2024-09-26T07:55:08-05:00 2023-12-31 Foundation Source 3333 New Hyde Park Rd Ste 406 New Hyde Park NY 11042 990PF 2023-01-01 920331693 Peter Lau Foundation % Foundation Source PETE 8008391754 Foundation Source 501 Silverside Rd Wilmington DE 198091377 benjamin sun president 8008391754 2024-09-19 true true Jeffrey D Haskell P01345770 8008391754 2023 2024-08-08 14:25:15Z X 271151 X 447288 2221 2221 -505 98138 98138 449004 100359 0 1400 13393 13393 14793 0 13393 200166 200166 214959 0 213559 234045 100359 271151 271151 0 271151 271151 0 0 X 271151 0 271151 0 271151 0 234045 37106 271151 271151 Publicly-traded Securities 98138 0 98138 98138 98138 1395 1395 1395 1400 0 1400 X 10 5 false false false false false false true true true DE true false true false false true Foundation Source 8008391754 501 Silverside Road Suite 123 Wilmington DE 198091377 false false false false false false false false false false false false false false false true false false true false false false false Benjamin K Sun Foundation Source 501 Silverside Rd Wilmington DE 198091377 Dir, Pres, Sec, Treas 1.0 0 0 0 52444 57829 0 110273 0 110273 1654 108619 5431 5431 1395 1395 4036 4036 4036 213559 0 0 0 0 213559 4036 2021 2020 2019 213559 4036 209523 209523 0 209523 209523 Benjamin K Sun X NYC TECH UNITED INC 19 W 24TH ST 3RD FL NEW YORK NY 10010 N/A NC Expenditure Responsibility Grant 200166 200166 14 2221 18 -505 1716 1716 false false false false false false false false false false X X 1 Sun Benjamin K 456 Washington Street 8A New York NY 10013 447288 X X 1 COUPANG ORD SHS CL A CPNG, 15000 sh. 197288 2023-03-17 NYC TECH UNITED INC 19 W 24TH ST 3RD FL New York NY 10010 2023-08-17 200166 administrative and operating expenses NO EXPECTED IN 2024 none necessary IN-KIND GRANTS PART I LINE 25 AND PART XIV LINE 3A DISTRIBUTIONS OF PROPERTY VALUE AT FAIR MARKET VALUE AT DATE OF DISTRIBUTION METHOD FOR DETERMINING FMV OF SECURITIES: AVERAGE OF HIGH/LOW ON DATE GRANTED TO CHARITY METHOD OF DETERMINING BOOK VALUE OF SECURITIES: COST OR AVERAGE OF HIGH/LOW ON DATE CONTRIBUTED TO FOUNDATION TOTAL FAIR MARKET VALUE OF PROPERTY: $135,750 TOTAL BOOK VALUE OF PROPERTY: $98,644 TOTAL CASH PORTION OF GRANTS: $64,416 TOTAL AMOUNT OF GRANTS: $200,166 FORM 990-PF, PART III, LINE 3 - OTHER INCREASES/DECREASES: $37,106 DETAILS OF ITEMS GRANTED: DESCRIPTION OF PROPERTY: COUPANG ORD SHS CL A UNITS: 7500 DATE OF DISTRIBUTION: 8/17/2023 GRANT RECIPIENT: NYC TECH UNITED INC. FMV OF PROPERTY: $135,750 BOOK VALUE OF PROPERTY: $98,644 CASH PORTION OF GRANT: $64,416 TOTAL AMOUNT OF GRANT: $200,166 As explained below, the Foundation has no plans for dissolution. This statement is submitted to report the distribution of certain assets during the year. The distributions resulted in a substantial contraction of assets. The following information is submitted in accordance with Treasury Regulation Section 1.6043-3(a)(1) and the Form 990-PF instructions: Typically, a finding of a substantial contraction of assets is made by reference to the fair market value of a foundation's net assets on the first day of its calendar year. However, the taxable year ending December 31, 2023 was the year in which the Foundation received its initial endowment and the finding of a substantial contraction in this case was made by reference to the fair market value of the Foundation's assets on the date that it received its initial endowment. Accordingly, the degree of contraction of the Foundation's net assets may have been exaggerated. During the taxable year ending December 31, 2023, the Foundation made distributions from assets from sources other than current income. Collectively, the distributions in excess of current income totaled $200,166. This amount represents 25% or more of the Foundation's net assets of $197,288 (as measured by fair market value) on the day that the Foundation received its initial endowment in the Foundation's taxable year ending December 31, 2023. Although the Foundation technically experienced a substantial contraction, it will continue in existence and has no plans for dissolution. The Foundation made distributions of cash to the grantees listed in the attachment to Part XIV, Line 3a; each such grant was made solely for the charitable purpose specified therein. Administrative Fees 7868 7868 Administrative Set-Up Fee 4400 4400 Delaware Incorporation Fees 500 500 IRS Application Fees 600 600 State or Local Filing Fees 25 25 SHARES GRANTED OUT 37106 Sun Benjamin K 456 Washington Street 8A New York NY 10013 990-PF Estimated Tax for 2023 1400