Renaissance Charitable Supporting Organization Trust

“The organization and its supported organization, Renaissance Charitable Foundation Inc., outsources management and administrative services to Renaissance Administration LLC. Renaissance Administration LLC maintains the books and records, prepares tax returns and other required regulatory filings, and provides staff, resources, and professional expertise to carry out its administrative responsibilities for the organization.”

“Renaissance Charitable Foundation Inc., the supported organization, has the authority to operate, supervise, and control this organization. This includes the power to appoint a governing body for the organization. There is currently no governing body for this organization. There are no members or stockholders in this organization because it is legally organized as a trust. Renaissance Charitable Foundation Inc. has appointed a Trustee to act as fiduciary.”

“Renaissance Charitable Foundation Inc., the supported organization, has the authority to operate, supervise, and control this organization. This includes the power to approve all decisions of the organization. There is currently no governing body for this organization. There are no members or stockholders in this organization because it is legally organized as a trust. Renaissance Charitable Foundation Inc. has appointed a Trustee to act as fiduciary.”

“The Form 990 is reviewed by the President of Renaissance Charitable Foundation Inc. and the Trustee, Dacotah Bank.”

“Trustees, officers, and directors are required to disclose any potential conflicts of interest before assuming their role. The conflict disclosures are reviewed annually.”

“The organization provides governing documents and tax returns upon request by authorized entities. Except for those disclosures required by legal and regulatory bodies, other disclosures must be approved by the Trustee and an officer of Renaissance Charitable Foundation Inc.”

“Statement for Form 990-T:At the time Form 990-T was filed, Form K-1 issued by Serafini Financial Services, Inc. (EIN 52-1881225) contained the wrong EIN for the Trust. The EIN on the K-1 belongs to Renaissance Charitable Foundation Inc., the Trust's supported organization. The Trust requested the preparer of Serafini Financial Services, Inc.'s Form K-1 to issue a K-1 with the Trust's correct EIN and to amend the one issued to show zero income and deductions for Renaissance Charitable Foundation Inc.”

“Capital gains deemed principal under SD Univ P&I Act = -$1578485”

“Part VIII, Lines 1f and 1g: Increased value of contribution of stock by $602,500 after more information gathered on stock's value after initial filing.Part VIII, Line 3 (A),(C), and (D): Decrease investment income by $113 to show only dividends earned on money market account. $113 is incorporated in Part VIII, Line 11 as a component of passthrough income received from S-corporations.Part VIII, Line 11: Increase passthrough income by $253,599, which is all unrelated business income, to reflect the income component of S-corp distributions under South Dacotah's Universal Principal & Income Act.Part IX, Line 1: Decrease grants by $7. This amount was a passthrough charitable deduction from an S-corp and not recorded in the Trust's books, reflecting South Dacotah's Universal Principal & Income Act.Part IX, Line 24b: Decrease state income tax by $13,105 to reflect re-assessment of tax by California FTB.Part IX, Line 11c: Decrease tax penalty by $45 to match 990-T that Trust filed.Part X, Line 9(B): Decrease prepaid by $45 to match 990-T that Trust filed.Part X, Line 12(B): Trust accounts for its investments under the cost method, which records investments at cost and reduces the book value for liquidating distributions. Beginning year book value decreased by $161,800 (see also Part XI, Line8) and 2022 decreased by $984,794 to bring book value of investments in line with cost method.Part X, Line 25: Decrease state income tax payable by $13,105 to reflect re-assessment of tax by California FTB.Part XI, Line 9: $1,578,485 capital gain recognized for tax purposes as income is a reduction of the book value of the investments for book purposes. The Trust's books conform to South Dakotah's Trust Code.Schedule B, Part I: Increased value of contribution of stock by $602,500 after more information gathered on stock's value after initial filing.Schedule D, Part VII, Line 2: Trust accounts for its investments under the cost method, which records investments at cost and reduces the book value for liquidating distributions. Beginning year book value decreased by $161,800 (see also Part XI, Line8) and 2022 decreased by $984,794 to bring book value of investments in line with cost method.Schedule L, Part IV: Includeing fees accrued but not paid by year-end.Schedule M, Part I, Line 10: Increased value of contribution of stock by $602,500 after more information gathered on stock's value after initial filing.None of the changes described above affect Form 990-T. Form 990-T as filed reflects the K-1 forms received by the Trust and the capital gains from the sale of stock.”