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PETRO FAMILY FOUNDATION INC: Form 990PF, tax year 2021

View the entire original 990 at ProPublica ↗

Organization
PETRO FAMILY FOUNDATION INC (EIN 52-2373545)
Tax period
2021-07-01 to 2022-06-30
Filed
2022-11-04
IRS object ID
202203089349100810
Schema version
2021v4.0
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

FieldValueIRS element (for citing)
Return2022-11-04T10:27:33-04:00ReturnTs
Tax Period End2022-06-30TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN592858029PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1BARO BAGWELL & COMPANY CPAS PABusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line12600 MAITLAND CENTER PARKWAY STE 2AddressLine1Txt
CityMAITLANDCityNm
State AbbreviationFLStateAbbreviationCd
ZIP32751ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2021-07-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN522373545EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1PETRO FAMILY FOUNDATION INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlPETRBusinessNameControlTxt
Phone4076540155PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line113506 SUMMERPORT VILLAGE PKWY 535AddressLine1Txt
CityWINDERMERECityNm
State AbbreviationFLStateAbbreviationCd
ZIP34786ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonNATALIE WALLACEPersonNm
Person TitleSECRETARYPersonTitleTxt
Phone4093992404PhoneNum
Signature2022-09-20SignatureDt

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstNATALIEPersonFirstNm
Person LastWALLACEPersonLastNm
FieldValueIRS element (for citing)
SSN999009999SSN

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonJOANNE M MCCARTER CPAPreparerPersonNm
PTINP01651687PTIN
Phone4076471717PhoneNum
Preparation2022-11-04PreparationDt
FieldValueIRS element (for citing)
Tax2021TaxYr
Build TS2022-09-23 18:48:47ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$686,835FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss$17InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$17InterestOnSavNetInvstIncmAmt
Interest On Savings Adj Net Incm$17InterestOnSavingsAdjNetIncmAmt
Dividends Rev And Expnss$10,356DividendsRevAndExpnssAmt
Dividends Net Invst Incm$10,356DividendsNetInvstIncmAmt
Dividends Adj Net Incm$10,356DividendsAdjNetIncmAmt
Net Gain Sale Ast Rev And Expnss$92,794NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$100,334GrossSalesPriceAmt
Total Rev And Expnss$103,167TotalRevAndExpnssAmt
Total Net Invst Incm$10,373TotalNetInvstIncmAmt
Total Adj Net Incm$10,373TotalAdjNetIncmAmt
Accounting Fees Rev And Expnss$1,154AccountingFeesRevAndExpnssAmt
Taxes Rev And Expnss$27TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$10,144OtherExpensesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss$11,325TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$16,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$16,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$27,325TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$16,000TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$75,842ExcessRevenueOverExpensesAmt
Net Investment Income$10,373NetInvestmentIncomeAmt
Adjusted Net Income$10,373AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$405,342CashBOYAmt
Cash EOY$97,997CashEOYAmt
Cash EOYFMV$97,997CashEOYFMVAmt
US Government Obligations BOY$124,354USGovernmentObligationsBOYAmt
US Government Obligations EOY$507,541USGovernmentObligationsEOYAmt
US Govt Obligations EOYFMV$588,838USGovtObligationsEOYFMVAmt
Total Assets BOY$529,696TotalAssetsBOYAmt
Total Assets EOY$605,538TotalAssetsEOYAmt
Total Assets EOYFMV$686,835TotalAssetsEOYFMVAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY$529,696NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY$605,538NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances BOY$529,696TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$605,538TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$529,696TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$605,538TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$529,696TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$75,842ExcessRevenueOverExpensesAmt
Subtotal$605,538SubtotalAmt
Tot Net Ast Or Fund Balances EOY$605,538TotNetAstOrFundBalancesEOYAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$144InvestmentIncomeExciseTaxAmt
Subtotal$144SubtotalAmt
Tax Based On Investment Income$144TaxBasedOnInvestmentIncomeAmt
Tax Due$144TaxDueAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political ActyfalseLegislativePoliticalActyInd
More Than100 SpentfalseMoreThan100SpentInd
Form1120 POL FiledfalseForm1120POLFiledInd
Activities Not Previously RptfalseActivitiesNotPreviouslyRptInd
Changes To Articles Or BylawsfalseChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Organization Dissolved EtcfalseOrganizationDissolvedEtcInd
Section508e Rqr SatisfiedYes (true)Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (true)AtLeast5000InAssetsInd
Org Report Or Register StateFLOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (true)Form990PFFiledWithAttyGenInd
Private Operating FoundationfalsePrivateOperatingFoundationInd
New Substantial ContributorsfalseNewSubstantialContributorsInd
Own Controlled EntityfalseOwnControlledEntityInd
Donor Advised FundfalseDonorAdvisedFundInd
Comply With Public Insp RqrYes (true)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt
Individual With BooksNATALIE WALLACEIndividualWithBooksNm
Phone4073992404PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line113506 SUMMERPORT VILLAGE PKWY 535AddressLine1Txt
CityWINDERMERECityNm
State AbbreviationFLStateAbbreviationCd
ZIP34786ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts QuestionfalseForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified PrsnfalseSaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified PrsnfalseBrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified PrsnfalseFurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified PrsnfalsePayCompDisqualifiedPrsnInd
Transfer Ast Disqualified PrsnfalseTransferAstDisqualifiedPrsnInd
Payment To Government OfficialfalsePaymentToGovernmentOfficialInd
Undistributed Income PYfalseUndistributedIncomePYInd
Business HoldingsfalseBusinessHoldingsInd
Jeopardy InvestmentsfalseJeopardyInvestmentsInd
Uncorrected PY Jeopardy InvstfalseUncorrectedPYJeopardyInvstInd
Influence LegislationfalseInfluenceLegislationInd
Influence ElectionfalseInfluenceElectionInd
Grants To IndividualsfalseGrantsToIndividualsInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Noncharitable PurposefalseNoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft CntrctfalseRcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft CntrctfalsePayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (3 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
TONIA BATCHELOR
8951 BONITA BEACH RD STE 525-308BONITA SPRINGSFL34135PRESIDENT000.00$0$0$0
NATALIE WALLACE
13506 SUMMERPORT VILLAGE PKWY 535WINDERMEREFL34786SECRETARY000.00$0$0$0
THOMAS PETRO
565 CASCADING CREEK LANEWINTER GARDENFL34787VICE PRESIDE000.00$0$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Comp Of Hghst Pd Cntrct Or NONENONECompOfHghstPdCntrctOrNONETxt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Description1N/ADescription1Txt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$682,670AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$108,519AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$791,189TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$791,189AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$11,868CashDeemedCharitableAmt
Net Vl Noncharitable Assets$779,321NetVlNoncharitableAssetsAmt
Minimum Investment Return$38,966MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$38,966MinimumInvestmentReturnAmt
Tax Based On Investment Income$144TaxBasedOnInvestmentIncomeAmt
Total Tax$144TotalTaxAmt
Distributable Before Adj$38,822DistributableBeforeAdjAmt
Distributable Before Ded$38,822DistributableBeforeDedAmt
Distributable As Adjusted$38,822DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$16,000ExpensesAndContributionsAmt
Qualifying Distributions$16,000QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$38,822DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5$45,808ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4$44,072ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$63,667ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr1$6,841ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$160,388TotalExcessDistributionCyovAmt
Qualifying Distributions$16,000QualifyingDistributionsAmt
Applied To Current Year$16,000AppliedToCurrentYearAmt
Excess Distri Cyov App CY Corpus$22,822ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$22,822ExcessDistributionCyovAppCYAmt
Total Corpus$137,566TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5$22,986ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr$114,580ExcessDistriCyovToNextYrAmt
Excess From Year4$44,072ExcessFromYear4Amt
Excess From Year3$63,667ExcessFromYear3Amt
Excess From Year1$6,841ExcessFromYear1Amt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (3 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
BOYS & GIRLS CLUB OF CENTRAL FLORID
PO BOX 2987ORLANDOFL32802509(A)1OPERATIONS$8,500
WEST ORANGE CHAMBER OF COMMERCE
12184 W COLONIAL DRIVEWINTER GARDENFL34787NON-PROFITOPERATIONS$5,000
NAVY SEAL FOUNDATION
1619 D STREETVIRGINIA BEACHVA23459NON-PROFITOPERATIONS$2,500
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$16,000TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$17RelatedOrExemptFunctionIncmAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$10,356RelatedOrExemptFunctionIncmAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$92,794RelatedOrExemptFunctionIncmAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$103,167RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$103,167TotalIncomeProducingActyAmt

