The Sorenson Legacy Foundation in Salt Lake Cty, Utah (UT)
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
| The Sorenson Legacy Foundation | |
| Employer Identification Number (EIN) | 870669065 |
| Name of Organization | The Sorenson Legacy Foundation |
| In Care of Name | Paul H Ludlow |
| Address | 2511 S West Temple, Salt Lake Cty, UT 84115-3060 |
| Subsection | Charitable Organization |
| Ruling Date | 03/2002 |
| Deductibility | Contributions are deductible |
| Foundation | Private non-operating foundation |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 12/2011 |
| Assets | $50,000,000 to greater |
| Income | $10,000,000 to $49,999,999 |
| Filing Requirement | 990 - Not required to file (all other) (990-PF required) |
| Asset Amount | $822,852,382 |
| Amount of Income | $10,323,030 |
| Form 990 Revenue Amount | $38,821,890 |
| National Taxonomy of Exempt Entities (NTEE) | Philanthropy, Voluntarism and Grantmaking Foundations: Private Independent Foundations |
Non-representatives - add comments:
Amount of income in 2011: $10,323,030 (it was $12,219,531 in 2010)
| This organization: | $10,323,030 |
| Other organizations performing similar types of work: | $103,138 |
Assets in 2011: $822,852,382 (it was $750,131,842 in 2010)
| This organization: | $822,852,382 |
| Other organizations performing similar types of work: | $338,623 |
Expenses in 2011: $27,407,659
| This organization: | $27,407,659 |
| Other organizations performing similar types of work: | $46,867 |
Income to expenses ratio in 2011: 0.4
| The Sorenson Legacy Foundation: | 0.4 |
| Other organizations performing similar types of work: | 1.1 |
Grants share in income in 2011: 0.0%
| This organization: | 0.0% |
| Other organizations performing similar types of work: | 79.6% |
Revenue for 2011
Expenses for 2011
Assets for 2011
| Analysis of Revenue and Expenses (for 2011) | ||||
| Revenue and expenses per books | Net investment income | Adjusted net income | Disbursements for charitable purposes (cash basis only) | |
|---|---|---|---|---|
| Total revenue | $38,821,890 | $38,223,668 | $0 | |
| Contributions, gifts, grants, etc., received | $0 | |||
| Interest on savings and temporary cash investments | $3,983,058 | |||
| Dividends and interest from securities | $6,339,972 | |||
| Gross rents | $0 | |||
| Gross profit from sales of goods | $0 | |||
| Other income | $0 | |||
| Other | $28,498,860 | |||
| Total expenses and disbursements | $27,407,659 | $2,373,155 | $0 | $24,404,312 |
| Compensation of officers, directors, trustees, etc. | $522,083 | |||
| Total operating and administrative expenses | $5,150,781 | $2,373,155 | $2,147,434 | |
| Contributions, gifts, grants paid | $22,256,878 | |||
| Excess of revenue over expenses and disbursements | $11,414,231 | |||
| Net investment income | $35,850,513 | |||
| Adjusted net income | $0 | |||
| Balance Sheets (for 2011) | ||
| Book Value | Fair Market Value | |
|---|---|---|
| Total assets | $822,852,382 | $605,414,434 |
| Cash - non-interest-bearing | $42,328 | |
| Investments-U.S. and state government obligations | $10,640,870 | |
| Investments-corporate stock | $237,099,615 | |
| Investments-corporate bonds | $53,185,926 | |
| Investments-mortgage loans | $0 | |
| Investments-other | $489,393,777 | |
| Other | $32,489,866 | |
| Total liabilities | $588,945 | |
| Mortgages and other notes payable | $0 | |
| Other | $588,945 | |
| Total liabilities and net assets/fund balances | $822,263,437 | |
| Capital Gains and Losses for Tax on Investment Income (for 2011) | |
| Capital gain net income | $28,498,860 |
| Net capital loss | $0 |
| Excise Tax Based on Investment Income (for 2011) | |
| Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income) | No |
| Tax based on investment income | $717,010 |
| Total credits and payments | $724,043 |
| 2011 estimated tax payments and 2010 overpayment credited to 2011 | $614,043 |
| Exempt foreign organizations-tax withheld at source | $0 |
