WALES FAMILY FOUNDATION: Form 990PF, tax year 2023

View the entire original 990 at ProPublica ↗

Organization: WALES FAMILY FOUNDATION (EIN 46-4080656)
Tax period: 2023-01-01 to 2023-12-31
Filed: 2024-11-13
IRS object ID: 202443189349103239
Schema version: 2023v5.1
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
All Oth Prog Rltd Investments Sch
General Explanation Attachment
Investments Other Schedule2
Other Assets Schedule
Other Expenses Schedule
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2024-11-13T14:59:45-08:00	ReturnTs
Tax Period End	2023-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	752351522	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	PETE MILLER CPA	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	598 S DENTON TAP RD STE 101	AddressLine1Txt
City	COPPELL	CityNm
State Abbreviation	TX	StateAbbreviationCd
ZIP	75019	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	464080656	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	THE WALES FAMILY FOUNDATION	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	WALE	BusinessNameControlTxt
Phone	2145375600	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	8408 MENIER ST	AddressLine1Txt
City	DALLAS	CityNm
State Abbreviation	TX	StateAbbreviationCd
ZIP	75209	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	JAMES R WALES	PersonNm
Person Title	PRESIDENT	PersonTitleTxt
Phone	2145375600	PhoneNum
Signature	2024-11-13	SignatureDt
Discuss With Paid Preparer	Yes (true)	DiscussWithPaidPreparerInd

Field	Value	IRS element (for citing)
IRS Responsible Prty Info Curr	Yes (true)	IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	PETE MILLER CPA	PreparerPersonNm
PTIN	P01083930	PTIN
Phone	9724629373	PhoneNum
Preparation	2024-11-13	PreparationDt
Self Employed	Yes (X)	SelfEmployedInd

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)
Address Change	Yes (X)	AddressChangeInd
Organization501c3 Exempt PF	Yes (X)	Organization501c3ExemptPFInd
FMV Assets EOY	$313,940	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	$137	InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm	$137	InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss	$30,968	DividendsRevAndExpnssAmt
Dividends Net Invst Incm	$30,968	DividendsNetInvstIncmAmt
Cap Gain Net Incm Net Invst Incm	$0	CapGainNetIncmNetInvstIncmAmt
Gross Profit Rev And Expnss	$0	GrossProfitRevAndExpnssAmt
Other Income Rev And Expnss	$0	OtherIncomeRevAndExpnssAmt
Total Rev And Expnss	$31,105	TotalRevAndExpnssAmt
Total Net Invst Incm	$31,105	TotalNetInvstIncmAmt
Legal Fees Rev And Expnss	$0	LegalFeesRevAndExpnssAmt
Accounting Fees Rev And Expnss	$4,500	AccountingFeesRevAndExpnssAmt
Other Prof Fees Rev And Expnss	$0	OtherProfFeesRevAndExpnssAmt
Taxes Rev And Expnss	$21,954	TaxesRevAndExpnssAmt
Deprec And Dpltn Rev And Expnss	$0	DeprecAndDpltnRevAndExpnssAmt
Other Expenses Rev And Expnss	$4,316	OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm	$4,316	OtherExpensesNetInvstIncmAmt
Tot Opr Expenses Rev And Expnss	$30,770	TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm	$4,316	TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl	$0	TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss	$0	ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl	$0	ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss	$30,770	TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm	$4,316	TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl	$0	TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses	$335	ExcessRevenueOverExpensesAmt
Net Investment Income	$26,789	NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Field	Value	IRS element (for citing)
Cash BOY	$1,228	CashBOYAmt
Cash EOY	$43,209	CashEOYAmt
Cash EOYFMV	$43,209	CashEOYFMVAmt
Sav And Temp Cash Invst BOY	$10,188	SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY	$10,677	SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV	$10,677	SavAndTempCashInvstEOYFMVAmt
Rcvbl From Officers EOY	$0	RcvblFromOfficersEOYAmt
Other Nts And Loans Rcvbl EOY	$0	OtherNtsAndLoansRcvblEOYAmt
Land Bldg Investments EOY	$0	LandBldgInvestmentsEOYAmt
Other Investments BOY	$259,991	OtherInvestmentsBOYAmt
Other Investments EOY	$253,100	OtherInvestmentsEOYAmt
Other Investments EOYFMV	$253,100	OtherInvestmentsEOYFMVAmt
Land EOY	$0	LandEOYAmt
Other Assets BOY	$42,198	OtherAssetsBOYAmt
Other Assets EOY	$6,954	OtherAssetsEOYAmt
Other Assets EOYFMV	$6,954	OtherAssetsEOYFMVAmt
Total Assets BOY	$313,605	TotalAssetsBOYAmt
Total Assets EOY	$313,940	TotalAssetsEOYAmt
Total Assets EOYFMV	$313,940	TotalAssetsEOYFMVAmt
Loans From Officers EOY	$0	LoansFromOfficersEOYAmt
Mortgages And Notes Payable EOY	$0	MortgagesAndNotesPayableEOYAmt
Other Liabilities BOY	$0	OtherLiabilitiesBOYAmt
Other Liabilities EOY	$0	OtherLiabilitiesEOYAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind
Retained Earning BOY	$313,605	RetainedEarningBOYAmt
Retained Earning EOY	$313,940	RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY	$313,605	TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY	$313,940	TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY	$313,605	TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY	$313,940	TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Field	Value	IRS element (for citing)
Tot Net Ast Or Fund Balances BOY	$313,605	TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses	$335	ExcessRevenueOverExpensesAmt
Subtotal	$313,940	SubtotalAmt
Tot Net Ast Or Fund Balances EOY	$313,940	TotNetAstOrFundBalancesEOYAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Field	Value	IRS element (for citing)
Investment Income Excise Tax	$372	InvestmentIncomeExciseTaxAmt
Tax Under Section511	$0	TaxUnderSection511Amt
Subtotal	$372	SubtotalAmt
Subtitle A Tax	$0	SubtitleATaxAmt
Tax Based On Investment Income	$372	TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx	$1,500	EstimatedPlusOvpmtIncmTxAmt
Extsn Request Income Tax Paid	$0	ExtsnRequestIncomeTaxPaidAmt
Total Payments And Credits	$1,500	TotalPaymentsAndCreditsAmt
Original Return Overpayment	-$1,500	OriginalReturnOverpaymentAmt
Overpayment	$1,128	OverpaymentAmt
Applied To ES Tax	$1,128	AppliedToESTaxAmt

