PETRO FAMILY FOUNDATION INC: Form 990PF, tax year 2020

View the entire original 990 at ProPublica ↗

Organization: PETRO FAMILY FOUNDATION INC (EIN 52-2373545)
Tax period: 2020-07-01 to 2021-06-30
Filed: 2021-12-03
IRS object ID: 202123379349100602
Schema version: 2020v4.0
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
Accounting Fees Schedule
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2021-12-03T09:10:47-06:00	ReturnTs
Tax Period End	2021-06-30	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	592858029	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	BARO BAGWELL & COMPANY CPAS PA	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	2600 MAITLAND CENTER PARKWAY STE 2	AddressLine1Txt
City	MAITLAND	CityNm
State Abbreviation	FL	StateAbbreviationCd
ZIP	32751	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990PF	ReturnTypeCd
Tax Period Begin	2020-07-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	522373545	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	PETRO FAMILY FOUNDATION INC	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	PETR	BusinessNameControlTxt
Phone	4076540155	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	13506 SUMMERPORT VILLAGE PKWY 535	AddressLine1Txt
City	WINDERMERE	CityNm
State Abbreviation	FL	StateAbbreviationCd
ZIP	34786	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	NATALIE WALLACE	PersonNm
Person Title	SECRETARY	PersonTitleTxt
Phone	4093992404	PhoneNum
Signature	2021-11-12	SignatureDt

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	NATALIE	PersonFirstNm
Person Last	WALLACE	PersonLastNm

Field	Value	IRS element (for citing)
SSN	999009999	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	JOANNE M MCCARTER CPA	PreparerPersonNm
PTIN	P01651687	PTIN
Phone	4076471717	PhoneNum
Preparation	2021-12-03	PreparationDt

Field	Value	IRS element (for citing)
Tax	2020	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990-PF IRS990PF

Field	Value	IRS element (for citing)
Organization501c3 Exempt PF	Yes (X)	Organization501c3ExemptPFInd
FMV Assets EOY	$811,573	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	$44	InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm	$44	InterestOnSavNetInvstIncmAmt
Interest On Savings Adj Net Incm	$44	InterestOnSavingsAdjNetIncmAmt
Dividends Rev And Expnss	$1,925	DividendsRevAndExpnssAmt
Dividends Net Invst Incm	$1,925	DividendsNetInvstIncmAmt
Dividends Adj Net Incm	$1,925	DividendsAdjNetIncmAmt
Total Rev And Expnss	$1,969	TotalRevAndExpnssAmt
Total Net Invst Incm	$1,969	TotalNetInvstIncmAmt
Total Adj Net Incm	$1,969	TotalAdjNetIncmAmt
Accounting Fees Rev And Expnss	$1,852	AccountingFeesRevAndExpnssAmt
Taxes Rev And Expnss	$61	TaxesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss	$1,913	TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm	$0	TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl	$0	TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss	$44,700	ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl	$44,700	ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss	$46,613	TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm	$0	TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl	$44,700	TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses	-$44,644	ExcessRevenueOverExpensesAmt
Net Investment Income	$1,969	NetInvestmentIncomeAmt
Adjusted Net Income	$1,969	AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Field	Value	IRS element (for citing)
Cash BOY	$449,986	CashBOYAmt
Cash EOY	$405,342	CashEOYAmt
Cash EOYFMV	$405,342	CashEOYFMVAmt
US Government Obligations BOY	$124,354	USGovernmentObligationsBOYAmt
US Government Obligations EOY	$124,354	USGovernmentObligationsEOYAmt
US Govt Obligations EOYFMV	$406,231	USGovtObligationsEOYFMVAmt
Total Assets BOY	$574,340	TotalAssetsBOYAmt
Total Assets EOY	$529,696	TotalAssetsEOYAmt
Total Assets EOYFMV	$811,573	TotalAssetsEOYFMVAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Organization Follows FASB117	Yes (X)	OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY	$574,340	NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY	$529,696	NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances BOY	$574,340	TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY	$529,696	TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY	$574,340	TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY	$529,696	TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Field	Value	IRS element (for citing)
Tot Net Ast Or Fund Balances BOY	$574,340	TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses	-$44,644	ExcessRevenueOverExpensesAmt
Subtotal	$529,696	SubtotalAmt
Tot Net Ast Or Fund Balances EOY	$529,696	TotNetAstOrFundBalancesEOYAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Field	Value	IRS element (for citing)
Investment Income Excise Tax	$27	InvestmentIncomeExciseTaxAmt
Subtotal	$27	SubtotalAmt
Tax Based On Investment Income	$27	TaxBasedOnInvestmentIncomeAmt
Tax Due	$27	TaxDueAmt

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	FL	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	NATALIE WALLACE	IndividualWithBooksNm
Phone	4073992404	PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

Field	Value	IRS element (for citing)
Address Line1	13506 SUMMERPORT VILLAGE PKWY 535	AddressLine1Txt
City	WINDERMERE	CityNm
State Abbreviation	FL	StateAbbreviationCd
ZIP	34786	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
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 (3 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
TONIA BATCHELOR
8951 BONITA BEACH RD STE 525-308	BONITA SPRINGS	FL	34135	PRESIDENT	000.00	$0	$0	$0
NATALIE WALLACE
13506 SUMMERPORT VILLAGE PKWY 535	WINDERMERE	FL	34786	SECRETARY	000.00	$0	$0	$0
THOMAS PETRO
565 CASCADING CREEK LANE	WINTER GARDEN	FL	34787	VICE PRESIDE	000.00	$0	$0	$0

