInfoGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Recipient Person | CHARLES CORNWELL | RecipientPersonNm |
Recipient US Address RecipientUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 7369 WESTPORT PL | AddressLine1Txt |
| City | WEST PALM BEACH | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33413 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Recipient Phone | 5618450123 | RecipientPhoneNum |
| Recipient Email Address | CAP@CAPCORN.AOL | RecipientEmailAddressTxt |
Analysis Income Producing Acty AnalysisIncomeProducingActyGrp
Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Related Or Exempt Function Incm | $1 | RelatedOrExemptFunctionIncmAmt |
Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl
| Field | Value | IRS element (for citing) |
|---|---|---|
| Related Or Exempt Function Incm | $2,011 | RelatedOrExemptFunctionIncmAmt |
Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Related Or Exempt Function Incm | -$3,612 | RelatedOrExemptFunctionIncmAmt |
Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Related Or Exempt Function Incm | -$1,600 | RelatedOrExemptFunctionIncmAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Income Producing Acty | -$1,600 | TotalIncomeProducingActyAmt |
Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trnsfr Of Cash To Nonchrtbl EO | false | TrnsfrOfCashToNonchrtblEOInd |
| Trnsfr Other Asset Nonchrtbl EO | false | TrnsfrOtherAssetNonchrtblEOInd |
| Sales Or Exchanges Of Assets | false | SalesOrExchangesOfAssetsInd |
| Purchase Of Assets Nonchrtbl EO | false | PurchaseOfAssetsNonchrtblEOInd |
| Rental Of Facilities Oth Assets | false | RentalOfFacilitiesOthAssetsInd |
| Reimbursement Arrangements | false | ReimbursementArrangementsInd |
| Loans Or Loan Guarantees | false | LoansOrLoanGuaranteesInd |
| Performance Of Services Etc | false | PerformanceOfServicesEtcInd |
| Sharing Of Facilities Etc | false | SharingOfFacilitiesEtcInd |
| Relationships Nonchrtbl EO | false | RelationshipsNonchrtblEOInd |
Accounting Fees Schedule AccountingFeesSchedule
Accounting Fees Detail AccountingFeesDetail (3 entries)
| CategoryCategoryTxt | AmtAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt |
|---|---|---|---|
| ACCOUNTING | $500 | $500 | $500 |
| ADMIN | $1,500 | $1,500 | $1,500 |
| BANK FEES | $175 | $175 | $175 |
Gain Loss Sale Other Assets Sch GainLossSaleOtherAssetsSch
Gain Loss Sale Other Asset GainLossSaleOtherAssetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Asset | TRUIST | AssetDesc |
| Acquired | 2021-08 | AcquiredDt |
| How Acquired | PURCHASE | HowAcquiredTxt |
| Sold | 2023-12 | SoldDt |
| Gross Sales Price | $4,934 | GrossSalesPriceAmt |
| Basis | $8,546 | BasisAmt |
| Total Net | -$3,612 | TotalNetAmt |
Investments Corp Stock Schedule InvestmentsCorpStockSchedule
Investments Corporate Stock InvestmentsCorporateStockGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Stock | SECURITIES | StockNm |
| EOY Book Value | $126,014 | EOYBookValueAmt |
| EOYFMV | $126,014 | EOYFMVAmt |
Other Expenses Schedule OtherExpensesSchedule
Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)
| DescDesc | Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|
| EXPENSES | ||
| GRANTS | $10,000 | $10,000 |
Other Increases Schedule OtherIncreasesSchedule
Other Increases Detail OtherIncreasesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | UNREALIZED | Desc |
| Amt | $21,489 | Amt |