2024-11-08T15:33:54-08:00 2023-12-31 363736640 Smith & Cull Ltd 230 W Monroe Street Suite 2540 Chicago IL 60606 990 2023-01-01 391694901 CHAPELLAKES AREA FOUNDATION INC CHAP 7083710900 1 GRIFFITH CENTER ALSIP IL 60803 DAVID SMITH Treasurer 2024-11-08 true true CHARLES D SMITH P01360067 3124441776 2023 2024-10-15 13:58:12Z 1 GRIFFITH CENTER ALSIP IL 608033495 883692 false X N/A X 1990 WI SEE ATTACHED STATEMENT 6 6 0 6 0 0 0 55410 797292 0 55410 797292 35000 264000 0 0 0 0 355 35000 264355 20410 532937 1845394 2378331 0 1845394 2378331 SEE ATTACHED STATEMENT false false 264000 264000 SEE ATTACHED STATEMENT 264000 true false false false false false false false false false false true false false false false false false false false false false false false false false false true false false false false false false false false false false false false false false false true false false false true 0 0 false 0 false false false false false false false 0 false false false false false false false X 6 6 true false true false false false false true true false false true false false false false false false X X JOSEPH R MASLICK 7083710900 1 GRIFFITH CENTER ALSIP IL 608033495 SEAN WALKER Director 0.00 0.00 X 0 58943 32557 DAVID SMITH Treasurer 0.00 0.00 X X 0 0 0 BRIAN L GRIFFITH President 0.00 0.00 X X 0 0 0 JOSEPH R MASLICK SECRETARY 0.00 0.00 X X 0 0 0 LOIS J GRIFFITH Vice President 0.00 0.00 X 0 0 0 DARREL BURNETT Director 0.00 0.00 X 0 0 0 58943 32557 0 false false false 0 0 0 56592 56592 0 0 0 827100 86400 740700 740700 740700 0 0 0 0 797292 740700 56592 264000 264000 0 0 0 0 0 0 0 0 0 0 355 355 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 264355 264000 355 0 909834 999795 171064 700440 0 0 0 0 0 0 0 0 0 764496 678096 0 0 0 1845394 2378331 0 0 X 1845394 2378331 1845394 2378331 1845394 2378331 532937 X false false false X X 1 CHAPEL ON THE HILL COMMUNITY CHURCH 391277699 1 true 264000 0 1 264000 0 true false false false false false false false false false false true false false false false true true true 0 0 55410 56592 55410 56592 0 0 0 55410 56592 6313 6313 1091257 2112417 3903177 4238100 5000747 6356830 0 0 5000747 6356830 75011 95352 4925736 6261478 172401 219152 0 172401 219152 55410 47099 172401 172401 0 172401 264000 0 0 0 0 0 264000 0 172401 0.00000 172401 263477 0 0 0 0 0 0 0 0 0 0 264000 263477 523 0 0 171878 0 0 0 0 0 0 Part IV, Section D, Line 3: Role The Organization's Supported Orgs. Played THE ORGANIZATION DISCUSSED WITH ITS SUPPORTED ORGANIZATION THE INVESTMENTS OF THE ORGANIZATION AND ITS ANTICIPATED SUPPORT AND GRANTS TO THE SUPPORTED ORGANIZATION ON A PERIODIC BASIS. Part V, Section B, Line 1e: Discount Claimed For Blockage Or Other Factors THE