2015-05-13T10:09:38-07:00 2014-12-31 Regalia & Associates CPAs 103 Town Country Dr Ste K Danville CA 94526 990 2014-01-01 770387306 Carmel Bach Festival Foundation Inc CARM 8316241521 PO Box 575 Carmel CA 93921 Debbie Chinn Exec Director 2015-05-13 true Douglas W Regalia P00186389 9253140390 2014 2016-02-25 16:41:14Z Cyril Yansouni PO Box 575 Carmel CA 93921 576761 false 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. 11 11 0 0 3530 7970 0 135635 568791 0 139165 576761 0 0 0 0 25707 75929 184299 75929 184299 63236 392462 3581577 3506958 0 3581577 3506958 Investment earnings and contributions released from restrictions are transferred to the Carmel Bach Festival in accordance with all legal and accounting stipulations. false false EXPENDITURES REPRESENT FUNDS RELEASED FROM RESTRICTIONS IN ACCORDANCE WITH APPLICABLE ACCOUNTING STANDARDS. INTEREST, DIVIDENDS AND GAINS FROM INVESTMENTS ARE DISBURSED TO THE CCARMEL BACH FESTIVAL FOR THE PURPOSE OF SUPPLEMENTING THE OPERATING ACTIVITIES OF THE FESTIVAL. true false false false false false false false false true false true false false false 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 false false false true false false false false true 0 0 false 0 false false false false false false false false false 0 false false false false false false false false false false X 11 11 false false false false false false false true true false false true true true true true true true true false CA X X Elizabeth Pasquinelli 8316241521 PO Box 575 Carmel CA 93921 X Debbie Chinn Exec Director 1.00 0.00 X 0 0 0 Cyril Yansouni President 1.00 0.00 X X 0 0 0 Aimee Darby CFO 1.00 0.00 X 0 0 0 Peter Albano Director 1.00 0.00 X X 0 0 0 Matthew Little Director 1.00 0.00 X X 0 0 0 Don Mayol Director 1.00 0.00 X 0 0 0 Stan Meresman Director 1.00 0.00 X 0 0 0 Dave Nee Director 1.00 0.00 X 0 0 0 William Sharpe Director 1.00 0.00 X X 0 0 0 Jason Yee Director 1.00 0.00 X 0 0 0 0 false false false 0 7970 7970 0 568791 568791 0 0 0 0 0 0 0 0 576761 568791 X 0 0 0 0 0 0 0 0 0 0 0 158 158 6080 6080 0 0 0 44071 18364 25707 0 0 0 0 0 0 0 0 0 0 0 0 investment portfolio expenses 92150 92150 Endowment Management Fees 33656 33656 Planned Giving Expenses 6759 6759 Miscellaneous 1400 1400 25 25 184299 0 158592 25707 0 112150 135330 0 12000 12000 0 0 0 0 0 0 0 3453531 3356628 0 0 3896 3000 3581577 3506958 0 0 X -158150 -210542 497870 467673 3241857 3249827 3581577 3506958 3581577 3506958 X 392462 -334445 -132636 X false true X true false X X 1 Carmel Bach Festival 941434628 9 true 172393 0 1 172393 true false false false false false false false false false false false false false false false false 3581577 7970 326495 172393 92149 3506959 3645327 3530 182867 165000 85147 3581577 3442437 272406 82484 152000 3645327 3858019 11875 -187015 221817 18625 3442437 3539406 105509 584089 353642 17343 3858019 0.92670 0.07330 false false false 3356628 X 576761 576761 576761 184299 184299 184299 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 years ended December 31, 2014 and 2013, 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, CBF is required to report information regarding its exposure to various tax positions taken by CBF 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 CBF has adequately evaluated its current tax positions and has concluded that as of December 31, 2014 CBF does not have any uncertain tax positions for which a reserve or an accrual for a tax liability would be necessary.CBF 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 CBF continues to satisfy all federal and state statutes in order to qualify for continued tax exemption status. CBF could potentially receive unrelated business income in the future (such as program advertising or sub-lease rental income) requiring CBF to file separate tax returns under federal and state statutes. If such conditions exist, CBF 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 (WITH MODIFICATIONS WHERE NECESSARY), 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 AT THE ORGANIZATION'S OFFICE IN CARMEL, CALIFORNIA (FOR A PHYSICAL INSPECTION). Other Changes In Net Assets Or Fund Balances - Other Decreases Endowment allocation to Carmel Bach Festival = -$172393 Other Changes In Net Assets Or Fund Balances - Other Decreases Other endowment adjustments = -$21121 Other Changes In Net Assets Or Fund Balances - Other Increases other portfolio adjustments = $60878 Carmel Bach Festival Foundation Inc PO Box 575 Carmel CA 93921 770387306 Foundation [supporting 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 false true false Carmel Bach Festival Foundation Inc r 172393 Cost Basis