WATTS FAMILY FOUNDATION: Form 990PF, tax year 2012
View the entire original 990 at ProPublica ↗
- Organization
- WATTS FAMILY FOUNDATION (EIN 20-1944745)
- Tax period
- 2012-01-01 to 2012-12-31
- Filed
- 2013-05-01
- IRS object ID
- 201321239349100747
- Schema version
- 2012v2.2
- 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
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2013-05-01T01:18:23-00:00 | Timestamp |
| Tax Period End Date | 2012-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Foundation Source | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | One Hollow Lane Suite 212 | AddressLine1 |
| City | Lake Success | City |
| State | NY | State |
| ZIP Code | 11042 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990PF | ReturnType |
| Tax Period Begin Date | 2012-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 201944745 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | The Watts Family Foundation | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | WATT | NameControl |
| Phone | 8008391754 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | Foundation Source 501 Silverside Rd | AddressLine1 |
| City | Wilmington | City |
| State | DE | State |
| ZIP Code | 198091377 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Richard C Watts | Name |
| Title | President | Title |
| Date Signed | 2013-05-01 | DateSigned |
| Authorize Third Party | true | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Jeffrey D Haskell | Name |
| Phone | 8008391754 | Phone |
| Date Prepared | 2013-05-01 | DatePrepared |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2012 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exempt PF | X | ExemptPF |
| FMV Assets EOY | 11936 | FMVAssetsEOY |
| Method Of Accounting Cash | X | MethodOfAccountingCash |
Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Not Required To Attach Schedule B | X | NotRequiredToAttachScheduleB |
| Capital Gain Net Incm Net Invst Incm | 0 | CapitalGainNetIncmNetInvstIncm |
| Total Revenue And Expenses | 0 | TotalRevenueAndExpenses |
| Total Net Investment Income | 0 | TotalNetInvestmentIncome |
| Other Expenses Rev And Expnss | 2331 | OtherExpensesRevAndExpnss |
| Other Expenses Net Invst Incm | 15 | OtherExpensesNetInvstIncm |
| Other Expenses Dsbrs Chrtbl Prps | 2316 | OtherExpensesDsbrsChrtblPrps |
| Tot Opr Expenses Rev And Expnss | 2331 | TotOprExpensesRevAndExpnss |
| Tot Opr Expenses Net Invst Incm | 15 | TotOprExpensesNetInvstIncm |
| Tot Opr Expenses Dsbrs Chrtbl Prps | 2316 | TotOprExpensesDsbrsChrtblPrps |
| Contri Gifts Paid Rev And Expnss | 0 | ContriGiftsPaidRevAndExpnss |
| Contri Gifts Paid Dsbrs Chrtbl Prps | 0 | ContriGiftsPaidDsbrsChrtblPrps |
| Total Expenses Rev And Expnss | 2331 | TotalExpensesRevAndExpnss |
| Total Expenses Net Invst Incm | 15 | TotalExpensesNetInvstIncm |
| Total Expenses Dsbrs Chrtbl Prps | 2316 | TotalExpensesDsbrsChrtblPrps |
| Excess Of Revenue Over Expenses | -2331 | ExcessOfRevenueOverExpenses |
| Net Investment Income | 0 | NetInvestmentIncome |
Balance Sheets BalanceSheets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Savings And Temp Cash Invst BOY | 14267 | SavingsAndTempCashInvstBOY |
| Savings And Temp Cash Invst EOY | 11936 | SavingsAndTempCashInvstEOY |
| Savings And Temp Cash Invst EOYFMV | 11936 | SavingsAndTempCashInvstEOYFMV |
| Total Assets BOY | 14267 | TotalAssetsBOY |
| Total Assets EOY | 11936 | TotalAssetsEOY |
| Total Assets EOYFMV | 11936 | TotalAssetsEOYFMV |
