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Nonprofit · EIN 77-6140213

MICHAEL & INA KOREK FOUNDATION TR 010897

Also known as KOREK MICHAEL & INA KOREK TTEES

Tax-exempt · WILMINGTON, DE 19809

Financials

$227K$570K2023$531K$552K2024
Revenue Expenses · by fiscal year end
Financials of MICHAEL & INA KOREK FOUNDATION TR 010897 by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990-PF$531,269$551,624-$20,355$8,260,127$0$8,260,127
December 31, 2023990-PF$227,193$570,406-$343,213$8,280,482$0$8,280,482
Financial details: 990-PF for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Dividends
$238,529
Interest
$1,559
Net gain from sales of assets
$299,997
Other income
-$8,816

Expenses

Grants and similar amounts paid
$265,000
Compensation of officers, directors and key employees
$120,000
Disbursements for charitable purposes
$454,094
Excise tax on investment income
$6,437

Balance sheet and other

Total assets, start of year
$8,280,482
Total assets, end of year
$8,260,127
Total liabilities, end of year
$0
Net assets, end of year
$8,260,127
Fair market value of assets
$9,281,905
Qualifying distributions
$454,094
Net investment income
$557,428

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990-PF for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensation
Teresa Babb
Foundation Source 501 Silverside Rd, Wilmington, DE 198091377
Managing Trustee25$60,000
Brian Korek
Foundation Source 501 Silverside Rd, Wilmington, DE 198091377
Executive Dir25$60,000
Alek Dylan Peterlin
Foundation Source 501 Silverside Rd, Wilmington, DE 198091377
Trustee1$0
Brock Peterlin
Foundation Source 501 Silverside Rd, Wilmington, DE 198091377
Trustee0$0
Brynnly Peterlin
Foundation Source 501 Silverside Rd, Wilmington, DE 198091377
Trustee1$0
990-PF for the year ended December 31, 2023: 4 people
NameTitleHours / weekCompensation
Teresa Babb
Foundation Source 501 Silverside Rd, Wilmington, DE 198091377
Managing Trustee25$60,000
Brian Korek
Foundation Source 501 Silverside Rd, Wilmington, DE 198091377
Executive Dir20$50,000
Alek Dylan Peterlin
Foundation Source 501 Silverside Rd, Wilmington, DE 198091377
Trustee1$0
Brock Peterlin
Foundation Source 501 Silverside Rd, Wilmington, DE 198091377
Trustee0$0

Address and contacts

Address (IRS master file)
FOUNDATION SOURCE 501 SILVERSIDE RD, WILMINGTON, DE 19809-0000
In care of
% FOUNDATION SOURCE
Signed the 990-PF
Brian Korek, Trustee
Phone
(800) 839-1754
Return prepared by
Foundation Source

What it must file and when

IRS records say it files Form 990-PF. Private foundations file every year. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990-PF on file
2023December 31, 2023May 15, 2024990-PF on file

IRS record

EIN
77-6140213
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Private non-operating foundation
Donations deductible (Pub 78)
Private foundation, 30% limit
Exempt since
1997
Accounting year ends
December
Files
Form 990-PF
Assets (IRS master file)
$8,260,127
Income (IRS master file)
$2,727,312

Filing history

FormYear endedRevenueExpensesAssetsReturn
990-PFDecember 2024$531,269$551,624$8,260,127XML
990-TDecember 2024–––IRS
990-PFDecember 2023$227,193$570,406$8,280,482XML
990-TDecember 2023–––IRS
990-PFDecember 2022–––IRS
990-TDecember 2022–––IRS
990-PFDecember 2021–––IRS
990-TDecember 2021–––IRS
990-PFDecember 2020–––IRS
990-TDecember 2020–––IRS
990-PFDecember 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 77-6140213).

Questions about MICHAEL & INA KOREK FOUNDATION TR 010897

What is the EIN of MICHAEL & INA KOREK FOUNDATION TR 010897?
The employer identification number (EIN) of MICHAEL & INA KOREK FOUNDATION TR 010897 is 77-6140213.
Is MICHAEL & INA KOREK FOUNDATION TR 010897 tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1997.
Are donations to MICHAEL & INA KOREK FOUNDATION TR 010897 tax-deductible?
Yes. It is listed in IRS Publication 78 (Private foundation, 30% limit).
Which annual return does MICHAEL & INA KOREK FOUNDATION TR 010897 file?
Form 990-PF. Private foundations file every year.
When is the next return of MICHAEL & INA KOREK FOUNDATION TR 010897 due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did MICHAEL & INA KOREK FOUNDATION TR 010897 last file with the IRS?
The latest return in the IRS public files is the 990-PF for the year ended December 2024.
Who are the officers and directors of MICHAEL & INA KOREK FOUNDATION TR 010897?
The 990-PF for the year ended December 31, 2024 lists 5 people; 2 received compensation from the organization, the highest $60,000 (Teresa Babb, Managing Trustee).
How much revenue does MICHAEL & INA KOREK FOUNDATION TR 010897 have?
On its 990-PF for the year ended December 31, 2024 it reported revenue of $531,269, expenses of $551,624 and total assets of $8,260,127 at year end.

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