The Foundation

“AMENDED (immaterial): The number of independent Board members was reduced from 2 to 1 due to the outstanding loan from the Founder.”

“AMENDED (immaterial): The Founder and acting Director of the Board of Trustees prepared form 990 independently. The final version of form 990 was sent to all board members for unofficial review. No official review was or will be conducted.”

“AMENDED (immaterial): Due to the small size of THE FOUNDATION, the Board of Trustees was able to read the mind of the Founder, the primary decision maker of the Organization, and determine in real-time whether any conflicts of interest were present. The Board was then able to evaluate potential conflicts and communicate to Key Employees that a violation of the Organization's policies will be met with harsh punitive actions.”

“Stakeholders were given copies of the relevant documents and/or these documents were made available upon request.”

“AMENDED: The Endowment is a self-sufficient fund(s) that exists as a learning platform for the disadvantaged to empower their financial self-sufficiency. After exhaustive tax law research, it has been decided that part VIII, "Total Revenue" is to be calculated by subtracting the cost basis and sales expenses from the gross proceeds of the securities sales. Financial instruments in this account are actively traded and should not be classified as "investments", nor should the gross proceeds be classified as "gross receipts". For the current tax year, The Endowment had total mark-to-market losses of $(49,829). CITED SOURCE #1: It is well established in the Code of Federal Regulations (CFR) that certain property and/or asset transactions classified as "gross" are to have the cost basis subtracted from the total transaction proceeds. In section 448, Methods of Accounting in General, it is stated, "With respect to sales of capital assets as defined in section 1221, or sales of property described in 1221 (2) (relating to property used in a trade or business), gross receipts shall be reduced by the taxpayer's adjusted basis in such property." [26 CFR 1.448-1T(f)(2)(iv)] CITED SOURCE #2: In addition, Section 1244 states, "gross receipts from the sales or exchanges of stock or securities shall be taken into account only to the extent of gains therefrom." [26 CFR 1.1244(c)-1(e)(1)(i)(a)]”

“AMENDED: Estimated realized currency losses of $1,987.”

“AMENDED: This 2021 990 form is being amended to reflect new information, which changes how we interpret the Code of Federal Regulations, Chapter 26, 1.509(a)(3) and related provisions of the regulations. The substantial contribution by the Founder was assumed to be the first of similar annual donations; however, it has become clear through the past couple years that this donation was abnormally unusual in its amount. Furthermore, the inclusion of this contribution in the proscribed support tests would have a severely adverse affect on the status of THE FOUNDATION. In Schedule L, a liability to the Founder was adjusted to properly account for currency exchange errors, resulting in an a liability increase of 4% to $21,731. Given that The Endowment has always been a related program service activity (actively managed by the Founder, who will always be an unpaid volunteer, as is mandated in the governing documents of THE FOUNDATION), gross proceeds from sales of securities from the actively traded brokerage accounts are no longer defined as "gross receipts". Instead, trading gains (losses) are reported after cost basis considerations. The result is an almost complete elimination of related activity gross receipts ($894,485 to $1,000) and in Part VIII, an elimination of Line 7a Asset Sales due to mark-to-market losses of $(49,829) in The Endowment. Miscellaneous Revenue was amended to more properly include currency losses of $(1,987) on Form 990, Part VIII, 11e. After all reclassifications and corrections, net assets of the organization were reduced by an immaterial 0.3% to $313,196. In addition to the above changes, we are updating contact information and the mission statement as well as correcting immaterial errors in 990, Part V; Form 990, Part III, Line 2; Form 990, Part V, Line 2a; Form 990, Part VI, Section A, Line 1b; Form 990, Part IX, Line 11g; Form 990, Part XI, Line 9; Schedule A, Part I; Schedule D, Part V, Line 1g; Schedule D, Part V, Line 4; Schedule F, Part I, Line 3; Schedule F, Part I, Line 2; Schedule L, Part II. All previous 990 forms are being amended (2020, 2021, and 2022). As required, we have mailed the 2020 amended 990 form; the forms for tax year's 2021 and 2022 have been submitted electronically.”

“AMENDED: Empowering Self-sufficiency - The Endowment: This FOUNDATION Solution is a quasi-endowment established by the Founder; it is a self-sufficient fund(s) that exists as a learning platform for the disadvantaged to empower their financial self-sufficiency. The Endowment may take years (even decades) to properly establish itself. Eventually, excess returns will be used to fund program services.”

“Saving Children: Due to inherent cognitive and ethical inadequacies of government officials, Tanzania was eliminated as a viable location for a children's home and organizational office. The home office space is currently inactive. We continue to pay local service professionals to maintain the leased property and keep it secure. We will explore additional ways we can efficiently utilize this asset to further our exempt purpose.”

“AMENDED (immaterial): The individual employed was a non-resident alien on foreign soil (Tanzania); therefore, we adjusted our employee count to 0 from 1 to reflect the fact that non-resident aliens are not reported on IRS W3 forms.”

“AMENDED (immaterial): Neighborhood Security ($3,455), Tailor ($87).”

“AMENDED: Proceeds from the sale of securities within The Endowment are no longer classified as 'Gross receipts from related activities' in Schedule A. See previous notes.”

“AMENDED: Realized mark-to-market trading gains were $22,663. The Endowment's unrealized trading losses were $(72,462). Endowment Dividends and Interest were $0. Miscellaneous adjustments were $969. $22,663 + $(72,462) + $969 = $(48,830).”