Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| Form 990, Part I, Line 1 | General note for this return: Totals may not add due to rounding. |
| Form 990, Part I, Line 4 | See material below in this schedule regarding number of independent directors. (Part VI, Section A, line 1b) |
| Form 990, Part IV, Line 34 | To Live owns the shares of a foreign company which is neither taxable in the United States nor tax-exempt in the United States. Accordingly the organization has answered question 34 in the negative, and has not filled in Part II or Part IV of Schedule R. It has provided information on the foreign company, its financials and its relationship to To Live in the form 5471 and attachments and the form 8992 submitted to the IRS as explained below. In case the organization's approach to Line 34 is incorrect, and to ensure transparency, here is the information that would have been provided had Part IV of Schedule R been filled out. Name of related organization: Damour Inc. Address: Columbus Center, Road Town, Tortola, VG 1110, British Virgin Islands. BVI Company 1618760. Primary activity: Investments in financial instruments. Legal domicile: British Virgin Islands. Direct controlling entity: To Live. Type of entity: BVI Business Company. Share of total income: 100%. Share of year-end assets: 100%. Percentage ownership: 100%. Sec 512(b)(13). To Live controls Damour within the meaning of 512(b)(13)(D). |
| Form 990, Part IV, Line 35a | This is actually a note to question 35b, but the software does not allow entering 35b as an option. The answer to 35b is Yes. There were two transactions with the controlled entity as set out below. However if we enter Yes then the software does not allow us to enter the correct answers in Schedule R. So we have been forced to enter No, even though that is not correct. We are providing here the information on the transactions that we would have provided in Schedule R had the software allowed it. Transactions: (1)Schedule R, Part V, Category f: $72,000 in dividends received from the related organization. This amount was determined by the cash amount of the dividends. (2) Schedule R Part V Category s: $253,180 in sub-part F income received from the related organization. This amount was determined using Form 5471 and attached schedules. As per the instructions for Form 5471 the sub-part F income, rather than the cash dividend income, is shown as income in To Live's 990. (The form 5471 and attachments is being provided separately to the IRS, as per the waiver request we have submitted to the IRS. As explained in the waiver request, we could not e-file the form 5471 and attachments. Therefore the 5471 and attachments is being submitted separately to the IRS along with a paper copy of this e-filed 990. The form 8992 is also being attached to the paper copy of the form 990.) |
| Form 990, Part VI, Section A, Line 1a | The chairperson has the authority to define the will of the board if consensus cannot be reached after a good-faith effort. However in the history of the organization the board has never failed to reach a consensus. |
| Form 990, Part VI, Section A, Line 1b | Please note two circumstances. (1) The chairperson of To Live has unreimbursed expenses owing from To Live. Because these expenses were incurred under an accountable plan, the organization did not report them on Schedule L. (See note re Part X below.) (2) The chairperson also has a loan outstanding to a foreign corporation that is related to To Live. This foreign corporation is neither taxable in the United States nor tax-exempt in the United States and therefore, as best we understand, this loan does not seem to negate the independence of the chairperson under item 4 in the Instructions for Form 990 Part VI, line 1b. HOWEVER, if our approach to EITHER of the above two circumstances is incorrect, then the chairperson is not an independent director. And since the other two directors are family members, there would be no independent directors. |
| Form 990, Part VI, Section A, Line 2 | Kathleen Guy and Ernest Loevinsohn have a family and business relationship. Ernest Loevinsohn and Benjamin Loevinsohn have a family relationship. |
| Form 990, Part VI, Section A, Line 8b | There are no committees with authority to act on behalf of the governing body. |
| Form 990, Part VI, Section A, Line 9 | Benjamin Loevinsohn, 39a Chemin des Vignes, 1299 Crans Pres Celigny, Switzerland |
| Form 990, Part VI, Section B, Line 11b | Prior to filing this return with the IRS, the chairperson reviewed the return and all attachments and sent the return and all attachments to the other Board members for their review. |
| Form 990, Part VI, Section B, Line 12c | To Live's bylaws require the disclosure of any actual or possible conflict of interest. The organization has interpreted this to mean that actual or potential conflicts must be disclosed as soon as they arise. The conflict of interest policy covers all directors and officers as well as any other person who is a "disqualified person" as defined by the relevant Internal Revenue Code provisions and IRS regulations. The Board reviews any possible conflicts, except that an interested person may not be present for the discussion or decision. |
| Form 990, Part VI, Section B, Line 15 | The organization's top management official (=CEO) worked as a volunteer and did not receive compensation. The same is true of the other officers. |
| Form 990, Part VI, Section C, Line 19 | The articles of incorporation, bylaws including conflict of interest policy, and financial statements of the organization were available upon request. |
| Form 990, Part VIII, Line 3 | 26 USC sec 951 requires the organization to report on its return the Subpart F income from a controlled foreign corporation. Accordingly we have included the Subpart F income of $253,180 rather than the actual dividend income. In case the IRS wishes to know the actual dividends received, that amount is $72,000 for the tax year. Pursuant to a waiver request that has been submitted to the IRS, Form 5471 and attached schedules for the controlled foreign corporation are being submitted to the IRS attached to a copy of this e-filed return, rather than being attached to this e-filed return itself. The reason is that we were unable to e-file Form 5471, as explained in the waiver request. |
| Form 990, Part VIII, Line 11a 11b 11c | Due to limitation in the software, the code entered for this line is incorrect. The correct code is 900099, but that is not one of the options allowed in the software. |
| Form 990, Part IX, Line 13 | This line includes both phone and internet communication. Total communication expense included in this line is $86. |
| Form 990, Part X, Line 17 | These figures include unreimbursed expenses owing to the person who is chairperson and president of the organization. These expenses were incurred under an accountable plan, and therefore as we understand it they are properly reported here rather than on line 22 and in Schedule L, Part II. For transparency, here is the information that would have been supplied had Schedule L Part II been submitted. Name of interested person: Ernest Loevinsohn. Relationship with organization: director and officer. Purpose of advance: expenses incurred by officer on organization business. Advance to organization. Balance at beginning of year: $42,059. Balance due at end of year: $50,765. In default: No. Approved by board: Yes. Written agreement: Yes. |
| Form 990, Part X, Line 31 | Small problem with rounding: The software adds the rounded dollar amounts, which sometimes leads to small errors in totals. This problem caused a one dollar difference in the Reconciliation of Net Assets (Part XI). This in turn prevented submitting the form for e-filing. To deal with this, we artificially lowered by one dollar the beginning of the year balance in line 12 and line 31. |
| Software ID: | 19009572 |
| Software Version: | v1.00 |