The Corley Legacy Foundation
EIN 461547265 Private FoundationAbout
We respectfully request that The Corley Legacy Foundation's quarterly estimated taxes for taxable year ending December 31, 2024 be treated as timely and request that the $3 penalty indicated on Form 2220 be abated because the underpayment in Q4 was due to reasonable cause. Treasury Regulations Sec 301.6651-1(c)(1) defines reasonable by asking whether the taxpayer exercised ordinary business care and prudence. The Foundation exercised care and prudence in seeking a reputable firm knowledgeable about exempt organizations to calculate its quarterly estimates for tax period ending December 31, 2024. The firm's software correctly determined that the foundation could pay its Q4 estimate based on prior year tax liability. However, since that liability was under $500, the software incorrectly indicated that no quarterly payment was due. As soon as the error was discovered, the foundation paid the required tax. We believe that the underpayment was due to reasonable cause and in no way due to an intentional disregard for the rules and respectfully request that no 2220 penalty be assessed.
Focus Areas
Application Information
Financial Trends
Giving Over Time
Total Assets Over Time
View financial data as table
| Year | Total Giving | Total Assets | Revenue | Grants |
|---|---|---|---|---|
| 2016 | N/A | $790K | $21K | N/A |
| 2017 | $94K | $742K | $12K | 9 |
| 2018 | $168K | $549K | $21K | 7 |
| 2019 | N/A | $517K | $41K | N/A |
| 2020 | $50K | $514K | $21K | 6 |
| 2022 | $35K | $361K | $25K | 4 |
| 2023 | $40K | $380K | $14K | 5 |
| 2024 | $71K | $664K | $370K | 7 |
Grant Size Distribution
Based on 38 grants on record
Geographic Distribution
Officers & Directors
Grants Awarded (38 total)
| Purpose | ||||
|---|---|---|---|---|
| A Precious Child Inc | Broomfield, CO | $100,000 | Capital Campaign for their new building | 2018 |
| Childrens Diabetes Foundation | Denver, CO | $25,000 | Charitable Event | 2017 |
| Northeastern University | Boston, MA | $25,000 | Corley Family N.U Scholarship Fund | 2018 |
| Denver Center for the Performing Arts | Denver, CO | $20,000 | education programs and the production of "The Book of Will" | 2017 |
| Denver Center for the Performing Arts | Denver, CO | $20,000 | Arts in Education Program | 2018 |
| Childrens Diabetes Foundation | Aurora, CO | $15,000 | General & Unrestricted | 2020 |
| A Precious Child Inc | Broomfield, CO | $15,000 | General & Unrestricted | 2024 |
| Craig Hospital Foundation | Englewood, CO | $15,000 | Charitable Event | 2017 |
| Childrens Diabetes Foundation | Phoenix, CO | $14,000 | Charitable Event | 2024 |
| Childrens Diabetes Foundation | Aurora, CO | $10,000 | The Carousel of Hope Ball | 2020 |
| National Jewish Health | Denver, CO | $10,000 | General & Unrestricted | 2020 |
| A Precious Child Inc | Broomfield, CO | $10,000 | Charitable Event | 2022 |
| Craig Hospital Foundation | Englewood, CO | $10,000 | General & Unrestricted | 2022 |
| K Iin Beh Education Center Foundation Inc | Los Altos, CA | $10,000 | General & Unrestricted | 2022 |
| Childrens Diabetes Foundation | Phoenix, CO | $10,000 | In support of the 2023 Carousel Ball | 2023 |
| K Iin Beh Education Center Foundation Inc | Los Altos, CA | $10,000 | General & Unrestricted | 2023 |
| Tommy Spaulding Leadership Institute | Denver, CO | $10,000 | General & Unrestricted | 2023 |
| K Iin Beh Education Center Foundation Inc | Los Altos, CA | $10,000 | Scholarship Fund for the education expenses of 5 students | 2024 |
| K Iin Beh Education Center Foundation Inc | Los Altos, CA | $10,000 | Scholarship Fund in support of 5 students for the 2024 school year | 2024 |
| Mosaic Education Initiative | Los Angeles, CA | $10,000 | General & Unrestricted | 2024 |
| National Jewish Health | Denver, CO | $10,000 | Charitable Event | 2017 |
| A Precious Child Inc | Broomfield, CO | $10,000 | General & Unrestricted | 2018 |
| Childrens Diabetes Foundation | Phoenix, CO | $7,000 | General & Unrestricted | 2024 |
| Boy Scouts of America - Denver Area Council | Denver, CO | $6,500 | Charitable Event | 2018 |
| Craig Hospital Foundation | Englewood, CO | $6,000 | Charitable Event | 2017 |
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