2025-02-07T11:01:15-05:00 2024-09-30 346565596 ERNST & YOUNG US LLP 155 N WACKER DRIVE CHICAGO IL 60606 990 2023-10-01 201110773 SUDBURY CHARITABLE TRUST SUDB 3126306000 PO BOX 803878 CHICAGO IL 60680 THE NORTHERN TRUST COMPANY TRUSTEE 3126306000 2025-01-21 true true JASON BELOT P00183464 3128792000 2025-01-21 2023 2025-03-06 01:10:19Z SAME AS C ABOVE 790870 false X N/A X 2002 IL TO SUPPORT THE ORGANIZATIONS LISTED IN SCHEDULE A PART I 1 1 0 0 0 0 0 76282 282605 0 76282 282605 117822 222757 0 42771 44950 0 0 5350 4353 165943 272060 -89661 10545 4437856 4448469 0 0 4437856 4448469 TO SUPPORT THE ORGANIZATIONS LISTED IN SCHEDULE A PART I false false 148510 148510 STERLING ROCK FALLS COMMUNITY TRUST - GRANT 74248 74248 KNOX COLLEGE - GRANT 222758 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 false true false false false false false false false false false false false false false false false false false false false true 0 0 0 false false false false false false false false false false false false false X 1 1 false false false false false false false true false false false true true true true false true false false false IL X NORTHERN TRUST COMPANY 3126306000 PO BOX 803878 CHICAGO IL 60680 NORTHERN TRUST COMPANY TRUSTEE 40.0 0.0 X 44950 0 0 44950 0 0 false false false 198139 198139 592731 508265 84466 84466 84466 282605 282605 222757 222757 44950 44950 3000 3000 0 0 FOREIGN TAXES 1314 1314 STATE FILING FEE 15 15 ADR FEES 24 24 272060 222757 49303 0 238380 68525 4199476 4379944 4437856 4448469 0 0 X 4437856 4448469 4437856 4448469 4437856 4448469 X 10545 68 X false false false X X X 2 STERLING ROCK FALLS COMMUNITY TRUST 366217952 8 true 148510 0 KNOX COLLEGE 370673513 2 true 74248 0 2 222758 0 true false false false false false false false false false false false false false false true false true 0 0 159918 205349 159918 205349 0 20088 33976 0 139830 171373 5568886 5959998 0 0 5568886 5959998 0 0 5568886 5959998 83533 89400 5485353 5870598 191987 205471 0 191987 205471 139830 118856 191987 191987 0 191987 222757 0 15327 0 0 0 238084 0 191987 0 191987 51648 0 0 0 0 0 0 0 0 0 0 238084 51648 186436 0 0 5551 0 0 0 0 0 0 LINE 2 & 3 SEE ATTACHED LINE 6iii SEE ATTACHED LINE 2ii THE SUDBURY CHARITABLE TRUST (THE "TRUST") FAILED TO DISTRIBUTE $105,080 BEFORE 9/30/2018, IN ACCORDANCE WITH TREASURY REGULATION SECTION 1.509(a)-4(i)(5)(ii), BECAUSE THE NORTHERN TRUST COMPANY ("NORTHERN"), THE SOLE TRUSTEE, HAD NOT YET CREATED PROCEDURES TO COMPLY WITH THE NEW REQUIREMENTS UNDER THE REVISED REGULATIONS. INSTEAD, THE TRUST PROPERLY PAID OUT THE NET LINE 2ii INCOME DISTRIBUTABLE UNDER THE TERMS OF THE GOVERNING INSTRUMENT PRIOR TO 9/30/2017, BUT FAILED TO CALCULATE THE DIFFERENCE BETWEEN THAT AND THE "DISTRIBUTABLE AMOUNT" AS DEFINED IN TREASURY REGULATION SECTION 1.509(a)-4t(i)(5)(ii)(B). HOWEVER, IN CONNECTION WITH THE PREPARATION OF THIS NEW SCHEDULE A, NORTHERN'S TAX DEPARTMENT RECOGNIZED THE NEED TO HAVE SYSTEMATIC PROCEDURES FOR LINE 2ii COMPLIANCE WITH THE NEW REQUIREMENT, AND HAS IMPLEMENTED PROCEDURES SIMILAR TO THOSE USED FOR THE PRIVATE FOUNDATIONS THAT NORTHERN ADMINISTERS. THE TRUST PAID OUT $110,219.61 LESS THAN 180 DAYS SINCE THE DISCOVERY OF THE UNDER DISTRIBUTION AND HENCEFORTH WILL TIMELY COMPLY WITH THE REQUIREMENT. PART IV, SECTION D, LINE 2 NORTHERN TRUST MAINTAINED A CLOSE AND CONTINUOUS RELATIONSHIP VIA COMMUNICATION EITHER BY EMAIL, PHONE AND FACE TO FACE MEETINGS WITH THE PORTFOLIO MANAGER, CLIENT ADVISOR AND/OR MANAGING DIRECTOR. PART IV, SECTION D, LINE 3 REPRESENTATIVES