PRIVATELY HELD STOCK REFLECTED ON SECTION B, LINE 1C CONSISTS OF 10,618 SHARES OF GRIFFITH FOODS GROUP, INC. BECAUSE THE SHARES OF GRIFFITH FOODS GROUP, INC ARE NOT PUBLICLY TRADED AND BECAUSE THE COMPANY HAS A RETIREMENT PLAN WHICH INCLUDES AN EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP"), AN INDEPENDENT APPRAISER ANNUALLY DETERMINES THE FAIR MARKET VALUE OF THE COMPANY SHARES HELD BY THE RETIREMENT PLAN (THE "ESOP VALUE"). A KEY ADVANTAGE THAT RETIREMENT PLAN PARTICIPANTS HAVE OVER OTHER SHAREHOLDERS, INCLUDING THE CHAPEL/LAKES AREA FOUNDATION, IS THAT WHEN PARTICIPANTS WITHDRAW FROM THE PLAN, THEY HAVE A LEGAL RIGHT TO SELL THEIR ESOP SHARES TO THE PLAN OR TO THE COMPANY AT THE THEN-CURRENT ESOP VALUE.BECAUSE THERE IS NO READY MARKET FOR THE SHARES HELD BY THE FOUNDATION AND BECAUSE THE SHARES DO NOT REPRESENT A CONTROLLING INTEREST IN THE COMPANY, THE VALUE OF THESE SHARES ARE SUBSTANTIALLY DISCOUNTED. UNLIKE FORMER RETIREMENT PLAN PARTICIPANTS, NEITHER THE COMPANY NOR THE PLAN (OR ANYONE ELSE) IS OBLIGATED TO PURCHASE FOUNDATION SHARES AT THE ESOP VALUE OR AT ANY VALUE. ANY SUCH SALE WOULD HAVE TO BE NEGOTIATED AND WOULD LIKELY BE AT A SUBSTANTIAL DISCOUNT FROM THE ESOP VALUE, IF THE SALE COULD BE ACCOMPLISHED AT ALL. THERE ARE NO OTHER KNOWN POTENTIAL PURCHASERS OF THE FOUNDATION'S SHARES. FURTHERMORE, THE FOUNDATION'S SHARES, WHILE SIGNIFICANT, COMPRISE A MINORITY INTEREST AND ARE INSUFFICIENT TO CONTROL THE COMPANY.DURING 2023, THE INDEPENDENT APPRAISER THAT PREPARES THE ANNUAL ESOP SHARE VALUATION PREPARED A SEPARATE VALUATION FOR NON-ESOP SHARES. THIS VALUATION INCLUDED SUBSTANTIAL ADDITIONAL DISCOUNTS FOR LACK OF MARKETABILITY AND LACK OF CONTROL. THE FOUNDATION DETERMINED THAT THESE DISCOUNTS TOTALING 60% MORE ACCURATELY REPRESENTS THE DISCOUNTS TO BE APPLIED TO THE FAIR MARKET VALUE OF THE SHARES. CONSEQUENTLY, THE DECEMBER 31, 2022 ESOP-APPRAISED FAIR MARKET VALUE OF $919 PER SHARE WAS REDUCED BY 60% AND IS REFLECTED ON SECTION B, LINE 1C. 678096 true THE CHAPEL ON THE HILL N2440 ARA GLENN DRIVE LAKE GENEVA WI 53147 391277699 264000 0 FMV RELIGIOUS / CHARITABLE 1 0 Form 990, Part VI, Section A, Line 2 BRIAN L. GRIFFITH AND LOIS GRIFFITH - FAMILY RELATIONSHIPBRIAN L. GRIFFITH AND JOSEPH R MASLICK - BUSINESS RELATIONSHIPBRIAN L. GRIFFITH AND DAVID SMITH - BUSINESS RELATIONSHIPLOIS GRIFFITH AND DAVID SMITH - BUSINESS RELATIONSHIP Form 990, Part VI, Section A, Line 4 THE ORGANIZATION AMENDED AND RESTATED ITS ARTICLES OF INCORPORATION AND BYLAWS WITH THE INTENT OF THE BOARD OF DIRECTORS BEING TO REVISE THE COMPOSITION OF THE BOARD OF DIRECTORS AND TO EXPAND THE ELIGIBILITY OF THOSE ABLE TO SERVE AS DIRECTOR OF THE FOUNDATION. Form 990, Part