Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
THE MIKE KELLEY FOUNDATION FOR THE ARTS
 
Number and street (or P.O. box number if mail is not delivered to street address)7019 N FIGUEROA STREET
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
LOS ANGELES, CA90042
A Employer identification number

30-0434789
B Telephone number (see instructions)

(323) 257-7853
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$89,634,712J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 447,142 447,142  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 859,560
b Gross sales price for all assets on line 6a 1,901,230
7 Capital gain net income (from Part IV, line 2)... 859,560
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 11,704 11,062  
12 Total. Add lines 1 through 11........ 1,318,406 1,317,764  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 148,185 0   148,185
14 Other employee salaries and wages...... 372,980 0   372,800
15 Pension plans, employee benefits....... 66,224 0   66,224
16a Legal fees (attach schedule)......... Click to see attachment 16,197 0   22,319
b Accounting fees (attach schedule)....... Click to see attachment 93,733 8,878   84,315
c Other professional fees (attach schedule).... Click to see attachment 188,490 107,306   84,114
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 56,881 0   41,547
19 Depreciation (attach schedule) and depletion... 31,719 0  
20 Occupancy.............. 50,675 0   50,675
21 Travel, conferences, and meetings....... 3,517 0   3,541
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 176,591 0   177,756
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,205,192 116,184   1,051,476
25 Contributions, gifts, grants paid....... 530,000 530,000
26 Total expenses and disbursements. Add lines 24 and 25 1,735,192 116,184   1,581,476
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -416,786
b Net investment income (if negative, enter -0-) 1,201,580
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 618,807 689,781 689,781
2 Savings and temporary cash investments......... 906,879 1,052,570 1,052,570
3 Accounts receivable bullet82,150
Less: allowance for doubtful accounts bullet   99,296 82,150 82,150
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 117,098 105,909 105,909
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 11,221,734 Click to see attachment12,770,460 12,770,460
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 11,266,312 Click to see attachment11,022,551 11,022,551
14 Land, buildings, and equipment: basis bullet1,155,661
Less: accumulated depreciation (attach schedule) bullet385,291 766,944 770,370 770,370
15 Other assets (describe bullet) Click to see attachment63,903,709 Click to see attachment63,140,921 Click to see attachment63,140,921
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 88,900,779 89,634,712 89,634,712
Liabilities 17 Accounts payable and accrued expenses.......... 41,636 39,510
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment173,158 Click to see attachment234,950
23 Total liabilities (add lines 17 through 22)......... 214,794 274,460
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 88,685,985 89,360,252
29 Total net assets or fund balances (see instructions)..... 88,685,985 89,360,252
30 Total liabilities and net assets/fund balances (see instructions). 88,900,779 89,634,712
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
88,685,985
2
Enter amount from Part I, line 27a .....................
2
-416,786
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
1,091,053
4
Add lines 1, 2, and 3 ..........................
4
89,360,252
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
89,360,252
Form 990-PF (2020)
Form 990-PF (2020)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a SALE OF ARTWORK P 2014-11-01 2020-12-31
b REALIZED GAIN FROM INVESTMENTS P 2020-01-01 2020-12-31
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 1,176,679   1,041,670 135,009
b 724,551     724,551
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       135,009
b       724,551
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 859,560
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 16,702
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 16,702
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 16,702
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 22,470
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 5,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 27,470
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 10,768
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet10,768 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletCA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletMIKEKELLEYFOUNDATION.ORG
    14
    The books are in care ofbulletMARY CLARE STEVENS Telephone no.bullet (323) 257-7853