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	TX	OrgReportOrRegisterStateCd
Form990 PF Filed With Atty Gen	false	Form990PFFiledWithAttyGenInd
Private Operating Foundation	false	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

Persons With Books Name PersonsWithBooksName

Field	Value	IRS element (for citing)
Business Name Line1	PETE MILLER CPA	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	9724629373	PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

Field	Value	IRS element (for citing)
Address Line1	598 S DENTON TAP 101	AddressLine1Txt
City	COPPELL	CityNm
State Abbreviation	TX	StateAbbreviationCd
ZIP	75019	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
Uncorrected Prior Acts	false	UncorrectedPriorActsInd
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 (2 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
JAMES R WALES
4989 SHADYWOOD LN	DALLAS	TX	75209	PRESIDENT	0.00	$0	$0	$0
LORETTA M WALES
4989 SHADYWOOD LN	DALLAS	TX	75209	SECRETARY	0.00	$0	$0	$0

Field	Value	IRS element (for citing)
Comp Of Hghst Pd Empl Or NONE	NONE	CompOfHghstPdEmplOrNONETxt
Other Employee Paid Over50k	0	OtherEmployeePaidOver50kCnt
Comp Of Hghst Pd Cntrct Or NONE	NONE	CompOfHghstPdCntrctOrNONETxt
Contractor Paid Over50k	0	ContractorPaidOver50kCnt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

Field	Value	IRS element (for citing)
Description1	NONE	Description1Txt
Expenses1	$0	Expenses1Amt
Description2	NONE	Description2Txt
Expenses2	$0	Expenses2Amt
All Other Program Rltd Invst Tot	$0	AllOtherProgramRltdInvstTotAmt
Total	$0	TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

Field	Value	IRS element (for citing)
Average Monthly FMV Of Sec	$10,677	AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances	$33,053	AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast	$253,100	FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets	$296,830	TotalFMVOfUnusedAssetsAmt
Reduction Claimed	$0	ReductionClaimedAmt
Adjusted Total FMV Of Unused Ast	$296,830	AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable	$4,452	CashDeemedCharitableAmt
Net Vl Noncharitable Assets	$292,378	NetVlNoncharitableAssetsAmt
Minimum Investment Return	$14,619	MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

