2024-05-03T05:51:09-07:00 2023-12-31 990EZ 2023-01-01 571099324 Rotary Club of Beaufort Endowment Foundation ROTA 8435220222 2201 Boundary St Suite 207 Beaufort SC 29902 Wayne Promislow Treasurer 2024-05-03 false Wayne Promislow 999009999 true 2 AAL1 IAL1 FAL1 2023 2023-04-26 12:10:37Z X X N/A X X 48638 X 2413 3787 42438 43168 -730 0 0 0 5470 4640 1965 6605 -1135 122967 18833 140665 122967 140665 122967 140665 122967 140665 The objectives of this Corporation shall be to serve as an endowment and to provide funds earmarked for the Rotary Club of Beaufort's local scholarship program and charitable contributions to local community charities which come within the definitions set forth in the Internal Revenue Code of 1954, Section 170(c), as amended. The Rotary Club of Beaufort Endowment Fund awarded $4,640 to the Rotary Club of Beaufort in January of 2023. These funds were restricted for student scholarships and other charitable expenditures awarded by the Rotary Club of Beaufort. 4640 4640 Mary Ann Capria Director 1.00 0 Greg Dyson Chairman 2.00 0 Wayne Promislow Treasurer 3.00 0 John Troutman Director 1.00 0 Graham Holcombe Secretary 1.00 0 Robert Bussa Director 1.00 0 false false false false false false false 0 0 0 false 0 0 false SC Wayne Promislow 2201 Boundary St Suite 207 Beaufort SC 29902 8435220222 false false false false false false false false false false false NONE NONE true X X 1 Beaufort Rotary Club 576025772 10 false 4640 0 1 4640 0 true false true true true false false false false false false false false false false false false true false Part IV, Section A, Line 3b: Description Of When and How Organization Made The Determination Determined that the Rotary Club of Beaufort satisfied the public support test under section 509(a)(2) by reviewing the Organization's financial statements and Form 990, "Return of Organization Exempt from Income Tax," for the fiscal year ended June 30, 2023. Part IV, Section A, Line 3c: Explain What Controls The Organization Put In Place The Rotary Club of Beaufort Endowment Foundation, at its election, annually pays a distribution restricted for chartiable purposes to the Rotary Club of Beaufort. The annual distribution is limited to the prior year earnings of the Foundation (dividends and interest accrued during the preceding calendar year, less the sum of any operational expenses disbursed in the preceeding year). For disbursement purposes, the Foundation's earnings as defined above, shall not include any realized or unrealized capital gain or capigal gain distributions.At the time the Chairman of the Rotary Club of Beaufort Endowment Foundation presents its award to the Rotary Club of Beaufort, the Chairman indicates that the award is restricted for local scholarship programs or for donations to local community charities which qualify as Charitable Organizations under Internal Revenue Code Section 170(b)(1)(A).A Director of the Rotary Club of Beaufort Endowment Foundation annually inspects the most recent annual financial statement or Form 990, of the Beaufort Rotary Club to ensure that its charitable contributions and local scholarship awards exceed the award provided by the Rotary Club of Beaufort Endowment Foundation or is escrowed for such purposes. Other Expenses.1 Investment Management Fee $1908 Other Expenses.2 Foreign Tax Withholding $57