2020-11-14T06:52:54-08:00 2019-12-31 680260103 Regalia & Associates CPAs 103 Town Country Dr Ste K Danville CA 94526 990 2019-01-01 770387306 Carmel Bach Festival Foundation Inc CARM 8316241521 PO Box 575 Carmel CA 93921 Steve Friedlander Managing Director 8316241521 2020-11-14 true Douglas W Regalia P00186389 9253140390 2019 2021-01-29 14:40:06Z Steve Friedlander PO Box 575 Carmel CA 93921 179504 false X www.bachfestival.org X 1961 CA The purpose of the Foundation is to develop, hold, manage, and distribute endowment funds for the Carmel Bach Festival, Inc. Additionally, the Foundation receives restricted contributions on behalf of the Festival. 9 9 0 10 0 2318809 5154 0 122181 174350 0 2440990 179504 0 0 0 0 0 99897 64142 99897 64142 2341093 115362 5606838 6541044 84048 204800 5522790 6336244 Investment earnings and contributions released from restrictions are transferred to the Carmel Bach Festival in accordance with all legal and accounting stipulations. false false 30384 program expenditures represent funds DISBURSED TO THE CARMEL BACH FESTIVAL FOR THE PURPOSE OF SUPPLEMENTING THE OPERATING ACTIVITIES OF THE FESTIVAL and to reimburse the Festival for certain operating expenses. 30384 true false false false false false false false false false false true false false true true false true false false false false false false false false false false false false false false false false false false false false false false false false false true false false false true 0 0 true 0 false false false false false false false 0 false false false false false false false X 9 9 false false false false false false false true true false false true true true true true true true true false CA X X Steve Friedlander General Mgr 8316241521 PO Box 575 Carmel CA 93921 X David Nee President 1.00 0.00 X X 0 0 0 Susan DuCoeur Director 1.00 0.00 X 0 0 0 Jack Eugster Director 1.00 0.00 X 0 0 0 Matthew Little Vice President 1.00 0.00 X 0 0 0 Nigel Lovett Director 1.00 0.00 X 0 0 0 Dave Maddox Director 1.00 0.00 X 0 0 0 William Sharpe Director 1.00 0.00 X 0 0 0 Cyril Yansouni Secretary 1.00 0.00 X 0 0 0 John Young Treasurer/CFO 1.00 0.00 X 0 0 0 Steve Friedlander Managing Direct 1.00 0.00 X 0 0 0 0 false false false 0 5154 5154 0 174350 174350 0 0 0 0 0 0 0 0 179504 174350 0 0 0 0 0 0 0 0 0 0 0 0 9145 9145 0 0 17794 17794 0 0 0 0 0 0 0 0 0 0 29181 29181 0 0 Overhead/Management 8022 1203 6819 0 64142 30384 33758 0 0 1124329 346965 0 0 0 0 0 0 0 0 0 4482509 6194079 0 0 0 5606838 6541044 84048 204800 84048 204800 X -441365 -562117 5964155 6898361 5522790 6336244 5606838 6541044 115362 698092 X false true X true false X X 1 Carmel Bach Festival 941434628 10 false 0 0 1 0 true false false false false false false false false false false false false false false true false Part I: Additional Information The Carmel Bach Foundation was established to support the Carmel Bach Festival [a 501(c)(3) public charity] by providing ongoing funding through earnings from an investment portfolio created through permanently restricted contributions from Foundation and Festival supporters. 6194079 Interfund liability 204800 204800 X 179504 179504 179504 64142 64142 64142 Part V, Line 4: Intended uses of the endowment fund. All of the endowment funds, classified as permanently restricted net assets, represent donor contributions that are subject to restrictions of gift instruments requiring that the principal balances be maintained in perpetuity. By law, the Foundation is permitted to transfer all interest and realized/unrealized gains to unrestricted net assets. During the year ended December 31, 2018, the Foundation utilized investment earnings generated by assets classified as permanently restricted and transferred an approved draw to the Carmel Bach Festival (a related organization). Part X : FIN48 Footnote Income TaxesFinancial statement presentation follows the recommendations