Lucress Watson And Richard Watson Childrens Foundation in Franklin, Texas (TX)

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Lucress Watson And Richard Watson Childrens Foundation
Employer Identification Number (EIN)010718020
Name of OrganizationLucress Watson And Richard Watson Childrens Foundation
In Care of NameFng Llc
AddressPO BOX 277, Franklin, TX 77856-0277
SubsectionCharitable Organization
Ruling Date10/2003
DeductibilityContributions are deductible
FoundationPrivate operating foundation (other)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$1,000,000 to $4,999,999
Income$100,000 to $499,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$3,191,327
Amount of Income$307,248
Form 990 Revenue Amount$322,826
National Taxonomy of Exempt Entities (NTEE)Philanthropy, Voluntarism and Grantmaking Foundations: Private Operating Foundations


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Amount of income in 2013: $307,248 (it was $544,672 in 2012)
Lucress Watson And Richard Watson Childrens Foundation: 

 $307,248
Other organizations performing similar types of work: 

 $45,945

Assets in 2013: $3,191,327 (it was $3,282,560 in 2012)
This organization: 

 $3,191,327
Other organizations performing similar types of work: 

 $120,180

Expenses in 2011: $243,251
Lucress Watson And Richard Watson Childrens Foundation: 

 $243,251
Other organizations performing similar types of work: 

 $39,714

Income to expenses ratio in 2011: 1.3
This organization: 

 1.3
Other organizations performing similar types of work: 

 1.1

Grants share in income in 2011: 0.6%
This organization: 

 0.6%
Other organizations performing similar types of work: 

 2.2%

Financial snapshot ($)

Revenue for 2011

Expenses for 2011

Assets 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$322,826$320,911$320,911
Contributions, gifts, grants, etc., received$1,914
Interest on savings and temporary cash investments$0
Dividends and interest from securities$189
Gross rents$313,675
Gross profit from sales of goods$0
Other income$7,047
Other$1
Total expenses and disbursements$243,251$134,154$134,154$148,366
Compensation of officers, directors, trustees, etc.$25,498
Total operating and administrative expenses$243,251$134,154$148,366
Contributions, gifts, grants paid$0
Excess of revenue over expenses and disbursements$79,575
Net investment income$186,757
Adjusted net income$186,757
Balance Sheets (for 2011)
Book ValueFair Market Value
Total assets$2,835,557$2,904,410
Cash - non-interest-bearing$145,001
Investments-U.S. and state government obligations$0
Investments-corporate stock$0
Investments-corporate bonds$0
Investments-mortgage loans$0
Investments-other$0
Other$2,690,556
Total liabilities$0
Total liabilities and net assets/fund balances$2,835,557
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$0
Any penalty for underpayment of estimated tax$0
Tax due$0
Overpayment$0
Amount to be credited to 2012 estimated tax$0
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?Yes
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$2,059,350
Net value of noncharitable-use assets$2,028,460
Minimum investment return$101,423
Distributable Amount (for 2011)
Distributable amount$0
Undistributed Income (for 2011)
Distributable amount for 2011$0
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$101,423$95,606$105,407$45,795$348,231
Qualifying distributions made directly for active conduct of exempt activities$0$0$0$0$0
Value of all assets$1$0$0$0$1
Value of assets qualifying under section 4942(j)(3)(B)(i)$0$0$0$0$0
2/3 of minimum investment return$67,458$63,730$70,264$30,530$231,982
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
1Attar Supporting Organization707 S Gulfstream Ave Unit 408, Sarasota, FL 34236-7760FL2004-10$460,481
2Pg&e-Psea Emergency Assistance Fund1390 Willow Pass Rd Ste 240, Concord, CA 94520-7904CA1994-07$160,744
3Scenic Philadelphia1504 South St, Philadelphia, PA 19146-1636PA2000-09$125,366
4Las Vegas Health Trust IncPO BOX 2026, Las Vegas, NM 87701-2026NM1949-10$121,871
5Nelda C And H J Lutcher Stark Foundation601 Green Ave, Orange, TX 77630-5718TX2004-04$313,531,475
6Hope Center Foundation2001 W Plano Pkwy Ste 1700, Plano, TX 75075-8626TX2008-05$6,525,974
7Buford Foundation2626 Cole Ave No 910, Dallas, TX 75204-1083TX1999-06$3,130,303
8Bamberger Ranch Preserve2341 Blue Ridge Dr, Johnson City, TX 78636-4242TX2002-06$2,630,069
9Goff Family Foundation500 Commerce St Ste 700, Fort Worth, TX 76102-5478TX2015-02$2,258,044
10Cibolo Preserve701 N Saint Marys St Apt 24, San Antonio, TX 78205-1360TX2008-05$869,467
11New Beginning Resources IncPO BOX 509, Porter, TX 77365-0509TX2006-07$663,916
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15Lucress Watson And Richard Watson Childrens FoundationPO BOX 277, Franklin, TX 77856-0277TX2003-10$307,248
16Abg Ministries, All By Grace Ministries511 W Shore Dr, Richardson, TX 75080-5008TX2007-03$247,988
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Number of organizations performing similar types of work
Alabama20
Arkansas6
Arizona21
California255
Colorado50
Connecticut21
District of Columbia9
Delaware7
Florida103
Georgia33
Hawaii6
Iowa6
Idaho8
Illinois37
Indiana16
Kansas10
Kentucky11
Louisiana12
Massachusetts40
Maryland20
Maine6
Michigan28
Minnesota26
Missouri19
Mississippi3
Montana5
North Carolina24
Nebraska7
New Hampshire7
New Jersey23
New Mexico9
Nevada26
New York122
Ohio45
Oklahoma9
Oregon16
Pennsylvania47
Rhode Island8
South Carolina15
South Dakota6
Tennessee17
Texas80
Utah25
Virginia29
Vermont4
Washington30
Wisconsin10
Wyoming4
International3
Total1,344

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