2024-11-26T12:56:29-06:00 2023-12-31 341912961 COHEN & COMPANY LTD OFFICES LISTED AT WWWCOHENCPACOM OH 44115 990PF 2023-01-01 341904918 THE DR RUSTOM AND MARY KHOURI FOUNDATION DRRU 4408926800 27500 DETROIT RD SUITE 300 WESTLAKE OH 44145 DR RUSTOM KHOURI SECRETARY 4408926800 2024-11-25 1 0 SCOTT J SWAIN P00446317 8002291099 2024-11-25 2023 2024-10-15 13:58:12Z X 22544 X 7186 2 2 8519 8519 8519 0 425000 0 15707 2 8519 0 0 0 0 7236 0 7186 0 7236 0 7186 0 5932 5932 13168 0 7186 5932 2539 2 1333 19995 22540 22540 4 4 4 141526 161525 22544 22544 0 0 X 0 0 195000 53480 -33475 -30936 161525 22544 161525 22544 161525 2539 6 164070 141526 22544 1509 WAGAR AVENUE HOUSE - NOMINEE REPORTING - BENEFICIAL OWNER AMANDA BERRY D 2013-08-09 2023-11-03 425000 0 425000 425000 NOMINEE REPORTING OF HOME SALE TO BENEFICIAL OWNER: AMANDA BERRY D 2013-08-09 2023-11-03 425000 -425000 -425000 0 0 0 0 0 0 0 39 0 3610 0 3649 0 3649 3649 0 0 0 0 0 0 0 0 0 0 1 1 1 OH 1 0 0 0 0 1 N/A MARY KHOURI 4408926800 27500 DETROIT RD SUITE 300 WESTLAKE OH 44145 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MARY KHOURI 27500 DETROIT RD WESTLAKE OH 44145 PRESIDENT 1.00 0 0 0 RUSTOM KHOURI 27500 DETROIT RD WESTLAKE OH 44145 SECRETARY 1.00 0 0 0 ALBERT ADAMS 27500 DETROIT RD WESTLAKE OH 44145 TRUSTEE 1.00 0 0 0 NONE 0 NONE 0 FOUNDATION SERVES THE ROLE OF INTERMEDIARY IN PROVING A HOME TO AN INDIGENT FAMILY. ANY EXPENSES PAID ARE OFFSET BY A REIMBURSEMENT FROM THE CLEVELAND METROPOLITION HOUSING AUTHORITY WHICH IS PROVIDING A BENEFIT TO THE BENEFICIAL OWNER OF THE HOME DIRECTLY TO THE FOUNDATION SINCE IT HOLDS LEGAL TITLE TO THE PROPERTY. THE INCOME IS REPORTED ON A 1099 BY THE CMHA, BUT TRULY REPRESENTS AN EXPENSE OFFSET SINCE THE FOUNDATION OWNS THE HOME IN NAME ONLY ON BEHALF OF THE BENEFICIAL OWNER. THE EXPENSES PAID ARE RELATED TO THE HOME AT 1509 WAGAR AVENUE, LAKEWOOD, OH AND NET TO $0 IN 2023 AFTER REFLECTING THE REIMBURSEMENT. 0 0 4 23560 0 23564 0 0 23564 353 23211 1161 1161 0 1161 0 1161 0 1161 5932 0 5932 1161 0 0 237586 259821 250232 9105 756744 5932 0 0 0 1161 4771 0 0 761515 0 0 0 0 0 0 0 761515 237586 259821 250232 9105 4771 MARY KHOURI X ST LADISLAS 2345 BASSETT RD WESTLAKE OH 44145 NONE PC GENERAL OPERATIONS 817 ST MARONS CHURCH 1245 CARNEGIE AVE CLEVELAND OH 44115 NONE PC GENERAL OPERATIONS 1000 THE SOVEREIGN ORDER OF ST JOHN OF JERUSALEM KNIGHTS HOSPITALLER 111 SUPERIOR AVE SUITE 700 CLEVELAND OH 44114 NONE PC GENERAL OPERATIONS 2900 