JPG FOUNDATION: Form 990PF, tax year 2022

View the entire original 990 at ProPublica ↗

Organization: JPG FOUNDATION (EIN 35-2432010)
Tax period: 2022-01-01 to 2022-12-31
Filed: 2023-04-16
IRS object ID: 202311069349100406
Schema version: 2022v5.0
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
Investments Corp Stock Schedule
Other Income Schedule2
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2023-04-16T11:24:54-07:00	ReturnTs
Tax Period End	2022-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	383036118	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	GALASSO PC	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	30701 BARRINGTON ST STE 175	AddressLine1Txt
City	MADISON HEIGHTS	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48071	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990PF	ReturnTypeCd
Tax Period Begin	2022-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	352432010	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	JPG FOUNDATION	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	JPGF	BusinessNameControlTxt
Phone	2484087957	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	775 RED RUN DR	AddressLine1Txt
City	TROY	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48085	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	joseph P galasso jr	PersonNm
Person Title	PRES	PersonTitleTxt
Phone	2484087957	PhoneNum
Signature	2023-04-16	SignatureDt
Discuss With Paid Preparer	Yes (true)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	joseph	PersonFirstNm
Person Last	galasso jr	PersonLastNm

Field	Value	IRS element (for citing)
SSN	XXX-XX-XXXX	SSN

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	Joseph P Galasso Jr	PreparerPersonNm
PTIN	P01424826	PTIN
Phone	2484087957	PhoneNum
Preparation	2023-04-16	PreparationDt

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
Federated Assurance Level	FAL1	FederatedAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2022	TaxYr
Build TS	2023-04-26 12:10:37Z	BuildTS

Form 990-PF IRS990PF

Field	Value	IRS element (for citing)
Organization501c3 Exempt PF	Yes (X)	Organization501c3ExemptPFInd
FMV Assets EOY	$53,615	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
Dividends Rev And Expnss	$2,347	DividendsRevAndExpnssAmt
Dividends Net Invst Incm	$2,347	DividendsNetInvstIncmAmt
Cap Gain Net Incm Net Invst Incm	$0	CapGainNetIncmNetInvstIncmAmt
Gross Profit Rev And Expnss	$0	GrossProfitRevAndExpnssAmt
Other Income Rev And Expnss	$15	OtherIncomeRevAndExpnssAmt
Other Income Net Invst Incm	$15	OtherIncomeNetInvstIncmAmt
Total Rev And Expnss	$2,362	TotalRevAndExpnssAmt
Total Net Invst Incm	$2,362	TotalNetInvstIncmAmt
Legal Fees Rev And Expnss	$0	LegalFeesRevAndExpnssAmt
Accounting Fees Rev And Expnss	$0	AccountingFeesRevAndExpnssAmt
Other Prof Fees Rev And Expnss	$0	OtherProfFeesRevAndExpnssAmt
Taxes Rev And Expnss	$84	TaxesRevAndExpnssAmt
Taxes Net Invst Incm	$84	TaxesNetInvstIncmAmt
Deprec And Dpltn Rev And Expnss	$0	DeprecAndDpltnRevAndExpnssAmt
Other Expenses Rev And Expnss	$0	OtherExpensesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss	$84	TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm	$84	TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl	$0	TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss	$2,000	ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl	$2,000	ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss	$2,084	TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm	$84	TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl	$2,000	TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses	$278	ExcessRevenueOverExpensesAmt
Net Investment Income	$2,278	NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Field	Value	IRS element (for citing)
Cash BOY	$0	CashBOYAmt
Rcvbl From Officers EOY	$0	RcvblFromOfficersEOYAmt
Other Nts And Loans Rcvbl EOY	$0	OtherNtsAndLoansRcvblEOYAmt
Corporate Stock BOY	$52,165	CorporateStockBOYAmt
Corporate Stock EOY	$52,443	CorporateStockEOYAmt
Corporate Stock EOYFMV	$53,615	CorporateStockEOYFMVAmt
Land Bldg Investments EOY	$0	LandBldgInvestmentsEOYAmt
Other Investments EOY	$0	OtherInvestmentsEOYAmt
Land EOY	$0	LandEOYAmt
Other Assets BOY	$0	OtherAssetsBOYAmt
Other Assets EOY	$0	OtherAssetsEOYAmt
Other Assets EOYFMV	$0	OtherAssetsEOYFMVAmt
Total Assets BOY	$52,165	TotalAssetsBOYAmt
Total Assets EOY	$52,443	TotalAssetsEOYAmt
Total Assets EOYFMV	$53,615	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
Capital Stock BOY	$55,869	CapitalStockBOYAmt
Capital Stock EOY	$55,869	CapitalStockEOYAmt
Retained Earning BOY	-$3,704	RetainedEarningBOYAmt
Retained Earning EOY	-$3,426	RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY	$52,165	TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY	$52,443	TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY	$52,165	TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY	$52,443	TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Field	Value	IRS element (for citing)
Tot Net Ast Or Fund Balances BOY	$52,165	TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses	$278	ExcessRevenueOverExpensesAmt
Subtotal	$52,443	SubtotalAmt
Tot Net Ast Or Fund Balances EOY	$52,443	TotNetAstOrFundBalancesEOYAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Field	Value	IRS element (for citing)
Investment Income Excise Tax	$32	InvestmentIncomeExciseTaxAmt
Tax Under Section511	$0	TaxUnderSection511Amt
Subtotal	$32	SubtotalAmt
Subtitle A Tax	$0	SubtitleATaxAmt
Tax Based On Investment Income	$32	TaxBasedOnInvestmentIncomeAmt
Original Return Tax Paid	$0	OriginalReturnTaxPaidAmt
Tax Due	$32	TaxDueAmt
Applied To ES Tax	$0	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	MI	OrgReportOrRegisterStateCd
Form990 PF Filed With Atty Gen	Yes (true)	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
Individual With Books	JOSEPH P GALASSO JR	IndividualWithBooksNm
Phone	2484087957	PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

