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GEM FOUNDATION INC: Form 990PF, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
GEM FOUNDATION INC (EIN 20-8856858)
Tax period
2024-01-01 to 2024-12-31
Filed
2025-05-16
IRS object ID
202501369349101455
Schema version
2024v5.1
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 ReturnHeader

FieldValueIRS element (for citing)
Return2025-05-16T10:31:10-05:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN221914497PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Olsen & Thompson PABusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1970 Mount Kemble AveAddressLine1Txt
CityMorristownCityNm
State AbbreviationNJStateAbbreviationCd
ZIP07960ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2024-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN208856858EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1GEM FOUNDATION INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlGEMFBusinessNameControlTxt
Phone9082349219PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1130 STEVENS LANEAddressLine1Txt
CityFAR HILLSCityNm
State AbbreviationNJStateAbbreviationCd
ZIP07931ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonPUTNAM L CRAFTS JRPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone9082349219PhoneNum
Signature2025-05-16SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (1)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonJONATHAN N OLSEN CPAPreparerPersonNm
PTINP00022610PTIN
Phone9734253212PhoneNum
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$6,183,681FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$7,077ContriRcvdRevAndExpnssAmt
Dividends Rev And Expnss$307,643DividendsRevAndExpnssAmt
Dividends Net Invst Incm$307,643DividendsNetInvstIncmAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$314,720TotalRevAndExpnssAmt
Total Net Invst Incm$307,643TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$0CompOfcrDirTrstRevAndExpnssAmt
Comp Ofcr Dir Trst Net Invst Incm$0CompOfcrDirTrstNetInvstIncmAmt
Comp Ofcr Dir Trst Dsbrs Chrtbl$0CompOfcrDirTrstDsbrsChrtblAmt
Accounting Fees Rev And Expnss$1,375AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm$138AccountingFeesNetInvstIncmAmt
Accounting Fees Chrtbl Prps$1,237AccountingFeesChrtblPrpsAmt
Taxes Rev And Expnss$7,077TaxesRevAndExpnssAmt
Taxes Net Invst Incm$0TaxesNetInvstIncmAmt
Taxes Dsbrs Chrtbl$0TaxesDsbrsChrtblAmt
Other Expenses Rev And Expnss$11,996OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm$1,200OtherExpensesNetInvstIncmAmt
Other Expenses Dsbrs Chrtbl$10,796OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$20,448TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$1,338TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$12,033TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$0ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$0ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$20,448TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$1,338TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$12,033TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$294,272ExcessRevenueOverExpensesAmt
Net Investment Income$306,305NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Sav And Temp Cash Invst BOY$5,889,409SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY$6,183,681SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV$6,183,681SavAndTempCashInvstEOYFMVAmt
Total Assets BOY$5,889,409TotalAssetsBOYAmt
Total Assets EOY$6,183,681TotalAssetsEOYAmt
Total Assets EOYFMV$6,183,681TotalAssetsEOYFMVAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Capital Stock BOY$0CapitalStockBOYAmt
Capital Stock EOY$0CapitalStockEOYAmt
Additional Paid In Capital BOY$0AdditionalPaidInCapitalBOYAmt
Additional Paid In Capital EOY$0AdditionalPaidInCapitalEOYAmt
Retained Earning BOY$5,889,409RetainedEarningBOYAmt
Retained Earning EOY$6,183,681RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$5,889,409TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$6,183,681TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$5,889,409TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$6,183,681TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$5,889,409TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$294,272ExcessRevenueOverExpensesAmt
Other Increases$0OtherIncreasesAmt
Subtotal$6,183,681SubtotalAmt
Other Decreases$0OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$6,183,681TotNetAstOrFundBalancesEOYAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$4,258InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$4,258SubtotalAmt
Subtitle A Tax$0SubtitleATaxAmt
Tax Based On Investment Income$4,258TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$4,400EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$0ExtsnRequestIncomeTaxPaidAmt
Backup Withholding Withheld$0BackupWithholdingWithheldAmt
Total Payments And Credits$4,400TotalPaymentsAndCreditsAmt
Es Penalty$0EsPenaltyAmt
Overpayment$142OverpaymentAmt
Applied To ES Tax$142AppliedToESTaxAmt
Refund$0RefundAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political Acty0LegislativePoliticalActyInd
More Than100 Spent0MoreThan100SpentInd
Form1120 POL Filed0Form1120POLFiledInd
Section4955 Organization Tax$0Section4955OrganizationTaxAmt
Section4955 Managers Tax$0Section4955ManagersTaxAmt
Tax Reimbursed$0TaxReimbursedAmt
Activities Not Previously Rpt0ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws0ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Organization Dissolved Etc0OrganizationDissolvedEtcInd
Section508e Rqr SatisfiedYes (1)Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (1)AtLeast5000InAssetsInd
Org Report Or Register StateNJOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (1)Form990PFFiledWithAttyGenInd
Private Operating Foundation0PrivateOperatingFoundationInd
New Substantial Contributors0NewSubstantialContributorsInd
Own Controlled Entity0OwnControlledEntityInd
Donor Advised Fund0DonorAdvisedFundInd
Comply With Public Insp RqrYes (1)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt
Individual With BooksPUTNAM L CRAFTS JRIndividualWithBooksNm
Phone9082349219PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1130 STEVENS LANEAddressLine1Txt
CityFAR HILLSCityNm
State AbbreviationNJStateAbbreviationCd
ZIP07931ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts Question0ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified Prsn0SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn0BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified Prsn0FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified Prsn0PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn0TransferAstDisqualifiedPrsnInd
Payment To Government Official0PaymentToGovernmentOfficialInd
Uncorrected Prior Acts0UncorrectedPriorActsInd
Undistributed Income PY0UndistributedIncomePYInd
Business Holdings0BusinessHoldingsInd
Jeopardy Investments0JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst0UncorrectedPYJeopardyInvstInd
Influence Legislation0InfluenceLegislationInd
Influence Election0InfluenceElectionInd
Grants To Individuals0GrantsToIndividualsInd
Grants To Organizations0GrantsToOrganizationsInd
Noncharitable Purpose0NoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (4 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
PUTNAM L CRAFTS JR
130 STEVENS LANEFAR HILLSNJ07931PRESIDENT, TREASURER, & DI10.00$0$0$0
MARCIA ZWEIG
130 STEVENS LANEFAR HILLSNJ07931V.P & DIRECTOR2.00$0$0$0
PATRICIA CALLAN CRAFTS
130 STEVENS LANEFAR HILLSNJ07931SECRETARY & DIRECTOR2.00$0$0$0
MARTHA S SPROULE
130 STEVENS LANEFAR HILLSNJ07931DIRECTOR2.00$0$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Other Employee Paid Over50k0OtherEmployeePaidOver50kCnt
Comp Of Hghst Pd Cntrct Or NONENONECompOfHghstPdCntrctOrNONETxt
Contractor Paid Over50k0ContractorPaidOver50kCnt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$0AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$6,041,840AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$6,041,840TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$6,041,840AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$90,628CashDeemedCharitableAmt
Net Vl Noncharitable Assets$5,951,212NetVlNoncharitableAssetsAmt
Minimum Investment Return$297,561MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$297,561MinimumInvestmentReturnAmt
Tax Based On Investment Income$4,258TaxBasedOnInvestmentIncomeAmt
Total Tax$4,258TotalTaxAmt
Distributable Before Adj$293,303DistributableBeforeAdjAmt
Recoveries Qualfied Distri$0RecoveriesQualfiedDistriAmt
Distributable Before Ded$293,303DistributableBeforeDedAmt
Deduction From Distributable$0DeductionFromDistributableAmt
Distributable As Adjusted$293,303DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$12,033ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Qualifying Distributions$12,033QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$293,303DistributableAsAdjustedAmt
Undistributed Income PY$0UndistributedIncomePYAmt
Total For Prior Years$0TotalForPriorYearsAmt
Excess Distribution Cyov Yr4$340,371ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr2$109,214ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$66,732ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$516,317TotalExcessDistributionCyovAmt
Qualifying Distributions$12,033QualifyingDistributionsAmt
Applied To Year1$0AppliedToYear1Amt
Applied To Prior Years$0AppliedToPriorYearsAmt
Treated As Distri From Corpus$0TreatedAsDistriFromCorpusAmt
Applied To Current Year$12,033AppliedToCurrentYearAmt
Remaining Distri From Corpus$0RemainingDistriFromCorpusAmt
Excess Distri Cyov App CY Corpus$281,270ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$281,270ExcessDistributionCyovAppCYAmt
Total Corpus$235,047TotalCorpusAmt
Prior Year Undistributed Incm$0PriorYearUndistributedIncmAmt
Prior Year Deficiency Or Tax$0PriorYearDeficiencyOrTaxAmt
Taxable1$0Taxable1Amt
Taxable2$0Taxable2Amt
Undistributed Income CY$0UndistributedIncomeCYAmt
Corpus Distri170b1 E Or4942g3$0CorpusDistri170b1EOr4942g3Amt
Excess Distri Cyov From Yr5$0ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$235,047ExcessDistriCyovToNextYrAmt
Excess From Year4$59,101ExcessFromYear4Amt
Excess From Year2$109,214ExcessFromYear2Amt
Excess From Year1$66,732ExcessFromYear1Amt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerPUTNAM L CRAFTS JRContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd
Total Grant Or Contri Pd Dur Yr$0TotalGrantOrContriPdDurYrAmt
Total Grant Or Contri Apprv Fut$0TotalGrantOrContriApprvFutAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$307,643ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Unrelated Business Taxbl Incm$0UnrelatedBusinessTaxblIncmAmt
Exclusion$307,643ExclusionAmt
Related Or Exempt Function Incm$0RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$307,643TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO0TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO0TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets0SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO0PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets0RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements0ReimbursementArrangementsInd
Loans Or Loan Guarantees0LoansOrLoanGuaranteesInd
Performance Of Services Etc0PerformanceOfServicesEtcInd
Sharing Of Facilities Etc0SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO0RelationshipsNonchrtblEOInd