Field	Value	IRS element (for citing)
Minimum Investment Return	$14,619	MinimumInvestmentReturnAmt
Tax Based On Investment Income	$372	TaxBasedOnInvestmentIncomeAmt
Total Tax	$372	TotalTaxAmt
Distributable Before Adj	$14,247	DistributableBeforeAdjAmt
Distributable Before Ded	$14,247	DistributableBeforeDedAmt
Distributable As Adjusted	$14,247	DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

Field	Value	IRS element (for citing)
Expenses And Contributions	$0	ExpensesAndContributionsAmt
Program Related Invst Total	$0	ProgramRelatedInvstTotalAmt
Qualifying Distributions	$0	QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

Field	Value	IRS element (for citing)
Distributable As Adjusted	$14,247	DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5	$0	ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4	$0	ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3	$0	ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2	$0	ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1	$801,254	ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov	$801,254	TotalExcessDistributionCyovAmt
Qualifying Distributions	$0	QualifyingDistributionsAmt
Treated As Distri From Corpus	$0	TreatedAsDistriFromCorpusAmt
Remaining Distri From Corpus	$0	RemainingDistriFromCorpusAmt
Excess Distri Cyov App CY Corpus	$14,247	ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY	$14,247	ExcessDistributionCyovAppCYAmt
Total Corpus	$787,007	TotalCorpusAmt
Prior Year Undistributed Incm	$0	PriorYearUndistributedIncmAmt
Taxable1	$0	Taxable1Amt
Taxable2	$0	Taxable2Amt
Undistributed Income CY	$0	UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5	$0	ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr	$787,007	ExcessDistriCyovToNextYrAmt
Excess From Year4	$0	ExcessFromYear4Amt
Excess From Year3	$0	ExcessFromYear3Amt
Excess From Year2	$0	ExcessFromYear2Amt
Excess From Year1	$787,007	ExcessFromYear1Amt
Excess From Current Year	$0	ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

Field	Value	IRS element (for citing)
Contributing Manager	JAMES R WALES	ContributingManagerNm
Contributing Manager	LORETTA M WALES	ContributingManagerNm
Shareholder Manager	NA	ShareholderManagerNm
Only Contri To Preselected	Yes (X)	OnlyContriToPreselectedInd

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$137	ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$30,968	ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Field	Value	IRS element (for citing)
Exclusion	$31,105	ExclusionAmt

Field	Value	IRS element (for citing)
Total Income Producing Acty	$31,105	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

Field	Value	IRS element (for citing)
Category	PETE MILLER PROFESSIONAL SERVICES	CategoryTxt
Amt	$4,500	Amt

All Oth Prog Rltd Investments Sch AllOthProgRltdInvestmentsSch

All Other Program Related Invst AllOtherProgramRelatedInvstGrp

Field	Value	IRS element (for citing)
Desc	NONE	Desc
Amt	$0	Amt

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

Field	Value	IRS element (for citing)
Form And Line Reference	Part VII-A Statements Regarding Activities	FormAndLineReferenceDesc
Medium Explanation	Line 8b - Texas Attorney General does not require filing of 990-PF.	MediumExplanationTxt

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp

Field	Value	IRS element (for citing)
Category Or Item	INVESTMENT IN ROYAL WOLF - CLI LP	CategoryOrItemTxt
Book Value	$253,100	BookValueAmt
EOYFMV	$253,100	EOYFMVAmt

Other Assets Schedule OtherAssetsSchedule

Other Assets Schedule OtherAssetsScheduleGrp (2 entries)

DescDesc	BOY Book ValueBOYBookValueAmt	EOY Book ValueEOYBookValueAmt	EOYFMVEOYFMVAmt
Sales Proceeds - Catamount ARF LP	$42,198	$0	$0
Due from Royal Wolf- CLI LP	$0	$6,954	$6,954

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp

Field	Value	IRS element (for citing)
Desc	Portfolio deductions	Desc
Revenue And Expenses Per Books	$4,316	RevenueAndExpensesPerBooksAmt
Net Investment Income	$4,316	NetInvestmentIncomeAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

Field	Value	IRS element (for citing)
Category	Federal tax	CategoryTxt
Amt	$21,954	Amt