Michael Palm Foundation in New York, New York (NY)

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Michael Palm Foundation
Employer Identification Number (EIN)133745516
Name of OrganizationMichael Palm Foundation
In Care of NameAnchin Block & Anchin Llp
Address1375 Broadway, New York, NY 10018-7001
ActivitiesGifts, grants, or loans to other organizations
SubsectionCharitable Organization
Ruling Date02/1995
DeductibilityContributions are deductible
FoundationPrivate non-operating foundation
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2012
Assets$1,000,000 to $4,999,999
Income$1 to $9,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$1,401,840
Amount of Income$153
Form 990 Revenue Amount$184
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations:


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Amount of income in 2012: $153 (it was $184 in 2011)
Michael Palm Foundation: 

 $153
Other organizations performing similar types of work: 

 $87,837

Assets in 2012: $1,401,840 (it was $1,539,708 in 2011)
Michael Palm Foundation: 

 $1,401,840
Other organizations performing similar types of work: 

 $395,731

Financial snapshot ($)

Revenue for 2011

Expenses for 2011

Analysis of Revenue and Expenses (for 2011)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$184$184$0
Contributions, gifts, grants, etc., received$0
Interest on savings and temporary cash investments$4
Dividends and interest from securities$180
Gross rents$0
Gross profit from sales of goods$0
Other income$0
Total expenses and disbursements$137,752$800$0$136,952
Compensation of officers, directors, trustees, etc.$0
Total operating and administrative expenses$3,752$800$2,952
Contributions, gifts, grants paid$134,000
Excess of revenue over expenses and disbursements$-137,568
Net investment income$0
Adjusted net income$0
Balance Sheets (for 2011)
Book ValueFair Market Value
Total assets$1,539,708$1,539,708
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$0
Other$1,539,708
Total liabilities$0
Total liabilities and net assets/fund balances$1,539,708
Capital Gains and Losses for Tax on Investment Income (for 2011)
Capital gain net income$0
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$0
Total credits and payments$466
2011 estimated tax payments and 2010 overpayment credited to 2011$466
Exempt foreign organizations-tax withheld at source$0
Tax paid with application for extension of time to file (Form 8868)$0
Backup withholding erroneously withheld$0
Any penalty for underpayment of estimated tax$0
Overpayment$466
Amount to be credited to 2012 estimated tax$466
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?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?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?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 2011)
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$1,608,493
Net value of noncharitable-use assets$1,584,360
Minimum investment return$79,218
Distributable Amount (for 2011)
Distributable amount$79,218
Undistributed Income (for 2011)
Distributable amount for 2011$79,218
Undistributed income for 2011. This amount must be distributed in 2012$0
Private Operating Foundations (for 2011)
2011201020092008Total
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
IdNameAddressStateEstablishedTotal Income
1Robert Trent Jones Golf Trail Foundation167 Sunbelt Pkwy, Birmingham, AL 35211-5959AL1998-03$5,671,124
2Bristol County Savings Charitable Foundation Inc35 Broadway, Taunton, MA 02780-3191MA1996-12$3,666,837
3Myron & Elaine Adler Private Foundation Inc205 Maywood Ave, Maywood, NJ 07607-1007NJ1998-03$2,072,823
4Capricorn Foundation2200 Willowick Rd 6gh, Houston, TX 77027-3950TX1996-04$1,188,547
5John B & Dareth Gerlach Foundation1234 E Broad St, Columbus, OH 43205-1405OH1997-11$722,794
6Friends Of Manhattan School For154 W 93rd St, New York, NY 10025-7530NY1993-05$566,303
7Katherine L W And Winthrop M Crane Foundation160 Federal St Fl 20, Boston, MA 02110-1700MA1996-12$404,577
8Charles And Ellen Cogut Family Foundation Inc36 Garden Pl, Brooklyn, NY 11201-4502NY1996-05$229,621
9Magnolia Hospital Auxiliary101 Hospital Dr, Magnolia, AR 71753-2415AR1998-11$153,580
10Locust Valley Rotary Club Foundation IncPO BOX 293, Locust Valley, NY 11560-0293NY1992-06$138,735
11L A M P Foundation6700 Baum Dr Ste 25, Knoxville, TN 37919-7334TN1997-12$87,837
12New Branches Seed Foundation256 Alger St Se, Grand Rapids, MI 49507-3409MI1997-08$84,139
13John H Ellis Foundation Inc105 Mae St, Centre, AL 35960-1648AL1998-01$40,609
14Harold And Betty Cottle Family Foundation Inc1526 Sylvan Dr, Hollidaysburg, PA 16648-2734PA1997-07$37,810
15Bcms Foundation Tr, Hamel Louis H Jr Ttee60 Gore St, Cambridge, MA 02141-1278MA1996-12$24,600
16Lunenburg Music Aiders IncorporatedPO BOX 92, Lunenburg, MA 01462-0092MA1993-10$16,657
17Ernest And Jeanette Dicker Charitable Foundation Inc605 3rd Ave Fl 34, New York, NY 10158-3499NY1996-08$12,073
18Highland Education Foundation IncPO BOX 402, Monterey, VA 24465-0402VA1998-04$4,072
19Michael Palm Foundation1375 Broadway, New York, NY 10018-7001NY1995-02$153
20Bringing The Outside World Inside Foundation755 S Bryn Mawr Ave, Bryn Mawr, PA 19010-2005PA1997-06$59
21Brian J Mclaughlin Private Foundation, Mahar Natalie D TteePO BOX 519, W Bridgewater, MA 02379-0519MA1996-12$1
22Penny Bear Company Inc6 Elmwood Road, Marblehead, MA 01945MA1997-07$0
Number of organizations performing similar types of work
Alabama3
Arkansas1
Illinois1
Massachusetts7
Maryland1
Michigan1
Minnesota1
New Jersey3
New York8
Ohio2
Pennsylvania3
South Dakota1
Tennessee1
Texas1
Virginia1
Total35

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