Liberty Bank Foundation in Wethersfield, Connecticut (CT)
Table of contents:
- Overview
- Detailed Reports
- Analysis of Revenue and Expenses
- Balance Sheets
- Capital Gains and Losses for Tax on Investment Income
- Excise Tax Based on Investment Income
- Statements Regarding Activities
- Statements Regarding Activities for Which Form 4720 May Be Required
- Minimum Investment Return
- Distributable Amount
- Undistributed Income
- Private Operating Foundations
- Organizations performing similar types of work
| Liberty Bank Foundation | |
| Employer Identification Number (EIN) | 061479957 |
| Name of Organization | Liberty Bank Foundation |
| In Care of Name | Liberty Trust Company |
| Address | 1190 Silas Deane Hwy, Wethersfield, CT 06109-4304 |
| Activities | Gifts, grants, or loans to other organizations |
| Subsection | Charitable Organization |
| Ruling Date | 06/1997 |
| Deductibility | Contributions are deductible |
| Foundation | Private non-operating foundation |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 12/2013 |
| Assets | $10,000,000 to $49,999,999 |
| Income | $10,000,000 to $49,999,999 |
| Filing Requirement | 990 - Not required to file (all other) |
| Asset Amount | $11,033,930 |
| Amount of Income | $13,323,593 |
| Form 990 Revenue Amount | $567,266 |
| National Taxonomy of Exempt Entities (NTEE) | Employment, Job-Related: Goodwill Industries |
Non-representatives - add comments:
Amount of income in 2013: $13,323,593 (it was $8,003,063 in 2012)
| Liberty Bank Foundation: | $13,323,593 |
| Other organizations performing similar types of work: | $9,287,335 |
Assets in 2013: $11,033,930 (it was $8,922,365 in 2012)
| This organization: | $11,033,930 |
| Other organizations performing similar types of work: | $7,616,804 |
Expenses in 2012: $1,044,164
| This organization: | $1,044,164 |
| Other organizations performing similar types of work: | $8,924,833 |
Income to expenses ratio in 2012: 12.8
| This organization: | 12.8 |
| Other organizations performing similar types of work: | 1.2 |
Grants share in income in 2012: 0.0%
| Liberty Bank Foundation: | 0.0% |
| Other organizations performing similar types of work: | 20.4% |
Revenue for 2012
Expenses for 2012
Assets for 2012
| Analysis of Revenue and Expenses (for 2012) | ||||
| Revenue and expenses per books | Net investment income | Adjusted net income | Disbursements for charitable purposes (cash basis only) | |
|---|---|---|---|---|
| Total revenue | $888,343 | $888,343 | $0 | |
| Contributions, gifts, grants, etc., received | $0 | |||
| Interest on savings and temporary cash investments | $0 | |||
| Dividends and interest from securities | $237,964 | |||
| Gross rents | $0 | |||
| Gross profit from sales of goods | $0 | |||
| Other income | $0 | |||
| Other | $650,379 | |||
| Total expenses and disbursements | $1,044,164 | $83,928 | $0 | $842,593 |
| Compensation of officers, directors, trustees, etc. | $164,093 | |||
| Total operating and administrative expenses | $418,273 | $83,928 | $326,302 | |
| Contributions, gifts, grants paid | $625,891 | |||
| Excess of revenue over expenses and disbursements | $-155,821 | |||
| Net investment income | $804,415 | |||
| Adjusted net income | $0 | |||
| Balance Sheets (for 2012) | ||
| Book Value | Fair Market Value | |
|---|---|---|
| Total assets | $8,922,365 | $8,922,365 |
| Cash - non-interest-bearing | $0 | |
| Investments-U.S. and state government obligations | $0 | |
| Investments-corporate stock | $0 | |
| Investments-corporate bonds | $0 | |
| Investments-mortgage loans | $0 | |
| Investments-other | $8,850,544 | |
| Other | $71,821 | |
| Total liabilities | $145,765 | |
| Mortgages and other notes payable | $0 | |
| Other | $145,765 | |
| Total liabilities and net assets/fund balances | $8,776,600 | |
| Capital Gains and Losses for Tax on Investment Income (for 2012) | |
| Capital gain net income | $650,379 |
| Net capital loss | $0 |
| Excise Tax Based on Investment Income (for 2012) | |
| Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income) | No |
| Tax based on investment income | $8,044 |
| Total credits and payments | $8,480 |
| 2012 estimated tax payments and 2011 overpayment credited to 2012 | $4,880 |
| Exempt foreign organizations-tax withheld at source | $0 |
| Tax paid with application for extension of time to file (Form 8868) | $3,600 |
| Backup withholding erroneously withheld | $0 |
| Any penalty for underpayment of estimated tax | $1 |
| Tax due | $0 |
| Overpayment | $435 |
| Amount to be credited to 2013 estimated tax | $435 |
| Statements Regarding Activities (for 2012) | |
| During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign? | No |
| Was there a liquidation, termination, dissolution, or substantial contraction during the year? | No |
| 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 2012 or the taxable year beginning in 2012? | No |
| Statements Regarding Activities for Which Form 4720 May Be Required (for 2012) | |