of ASC 740, Income Taxes. Under ASC 740, The Foundation is required to report information regarding its exposure to various tax positions taken by The Foundation and requires a two-step process that separates recognition from measurement. The first step is determining whether a tax position has met the recognition threshold; the second step is measuring a tax position that meets the recognition threshold. Management believes that The Foundation has adequately evaluated its current tax positions and has concluded that as of December 31, 2019 The Foundation does not have any uncertain tax positions for which a reserve or an accrual for a tax liability would be necessary.The Foundation has received notification from the Internal Revenue Service and the State of California that it qualifies for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and Section 23701d of the California Revenue and Taxation Code. The exemptions are subject to periodic review by the federal and state taxing authorities and management is confident that The Foundation continues to satisfy all federal and state statutes in order to qualify for continued tax exemption status. The Foundation could potentially receive unrelated business income in the future (such as program advertising or sub-lease rental income) requiring The Foundation to file separate tax returns under federal and state statutes. If such conditions exist, The Foundation will calculate and accrue the applicable taxes. Form 990, Part VI, Line 11b: Form 990 Review Process FORM 990 IS PREPARED BY AN OUTSIDE TAX PROFESSIONAL. THE FORM IS THEN REVIEWED BYTHE ORGANIZATION'S MANAGEMENT, TREASURER, AND THE DIRECTOR OF FINANCE AND OPERATIONS. THIS GROUP OF INDIVIDUALS THEN DISCUSSES THE CONTENTS OF THE RETURN WITH THE OUTSIDE TAX PROFESSIONAL. AFTER A FULL REVIEW, THE FINAL VERSION OF THE TAX RETURN IS PROVIDED TO ALL MEMBERS OF THE ORGANIZATION'S VOTING BODY. A REPRESENTATIVE OF MANAGEMENT AUTHORIZES THE FINAL FORM 990 WHICH IS THEN E-FILED WITH THE INTERNAL REVENUE SERVICE. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts MEMBERS OF THE BOARD OF DIRECTORS REVIEW ALL POTENTIAL CONFLICTS OF INTEREST ATLEAST ANNUALLY. ALL PERSONNEL AND BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANNUALLY (IN WRITING) POTENTIAL CONFLICTS AND ANY RELATED PARTY AFFILIATIONS. LOANS BETWEEN THE ORGANIZATION AND MEMBERS OF MANAGEMENT AND THE BOARD ARE STRICTLY PROHIBITED. THE ORGANIZATION SEEKS FULL TRANSPARENCY ON ALL RELATIONSHIPS. ANY POTENTIAL CONFLICTS (IN FACT OR APPEARANCE) ARE DISCUSSED OPENLY AND RESOLVED IN ACCORDANCE WITH THE ORGANIZATION'S POLICIES AND PROCEDURES. Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management The Foundation has no employees. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees The Foundation has no employees. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available ALL OF THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND OTHER LEGALFILINGS ARE MAINTAINED IN A SECURE ENVIRONMENT AND HELD AVAILABLE FOR INSPECTION BYTAX AUTHORITIES AND THE GENERAL PUBLIC. TAX RETURNS ARE POSTED ANNUALLY TOWWW.GUIDESTAR.ORG (WHERE IT IS AVAILABLE FOR VIEWING AS AN ELECTRONIC COPY) AND ARE ALSO AVAILABLE FOR A PHYSICAL INSPECTION AT THE ORGANIZATION'S OFFICE IN CARMEL, CALIFORNIA. Carmel Bach Festival Inc PO Box 575 Carmel CA 93921 941434628 Festival [supported org] CA 501c3 Section 509(a)(2) Carmel Bach Festival Inc false false false false false false false false false false false false false false true true false true true false APPROPRIATION OF ENDOWMENT ASSETS ---------------------------------DURING THE YEAR ENDED DECEMBER 31, 2018, THE CARMEL BACH FESTIVAL FOUNDATION, INC. DISBRUSED A TOTAL OF $65,000 TO THE CARMEL BACH FESTIVAL. OF THIS AMOUNT, $47,500 WAS THE BOARD-APPROVED ENDOWMENT DRAW AND $17,500 WAS FOR REIMBURSEMENT OF CERTAIN OPERATING AND OVERHEAD COSTS.