Field	Value	IRS element (for citing)
Comp Of Hghst Pd Empl Or NONE	NONE	CompOfHghstPdEmplOrNONETxt
Comp Of Hghst Pd Cntrct Or NONE	NONE	CompOfHghstPdCntrctOrNONETxt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

Field	Value	IRS element (for citing)
Description1	N/A	Description1Txt

Minimum Investment Return MinimumInvestmentReturnGrp

Field	Value	IRS element (for citing)
Average Monthly FMV Of Sec	$344,251	AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances	$425,017	AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast	$0	FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets	$769,268	TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast	$769,268	AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable	$11,539	CashDeemedCharitableAmt
Net Vl Noncharitable Assets	$757,729	NetVlNoncharitableAssetsAmt
Minimum Investment Return	$37,886	MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

Field	Value	IRS element (for citing)
Minimum Investment Return	$37,886	MinimumInvestmentReturnAmt
Tax Based On Investment Income	$27	TaxBasedOnInvestmentIncomeAmt
Total Tax	$27	TotalTaxAmt
Distributable Before Adj	$37,859	DistributableBeforeAdjAmt
Distributable Before Ded	$37,859	DistributableBeforeDedAmt
Distributable As Adjusted	$37,859	DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

Field	Value	IRS element (for citing)
Expenses And Contributions	$44,700	ExpensesAndContributionsAmt
Qualifying Distributions	$44,700	QualifyingDistributionsAmt
Adjusted Qualifying Distri	$44,700	AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

Field	Value	IRS element (for citing)
Distributable As Adjusted	$37,859	DistributableAsAdjustedAmt
Excess Distribution Cyov Yr5	$24,287	ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4	$45,808	ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3	$44,072	ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2	$63,667	ExcessDistributionCyovYr2Amt
Total Excess Distribution Cyov	$177,834	TotalExcessDistributionCyovAmt
Qualifying Distributions	$44,700	QualifyingDistributionsAmt
Applied To Current Year	$37,859	AppliedToCurrentYearAmt
Remaining Distri From Corpus	$6,841	RemainingDistriFromCorpusAmt
Total Corpus	$184,675	TotalCorpusAmt
Undistributed Income CY	$0	UndistributedIncomeCYAmt
Excess Distri Cyov From Yr5	$24,287	ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr	$160,388	ExcessDistriCyovToNextYrAmt
Excess From Year4	$45,808	ExcessFromYear4Amt
Excess From Year3	$44,072	ExcessFromYear3Amt
Excess From Year2	$63,667	ExcessFromYear2Amt
Excess From Current Year	$6,841	ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

Field	Value	IRS element (for citing)
Only Contri To Preselected	Yes (X)	OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (4 entries)

Address Line1RecipientUSAddress/AddressLine1Txt	CityRecipientUSAddress/CityNm	State AbbreviationRecipientUSAddress/StateAbbreviationCd	ZIPRecipientUSAddress/ZIPCd	Recipient Foundation StatusRecipientFoundationStatusTxt	Grant Or Contribution PurposeGrantOrContributionPurposeTxt	AmtAmt
BOYS & GIRLS CLUB OF CENTRAL FLORID
PO BOX 2987	ORLANDO	FL	32802	509(A)1	OPERATIONS	$23,500
EDGEWOOD CHILDREN'S RANCH
1451 EDGEWOOD RANCH ROAD	ORLANDO	FL	32835	501(C)3	OPERATIONS	$1,200
WEST ORANGE CHAMBER OF COMMERCE
12184 W COLONIAL DRIVE	WINTER GARDEN	FL	34787	NON-PROFIT	OPERATIONS	$10,000
BOYS & GIRLS CLUB OF BLOOMINGTON
311 S LINCOLN AVE	BLOOMINGTON	IN	47401	NON-PROFIT	OPERATIONS	$10,000

Field	Value	IRS element (for citing)
Total Grant Or Contri Pd Dur Yr	$44,700	TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

Field	Value	IRS element (for citing)
Related Or Exempt Function Incm	$44	RelatedOrExemptFunctionIncmAmt

Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp

Field	Value	IRS element (for citing)
Related Or Exempt Function Incm	$1,925	RelatedOrExemptFunctionIncmAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Field	Value	IRS element (for citing)
Related Or Exempt Function Incm	$1,969	RelatedOrExemptFunctionIncmAmt

Field	Value	IRS element (for citing)
Total Income Producing Acty	$1,969	TotalIncomeProducingActyAmt

Rln Of Acty To Accom Of Exmpt Prps RlnOfActyToAccomOfExmptPrpsGrp

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

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

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	INDIRECT ACCOUNTING FEES	CategoryTxt
Amt	$1,852	Amt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

Field	Value	IRS element (for citing)
Category	LICENSES & PERMITS	CategoryTxt
Amt	$61	Amt