Field	Value	IRS element (for citing)
Address Line1	775 RED RUN DR	AddressLine1Txt
City	TROY	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48085	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

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp

Field	Value	IRS element (for citing)
Person	JOSEPH P GALASSO JR	PersonNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	775 RED RUN DR	AddressLine1Txt
City	TROY	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48085	ZIPCd

Field	Value	IRS element (for citing)
Title	PRES	TitleTxt
Average Hrs Per Wk Devoted To Pos	1.00	AverageHrsPerWkDevotedToPosRt
Compensation	$0	CompensationAmt
Employee Benefit Program	$0	EmployeeBenefitProgramAmt
Expense Account Other Allwnc	$0	ExpenseAccountOtherAllwncAmt

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

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

Field	Value	IRS element (for citing)
Description1	SEE SCHEDULE OF GIFTS	Description1Txt
Expenses1	$2,000	Expenses1Amt

Minimum Investment Return MinimumInvestmentReturnGrp

Field	Value	IRS element (for citing)
Average Monthly FMV Of Sec	$0	AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances	$52,703	AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast	$0	FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets	$52,703	TotalFMVOfUnusedAssetsAmt
Reduction Claimed	$0	ReductionClaimedAmt
Adjusted Total FMV Of Unused Ast	$52,703	AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable	$791	CashDeemedCharitableAmt
Net Vl Noncharitable Assets	$51,912	NetVlNoncharitableAssetsAmt
Minimum Investment Return	$2,596	MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

Field	Value	IRS element (for citing)
Minimum Investment Return	$2,596	MinimumInvestmentReturnAmt
Tax Based On Investment Income	$32	TaxBasedOnInvestmentIncomeAmt
Total Tax	$32	TotalTaxAmt
Distributable Before Adj	$2,564	DistributableBeforeAdjAmt
Distributable Before Ded	$2,564	DistributableBeforeDedAmt
Distributable As Adjusted	$2,564	DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

Field	Value	IRS element (for citing)
Expenses And Contributions	$2,000	ExpensesAndContributionsAmt
Qualifying Distributions	$2,000	QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

Field	Value	IRS element (for citing)
Distributable As Adjusted	$2,564	DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5	$112	ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4	$1,000	ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3	$2,600	ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2	$1,085	ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1	$2,000	ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov	$6,797	TotalExcessDistributionCyovAmt
Qualifying Distributions	$2,000	QualifyingDistributionsAmt
Treated As Distri From Corpus	$0	TreatedAsDistriFromCorpusAmt
Remaining Distri From Corpus	$2,000	RemainingDistriFromCorpusAmt
Total Corpus	$8,797	TotalCorpusAmt
Prior Year Undistributed Incm	$0	PriorYearUndistributedIncmAmt
Taxable1	$0	Taxable1Amt
Taxable2	$0	Taxable2Amt
Undistributed Income CY	$2,564	UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5	$112	ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr	$8,685	ExcessDistriCyovToNextYrAmt
Excess From Year4	$1,000	ExcessFromYear4Amt
Excess From Year3	$2,600	ExcessFromYear3Amt
Excess From Year2	$1,085	ExcessFromYear2Amt
Excess From Year1	$2,000	ExcessFromYear1Amt
Excess From Current Year	$2,000	ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

Field	Value	IRS element (for citing)
Contributing Manager	JOSEPH P GALASSO JR	ContributingManagerNm
Only Contri To Preselected	Yes (X)	OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp

Recipient Business Name RecipientBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	SEE SCHEDULE ATTACHED	BusinessNameLine1Txt

Recipient US Address RecipientUSAddress

Field	Value	IRS element (for citing)
Address Line1	VAR	AddressLine1Txt
City	VAR	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48085	ZIPCd

Field	Value	IRS element (for citing)
Recipient Foundation Status	501C3	RecipientFoundationStatusTxt
Grant Or Contribution Purpose	CHARITY	GrantOrContributionPurposeTxt
Amt	$2,000	Amt

Field	Value	IRS element (for citing)
Total Grant Or Contri Pd Dur Yr	$2,000	TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

Field	Value	IRS element (for citing)
Exclusion	3	ExclusionCd
Exclusion	$2,347	ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Field	Value	IRS element (for citing)
Exclusion	$2,347	ExclusionAmt

Field	Value	IRS element (for citing)
Total Income Producing Acty	$2,347	TotalIncomeProducingActyAmt

Rln Of Acty To Accom Of Exmpt Prps RlnOfActyToAccomOfExmptPrpsGrp

Field	Value	IRS element (for citing)
Line Number	3	LineNumberTxt
Relationship Statement	funds gifts	RelationshipStatementTxt

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

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

Field	Value	IRS element (for citing)
Stock	per charles schwab	StockNm
EOY Book Value	$52,443	EOYBookValueAmt
EOYFMV	$53,615	EOYFMVAmt

Other Income Schedule2 OtherIncomeSchedule2

Other Income Detail OtherIncomeDetail

Field	Value	IRS element (for citing)
Desc	misc	Desc
Revenue And Expenses Per Books	$15	RevenueAndExpensesPerBooksAmt
Net Investment Income	$15	NetInvestmentIncomeAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail (3 entries)

CategoryCategoryTxt	AmtAmt	Net Investment IncomeNetInvestmentIncomeAmt
mich annual	$20	$20
INVESTMENT FEES	$29	$29
IRS FEES	$35	$35