Peggy And Steve Fossett Foundation in Chicago, Illinois (IL)

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Peggy And Steve Fossett Foundation
Employer Identification Number (EIN)204521801
Name of OrganizationPeggy And Steve Fossett Foundation
Address401 S La Salle St Ste 200, Chicago, IL 60605-2999
SubsectionCharitable Organization
Ruling Date01/2007
DeductibilityContributions are deductible
FoundationPrivate operating foundation (other)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$10,000,000 to $49,999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$20,050,709
Amount of Income$4,254,064
Form 990 Revenue Amount$459,422
National Taxonomy of Exempt Entities (NTEE)Science and Technology Research Institutes, Services: Marine Science and Oceanography


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Amount of income in 2013: $4,254,064 (it was $5,317,874 in 2012)
Peggy And Steve Fossett Foundation: 

 $4,254,064
Other organizations performing similar types of work: 

 $169,408

Assets in 2013: $20,050,709 (it was $20,693,330 in 2012)
Peggy And Steve Fossett Foundation: 

 $20,050,709
Other organizations performing similar types of work: 

 $111,705

Expenses in 2013: $1,345,706
Peggy And Steve Fossett Foundation: 

 $1,345,706
Other organizations performing similar types of work: 

 $153,402

Income to expenses ratio in 2013: 3.2
Peggy And Steve Fossett Foundation: 

 3.2
Other organizations performing similar types of work: 

 1.0

Grants share in income in 2013: 0.0%
Peggy And Steve Fossett Foundation: 

 0.0%
Other organizations performing similar types of work: 