Rln Of Acty To Accom Of Exmpt Prps RlnOfActyToAccomOfExmptPrpsGrp

Rln Of Acty To Accom Of Exmpt Prps RlnOfActyToAccomOfExmptPrpsGrp (2 entries)

Line NumberLineNumberTxtRelationship StatementRelationshipStatementTxt
3INVESTMENT OF INITIAL FUNDS TO ACCUMULATE ADDITIONAL AMOUNTS TO BE DISTRIBUTED TO ORGANIZATIONS THAT HAVE CHARITABLE, EDUCATIONAL, RELIGIOUS, SCIENTIFIC OR OTHER NONPROFIT GOALS OR MOTIVES
4INVESTMENT OF INITIAL FUNDS TO ACCUMULATE ADDITIONAL AMOUNTS TO BE DISTRIBUTED TO ORGANIZATIONS THAT HAVE CHARITABLE, EDUCATIONAL, RELIGIOUS, SCIENTIFIC OR OTHER NON PROFIT GOALS OR MOTIVES

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EOfalseTrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EOfalseTrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of AssetsfalseSalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EOfalsePurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth AssetsfalseRentalOfFacilitiesOthAssetsInd
Reimbursement ArrangementsfalseReimbursementArrangementsInd
Loans Or Loan GuaranteesfalseLoansOrLoanGuaranteesInd
Performance Of Services EtcfalsePerformanceOfServicesEtcInd
Sharing Of Facilities EtcfalseSharingOfFacilitiesEtcInd
Relationships Nonchrtbl EOfalseRelationshipsNonchrtblEOInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

FieldValueIRS element (for citing)
CategoryINDIRECT ACCOUNTING FEESCategoryTxt
Amt$1,154Amt

Gain Loss Sale Other Assets Sch GainLossSaleOtherAssetsSch

Gain Loss Sale Other Asset GainLossSaleOtherAssetGrp (2 entries)

AssetAssetDescAcquiredAcquiredDtHow AcquiredHowAcquiredTxtSoldSoldDtGross Sales PriceGrossSalesPriceAmtBasisBasisAmtTotal NetTotalNetAmt
FACEBOOK2013-03PURCHASE2021-07$100,317$7,523$92,794
ORION OFFICE REIT2021-11PURCHASE2021-11$17$17

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt
EXPENSES
BROKERAGE FEES$10,144

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryLICENSES & PERMITSCategoryTxt
Amt$27Amt