| Tax paid with application for extension of time to file (Form 8868) | $110,000 |
| Backup withholding erroneously withheld | $0 |
| Any penalty for underpayment of estimated tax | $0 |
| Overpayment | $7,033 |
| Amount to be credited to 2012 estimated tax | $7,033 |
| Statements Regarding Activities (for 2011) | |
| 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 2011 or the taxable year beginning in 2011? | No |
| Statements Regarding Activities for Which Form 4720 May Be Required (for 2011) | |
| 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? | Yes |
| 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? | No |
| 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 2011, did the foundation have any undistributed income for tax year(s) beginning before 2011? | No |
| Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year? | Yes |
| 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 2011) | |
| Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes | $578,239,313 |
| Net value of noncharitable-use assets | $569,565,720 |
| Minimum investment return | $28,478,286 |
| Distributable Amount (for 2011) | |
| Distributable amount | $27,761,276 |
| Undistributed Income (for 2011) | |
| Distributable amount for 2011 | $27,761,276 |
| Undistributed income for 2011. This amount must be distributed in 2012 | $0 |
| Private Operating Foundations (for 2011) | |||||
| 2011 | 2010 | 2009 | 2008 | 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 | Sorenson Impact Foundation | 299 S Main Street, Salt Lake City, UT 84111-1919 | UT | 2011-10 | $12,137,697 |
| 2 | The Sorenson Legacy Foundation | 2511 S West Temple, Salt Lake Cty, UT 84115-3060 | UT | 2002-03 | $10,323,030 |
| 3 | Sorenson Legacy Foundation | PO BOX 65912, Salt Lake Cty, UT 84165-0912 | UT | 2011-10 | $9,727,421 |
| 4 | My Good Fund | 2223 South Highland Drive E6-133, Salt Lake City, UT 84106-3672 | UT | 2010-02 | $8,451,734 |
| 5 | Legacy Cultural Research Foundation | 2920 S 925 W, Ogden, UT 84401-3800 | UT | 2004-09 | $7,919,189 |
| 6 | Bastian Family Charitable Foundaton | 500 N Market Place Dr Ste 240, Centerville, UT 84014-1748 | UT | 2010-08 | $2,855,300 |
| 7 | Sally Langdon Barefoot Foundation | 2490 Wall Ave, Ogden, UT 84401-3057 | UT | 2004-01 | $2,612,760 |
| 8 | The David E Cumming Family Foundation | PO BOX 570, Oakley, UT 84055-0570 | UT | 2007-08 | $1,360,689 |
| 9 | C Fred & Leora Mae Evans Family Charitable Foundation | 4692 N 300 W, Provo, UT 84604-7711 | UT | 2009-03 | $1,000,135 |
| 10 | The John D Cumming Family Foundation | 1115 Old Ranch Rd, Park City, UT 84098-6700 | UT | 2007-09 | $955,048 |
| 11 | Lynn And Richard Bleil Charitable Foundation | 6170 Trailside Dr, Park City, UT 84098-6180 | UT | 2014-09 | $900,001 |
| 12 | The@lorraine Beckham Ashe Foundation | 1260 Oakcrest Cir, Provo, UT 84604-2121 | UT | 2002-10 | $805,166 |
| 13 | Stephen G And Susan E Denkers Family Foundation | 5210 Skyline Dr, Ogden, UT 84403-4692 | UT | 2000-11 | $770,005 |
| 14 | Duane And Marci Shaw Foundation Inc | 1220 E 7800 S, Sandy, UT 84094-7285 | UT | 2012-09 | $762,512 |
| 15 | Telemachus Foundation To Empower The Poor And End War | 549 N Cortez St, Salt Lake Cty, UT 84103-2122 | UT | 2003-03 | $671,270 |
| 16 | Sjinc Foundation | PO BOX 58054, Salt Lake Cty, UT 84158-0054 | UT | 2002-06 | $455,016 |
| 17 | Reagan Foundation | 1775 N Warm Springs Rd, Salt Lake Cty, UT 84116-2353 | UT | 2000-10 | $405,520 |
| 18 | Caldwell Family Foundation | 1773 E Hidden Valley Club Dr, Sandy, UT 84092-5881 | UT | 2014-07 | $396,193 |
| 19 | Ure Fam Foundation, Kent F & Jolyn B Ure Ttee | 3766 W Ridge View Rd, Morgan, UT 84050-8712 | UT | 2012-03 | $384,111 |
| 20 | The@henry S And Patrice Hemingway Foundation | 290 E Penny Parade Dr, Salt Lake Cty, UT 84103-2857 | UT | 2005-02 | $332,480 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total | 20,448 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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