Explanation for Late Filing of 2025 Form 990 PF The foundation is a newly formed private foundation that had no bank account no capital contributions no income and no expenditures for the 2025 tax year. We mistakenly believed that because there was no financial activity no Form 990-PF filing was required for 2025. Once we learned that a full Form 990-PF is required annually for private foundations regardless of activity we acted promptly to prepare and file the delinquent 2025 return as well as to timely file subsequent year returns. The failure to file the 2025 Form 990-PF by its original due date was due solely to this misunderstanding and not to any attempt to conceal information or avoid reporting. The foundation has now implemented procedures to ensure that Form 990-PF will be timely filed for all future years. We respectfully request that any late-filing penalties for the 2025 Form 990-PF be waived on the basis of reasonable cause. Sincerely Denis Barac