| Total Liabilities EOY | 0 | TotalLiabilitiesEOY |
| Org That Do Not Follow SFAS117 | X | OrgThatDoNotFollowSFAS117 |
| Retained Earnings BOY | 14267 | RetainedEarningsBOY |
| Retained Earnings EOY | 11936 | RetainedEarningsEOY |
| Total Net Assets BOY | 14267 | TotalNetAssetsBOY |
| Total Net Assets EOY | 11936 | TotalNetAssetsEOY |
| Total Liabilities Net Assets BOY | 14267 | TotalLiabilitiesNetAssetsBOY |
| Total Liabilities Net Assets EOY | 11936 | TotalLiabilitiesNetAssetsEOY |
Changes In Net Assets Fund Balances ChangesInNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Net Assets Fund Balances BOY | 14267 | TotalNetAssetsFundBalancesBOY |
| Excess Of Revenue Over Expenses | -2331 | ExcessOfRevenueOverExpenses |
| Subtotal | 11936 | Subtotal |
| Total Net Assets Fund Balances EOY | 11936 | TotalNetAssetsFundBalancesEOY |
Qlfy Und Sect4940e For Reduced Tax QlfyUndSect4940eForReducedTax
| Field | Value | IRS element (for citing) |
|---|---|---|
| Liable For4942 Tax | false | LiableFor4942Tax |
| Qualifying Distributions Year1 | 3047 | QualifyingDistributionsYear1 |
| Noncharitable Assets Year1 | 6404 | NoncharitableAssetsYear1 |
| Distribution Ratio Year1 | 000.475796 | DistributionRatioYear1 |
| Qualifying Distributions Year2 | 2331 | QualifyingDistributionsYear2 |
| Noncharitable Assets Year2 | 8119 | NoncharitableAssetsYear2 |
| Distribution Ratio Year2 | 000.287104 | DistributionRatioYear2 |
| Qualifying Distributions Year3 | 2811 | QualifyingDistributionsYear3 |
| Noncharitable Assets Year3 | 10839 | NoncharitableAssetsYear3 |
| Distribution Ratio Year3 | 000.259341 | DistributionRatioYear3 |
| Qualifying Distributions Year4 | 2255 | QualifyingDistributionsYear4 |
| Noncharitable Assets Year4 | 7722 | NoncharitableAssetsYear4 |
| Distribution Ratio Year4 | 000.292023 | DistributionRatioYear4 |
| Qualifying Distributions Year5 | 3388 | QualifyingDistributionsYear5 |
| Noncharitable Assets Year5 | 10954 | NoncharitableAssetsYear5 |
| Distribution Ratio Year5 | 000.309293 | DistributionRatioYear5 |
| Total Distribution Ratio | 001.623557 | TotalDistributionRatio |
| Average Distribution Ratio | 000.324711 | AverageDistributionRatio |
| Net Noncharitable Assets | 12861 | NetNoncharitableAssets |
| Adjusted Noncharitable Assets | 4176 | AdjustedNoncharitableAssets |
| Adj Nonchrtbl Assets And One | 4176 | AdjNonchrtblAssetsAndOnePct |
| Qualifying Distributions | 2316 | QualifyingDistributions |
Excise Tax Based On Investment Incm ExciseTaxBasedOnInvestmentIncm
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Income Excise Tax | 0 | InvestmentIncomeExciseTax |
| Est Tax Payments And Overpayment | 83 | EstTaxPaymentsAndOverpayment |
| Total Credits And Payments | 83 | TotalCreditsAndPayments |
| Tax Paid Original Return | 83 | TaxPaidOriginalReturn |
| Overpayment | 83 | Overpayment |
| Amount To Be Refunded | 83 | AmountToBeRefunded |
Statements Regarding Activities StatementsRegardingActivities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Legislative Political Activities | false | LegislativePoliticalActivities |
| More Than100 Spent | false | MoreThan100Spent |
| Form1120 POL Filed | false | Form1120POLFiled |
| Activities Not Prev Reported | false | ActivitiesNotPrevReported |
| Changes To Articles Or Bylaws | false | ChangesToArticlesOrBylaws |
| Unrelated Bus Income Over1000 | false | UnrelatedBusIncomeOver1000 |
| Termination Etc | false | TerminationEtc |
| Requirements Of Sect508e | true | RequirementsOfSect508e |
| At Least5000 In Assets | true | AtLeast5000InAssets |