VI, Section B, Line 11b A copy of the organization's Form 990, as ultimately filed with the IRS, was provided to each voting member of the organization's board of directors, prior to its filing with the IRS.The president and secretary/treasurer of the organization reviewed the prepared Form 990 prior to its filing with the IRS. This review was undertaken with the preparers of the Form 990. Form 990, Part VI, Section C, Line 19 THE ORGANIZATION DOES NOT HAVE A CONFLICT OF INTEREST POLICY AND DOES NOT HAVE A FINANCIAL STATEMENT. A COPY OF THE ORGANIZATION'S ARTICLES OF INCORPORATION IS AVAILABLE FROM THE WISCONSIN SECRETARY OF STATE. Statement Note 1 ATTACHMENT TO FORM 990 PART I, LINE 1 AND PART III, LINE 1 & LINE 4ASTATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTSTHE CORPORATION OPERATES EXCLUSIVELY FOR THE BENEFIT OF, TO HELPPERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE RELIGIOUS, CHARITABLE, &EDUCATIONAL PURPOSES OF CHAPEL ON THE HILL (THE "CHAPEL"), A CHURCHORGANIZED AS A WISCONSIN RELIGIOUS CORPORATION, TO CARRY OUT ANEFFECTIVE MINISTRY OF THE CHRISTIAN GOSPEL, TO SERVE, INFORM, EDUCATE,& MINISTER TO THE MEMBERS OF THE CHAPEL, TOURISTS, GUESTS, MEMBERS OFTHE COMMUNITY, (LOCAL, STATE, REGIONAL, & AS APPROPRIATE, NATIONAL), &OTHERS NEEDING OR SEEKING CHRISTIAN SERVICE OR RELIGIOUS MINISTRY,EDUCATION, INFORMATION, & CHRISTIAN COMMUNION. NONE OF THE EXPENSESARE ALLOCABLE TO ANY OF THE PROGRAM SERVICES. Statement Note 2 SCHEDULE OCHAPEL / LAKES AREA FOUNDATION39-1694901PART VI, Section B, Lines 12a, 13, 14 and 15THE ORGANIZATION HAS NOT ADOPTED A CONFLICT OF INTEREST POLICY, A WHISTLE BLOWER POLICY OR A DOCUMENT RETENTION AND DESTRUCTION POLICY. THE ORGANIZATION DOES NOT PAY ANY COMPENSATION DIRECTLY TO ITS OFFICERS OR DIRECTORS, AND DOES NOT EMPLOY ANY PERSONS. Statement Note 3 SCHEDULE OCHAPEL / LAKES AREA FOUNDATION39-1694901THE ORGANIZATION HAS ADJUSTED THE DISCOUNT RATE USED IN VALUATION OF ITS HOLDINGS IN GRIFFITH FOODS GROUP CLASS "A" STOCK. THE ORGANIZATION PREVIOUSLY USED A DISCOUNT RATE OF 10% TO REFLECT A MINORITY DISCOUNT AND LACK OF A PUBLICLY TRADED MARKET. AN INDEPENDENT APPRAISER, GRIFFING GROUP, PREPARED A VALUATION AS OF 9/30/23 WHICH VALUED THE STOCK AT A NEARLY 60% DISCOUNT. THE DISCOUNT RATE USED FOR PREPARING THE FOUNDATION'S 2023 990 IS A BETTER REPRESENTATIVE OF THE FOUNDATIONS ATTAINABLE VALUE FOR THE GRIFFITH FOODS GROUP CLASS "A" STOCK HOLDINGS. CHAPEL ON THE HILL N2440 ARA GLEN DRIVE LAKE GENEVA WI 53147 391277699 NONDENOMINATION COMMUNITY CHURCH WI 501(c)(3) 1 N/A false false true false false false false false false false false false false false false false false false false false CHAPEL ON THE HILL b 264000 CASH VALUE