2024-05-31T09:25:10-05:00 2022-12-31 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 20 COMMERCE DRIVE SUITE 301 CRANFORD NJ 070163618 990PF 2022-01-01 874052660 LOPUD FOUNDATION INC LOPU 2125873371 51 WARREN STREET 3E NEW YORK NY 10007 GLENN STEVEN HARRIS PRESIDENT 2125873371 2024-05-15 1 GLENN STEVEN HARRIS 999009999 1 CHRISTOPHER PETERMANN P00097440 9082726200 2024-05-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X X 340554 X X 554 554 0 554 554 0 0 0 0 0 0 1810000 0 1810000 0 0 -1809446 554 2150000 340554 340554 2150000 340554 340554 0 0 X 2150000 340554 2150000 340554 2150000 340554 2150000 -1809446 0 340554 0 340554 8 0 8 0 8 0 0 0 0 0 0 8 0 0 0 0 0 0 0 0 0 0 1 1 NY 0 0 0 0 0 1 N/A LUCIEN REES ROBERTS 2125873371 50 WARREN STREET APT 3E NEW YORK NY 10007 0 0 0 1 0 0 0 0 0 1 2021 1 0 0 0 0 0 0 1 0 1 1 0 0 0 0 LUCIEN REES-ROBERTS 51 WARREN STREET NEW YORK NY 10007 DIRECTOR 0.50 0 0 0 GLENN STEVEN HARRIS 51 WARREN STREET NEW YORK NY 10007 DIRECTOR 0.50 0 0 0 DAVID ELWELL 51 WARREN STREET NEW YORK NY 10007 DIRECTOR 0.05 0 0 0 NONE 0 NONE 0 0 0 566368 0 566368 0 0 566368 8496 557872 27894 27894 8 8 27886 0 27886 0 27886 0 0 0 27886 4352 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4352 27886 0 0 0 LUCIEN REES-ROBERTS GLENN STEVEN HARRIS X LOPUD FOUNDATION 9 NARIKLA 20 222 LOPUD HR N/A NC THE PURPOSE OF THE GRANT WAS (I) TO PURCHASE AND MAINTAIN A RECENTLY RESTORED HISTORIC PROPERTY LOCATED AT NARIKLA 9, LOPUD, DUBROVNIK IN CROATIA AND (II) TO FULLY EQUIP THE PROPERTY SO THAT IT CAN BE USED TO HOST RETREATS FOR PAINTERS, MUSICIANS, SCULPTORS, WRITERS, AND OTHER ARTISTS AT THE PROPERTY. 1810000 1810000 0 14 554 0 554 0 554 0 0 0 0 0 0 0 0 0 0 LOPUD FOUNDATION NARIKLA 9 20 222 LOPUD PIN CODE: 0487628 HR 2022-02-03 1810000 THE PURPOSE OF THE GRANT WAS (I) TO PURCHASE AND MAINTAIN A RECENTLY RESTORED HISTORIC PROPERTY LOCATED AT NARIKLA 9, LOPUD, DUBROVNIK IN CROATIA AND (II) TO FULLY EQUIP THE PROPERTY SO THAT IT CAN BE USED TO HOST RETREATS FOR PAINTERS, MUSICIANS, SCULPTORS, WRITERS AND OTHER ARTISTS AT THE HISTORIC PROPERTY. 1653442 TO THE KNOWLEDGE OF GRANTOR, GRANTEE HAS NOT DIVERTED ANY PORTION OF GRANT. MAY 3, 2024 THE GRANTOR HAS NO REASON TO DOUBT THE VERACITY OF GRANTEE'S REPORTS; THEREFORE, IT HAS NOT CONDUCTED AN INDEPENDENT VERIFICATION OF THE REPORTS PURSUANT TO TREAS. REG. 53.4945-5(C)(1). AT THE TIME OF THIS FILING, THE FOUNDATION IS STILL AWAITING ITS 501(C)(3) EXEMPT STATUS. ONCE THIS IS OBTAINED THE FOUNDATION WILL REGISTER WITH THE NEW YORK STATE ATTORNEY GENERAL AND WILL PROVIDE A COPY OF THE 990-PF WITH ITS FIRST FILING. IN THE MEANTIME, A COPY OF THE 990-PF IS AVAILABLE UPON REQUEST. 990-PF, PART VI-B, LINE 5B THE FOUNDATION UNKNOWINGLY MADE A TAXABLE EXPENDITURE IN 2022 BECAUSE IT DID NOT EXERCISE EXPENDITURE RESPONSIBILITY IN ACCORDANCE WITH SECTION 4945(H) OF THE INTERNAL REVENUE CODE WITH RESPECT TO THE GRANT IT MADE TO THE LOPUD FOUNDATION IN CROATIA (THE "GRANTEE"). THE FOUNDATION RELIED ON ITS FORMER, PAID ATTORNEY, WHO WAS ALSO A FOUNDATION BOARD MEMBER, TO REMAIN COMPLIANT WITH FEDERAL TAX LAW, AND SUCH LAWYER NEVER INFORMED THE FOUNDATION THAT IT NEEDED TO EXERCISE EXPENDITURE RESPONSIBILITY. SUBSEQUENTLY, THE FOUNDATION HIRED NEW LEGAL COUNSEL WHO ADVISED THE FOUNDATION THAT IT NEEDED TO TAKE CORRECTIVE ACTION WITH RESPECT TO THE GRANT AND THAT IT SHOULD HIRE A CPA WITH EXPERTISE IN PRIVATE FOUNDATION TAX TO ASSIST IN CORRECTING THE TAXABLE EXPENDITURE. AS PART OF THE CORRECTIVE ACTION, THE FOUNDATION ENTERED INTO A WRITTEN GRANT AGREEMENT WITH THE GRANTEE ON MAY 3, 2024 WITH AN EFFECTIVE DATE OF FEBRUARY 3, 2022 THE DATE OF THE GRANT. IN ADDITION TO CONTAINING OTHER COMMITMENTS REQUIRED BY EXPENDITURE RESPONSIBILITY, THE GRANT AGREEMENT REQUIRED THE GRANTEE TO MAKE FULL AND COMPLETE REPORTS TO THE FOUNDATION ON HOW THE FUNDS WERE SPENT. THE FOUNDATION RECEIVED ITS FIRST REPORT FROM THE GRANTEE ON MAY 3, 2024, WHICH IT USED AS THE BASIS FOR THE EXPENDITURE RESPONSIBILITY REPORT ATTACHED TO THIS FORM 990-PF PURSUANT TO PART VI-B, LINE 5D. THIS IS THE REASON THE FOUNDATION CHECKED "YES" FOR BOTH PART VI-B, LINES 5B AND 5D.