TY 2021 GeneralExplanationAttachment

Instrumentl eFile RenderObject ID: 202203199349106530 - Rendered 2024-04-27 TIN: 91-2062197

TY 2021 GeneralExplanationAttachment

Name:

MARGUERITE CASEY FOUNDATION

EIN:

91-2062197

Identifier	Return Reference	Explanation
	FORM 990PF, PART VII - INFORMATION FOR DISQUALIFIED PERSONS	LUZ VEGA MARQUIS DEPARTED FROM THE FOUNDATION AS OF DECEMBER 31, 2020. AS PART OF HER COMPENSATION PACKAGE, SHE HAD A SECTION 457(F) AND A SECTION 457(B) DEFERRED COMPENSATION PLAN. ALL THE 457(F) DISTRIBUTIONS WERE PREVIOUSLY REPORTED AS COMPENSATION. AS WITH ALL FOUNDATION MANAGERS, THE COMPENSATION PACKAGE WAS REVIEWED FOR REASONABLENESS BY THE BOARD. THE PLAN WAS TERMINATED DECEMBER 14, 2020 AND ALL PAYMENTS WERE MADE IN 2021. NO PAYMENTS WILL BE MADE UNDER THE PLAN AFTER DECEMBER 31, 2021. LUZ DID NOT WORK ANY HOURS DURING THE CALENDAR YEAR 2021. THOSE HOURS REPORTED ARE INCLUDED TO ELECTRONICALLY FILE THE FORM 990 PF WITH THE IRS. CERTAIN BOARD MEMBERS LISTED IN STATEMENT 14 RECEIVED DEFERRED COMPENSATION UNDER A NONQUALIFIED PLAN DURING 2021. THIS PLAN WAS TERMINATED EFFECTIVE DECEMBER 14, 2020 AND ALL PAYMENTS WERE MADE IN 2021. NO PAYMENTS WILL BE MADE UNDER THE PLAN AFTER DECEMBER 31, 2021. ALL COMPENSATION WAS PREVIOUSLY REPORTED AND DEEMED REASONABLE BY THE BOARD. RS.
	PART VII-B, LINE 1B - SELF DEALING	DURING THE YEAR, AN INADVERTENT ACT OF SELF-DEALING WAS DISCOVERED FOR A DISQUALIFIED PERSON RECEIVING FOUNDATION CREDIT FOR PERSONAL EXPENDITURES. THE FOUNDATION HAS IMPREST ACCOUNTS THAT PROVIDES CERTAIN DISQUALIFIED PERSONS THE ABILITY TO UTILIZE THE ORGANIZATION'S CREDIT CARD FOR SMALL PERSONAL EXPENSES THAT ARE THEN REIMBURSED BY THE INDIVIDUAL. ONE OF THE FOUNDATION EMPLOYEES WITH AN IMPREST ACCOUNT IS A DISQUALIFIED PERSON OF THE FOUNDATION. THE EMPLOYEE INADVERTENTLY OVERDREW THE ACCOUNT. AS A RESULT, THE REIMBURSEMENT OF SMALL PERSONAL EXPENSES IS AN ACT OF SELF-DEALING.THE OVERDRAWN AMOUNT REACHED $169 FOR A SHORT PERIOD OF TIME DURING THE YEAR. THE AMOUNT WAS REPAID TO THE FOUNDATION WITHIN A MONTH. SINCE THE TRANSACTION IS FOR THE USE OF MONEY, SELF-DEALING IS ON THE GREATER OF THE AMOUNT PAID FOR SUCH USE OR THE FAIR MARKET VALUE OF SUCH USE FOR THE PERIOD FOR WHICH THE MONEY IS USED (REG. 53.4941(E)-1(B)(2)(II)). NO INTEREST WAS CHARGED BY THE FOUNDATION FOR THESE FUNDS, THEREFORE THE 2021 SHORT TERM AFR RATES FOR THE APPLICABLE MONTHS HAVE BEEN USED TO CALCULATE THE AMOUNT INVOLVED FOR SELF-DEALING PURPOSES. DUE TO THE AMOUNTS BEING SMALL, THE BALANCES OUTSTANDING FOR A SHORT NUMBER OF DAYS, AND THE AFR RATES BEING LOW, THE AMOUNT INVOLVED IS ZERO WHEN ROUNDED TO THE NEAREST DOLLAR. THE 10% EXCISE TAX ON THE AMOUNT INVOLVED RESULTS IN SELF-DEALING TAXES OF ZERO. AS A RESULT, NO FORMS 4720 HAVE BEEN FILED BY THE FOUNDATION OR THE DISQUALIFIED PERSON AS NO TAX IS DUE FOR THE YEAR.