2025-02-11T16:34:58-08:00 2024-03-31 050550239 KELLY & ASSOCIATES LLP 3480 BUSKIRK AVENUE SUITE 305 PLEASANT HILL CA 94523 990 2023-04-01 946081827 SAINT MARYS EASTBAY SCHOLARSHIP FUND INCORPORATED SAIN 9259331065 3480 BUSKIRK AVE 305 PLEASANT HILL CA 94523 TIMOTHY A KELLY CFO/Treasurer 2025-02-11 true true TIMOTHY A KELLY CPA P00232450 9259331065 2023 2025-03-06 01:10:19Z X MIRIAM CORDEIRO 3480 BUSKIRK AVE 305 PLEASANT HILL CA 945234341 413574 false X SAINTMARYSEASTBAYSCHOLARSHIPFUND.ORG X 1957 CA COLLEGE SCHOLARSHIPS 11 11 0 11 0 10277 6547 0 47896 -11948 0 58173 -5401 30000 25000 0 0 0 0 15480 14257 45480 39257 12693 -44658 778085 733427 0 778085 733427 COLLEGE SCHOLARSHIPS false false 25000 25000 GENERAL DONATION MADE TO SAINT MARY'S COLLEGE OF CALIFORNIA ("SMC") TO PAY ALL OR PART OF THE TUITION COSTS FOR RESIDENTS OF ALAMEDA AND/OR CONTRA COSTA COUNTIES WHO ARE IN NEED AND WOULD OTHERWISE BE UNABLE TO AFFORD A COLLEGE EDUCATION. 25000 true false false false false false false false false false false false false false false false false false false false false false false false false false false true false false false false false false false true true true false false false false false false false false false true 2 0 true 0 false false false false false true true false 0 false false false false false false false X 11 11 true true false false true true true true true false false true false false false true true false CA X X TIMOTHY A KELLY TREASURER 9259331065 3480 BUSKIRK AVE 305 PLEASANT HILL CA 94523 X X MIRIAM CORDEIRO President 1.00 0.00 X X 0 0 0 DEWANE BRADFORD Vice President 0.00 0.00 X X 0 0 0 DAVID R KELLY Asst. Treasurer 0.00 0.00 X X 0 0 0 CARLA BERGEZ Trustee 0.00 0.00 X 0 0 0 GARY SABATTE Trustee 0.00 0.00 X 0 0 0 GEORGE C BURTT TRUSTEE 0.00 0.00 X 0 0 0 KAREN KREMEIER Trustee 0.00 0.00 X 0 0 0 LYLE C CAVIN JR Trustee 0.00 0.00 X 0 0 0 TIMOTHY A KELLY Treasurer 1.00 0.00 X X 0 0 0 SAM MUIR Trustee 0.00 0.00 X 0 0 0 DENNIS CORDEIRO TRUSTEE 0.00 0.00 X 0 0 0 0 false false false 0 6547 6547 0 30981 30981 0 0 0 376046 418975 -42929 -42929 -42929 0 0 0 0 -5401 -11948 25000 25000 0 0 0 0 0 0 0 0 0 0 0 9564 9564 0 0 3603 3603 0 0 0 0 0 0 0 0 0 0 0 0 998 998 CA AG-RRF-1 50 50 BANK FEES 42 42 0 39257 25000 14257 0 5594 1926 0 0 0 0 0 0 0 0 0 772491 731501 0 0 0 0 778085 733427 0 0 X 778085 733427 778085 733427 778085 733427 -44658 X false false false X 5394 7600 15251 10277 6547 45069 0 0 5394 7600 15251 10277 6547 45069 18483 26586 16584 10939 10450 12119 13005 63097 0 0 108166 0.24580 0.22100 X Support Schedule: Additional Supplemental Information Statement RE SCHEDULE A, PART II, SECTION C: PUBLIC SUPPORT (LINES 17A AND 17B):STATEMENT AS TO HOW THE ORGANIZATION MEETS THE "FACTS AND CIRCUMSTANCES" TEST, AND ACCORDINGLY QUALIFIES AS A PUBLICLY SUPPORTED ORGANIZATION:STATEMENT OF facts and applicable regulations: This organization (the "Fund") is "publicly supported" according to applicable regulations, as detailed hereafter.1.) The organization has a continuous and bona-fide program for solicitation of funds from the general public: Every year since its formation, the Fund has mailed an annual notice to both (a) its present and past members, and (b) mostly East Bay alumni of St. Mary's College of California ("SMC") announcing the time and place for its combined annual benefit dinner and Annual Meeting. (Due to the COVID-19 pandemic, the fund suspended the annual dinner in May, 2020 through 