JPG FOUNDATION: Form 990PF, tax year 2024
View the entire original 990 at ProPublica ↗
- Organization
- JPG FOUNDATION (EIN 35-2432010)
- Tax period
- 2024-01-01 to 2024-12-31
- Filed
- 2025-02-12
- IRS object ID
- 202500439349100205
- Schema version
- 2024v5.0
- 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 ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-02-12T06:23:00-08:00 | ReturnTs |
| Tax Period End | 2024-12-31 | 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 | 2024-01-01 | 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 | C/O GALASSO 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 | PRESIDENT | PersonTitleTxt |
| Phone | 2484087957 | PhoneNum |
| Signature | 2025-02-12 | 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 | Joseph P Galasso Jr | PreparerPersonNm |
| PTIN | P01424826 | PTIN |
| Phone | 2484087957 | PhoneNum |
| Preparation | 2025-02-12 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2024 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization501c3 Exempt PF | Yes (X) | Organization501c3ExemptPFInd |
| FMV Assets EOY | $55,839 | 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 | $2,086 | DividendsRevAndExpnssAmt |
| Dividends Net Invst Incm | $2,086 | 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 | $2,086 | TotalRevAndExpnssAmt |
| Total Net Invst Incm | $2,086 | 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 | $2,500 | ContriPaidRevAndExpnssAmt |
| Contri Paid Dsbrs Chrtbl | $2,500 | ContriPaidDsbrsChrtblAmt |
| Total Expenses Rev And Expnss | $2,584 | TotalExpensesRevAndExpnssAmt |
| Total Expenses Net Invst Incm | $84 | TotalExpensesNetInvstIncmAmt |
| Total Expenses Dsbrs Chrtbl | $2,500 | TotalExpensesDsbrsChrtblAmt |
| Excess Revenue Over Expenses | -$498 | ExcessRevenueOverExpensesAmt |
| Net Investment Income | $2,002 | NetInvestmentIncomeAmt |
Form990 PF Balance Sheets Form990PFBalanceSheetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Rcvbl From Officers EOY | $0 | RcvblFromOfficersEOYAmt |
| Other Nts And Loans Rcvbl EOY | $0 | OtherNtsAndLoansRcvblEOYAmt |
| Corporate Stock BOY | $50,551 | CorporateStockBOYAmt |
| Corporate Stock EOY | $53,050 | CorporateStockEOYAmt |
| Corporate Stock EOYFMV | $55,839 | CorporateStockEOYFMVAmt |
| Land Bldg Investments EOY | $0 | LandBldgInvestmentsEOYAmt |
| Other Investments EOY | $0 | OtherInvestmentsEOYAmt |
| Land EOY | $0 | LandEOYAmt |
| Other Assets BOY | $1,353 | OtherAssetsBOYAmt |
| Other Assets EOY | $0 | OtherAssetsEOYAmt |
| Other Assets EOYFMV | $0 | OtherAssetsEOYFMVAmt |
| Total Assets BOY | $51,904 | TotalAssetsBOYAmt |
| Total Assets EOY | $53,050 | TotalAssetsEOYAmt |
| Total Assets EOYFMV | $55,839 | TotalAssetsEOYFMVAmt |
| Loans From Officers EOY | $0 | LoansFromOfficersEOYAmt |
| Mortgages And Notes Payable EOY | $0 | MortgagesAndNotesPayableEOYAmt |
| Other Liabilities BOY | $0 | OtherLiabilitiesBOYAmt |
| Other Liabilities EOY | $1,645 | OtherLiabilitiesEOYAmt |
| Total Liabilities EOY | $1,645 | TotalLiabilitiesEOYAmt |
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
| Capital Stock BOY | $55,869 | CapitalStockBOYAmt |
| Capital Stock EOY | $55,869 | CapitalStockEOYAmt |
| Retained Earning BOY | -$3,965 | RetainedEarningBOYAmt |
| Retained Earning EOY | -$4,464 | RetainedEarningEOYAmt |
| Tot Net Ast Or Fund Balances BOY | $51,904 | TotNetAstOrFundBalancesBOYAmt |
| Tot Net Ast Or Fund Balances EOY | $51,405 | TotNetAstOrFundBalancesEOYAmt |
| Total Liabilities Net Ast BOY | $51,904 | TotalLiabilitiesNetAstBOYAmt |
| Total Liabilities Net Ast EOY | $53,050 | TotalLiabilitiesNetAstEOYAmt |
Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Net Ast Or Fund Balances BOY | $51,904 | TotNetAstOrFundBalancesBOYAmt |
| Excess Revenue Over Expenses | -$498 | ExcessRevenueOverExpensesAmt |
| Subtotal | $51,406 | SubtotalAmt |
| Other Decreases | $1 | OtherDecreasesAmt |
| Tot Net Ast Or Fund Balances EOY | $51,405 | TotNetAstOrFundBalancesEOYAmt |
Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Income Excise Tax | $28 | InvestmentIncomeExciseTaxAmt |
| Tax Under Section511 | $0 | TaxUnderSection511Amt |
| Subtotal | $28 | SubtotalAmt |
| Subtitle A Tax | $0 | SubtitleATaxAmt |
| Tax Based On Investment Income | $28 | TaxBasedOnInvestmentIncomeAmt |