THE TURN ONE GOLFVIEW LANE NORTH OLMSTED OH 44070 NONE PC GENERAL OPERATIONS 150 ST ANN CHURCH 2175 COVENTRY ROAD CLEVELAND OH 44118 NONE PC GENERAL OPERATIONS 20 FRATERNAL ORDER OF POLICE 701 MARRIOTT DRIVE NASHVILLE TN 37214 NONE PC GENERAL OPERATIONS 45 EPARCHY OF OUR LADY OF LEBANON 2759 N LIPKEY ROAD NORTH JACKSON OH 44451 NONE PC GENERAL OPERATIONS 1000 5932 0 14 2 8519 0 2 8519 8521 5 SERVE THE ROLE OF INTERMEDIARY IN PROVIDING A HOME TO AN INDIGENT 5 FAMILY. "RENTAL INCOME" REALLY REPRESENTS A REIMBURSEMENT FROM THE 5 CLEVELAND METROPOLITAN HOUSING AUTHORITY TO COVER REAL ESTATE TAXES, 5 INSURANCE, AND OTHER OUT OF POCKET EXPENSES INCURRED BY THE FOUNDATION 5 IN HOLDING LEGAL TITLE ONLY FOR THE HOME OCCUPIED BY THE INDIGENT 5 BENEFICIAL OWNER OF THE HOME. 0 0 0 0 0 0 0 0 0 0 X X 1 CARNEGIE MANAGEMENT AND DEVELOPMENT CORP 27500 DETROIT ROAD SUITE 300 WESTLAKE OH 44145 7186 X AMANDA BERRY 4737 WHITE OAKS DR BRUNSWICK OH 44212 SEE PARTIAL LIQUIDATION DESCRIPTION ABOVE. TECHNICALLY THERE WERE NO DISTRIBUTRIONS SINCE THE BENEFICIAL OWNER OF THE REAL ESTATE ONLY RECEIVED THE ASSETS SHE ALREADY WAS ENTITLED TO. ALSO NOTE THAT THE FOUNDATION DID NOT IN FACT DISSOLVE, BUT WE WERE UNABLE TO EFILE THE RETURN WITHOUT FILLING OUT THIS SECTION. 0 IN 2013, THE FEDERAL DEPARTMENT OF HOUSING & URBAN DEVELOPMENT GIFTED THE HOME LOCATED AT 1509 WAGER AVE., LAKEWOOD, OH 44107 TO AN INDIGENT FAMILY. THE RECIPENT BENEFICIAL OWNER WAS A VICTIM OF VIOLENT CRIME. IN ORDER TO PROTECT THE IDENTITY OF THE INDIVIDUAL AND PROVIDE FINANCIAL OVERSIGHT ON THE OWNESHIP OF THE HOME, HUD TRANSFERRED LEGAL TITLE OF THE REAL ESTATE TO THE THIS FOUNDATION WITH THE UNDERSTANDING THAT THE HOME IN FACT BELONGED TO THE BENEFICAL OWNER AND THAT ANY FUTURE TRANSFER OF THE PROPERTY BY THE FOUNDATION TO THE BENEFICIAL OWNER WOULD BE FOR CONSIDERATIOIN OF NO MORE THAN $1. THE CLEVELAND METROPOLITAN HOUSING AUTHORITY ALSO AGREED TO PROVIDE FUNDS ON BEHALF OF THE BENEFICIAL OWNER ON AN ANNUAL BASIS TO COVER REAL ESTATE TAXES, INSURANCE, AND OTHER OUT OF POCKET EXPENSES OF THE FOUNDATION GIVEN THAT IT HELD LEGAL TITLE AND WOULD BE REPONSIBLE FOR PAYING SUCH EXPENSES. THE FOUNDATION WAS EFFECTIVELY ACTING AS AN AGENT OF A GOVERNMENT AGENCY IN FACILITATING THE OWNERSHIP OF THIS HOME ON BEHALF OF THE TRUE RECIPIENT OF THE HOME. OVER THE YEARS, VARIOUS TAX PREPARERS NEVER FULLY UNDERSTOOD THIS ARRANGEMENT AND TREATED THE PROPERTY AS A RENTAL PROPERTY ON FORM 990-PF