| Description of Property | Date Acquired | Cost or Other Basis | Prior Years' Depreciation | Computation Method | Rate / Life (# of years) |
Current Year's Depreciation Expense | Net Investment Income | Adjusted Net Income | Cost of Goods Sold Not Included |
|---|
| Identifier | Return Reference | Explanation |
|---|---|---|
| Pt I Ln 6a | PART I LINE 6A | RECONCILIATION OF NET GAIN/(LOSS) FROM SALES OF ASSETS NOT INCLUDED IN PART IV TOTAL INCLUDED IN PART IV: (DETAILS BELOW) NET GAIN/(LOSS): $60,647 TOTAL NOT INCLUDED IN PART IV: PASSTHROUGH K-1 CAPITAL GAIN/(LOSS) - UBI NET GAIN/(LOSS): $(156) TOTAL PART I, LINE 6A: $60,491 DETAILS OF ASSETS INCLUDED IN PART IV: PUBLICLY-TRAIDED SECURITIES GROSS SALES PRICE: $718,503 BOOK BASIS: $671,979 NET GAIN/(LOSS): $46,524 PASSTHROUGH K-1 CAPITAL GAIN/(LOSS) - NON UBI NET GAIN/(LOSS): $14,123 |
| Explanation of Transfer | Explanation of Transfer to Successor Foundation | During 2020, The Gerald and Susan Schwalbach Family Foundation ("Old Foundation") (EIN: 20-4822291) merged into The Cedar Spray Foundation ("New Foundation") (EIN: 82-5332387), which was controlled by the same persons that effectively controlled the Old Foundation at the time of such transfer. Such a transfer is described in Section 507(b)(2) of the Internal Revenue Code of 1986, as amended (the "Code"), which provides that "in the case of a transfer of assets of any private foundation to another private foundation pursuant to any liquidation, merger, redemption, recapitalization, or other adjustment, organization, or reorganization, the transferee foundation shall not be treated as a newly created organization." Additionally, Treasury Regulations Section 1.507-3(a)(9)(i) states: If a private foundation transfers all of its net assets to one or more private foundations which are effectively controlled (within the meaning of 1.482-1(a)(3)), directly or indirectly, by the same person or persons which effectively controlled the transferor private foundation, for purposes of chapter 42 (section 4940 et seq.) and part II of subchapter F of chapter 1 of the Code (sections 507 through 509) such a transferee private foundation shall be treated as if it were the transferor. In accordance with the above referenced Regulation and Code sections, the Old Foundation has completed its 2020 return to allocate all of its activity to the New Foundation as if it were the Old Foundation for purposes of Chapter 42 for the entire taxable year. Correspondingly, the New Foundation will complete its 2020 return to report all of the activity allocated to it by the Old Foundation in addition to the activity the New Foundation conducted directly. See the following summary by return part: Part I: The New Foundation has picked up the Old Foundation's income and expenses for purposes of Code Sections 4940 and 4942. (See details below.) Part VI: The New Foundation has picked up the Code Section 4940 tax overpayment from the Old Foundation's 2020 Form 990-PF. 2220: The New Foundation has reported the annualized amounts attributable to the Old Foundation's 2020 tax year in addition to its own amounts. Part X: The New Foundation has calculated the average value of assets to include its own as well as all of the Old Foundation's assets for the entire 2020 calendar year. Part XI: The New Foundation has calculated the distributable amount to include its own as well as all of the Old Foundation's income tax for the entire 2020 calendar year. Part XII: The New Foundation has included the 2020 qualifying distributions made by the Old Foundation as if they were made by the New Foundation. Part XIII: The New Foundation has reported the Old Foundation's undistributed income for the 2019 tax year of $255,404 as if it were its own. Part XV: The New Foundation has reported the Old Foundation's 2020 grants of $65,000 as if they were made by the New Foundation. Details for Old Foundation's 2020 expenses reported on Part I, Lines 13 - 23 TOTAL: Column (a): $46,814 Column (b): $30,467 Column (d): $16,320 Legal fees: Column (a): $1,262 Column (b): $0 Column (d): $1,262 Investment management services Column (a): $23,054 Column (b): $23,054 Column (d): $0 Foreign tax paid Column (a): $361 Column (b): $361 Column (d): $0 Travel, conferences, and meetings Column (a): $450 Column (b): $0 Column (d): $450 Administrative fees Column (a): $14,598 Column (b): $0 Column (d): $14,598 Bank charges Column (a): $68 Column (b): $68 Column (d): $0 K-1 Exp Light Street Argon, LP Column (a): $6,813 Column (b): $6,813 Column (d): $0 K-1 Exp AphaKeys Distressed Opportunities Fund II, LLC Column (a): $198 Column (b): $171 Column (d): $0 State or local filing fees Column (a): $10 Column (b): $0 Column (c): $10 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Document Review/Drafting | 1,262 | 1,262 |
| Description | Amount |
|---|---|
| TO SUCCESSOR FDN (SEE GEN'L EXPLANATION) | 4,763,789 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ADMINISTRATIVE FEES | 14,598 | 14,598 | ||
| BANK CHARGES | 68 | 68 | ||
| K-1 EXP ALPHAKEYS DISTRESSED | 198 | 171 | ||
| K-1 EXP LIGHT STREET ARGON, LP | 6,813 | 6,813 | ||
| TO SUCCESSOR FDN(SEE GEN EXPL) | -46,814 | -30,467 | -16,320 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| K-1 Inc/Loss AlphaKeys Distressed | 9 | 8 | |
| K-1 Inc/Loss Light Street Argon LP | 798 | 798 | |
| To Successor Fdn(See Gen Explanation) | -104,841 | -104,996 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Investment Management Services | 23,054 | 23,054 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAX PAID | 361 | 361 |