Schedule B IRS990ScheduleB

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
General RuleYes (X)GeneralRuleInd

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
Contributor1ContributorNum

Contributor Business Name ContributorBusinessName

FieldValueIRS element (for citing)
Business Name Line1PUTNAM CRAFTSBusinessNameLine1Txt

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1130 STEVENS LANEAddressLine1Txt
CityFAR HILLSCityNm
State AbbreviationNJStateAbbreviationCd
ZIP07931ZIPCd
FieldValueIRS element (for citing)
Total Contributions$7,077TotalContributionsAmt
Person ContributionYes (X)PersonContributionInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

FieldValueIRS element (for citing)
CategoryLEGAL & ACCOUNTING FEESCategoryTxt
Amt$1,375Amt
Net Investment Income$138NetInvestmentIncomeAmt
Disbursements Charitable Prps$1,237DisbursementsCharitablePrpsAmt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (4 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtNet Investment IncomeNetInvestmentIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
INSURANCE$778$78$700
DUES & SUBSCRIPTIONS$1,400$140$1,260
ANNUAL FILING FEES$33$3$30
WORKSHOP EXPENSES$9,785$979$8,806

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryEXCISE TAXESCategoryTxt
Amt$7,077Amt
Net Investment Income$0NetInvestmentIncomeAmt
Disbursements Charitable Prps$0DisbursementsCharitablePrpsAmt