FROM 2013 - 2022, INCLUDING CAPITALIZING THE VALUE OF THE HOME ON THE BALANCE SHEET AND DEPRECIATING IT OVER TIME. AS SUCH THE BALANCE SHEET IN THE 2022 990-PF FILING REPORTED A NET ASSET VALUE OF $141,526 FOR THE VALUE OF THE HOME, WHEN IN FACT THE FOUNDATION WAS NOT REALLY THE TRUE OWNER OF THE ASSET. WE NOW BELIEVE THAT THERE SHOULD HAVE BEEN AN OFFSETTING LIABLITY EQUAL TO THE VALUE OF THE HOME REPORTED ON THE BALANCE SHEET BEGINNING WITH THE 2013 FILING SUCH THAT THE NET EQUITY IN THE HOME REPORTED BY THE FOUNDATION WOULD HAVE BEEN $0 AT ALL TIMES. WE HAVE REFLECTED THE 2022 ENDING BALANCE OF $141,526 ON THE BEGINNING BALANCE SHEET OF THIS RETURN, BUT HAVE THEN MADE AN ADJUSTMENT TO THE FOUNDATION CAPITAL TO EFFECTIVELY RECORD THE UNRECORDED LIABLITY OFFSET THAT SHOULD HAVE BEEN BOOKED IN 2013. THIS RESULTS IN THE LARGE REDUCTION IN THE ASSET VALUE OF THE FOUNDATION THAT WOULD MEET THE DEFINIATION OF A SUBSTANTIAL CONTRACTION, ALTHOUGH IN REALITY THERE WAS ONLY A MINIMAL CHANGE IN THE TRUE NET WORTH OF THE FOUNDATION. ALSO NOTE THAT IN 2023, THE HOME WAS SOLD BY THE FOUNDATION ON BEHALF OF THE BENEFICIARL OWNER FOR $425,000, THE NET PROCEEDS FROM THE SALE WERE HELD IN ESCROW FOR THE BENEFIT OF THE BENEFICIAL OWNER UNTIL THEY WERE ABLE TO CLOSE ON A NEW HOME, AT WHICH TIME THE EXCROWED PROCEEDS WERE TRANSFERRED AS PART OF THE CLOSING PROCESS. AS SUCH, THE FOUNDATION NO LONGER HOLDS LEGAL TITLE TO THE PROPERTY AT THE END OF 2023, AND THE BENEFICIAL OWNER HAS RECEIVED 100% OF THE PROCEEDS FROM THE SALE OF THE HOME AS ORIGINALLY AGREED WITH HUD AT THE TIME OF THE TRANSFER OF THE HOME IN 2013. THE FOUNDATION DID RECEIVE A 1099-S REPORTING THE SALES PROCEEDS FROM THE HOME, BUT SINCE IT WAS THE OWNER IN NAME ONLY, WE HAVE OFFSET THE GROSS INCOME TO SHOW A NET GAIN ON THE SALE OF $0 AND HAVE REFLECTED THE NAME OF THE BENEFICIAL OWNER AS A NOMINEE RECIPIENT OF THE 1099-S PROCEEDS IN PART IV OF THE RETURN. NOTE THAT THERE WAS NO FORMAL WRITTEN PLAN, RESOLUTION OR AMENDMENT INVOLVED IN THIS CASE. AS SUCH NO ELECTRONIC DOCUMENTS HAVE BEEN ATTACHED. CORRECTION OF PRIOR YEAR ERRORS: BENEFICIAL OWNERSHIP OF HOME REPORTED AS 141524 OWNED BY THE FOUNDATION IN PRIOR YEARS WITH NO LIABILITY TO OFFSET THE VALUE 1 HOME WAS SOLD IN 2023 BY THE BENEFICIAL OWNER, IN THE NAME OF THE FOUNDATION 1 ROUNDING ADJUSTMENT 6 REAL ESTATE TAXES - REIMBURSED BY CLEVELAND METROPOLITAN HOUSING AUTHORITY 7186 0 7186 0 FEDERAL TAXES PAID 50 0 0 0