| Form990 PF Filed With AG | true | Form990PFFiledWithAG |
| Private Operating Foundation | false | PrivateOperatingFoundation |
| New Substantial Contributors | false | NewSubstantialContributors |
| Interest In Controlled Entity | false | InterestInControlledEntity |
| Applicable Insurance Contract | false | ApplicableInsuranceContract |
| Comply With Public Inspection Rqr | true | ComplyWithPublicInspectionRqr |
Books In Care Of Business Name BooksInCareOfBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | co Foundation Source | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Books In Care Of Phone Number | 8008391754 | BooksInCareOfPhoneNumber |
Books In Care Of US Address BooksInCareOfUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 501 Silverside Road Suite 123 | AddressLine1 |
| City | Wilmington | City |
| State | DE | State |
| ZIP Code | 198091377 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Foreign Bank | false | ForeignBank |
Statements Regarding Acty4720 StatementsRegardingActy4720
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sale Or Exchange With Dsqfly Person | false | SaleOrExchangeWithDsqflyPerson |
| Borrow Or Lend With Dsqfly Person | false | BorrowOrLendWithDsqflyPerson |
| Furnished Goods With Dsqfly Person | false | FurnishedGoodsWithDsqflyPerson |
| Pay Compensation To Dsqfly Person | false | PayCompensationToDsqflyPerson |
| Transfer Assets To Dsqfly Person | false | TransferAssetsToDsqflyPerson |
| Payment To Government Offical | false | PaymentToGovernmentOffical |
| Uncorrected Prior Acts | false | UncorrectedPriorActs |
| Undistributed Income Prior Years | false | UndistributedIncomePriorYears |
| Business Holdings | false | BusinessHoldings |
| Jeopardy Investments | false | JeopardyInvestments |
| Uncorrected Jeopardy Investments | false | UncorrectedJeopardyInvestments |
| Influence Legislation | false | InfluenceLegislation |
| Influence Election | false | InfluenceElection |
| Grants To Individuals | false | GrantsToIndividuals |
| Grants To Organizations | false | GrantsToOrganizations |
| Noncharitable Purpose | false | NoncharitablePurpose |
| Pay Premiums Prsnl Bnft Contract | false | PayPremiumsPrsnlBnftContract |
| Prohibited Tax Shelter Transactn | false | ProhibitedTaxShelterTransactn |
Ofcr Dir Trustees Key Employee Info OfcrDirTrusteesKeyEmployeeInfo
Ofcr Dir Trustees Or Key Employee OfcrDirTrusteesOrKeyEmployee (2 entries)
| Address Line1USAddress/AddressLine1 | CityUSAddress/City | StateUSAddress/State | ZIP CodeUSAddress/ZIPCode | TitleTitle | Avg Hours Per Wk Devoted To PositionAvgHoursPerWkDevotedToPosition | CompensationCompensation |
|---|---|---|---|---|---|---|
| Debbie Watts | ||||||
| Foundation Source 501 Silverside Rd | Wilmington | DE | 19809 | VP | 001.00 | 0 |
| Richard Watts | ||||||
| Foundation Source 501 Silverside Rd | Wilmington | DE | 19809 | Pres / Dir / Sec | 001.00 | 0 |
Minimum Investment Return MinimumInvestmentReturn
| Field | Value | IRS element (for citing) |
|---|---|---|
| Avg Monthly FMV Of Securities | 0 | AvgMonthlyFMVOfSecurities |
| Avg Monthly Cash Balances | 13057 | AvgMonthlyCashBalances |
| FMV All Other Noncharitable Assets | 0 | FMVAllOtherNoncharitableAssets |
| Total FMV Of Unused Assets | 13057 | TotalFMVOfUnusedAssets |
| Adj Total FMV Of Unused Assets | 13057 | AdjTotalFMVOfUnusedAssets |
| Cash Deemed Charitable | 196 | CashDeemedCharitable |
| Net Noncharitable Assets | 12861 | NetNoncharitableAssets |