OF THE TRUSTEE AND THE SUPPORTED ORGANIZATION(S) HAVE PERIODIC TELEPHONE MEETINGS DURING WHICH QUESTIONS AND CONCERNS ARE ADDRESSED. THE TERMS OF THE DISTRIBUTIONS ARE DETERMINED BY THE TRUST DOCUMENT. NORTHERN TRUST PROVIDES THE SUPPORTED ORGANIZATION(S) WITH REGULAR INVESTMENT STATEMENTS, ETC. PART V, SCH E, LINES 2 THE SUDBURY CHARITABLE TRUST (THE TRUST) FAILED TO DISTRIBUTE $46,954 FOR YEARS PRIOR TO 2020, IN ACCORDANCE WITH TREASURY REGULATION SECTION 1.509(A)-4(I)(5)(II), BECAUSE THE NORTHERN TRUST COMPANY (NORTHERN), THE SOLE TRUSTEE, HAD NOT YET CREATED PROCEDURES TO COMPLY WITH THE NEW REQUIREMENTS UNDER THE REVISED REGULATIONS. CONT. INSTEAD, THE TRUST PROPERLY PAID OUT THE NET INCOME DISTRIBUTABLE UNDER THE TERMS OF THE GOVERNING INSTRUMENT PRIOR SEPTEMBER 30, 2021, BUT FAILED TO CALCULATE THE DIFFERENCE BETWEEN THAT AND THE DISTRIBUTABLE AMOUNT AS DEFINED IN TREASURY REGULATION SECTION 1.509(A)-4(I)(5)(II)(B). CONT. HOWEVER, IN CONNECTION WITH THE PREPARATION OF THIS NEW SCHEDULE A, THE NORTHERN TAX DEPARTMENT RECOGNIZED THE NEED TO HAVE SYSTEMATIC PROCEDURES FOR COMPLIANCE WITH THE NEW REQUIREMENT, AND HAS IMPLEMENTED PROCEDURES SIMILAR TO THOSE USED FOR THE PRIVATE FOUNDATIONS THAT NORTHERN ADMINISTERS. CONT. THE REASONABLE CAUSE EXCEPTION UNDER TREASURY REGULATION SECTION 1.509(A)-4(I)(5)(II)(F) STATES AN ORGANIZATION THAT FAILS TO DISTRIBUTE ITS DISTRIBUTABLE AMOUNT WILL NOT BE CLASSIFIED AS A PRIVATE FOUNDATION FOR THE YEAR OF THE FAILURE IF THE ORGANIZATION ESTABLISHES TO THE SATISFACTION OF THE IRS THAT: CONT. (1) THE FAILURE WAS DUE TO UNFORESEEN EVENTS OR CIRCUMSTANCES BEYOND ITS CONTROL, A CLERICAL ERROR, OR AN INCORRECT VALUATION OF ASSETS; (2) THE FAILURE WAS DUE TO REASONABLE CAUSE AND NOT TO WILLFUL NEGLECT; CONT. AND (3) THE DISTRIBUTION REQUIREMENT IS MET WITHIN 180 DAYS AFTER THE ORGANIZATION IS FIRST ABLE TO DISTRIBUTE ITS DISTRIBUTABLE AMOUNT NOTWITHSTANDING THE UNFORESEEN EVENTS OR CIRCUMSTANCES, OR WITHIN 180 DAYS AFTER THE CLERICAL ERROR OR INCORRECT VALUATION WAS OR SHOULD HAVE BEEN DISCOVERED. CONT. AS ESTABLISHED ABOVE, THE UNDERDISTRIBUTION WAS DUE TO REASONABLE CAUSE AND NOT TO WILLFUL NEGLECT. THE TRUST WILL PAY OUT THE UNDERDISTRIBUTION IN LESS THAN 180 DAYS SINCE THE DISCOVERY OF THE UNDERDISTRIBUTION AND HENCEFORTH WILL TIMELY COMPLY WITH THE DISTRIBUTABLE AMOUNT REQUIREMENT. PART V, SECTION E, LINE 6 THE UNDERDISTRIBUTION WAS DUE TO REASONABLE CAUSE AND NOT TO WILLFUL NEGLECT. THE TRUST WILL PAY OUT THE UNDERDISTRIBUTION IN LESS THAN 180 DAYS SINCE THE DISCOVERY OF THE UNDERDISTRIBUTION AND HENCEFORTH WILL TIMELY COMPLY WITH THE DISTRIBUTABLE AMOUNT REQUIREMENT. true STERLING ROCK FALLS COMMUNITY TRUST 2 E SOUTH ST GALESBURG IL 61401 366217952 501(c)(3) 148510 GENERAL SUPPORT KNOX COLLEGE 2 E SOUTH ST GALESBURG IL 61401 370673513 501(c)(3) 74248 GENERAL SUPPORT EXPLANATION FOR FORM 990, SCHEDULE I, PART 1, LINE 2 MEETINGS AT LEAST ANNUALLY WITH SUPPORTED ORGANIZATIONS EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 8b THE ORGANIZATION HAD NO COMMITTEES FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW COPY OF TAX RETURN SENT TO TRUSTEE FOR REVIEW AND COMMENT EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12c ANNUAL ACKNOWLEDGEMENT FORM 990, PAGE 6, PART VI, LINE 19 UPON REQUEST EXPLANATION FOR FORM 990, PART XI, LINE 9 Cost Basis Adjustment is $ (406.59), Return of Capital Adjustment is $ (261.94), 2022 Transaction Posted in 2023 is $ 915.01, 2023 Transaction Posted in 2024 is $ (157.30), Adjustment to Income is $ (22.19)