2023. It did organize a wine, cheese and art fundraiser in October 2023. It hopes to resume the dinner event, or its equivalent, soon.) As a result, the Fund receives a number of monetary donations from the people who are otherwise unable to attend the dinner for whatever reason. The Fund also receives a variety of unsolicited monetary gifts, memorials, and some bequests during any given fiscal year. In addition, the Fund also draws donations from numerous non-alumni friends and non-local alumni.2.) Aside from the COVID-19 disruption, contributions received (lines 4 and 7 of the Support Schedule) from the public have otherwise been relatively steady, while the total amount of gross income received from interest and dividends (line 8 of the Support Schedule) has fluctuated over the last few years, very reflective of the economy.3.) The organization's Board of Trustees draws from a diverse pool. The corporation has one class of members. Any person dedicated to the purposes of this corporation is eligible for an annual membership by the Board upon timely payment of such contribution as the Board may fix from time to time. As a result, the Board is comprised of a cross-section of people of varying ages, professions, and occupations, most of whom live in the greater Bay Area region.4.) As to applicable regulations, IRS Regulation 1.509(a)-4(a) in turn refers to IR Code Section 509(a)(3) which states that the definition of the term "private foundation" excludes those organizations meeting the requirements of subparagraph (A), (B), and (C) thereof. Those requirements are met as follows:(i.) The Fund meets (3)(A)'s requirements since at all times it has been organized and operated exclusively for the benefit of students of Saint Mary's College of California ("SMC")(a Section 170 (b)(1)(A)(ii) educational institution). The Fund was created prior to January 1, 1970, and complies with Regulation 1.509(a)-4(b)(2), as well as -4(c) and (d).(ii.) The Fund meets (3)(B)'s requirements since at all times it has been "operated in connection with" SMC. Regulation 1-509(a)-4(I) states that, to meet the condition "operated in connection with ...", the Fund must meet both the "responsiveness" test and the "integral part" test. The Fund does so comply with the two tests by virtue of its having supported SMC long before November 20, 1970 (a date set forth in subparagraph (I)(1)(ii) of the regulations). Such an historic continuing relationship with Saint Mary's College by the Fund (which is a qualified nonprofit corporation under California laws) may be taken into account to establish compliance with the "responsiveness test". The Fund meets the "integral part test" by virtue of the fact that the Fund's activities are on behalf of Saint Mary's College students, and that such activities would normally be otherwise engaged in by Saint Mary's College itself. In fact, the College does directly oversee and control other scholarship fund activities in other regions of California [as per sub-paragraph -(I)(3)(ii)]. As a result, Saint Mary's College is attentive to the Fund's operations.