| Minimum Investment Return | 643 | MinimumInvestmentReturn |
Distributable DistributableAmount
| Field | Value | IRS element (for citing) |
|---|---|---|
| Minimum Investment Return | 643 | MinimumInvestmentReturn |
| Distributable Amount Before Adj | 643 | DistributableAmountBeforeAdj |
| Distributable Amount Before Ded | 643 | DistributableAmountBeforeDed |
| Distributable Amount As Adjusted | 643 | DistributableAmountAsAdjusted |
Qualifying Distributions QualifyingDistributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expenses And Contributions | 2316 | ExpensesAndContributions |
| Qualifying Distributions | 2316 | QualifyingDistributions |
| Adj Qualifying Distributions | 2316 | AdjQualifyingDistributions |
Undistributed Income UndistributedIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Distributable Amount As Adjusted | 643 | DistributableAmountAsAdjusted |
| Excess Distri Carryover Year5 | 2850 | ExcessDistriCarryoverYear5 |
| Excess Distri Carryover Year4 | 1872 | ExcessDistriCarryoverYear4 |
| Excess Distri Carryover Year3 | 2269 | ExcessDistriCarryoverYear3 |
| Excess Distri Carryover Year2 | 1929 | ExcessDistriCarryoverYear2 |
| Excess Distri Carryover Year1 | 2727 | ExcessDistriCarryoverYear1 |
| Total Excess Distri Carryover | 11647 | TotalExcessDistriCarryover |
| Qualifying Distributions | 2316 | QualifyingDistributions |
| Applied To Current Year | 643 | AppliedToCurrentYear |
| Remaining Distri From Corpus | 1673 | RemainingDistriFromCorpus |
| Total Corpus | 13320 | TotalCorpus |
| Undistributed Income CY | 0 | UndistributedIncomeCY |
| Excess Distri Cyov From Year5 | 2850 | ExcessDistriCyovFromYear5 |
| Excess Distri Cyov To Next Year | 10470 | ExcessDistriCyovToNextYear |
| Excess From Year4 | 1872 | ExcessFromYear4 |
| Excess From Year3 | 2269 | ExcessFromYear3 |
| Excess From Year2 | 1929 | ExcessFromYear2 |
| Excess From Year1 | 2727 | ExcessFromYear1 |
| Excess From Current Year | 1673 | ExcessFromCurrentYear |
Supplementary Information SupplementaryInformation
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributing Manager | Debbie Watts | ContributingManager |
| Contributing Manager | Richard Watts | ContributingManager |
| Only Contributes To Preselected | X | OnlyContributesToPreselected |
Trnsfr Tr Rln With Noncharitable EO TrnsfrTrRlnWithNoncharitableEO
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trnsfr Of Cash To Noncharitable EO | false | TrnsfrOfCashToNoncharitableEO |
| Trnsfr Oth Assets Noncharitable EO | false | TrnsfrOthAssetsNoncharitableEO |
| Sales Or Exchanges Of Assets | false | SalesOrExchangesOfAssets |
| Purchase Assets Noncharitable EO | false | PurchaseAssetsNoncharitableEO |
| Rental Of Facilities Etc | false | RentalOfFacilitiesEtc |
| Reimbursement Arrangements | false | ReimbursementArrangements |
| Loans Or Loan Guarantees | false | LoansOrLoanGuarantees |
| Performance Of Services Etc | false | PerformanceOfServicesEtc |
| Sharing Of Facilities Etc | false | SharingOfFacilitiesEtc |
| Relationships Noncharitable E Os | false | RelationshipsNoncharitableEOs |
General Explanation Attachment GeneralExplanationAttachment
Other Expenses Schedule OtherExpensesSchedule
Other Expenses OtherExpenses (3 entries)
| DescriptionDescription | Revenue And Expenses Per BooksRevenueAndExpensesPerBooks | Disbursements Charitable PrpsDisbursementsCharitablePrps | Net Investment IncomeNetInvestmentIncome |
|---|---|---|---|
| Administrative Fees | 2291 | 2291 | |
| Bank Charges | 15 | 15 | |
| State or Local Filing Fees | 25 | 25 |