| During the year did the foundation (either directly or indirectly): | |
| Engage in the sale or exchange, or leasing of property with a disqualified person? | No |
| Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person? | No |
| Furnish goods, services, or facilities to (or accept them from) a disqualified person? | No |
| Pay compensation to, or pay or reimburse the expenses of, a disqualified person? | Yes |
| Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)? | No |
| Agree to pay money or property to a government official? | No |
| At the end of tax year 2012, did the foundation have any undistributed income for tax year(s) beginning before 2012? | No |
| Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year? | No |
| Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes? | No |
| During the year did the foundation pay or incur any amount to: | |
| Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? | No |
| Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive? | No |
| Provide a grant to an individual for travel, study, or other similar purposes? | No |
| Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)? | No |
| Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals? | No |
| Minimum Investment Return (for 2012) | |
| Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes | $9,471,024 |
| Net value of noncharitable-use assets | $9,328,960 |
| Minimum investment return | $466,448 |
| Distributable Amount (for 2012) | |
| Distributable amount | $458,404 |
| Undistributed Income (for 2012) | |
| Distributable amount for 2012 | $458,404 |
| Undistributed income for 2012. This amount must be distributed in 2013 | $0 |
| Private Operating Foundations (for 2012) | |||||
| 2012 | 2011 | 2010 | 2009 | Total | |
|---|---|---|---|---|---|
| The lesser of the adjusted net income or the minimum investment return | $0 | $0 | $0 | $0 | $0 |
| Qualifying distributions made directly for active conduct of exempt activities | $0 | $0 | $0 | $0 | $0 |
| Value of all assets | $0 | $0 | $0 | $0 | $0 |
| Value of assets qualifying under section 4942(j)(3)(B)(i) | $0 | $0 | $0 | $0 | $0 |
| 2/3 of minimum investment return | $0 | $0 | $0 | $0 | $0 |
| Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) | $0 | $0 | $0 | $0 | $0 |
| Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii) | $0 | $0 | $0 | $0 | $0 |
| Gross investment income | $0 | $0 | $0 | $0 | $0 |
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| Organizations performing similar types of work | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | Southern Oregon Goodwill Industries | 11 W Jackson St, Medford, OR 97501-2332 | OR | 1968-09 | $14,939,713 |
| 2 | Goodwill Industries Of Western Connecticut Inc | 165 Ocean Ter, Bridgeport, CT 06605-2719 | CT | 1957-11 | $49,260,276 |
| 3 | Sandy River Charitable Foundation | 349 Voter Hill Rd, Farmington, ME 04938-6030 | ME | 1997-04 | $36,712,146 |
| 4 | Liberty Bank Foundation | 1190 Silas Deane Hwy, Wethersfield, CT 06109-4304 | CT | 1997-06 | $13,323,593 |
| 5 | Zanesville Welfare Org & Goodwill Industries | 3610 West Pike, Zanesville, OH 43701-9335 | OH | 1942-10 | $10,654,060 |
| 6 | Beagary Charitable Tr, Morgan Benjamin B Ttee | 49 Westview Dr, Brooklyn, CT 06234 | CT | 1996-03 | $3,021,878 |
| 7 | Rosenthal Fund | 784 Park Avenue No 19b, New York, NY 10021-3553 | NY | 1997-04 | $2,179,160 |
| 8 | South Shore Bank Charitable Foundation Inc | 1530 Main St, S Weymouth, MA 02190-1310 | MA | 1997-04 | $1,595,539 |
| 9 | The Willowbank Foundation | 123 Pleasant St Ste 202, Marblehead, MA 01945-2381 | MA | 1997-04 | $1,036,508 |
| 10 | Noiles Family Foundation | 114 Elm Pl, New Canaan, CT 06840-6309 | CT | 1997-09 | $972,119 |
| 11 | Whittingham Family Foundation Inc | 1200 High Ridge Rd Ste 2, Stamford, CT 06905-1202 | CT | 1997-04 | $933,142 |
| 12 | Louis F And Mary A Tagliatela Foundation Inc | 1621 State St, New Haven, CT 06511-1411 | CT | 1997-06 | $608,488 |
| 13 | Tilles Family Foundation | 7600 Jericho Tpke, Woodbury, NY 11797-1728 | NY | 1997-04 | $388,100 |
| 14 | Somerset Hills Education Foundation | 25 Olcott Ave, Bernardsville, NJ 07924-2307 | NJ | 1997-06 | $147,731 |
| 15 | M Bonnie Axthelm Charitable Foundation, Brown Megan A Et Al Ttees | C/O 33 Minute Man Hill, Westport, CT 06880 | CT | 1997-04 | $145,753 |
| 16 | Schwimmers Foundation, Schwimmer Leiser Ttee | 266 Keap St Apt 2r, Brooklyn, NY 11211-7391 | NY | 1997-05 | $59,007 |
| 17 | Schiff Family Foundation Inc | 1060 5th Ave, New York, NY 10128-0104 | NY | 1997-04 | $55,788 |
| 18 | Westfield High School Ice Hockey Association | PO BOX 2864, Westfield, NJ 07091-2864 | NJ | 1997-08 | $54,848 |
| 19 | Csb Foundation | 84 Perkins Rd, Southbury, CT 06488-1032 | CT | 1997-06 | $3,936 |
| 20 | Anderson Family Foundation | 37 Brookwood Ln, New Canaan, CT 06840-3102 | CT | 1997-06 | $2,899 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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