    Located atbullet7019 N FIGUEROA STREETLOS ANGELESCA ZIP+4bullet90042
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    JOHN WELCHMAN CHAIRMAN
    1.00     		0 0 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    GARY SIMMONS BOARD MEMBER
    1.00     		0 0 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    STEPHANIE BARRON BOARD MEMBER
    1.00     		0 0 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    JOAN WEINSTEIN SECRETARY
    1.00     		0 0 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    CLAIRE PEEPS BOARD MEMBER
    1.00     		0 0 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    CATHY OPIE BOARD MEMBER
    1.00     		0 0 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    ED RADA TREASURER
    1.00     		0 0 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    MARY CLARE STEVENS EXECUTIVE DIRECTOR
    50.00     		148,185 9,643 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    MARK LIGHTCAP COLLECTION MANAGER
    40.00     		85,000 5,599 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    MARY HABERLE DIRECTOR OF ARCHIVES
    40.00     		77,000 2,310 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    ROCHELE GOMEZ GRANTS MANAGER
    40.00     		60,000 1,800 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    JUSTIN EDWARDS OFFICE MANAGER
    40.00     		58,000 1,071 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    LORI DEDEYAN PROCESSING ARCHIVIST
    40.00     		52,339 363 0
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    JP MORGAN INVESTMENT ADVISORY 107,306
    2029 CENTURY PARK EAST 39TH FLOOR
    LOS ANGELES,CA90067
    DJK CONSULTING ACCOUNTING & BOOKKEEPING SERVICES 59,184
    1716 ALAMITAS AVE UNIT D
    MONROVIA,CA91016
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 THE MIKE KELLEY FOUNDATION FOR THE ARTS (THE "FOUNDATION") WAS ESTABLISHED BY THE ARTIST MIKE KELLEY IN 2007 AND SEEKS TO FURTHER KELLEY'S PHILANTHROPIC WORK THROUGH GRANTS FOR INNOVATIVE PROJECTS THAT REFLECT HIS MULTIFACETED ARTISTIC PRACTICE. THE FOUNDATION ALSO PRESERVES MIKE KELLEY'S LEGACY MORE BROADLY AND ADVANCES THE UNDERSTANDING OF HIS LIFE AND CREATIVE ACHIEVEMENTS. THE FOUNDATION'S FIRST FORMAL GRANTS INITIATIVE COMMENCED IN 2016 TO PROVIDE SUPPORT TO LOS ANGELES NONPROFIT INSTITUTIONS AND ORGANIZATIONS FOR PROJECTS WITH VISUAL ARTISTS OR ARTIST COLLECTIVES. THE GOAL IS TO BENEFIT ARTISTS AND ARTS ORGANIZATIONS ALIKE, AND TO SUPPORT COMPELLING, INVENTIVE, AND CHALLENGING WORK IN ANY MEDIUM. THE FOUNDATION WILL WORK WITH LOCAL NONPROFITS TO SUPPORT ARTIST-CENTERED PROJECTS OR SERIES OF PROJECTS, PARTICULARLY THE CREATION OF NEW WORKS, AS WELL AS DYNAMIC COLLABORATIONS BETWEEN ARTISTS AND HOST ORGANIZATIONS. 1,581,477
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    23,247,713
    b
    Average of monthly cash balances.......................
    1b
    330,744
    c
    Fair market value of all other assets (see instructions)................
    1c
    1,346,059
    d
    Total (add lines 1a, b, and c).........................
    1d
    24,924,516
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    24,924,516
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    373,868
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    24,550,648
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,227,532
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,227,532
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    16,702
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    16,702
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,210,830
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,210,830
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    1,210,830
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    1,581,476
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    1,581,476
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    1,581,476
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 1,210,830
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016...... 418,442
    c From 2017......  
    d From 2018...... 29,303
    e From 2019...... 320,339
    fTotal of lines 3a through e........ 768,084
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 1,581,476
    a Applied to 2019, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 1,210,830
    e Remaining amount distributed out of corpus 370,646
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 1,138,730
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		1,138,730
    10 Analysis of line 9:
    a Excess from 2016.... 418,442
    b Excess from 2017....  
    c Excess from 2018.... 29,303
    d Excess from 2019.... 320,339
    e Excess from 2020.... 370,646
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    THE ORGANIZATION
    7019 N FIGUEROA ST
    LOS ANGELES,CA90042
    (323) 257-7856
    bThe form in which applications should be submitted and information and materials they should include:
    PLEASE SEE THE FOUNDATION'S WEBSITE FOR DETAIL
    cAny submission deadlines:
    OCTOBER 31ST OF EACH YEAR
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    MUST BE SPENT ON ART RELATED ACTIVITIES: EDUCATION, PROMOTION, AND ADVANCEMENT OF ARTS.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    HUMAN RESOURCES LA INC
    410 COTTAGE HOME STREET
    LOS ANGELES,CA90012     		NONE PC ARTS PROGRAMMING 45,000
    VISUAL COMMUNICATIONS MEDIA
    120 JUDGE JOHN AISO STREET
    LOS ANGELES,CA90012     		NONE PC ARTS PROGRAMMING 25,000
    PIETER
    420 WEST AVE 33 UNIT 10
    LOS ANGELES,CA90031     		NONE PC ARTS PROGRAMMING 45,000
    VINCENT PRICE ART MUSEUM FOUNDATION
    1301 AVENIDA CESAR CHAVEZ
    MONTEREY PARK,CA91754     		NONE PC ARTS PROGRAMMING 50,000
    ARMORY CENTER FOR THE ARTS
    145 N RAYMOND AVE
    PASADENA,CA91103     		NONE PC ARTS PROGRAMMING 45,000
    CALIFORNIA INSTITUTE FOR THE ARTS - DBA REDCAT
    631 WEST 2ND STREET
    LOS ANGELES,CA90012     		NONE PC ARTS PROGRAMMING 50,000
    FULCRUM ARTS FISCAL SPONSOR FOR HOMELA
    145 NORTH RAYMOND AVE
    PASADENA,CA91103     		NONE PC ARTS PROGRAMMING 45,000
    FILMFORUM INC
    6522 HOLLYWOOD BLVD
    LOS ANGELES,CA90028     		NONE PC ARTS PROGRAMMING 45,000
    MUSEUM OF CONTEMPORARY ART DETROIT-MOCAD
    4454 WOODWARD AVE
    DETROIT,MI48201     		NONE PC ARTS PROGRAMMING 50,000
    LOS ANGELES CONTEMPORARY EXHIBITIONS DBA LACE
    6522 HOLLYWOOD BLVD
    LOS ANGELES,CA90028     		NONE PC ARTS PROGRAMMING 50,000
    UNITED STATES ARTISTS FISCAL AGENT FOR ARTIST RELIEF
    200 WEST MADISON STREET FL 3
    CHICAGO,IL60606     		NONE PC ARTIST RELIEF GRANTS DUE TO COVID 19 50,000
    CALIFORNIA COMMUNITY FOUNDATION FISCAL AGENT FOR RELIEF FUND FOR LA COUNTY
    221 S FIGUEROA STREET
    LOS ANGELES,CA90012     		NONE PC ARTIST RELIEF GRANTS DUE TO COVID 19 30,000
    Total .................................bullet 3a 530,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities....     14 447,142  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....     15 11,062  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 859,560  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aOTHER INCOME     		    01 642  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 1,318,406 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    1,318,406
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BOOKKEEPING 59,184 8,878   50,306
    ACCOUNTING 34,549 0   34,009