 89.3%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Expenses for 2013

Analysis of Revenue and Expenses (for 2013)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$703,085$689,344$0
Contributions, gifts, grants, etc., received$90
Interest on savings and temporary cash investments$135,874
Dividends and interest from securities$288,635
Gross rents$0
Gross sales price for all assets$3,834,323
Gross profit from sales of goods$0
Other income$-4,858
Other$283,344
Total expenses and disbursements$1,345,706$211,638$0$1,129,072
Compensation of officers, directors, trustees, etc.$100,695
Pension plans, employee benefits$0
Legal fees$1,371
Accounting fees$3,625
Interest$0
Depreciation$0
Occupancy$27,604
Travel, conferences, and meetings$0
Printing and publications$0
Total operating and administrative expenses$357,706$211,638$141,072
Contributions, gifts, grants paid$988,000
Excess of revenue over expenses and disbursements$-642,621
Net investment income$477,706
Adjusted net income$0
Balance Sheets
201120122013
Book ValueFair Market ValueBook ValueFair Market ValueBook ValueFair Market Value
Total assets$20,714,392$18,615,087$20,693,330$22,633,601$20,050,709$23,485,918
Cash - non-interest-bearing$4,456$13,884$0
Investments-U.S. and state government obligations$0$0$0
Investments-corporate stock$13,377,678$11,577,867$12,483,142
Investments-corporate bonds$4,891,078$4,793,276$5,407,980
Investments-mortgage loans$0$0$0
Investments-other$0$0$0
Other assets$1,261,691$1,313,200
Total liabilities$0$0$0
Total liabilities and net assets/fund balances$20,714,392$20,693,330$20,050,709
Capital Gains and Losses for Tax on Investment Income
201120122013
Capital gain net income$0$0$283,344
Net capital loss$-346,335$-314,652$0
Excise Tax Based on Investment Income
201120122013
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)NoNoNo
Tax based on investment income$1,374$2,580$4,777
Total credits and payments$2,596$1,400$2,600
Current year estimated tax payments and previous year's overpayment credited to current year$2,596$1,400$2,600
Exempt foreign organizations-tax withheld at source$0$0$0
Tax paid with application for extension of time to file (Form 8868)$0$0$0
Backup withholding erroneously withheld$0$0$0
Any penalty for underpayment of estimated tax$0$0$0
Tax due$1,180$2,177
Overpayment$0$0
Amount to be credited to next year's estimated tax$1,222$0$0
Statements Regarding Activities
201120122013
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?NoNoNo
Has the foundation engaged in any activities that have not previously been reported to the IRS?NoNo
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of incorporation, or bylaws, or other similar instruments?NoNo
Has the foundation filed a tax return on Form 990-T for this year?NoNo
Was there a liquidation, termination, dissolution, or substantial contraction during the year?NoNoNo
Has the foundation furnished a copy of Form 990-PF to the Attorney General (or designate) of each state?YesYes
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for current calendar year or the taxable year beginning in this year?YesYesNo
Did any persons become substantial contributors during the tax year?YesNo
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had advisory privileges?NoNo
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?YesYes
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041NoNo
Statements Regarding Activities for Which Form 4720 May Be Required
201120122013
During the year did the foundation (either directly or indirectly):
Engage in the sale or exchange, or leasing of property with a disqualified person?NoNoNo
Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person?NoNoNo
Furnish goods, services, or facilities to (or accept them from) a disqualified person?NoNoNo
Pay compensation to, or pay or reimburse the expenses of, a disqualified person?NoNoNo
Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)?NoNoNo
Agree to pay money or property to a government official?NoNoNo
Did any of the acts fail to qualify under the exceptions described in Regulations section 53.4941(d)-3 or in a current notice regarding disaster assistance?NoNo
Did the foundation engage in a prior year in any of the acts, other than excepted acts, that were not corrected before the first day of the tax year beginning in this year?NoNo
At the end of this tax year, did the foundation have any undistributed income for tax year(s) beginning before this year?NoNoNo
Are there any years listed above for which the foundation is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income?NoNo
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year?NoNoNo
Did the foundation have excess business holdings in this year as a result of (1) any purchase by the foundation or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3) the lapse of the 10-, 15-, or 20-year first phase holding period?NoNoNo
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?NoNoNo
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in this year?NoNo
During the year did the foundation pay or incur any amount to:
Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?NoNoNo
Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive?NoNoNo
Provide a grant to an individual for travel, study, or other similar purposes?NoNoNo
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)?NoNoNo
Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals?NoNoNo
Did any of the transactions fail to qualify under the exceptions described in Regulations section 53.4945 or in a current notice regarding disaster assistance?NoNo
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
Minimum Investment Return
201120122013
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$20,086,294$20,461,587$22,455,334
Net value of noncharitable-use assets$20,154,663$22,118,504
Minimum investment return$989,250$1,007,733$1,105,925
Distributable Amount
201120122013
Distributable amount$0$0$1,101,148
Undistributed Income
201120122013
Distributable amount for this year$0$0$1,101,148
Undistributed income for this year. This amount must be distributed in the next year$0$0$0
Private Operating Foundations (for 2010 - 2013)
2013201220112010Total
The lesser of the adjusted net income or the minimum investment return$1$0$0$0$1
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
Supplementary Information (for 2013)
Grants approved for future payment$0
Analysis of Income-Producing Activities (for 2013)
AmountRelated or exempt function income
Program service revenue
Fees and contracts from government agencies$0$0
Membership dues and assessments$0$0
Interest on savings and temporary cash investments$0$135,874
Dividends and interest from securities$0$288,635
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations (for 2013)
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Transfers from the reporting foundation to a noncharitable exempt organization of:
CashNo
Other assetsNo
Other transactions:
Sales of assets to a noncharitable exempt organizationNo
Purchases of assets from a noncharitable exempt organizationNo
Rental of facilities, equipment, or other assetsNo
Reimbursement arrangementsNo
Loans or loan guaranteesNo
Performance of services or membership or fundraising solicitationsNo
Sharing of facilities, equipment, mailing lists, other assets, or paid employeesNo
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Harbor Branch Oceanographic Institution Foundation Inc5600 Us 1 North, Ft Pierce, FL 34946FL1977-05$17,697,379
2The Beacon Institute Inc199 Main St, Beacon, NY 12508-2792NY2004-03$3,890,303
3Consortium For Ocean Leadership Inc1201 New York Ave Nw Ste 420, Washington, DC 20005-6108DC1995-01$188,557,174
4Peggy And Steve Fossett Foundation401 S La Salle St Ste 200, Chicago, IL 60605-2999IL2007-01$4,254,064
5Northwest Straits Marine Conservation Foundation1155 N State St Ste 402, Bellingham, WA 98225-5024WA2002-09$2,099,249
6Penobscot East Resource Center IncPO BOX 27, Stonington, ME 04681-0027ME2004-04$1,211,970
7Marine Applied Research And Exploration1230 Brickyard Cove Rd Ste 101, Richmond, CA 94801-4169CA2004-01$922,355
8Great Lakes Observing System Regional Association229 Nickels Arc, Ann Arbor, MI 48104-2409MI2008-09$901,036
9Bristol Bay Science & Research InstitutePO BOX 1464, Dillingham, AK 99576-1464AK1999-09$856,535
10Central Caribbean Marine Institute IncPO BOX 1461, Princeton, NJ 08542-1461NJ1999-04$817,663
11North Pacific Marine Science Foundation1900 W Emerson Pl Ste 205, Seattle, WA 98119-1649WA1993-06$630,069
12Sylvia Earle Alliance Mission BluePO BOX 2246, Malibu, CA 90265-7246CA2008-05$587,515
13Gulf Of Maine Lobster Foundation IncPO BOX 523, Kennebunk, ME 04043-0523ME2001-01$535,484
14Pacific Shellfish Institute509 12th Ave Se Ste 14, Olympia, WA 98501-7500WA2004-10$412,526
15Oceanic Conservation OrganizationPO BOX 465, Rio Hondo, TX 78583-0465TX2004-01$376,065
16Marine Affairs Research And Education, Mare20227 Ne 163rd St, Woodinville, WA 98077-5410WA2001-06$279,239
17Ecosystem Solutions Inc130 Calhoun St, Edgewater, MD 21037-1637MD2006-03$259,303
18Medical Foundation For The Stdy Of The Envir & Hum Bdy Char Tr 060789, Littenberg Richard L Ttee44-427 Kaneohe Bay Dr, Kaneohe, HI 96744-2611HI1990-03$252,444
19Florida Environmental Research Institute IncPO BOX 292397, Tampa, FL 33687-2397FL1999-02$174,719
20Center For Research On The Changing Earth System10211 Wincopin Cir Suite 240, Columbia, MD 21044-3405MD2002-10$168,247
Number of organizations performing similar types of work
Alaska3
Alabama2
Arizona1
California29
Colorado3
Connecticut2
District of Columbia1
Delaware2
Florida23
Georgia4
Hawaii10
Illinois4
Massachusetts9
Maryland4
Maine3
Michigan4
Minnesota1
Missouri1
Montana1
North Carolina2
New Hampshire2
New Jersey4
New York7
Oklahoma1
Oregon3
Rhode Island2
Tennessee1
Texas3
Virginia5
Washington11
Wisconsin2
Total150

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