| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| TAX PREPARATION FEE | 1,200 | 600 | 600 |
| Identifier | Return Reference | Explanation |
|---|---|---|
| FORM 990-PF, PART VII-B. LINE 1C | MEYER CHARITABLE FOUNDATION2018 FORM 990-PFSTATEMENTPART VII-B, QUESTION 1C.IN MARCH 2019, THE MEYER CHARITABLE FOUNDATION (THE "FOUNDATION") BECAME AWARE THAT ONE OF ITS THEN-CURRENT DIRECTORS WAS ALLEGED TO HAVE IMPROPERLY CAUSED THE FOUNDATION TO MAKE THE FOLLOWING GRANTS:DATE GRANTEE AMOUNT5/31/2013 KEY WORLDWIDE FOUNDATION $100,0006/19/2013 KEY WORLDWIDE FOUNDATION $170,0007/2/2013 KEY WORLDWIDE FOUNDATION $5,00010/23/2017 UNIVERSITY OF SOUTHERN CALIFORNIA $50,0002/1/2018 KEY WORLDWIDE FOUNDATION $200,000TOTAL $525,000THE FOUNDATION HAS NOT CONCLUDED THAT THESE GRANTS OR THE FACTS SURROUNDING THE ALLEGATIONS CONSTITUTE SELF-DEALING WITHIN THE MEANING OF SECTION 4941(D)(1) OF THE INTERNAL REVENUE CODE (THE "CODE") AND THE TREASURY REGULATIONS THEREUNDER (THE "REGULATIONS"). HOWEVER, OUT OF AN ABUNDANCE OF CAUTION AND DESIRE TO PROTECT AGAINST EVEN THE APPEARANCE OF IMPROPRIETY, THE FOUNDATION HAS TAKEN THE FOLLOWING STEPS IN RESPONSE TO THE ALLEGATIONS:1. THE DIRECTOR INVOLVED RESIGNED AS BOTH AN OFFICER AND DIRECTOR OF THE FOUNDATION.2. THE SPOUSE OF SAID DIRECTOR (WHO ALSO WAS A DIRECTOR) RESIGNED AS BOTH AN OFFICER AND DIRECTOR OF THE FOUNDATION.3. THE DIRECTOR INVOLVED RESTORED $525,000 TO THE FOUNDATION ON APRIL 9, 2019 AND SUBSEQUENTLY PAID THE FOUNDATION $168,185 IN INTEREST TO COMPENSATE THE FOUNDATION FOR LOST INCOME ON THE AMOUNT INVOLVED FROM THE DATE OF EACH GRANT PAYMENT THROUGH OCTOBER 15, 2021 (THE "RESTORATION").4. THE FOUNDATION ENGAGED QUALIFIED LEGAL COUNSEL TO ADVISE THE FOUNDATION REGARDING ITS GOVERNANCE AND GRANT-MAKING PRACTICES AND ADOPTED THE RECOMMENDED PRACTICES.DESPITE NOT HAVING REACHED A CONCLUSION ON THE EXISTENCE OR ABSENCE OF SELF-DEALING, THE FOUNDATION HAS DETERMINED THAT IT IS PRUDENT TO TREAT THE RESTORATION AS A PROTECTIVE CORRECTION PURSUANT TO SECTION 4941(E)(3) OF THE CODE AND THE REGULATIONS THEREUNDER. THIS TREATMENT DOES NOT REFLECT A DETERMINATION BY THE FOUNDATION THAT SELF-DEALING HAS OCCURRED. RATHER, IT REFLECTS THE FOUNDATION'S DETERMINATION THAT SUCH TREATMENT MAY BE PRUDENT UNDER THE CIRCUMSTANCES, WHILE ALSO ACKNOWLEDGING THAT THE FACTS SURROUNDING THE PAYMENTS LISTED ABOVE AND ASSOCIATED ALLEGATIONS CONTINUE TO REQUIRE CLARIFICATION. THUS, ANY TAXABLE PERIOD (AS DEFINED IN SECTION 4941(E)(1) OF THE CODE AND REGULATIONS) WITH RESPECT TO THE PAYMENTS LISTED ABOVE WILL BE DEEMED TO HAVE CLOSED ON OCTOBER 15, 2021, WHEN THE RESTORATION "[UNDID] THE TRANSACTION TO THE EXTENT POSSIBLE, BUT IN ANY CASE [PLACED] THE PRIVATE FOUNDATION IN A FINANCIAL POSITION NOT WORSE THAN THAT IN WHICH IT WOULD [HAVE BEEN]" IF THE PAYMENTS HAD NOT BEEN MADE. I.R.C. SECTION 4941(E)(3). |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| CORPORATE STOCK | 17,615,371 | 24,158,901 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 30,000 | 0 | 30,000 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ILLINOIS FILING FEES | 28 | 0 | 28 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| LITIGATION PROCEEDS | 986 | 986 | |
| RESTORATION OF FUNDS | 525,000 | 525,000 | |
| RECOVERIES OF PRIOR YEAR GRANTS | 6,700 | 6,700 | |
| FEDERAL TAX REFUND | 8,526 | 8,526 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| OUTSTANDING CHECKS | 309,200 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 76,375 | 76,375 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES PAID | 2,815 | 2,815 | 0 | |
| FEDERAL EXCISE TAX | 31,956 | 0 | 0 |