(iii.) The Fund meets (3)(C)'s requirements since the Fund is not controlled in any way by a disqualified person (as defined in Section 4946) other than foundation managers (i.e., officers and/or trustees). [Reg. 1.509(a)-4(j)(1)]The Fund accordingly concludes and asserts that it meets the facts and circumstances test, and therefore qualifies as being publicly supported. true SAINT MARYS COLLEGE OF CALIF 1928 SAINT MARYS ROAD MORAGA CA 94575 941156599 25000 0 FMV N/A PAY TUITION OF COLLEGE STUDENTS 1 0 Grantmaker's Description of How Grants are Used THE FUND DELIVERS THE CHECK(S) ANNUALLY TO THE COLLEGE WITH INSTRUCTIONS THAT THE FUNDS ARE TO BE USED FOR QUALIFIED, ELIGIBLE STUDENTS. THE COLLEGE DECIDES BOTH WHO IS TO RECEIVE THE AWARD AND THE AMOUNT.THE FUND'S OFFICER(S) ARE IN PERIODIC CONTACT WITH THE COLLEGE'S ADMISSIONS OFFICE TO LEARN HOW MANY STUDENTS BENEFIT EACH YEAR FROM THE ANNUAL GRANT. DAVID R KELLY asst. treasurer see statement attached false KELLY & ASSOCIATES LLP Partner IS OFFR/TTEE see statement attached false TIMOTHY A KELLY cfo/treasurer see statement attached false Schedule L, Part V Supplemental Information see statement attached regarding SCHEDULE L. Form 990, Part VI, Section A, Line 2 DAVID R. KELLY IS FATHER OF CFO/Treasurer TIMOTHY A. KELLY;SEE ATTACHED "SUPPLEMENTAL STATEMENT" RE INDIRECT COMPENSATION Form 990, Part VI, Section A, Line 3 THE FUND HAS RETAINED THE INVESTMENT MANAGEMENT SERVICES OF BEACON POINTE ADVISORS, LLC TO MONITOR AND MANAGE ITS PORTFOLIO OF PUBLICLY TRADED SECURITIES.IN ADDITION, THE FUND HAS RETAINED THE CPA FIRM OF KELLY & ASSOCIATES, LLP, TO PROVIDE TAX & ACCOUNTING SERVICES. Form 990, Part VI, Section A, Line 6 per the by-laws, the corporation has one class of members, designated as regular members. any person dedicated to the purposes of this corporation shall be eligible for an annual membership by the Board upon timely payment of such contribution as the board may fix from time to time.Those members who have so paid shall be members in good standing for a period of one year and one day commencing with the annual fundraising event and continuing until the next annual fundraising event. Form 990, Part VI, Section A, Line 7a members in good standing vote at the annual meeting to approve nominations for office, plus any other actions put forth for their vote. Form 990, Part VI, Section A, Line 7b members must approve by vote the nominations for the board. Form 990, Part VI, Section B, Line 11b THE 990 IS USUALLY CIRCULATED TO EACH OF THE BOARD MEMBERS IN PDF FORMAT APPROXIMATELY 10 DAYS BEFORE THE FILING DEADLINE. IF DELAYED, THE 990 IS THEN CIRCULATED SOON AFTER THE DEADLINE.THE 990 IS PREPARED BY THE CPA FIRM, WHICH IS AN LLP OWNED PRIMARILY BY MR. DAVID KELLY, assistant TREASURER OF THE FUND. IF ANY QUESTIONS ARISE, THEY ARE RESOLVED BY the treasurer & THE PRESIDENT IN DUE COURSE. Form 990, Part VI, Section B, Line 12c THE FUND'S OPERATIONS ARE NOT COMPLEX. THE PRESIDENT HAS OVERSIGHT AND IS VERY AWARE OF ALL ACTIVITIES. LIKEWISE RE THE CFO/TREASURER. Form 990, Part VI, Section B, Line 15a N/A, THERE IS NO COMPENSATION. Form 990, Part VI, Section B, Line 15b N/A, THERE IS NO COMPENSATION. Form 990, Part VI, Section C, Line 19 990 IS ON WEBSITE OF CALIFORNIA ATTORNEY GENERAL.OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. Statement Note 1 RE: SCHEDULE L, PART IV OF FORM 990; AND PAGE 4, PART V OF FORM 990:two officers EACH HAVE SEPARATE OWNERSHIP INTERESTS IN THEIR RESPECTIVE BUSINESS ENTITY (A CPA PRACTICE) WHICH PROVIDED ACCOUNTING & TAX SERVICES TO THE FUND, AND RECEIVED PAYMENTS FROM THE FUND, AS FOLLOWS:A. DAVID R. KELLY, CPA, MANAGING PARTNER OF KELLY & ASSOCIATES, LLP, AND B. TIMOTHY A. KELLY, CPA, PARTNER OF KELLY & ASSOCIATES, LLPTHE FIRM RECEIVED $9,564 during THIS FISCAL PERIOD.