Online information clearing house the Foundation Center provides the following information publicly available from the IRS regarding non-profit institutions.
Several interesting facts are revealed in the returns and the lack of a public return to review since 2007 tax year. These are the only publicly available returns.
Today I note the following grants given to the Nevada Community Foundation reported below for tax years 2006 and 2007.
Compare these single line entries to the long list on the very same form for all other tax years detailing numerous universities. For example this is the list from 2005:
The Nevada Community Foundation makes no note of any relationship to the Liberace Foundation on its website, its annual report, or its IRS forms. The Liberace Foundation is not a listed fund. The Nevada Community Foundation appears to be well operated having much less overhead in the form of management costs than the Liberace Foundation. The virtue of transparency is clearly reflected by making their own IRS 990 forms and financial statements available for easy review.
The only concern I have is that the corresponding years that the Liberace foundation gave so generously to the Nevada Community Foundation the list of colleges receiving grants from the Liberace Foundation disappeared. Knowing that Liberace’s intention was for his legacy to go on with students identifying themselves as “Liberace Scholars” for the duration of their musical careers to have the funds go to one organization that does not set music scholarships nor the performing arts as a priority for funding is of great concern. While our community needs are great the intention of the man who formed the foundation should be honored. Anyone interested should look at the 990 forms for this organization to see if the giving outlined to everything from animal shelters to direct donations for funeral expenses for the indigent meets with the intentions of Lee when he envisioned his wealth serving others.
The only connection I found between the two organizations is the same accounting firm Houldsworth, Russo, & Company as none of the same members of the board of directors are shared.
Detail and links to the Liberace Foundation Tax Documents:
|Highlights of Liberace Foundation IRS Form 990|
|Tax form||Tax Year Dates||# Museum Visitors||# Student grants||Date Recvd by IRS||Expenses||Income||Net Worth||total grants||link|
|2006||9/1/2006-8/31/2007||omitted||omitted||electronic file no mark||$1,171,238||$1,142,432||$18,609,008||$205,000||http://tfcny.fdncenter.org/990_pdf_archive/953/953044116/953044116_200708_990.pdf|
|2007||9/1/2007-8/31/2008||omitted||omitted||electronic file no mark||$1,065,765||$901,595||$17,414,869||$206,518||