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Name of Stock End of Year Book Value End of Year Fair Market Value
    US EQUITIES 7,385,745 7,385,745
    EAFE EQUITIES 1,776,698 1,776,698
    INTERNATIONAL EQUITIES 1,515,448 1,515,448
    EMERGING MARKETS EQUITIES 1,628,344 1,628,344
    GLOBAL EQUITIES 464,225 464,225

    TY 2020 InvestmentsOtherSchedule2
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ALTERNATIVE ASSETS FMV 519,968 519,968
    SHORT TERM BONDS FMV 794,679 794,679
    FIXED INCOME FMV 9,707,904 9,707,904

    TY 2020 LegalFeesSchedule
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL 16,197 0   22,319


    TY 2020 OtherAssetsSchedule
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ARTWORK 63,897,049 63,133,021 63,133,021
    DEPOSITS 6,660 7,900 7,900


    TY 2020 OtherExpensesSchedule
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    REPAIRS AND MAINTENANCE 21,969 0   22,235
    OFFICE SUPPLIES 14,940 0   14,978
    TELEPHONE 11,239 0   11,239
    INSURANCE 89,101 0   89,841
    DUES & SUBSCRIPTION 4,443 0   4,443
    UTILITIES 12,150 0   12,209
    LICENSES 184 0   209
    PAYROLL PROCESSING 2,001 0   2,001
    PROGRAM EXPENSES 15,922 0   15,959
    WORKERS COMPENSATION INSURANCE 4,642 0   4,642


    TY 2020 OtherIncomeSchedule2
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ROYALTY INCOME 11,062 11,062 11,062
    OTHER INCOME 642   642


    TY 2020 OtherIncreasesSchedule
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Description Amount
    UNREALIZED GAIN ON INVESTMENTS 1,091,053


    TY 2020 OtherLiabilitiesSchedule
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Description Beginning of Year - Book Value End of Year - Book Value
    DEFERRED REVENUE 151,880 198,789
    DEFERRED EXCISE TAX 21,278 36,161


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OUTSIDE SERVICES 51,680 0   55,150
    CONTRACTORS 29,504 0   28,964
    BROKERAGE FEES 107,306 107,306   0


    TY 2020 TaxesSchedule
    Name:
    THE MIKE KELLEY FOUNDATION FOR THE ARTS
    EIN:
    30-0434789
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PAYROLL TAXES 40,712 0   40,712
    PROPERTY TAXES 535 0   268
    STATE/LOCAL TAXES 110 0   84
    FEDERAL TAXES 15,524 0   483