| Original Return Tax Paid | $0 | OriginalReturnTaxPaidAmt |
| Tax Due | $28 | 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 | $2,500 | Expenses1Amt |
Minimum Investment Return MinimumInvestmentReturnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Average Monthly FMV Of Sec | $57,321 | AverageMonthlyFMVOfSecAmt |
| Average Monthly Cash Balances | $500 | AverageMonthlyCashBalancesAmt |
| FMV All Other Noncharitable Ast | $0 | FMVAllOtherNoncharitableAstAmt |
| Total FMV Of Unused Assets | $57,821 | TotalFMVOfUnusedAssetsAmt |
| Reduction Claimed | $0 | ReductionClaimedAmt |
| Adjusted Total FMV Of Unused Ast | $57,821 | AdjustedTotalFMVOfUnusedAstAmt |
| Cash Deemed Charitable | $867 | CashDeemedCharitableAmt |
| Net Vl Noncharitable Assets | $56,954 | NetVlNoncharitableAssetsAmt |
| Minimum Investment Return | $2,848 | MinimumInvestmentReturnAmt |
Distributable Amount DistributableAmountGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Minimum Investment Return | $2,848 | MinimumInvestmentReturnAmt |
| Tax Based On Investment Income | $28 | TaxBasedOnInvestmentIncomeAmt |
| Income Tax | $0 | IncomeTaxAmt |
| Total Tax | $28 | TotalTaxAmt |
| Distributable Before Adj | $2,820 | DistributableBeforeAdjAmt |
| Distributable Before Ded | $2,820 | DistributableBeforeDedAmt |
| Deduction From Distributable | $2,500 | DeductionFromDistributableAmt |
| Distributable As Adjusted | $320 | DistributableAsAdjustedAmt |
PF Qualifying Distributions PFQualifyingDistributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expenses And Contributions | $2,500 | ExpensesAndContributionsAmt |
| Qualifying Distributions | $2,500 | QualifyingDistributionsAmt |
Undistributed Income UndistributedIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Distributable As Adjusted | $320 | DistributableAsAdjustedAmt |
| Excess Distribution Cyov Yr5 | $2,600 | ExcessDistributionCyovYr5Amt |
| Excess Distribution Cyov Yr4 | $1,085 | ExcessDistributionCyovYr4Amt |
| Excess Distribution Cyov Yr3 | $2,000 | ExcessDistributionCyovYr3Amt |
| Excess Distribution Cyov Yr2 | $2,000 | ExcessDistributionCyovYr2Amt |
| Excess Distribution Cyov Yr1 | $44 | ExcessDistributionCyovYr1Amt |
| Total Excess Distribution Cyov | $7,729 | TotalExcessDistributionCyovAmt |
| Qualifying Distributions | $2,500 | QualifyingDistributionsAmt |
| Treated As Distri From Corpus | $0 | TreatedAsDistriFromCorpusAmt |
| Remaining Distri From Corpus | $2,500 | RemainingDistriFromCorpusAmt |
| Total Corpus | $10,229 | TotalCorpusAmt |
| Prior Year Undistributed Incm | $0 | PriorYearUndistributedIncmAmt |
| Taxable1 | $0 | Taxable1Amt |
| Taxable2 | $0 | Taxable2Amt |
| Undistributed Income CY | $320 | UndistributedIncomeCYAmt |
| Excess Distri Cyov From Yr5 | $2,600 | ExcessDistriCyovFromYr5Amt |
| Excess Distri Cyov To Next Yr | $7,629 | ExcessDistriCyovToNextYrAmt |
| Excess From Year4 | $1,085 | ExcessFromYear4Amt |
| Excess From Year3 | $2,000 | ExcessFromYear3Amt |
| Excess From Year2 | $2,000 | ExcessFromYear2Amt |
| Excess From Year1 | $44 | ExcessFromYear1Amt |
| Excess From Current Year | $2,500 | 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 | $2,500 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Grant Or Contri Pd Dur Yr | $2,500 | TotalGrantOrContriPdDurYrAmt |
Analysis Income Producing Acty AnalysisIncomeProducingActyGrp
Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 3 | ExclusionCd |
| Exclusion | $2,086 | ExclusionAmt |
Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | $2,086 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Income Producing Acty | $2,086 | TotalIncomeProducingActyAmt |
Rln Of Acty To Accom Of Exmpt Prps RlnOfActyToAccomOfExmptPrpsGrp
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 | $53,050 | EOYBookValueAmt |
| EOYFMV | $55,839 | EOYFMVAmt |
Other Decreases Schedule OtherDecreasesSchedule
Other Decreases Detail OtherDecreasesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | ROUNDING | Desc |
| Amt | $1 | Amt |
Taxes Schedule TaxesSchedule
Taxes Detail TaxesDetail (3 entries)
| CategoryCategoryTxt | AmtAmt | Net Investment IncomeNetInvestmentIncomeAmt |
|---|---|---|
| MICHIGAN ANNUAL | $25 | $25 |
| INVESTMENT FEES | $26 | $26 |
| IRS FEES | $33 | $33 |