Jay and Sarah Flatley Foundation
EIN 813855993About
We respectfully request that Jay and Sarah Flatley Foundation's quarterly estimated taxes for taxable year ending December 31, 2024 be treated as timely and request that the $32 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 was unable to reconcile the Foundation's accounts fully in order to calculate the necessary estimated tax payment for Q4 based on the annualization method. The underpayment was no fault of the foundation's and the firm is enhancing its procedures to improve its reconciliation process for future quarters. 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 |
|---|---|---|---|---|
| 2018 | $163K | $15.8M | $7.9M | 7 |
| 2019 | N/A | $19.8M | $1.6M | N/A |
| 2020 | $831K | $25.0M | $3.8M | 12 |
| 2021 | $787K | $31.5M | $3.8M | 10 |
| 2022 | $1.3M | $28.8M | $3.9M | 16 |
| 2023 | $1.3M | $32.9M | $1.5M | 12 |
| 2024 | $1.5M | $35.9M | $1.6M | 12 |
Grant Size Distribution
Based on 69 grants on record
Geographic Distribution
Officers & Directors
Grants Awarded (69 total)
| Purpose | ||||
|---|---|---|---|---|
| Gs Donor Advised Philanthropy Fund for Wealth Mana | New York, NY | $500,000 | General & Unrestricted | 2024 |
| Goldman Sachs Philanthropy Fund | New York, NY | $400,000 | General & Unrestricted | 2023 |
| Claremont McKenna College | Claremont, CA | $250,000 | General & Unrestricted | 2020 |
| Claremont McKenna College | Claremont, CA | $250,000 | General & Unrestricted | 2021 |
| Claremont McKenna College | Claremont, CA | $250,000 | General & Unrestricted | 2022 |
| Goldman Sachs Philanthropy Fund | New York, NY | $250,000 | The Flatley Family Fund | 2022 |
| Salk Institute for Biological Studies | La Jolla, CA | $250,000 | building program and Research program | 2022 |
| Claremont-McKenna College | Claremont, CA | $250,000 | Science Center | 2023 |
| Salk Institute for Biological Studies | La Jolla, CA | $250,000 | building program and Research program | 2023 |
| Salk Institute for Biological Studies | La Jolla, CA | $250,000 | to support neurology research and to the building fund | 2024 |
| Goldman Sachs Philanthropy Fund | New York, NY | $200,000 | The Flatley Family Fund | 2020 |
| Claremont-McKenna College | Claremont, CA | $200,000 | Robert Day Sciences Center, Jay '74 and Sarah Flatley Classroom | 2024 |
| Texas Christian University | Fort Worth, TX | $175,000 | to Athletic Performance Center and to School of Nursing | 2024 |
| U C San Diego Foundation | La Jolla, CA | $130,000 | UCSD Moore's Cancer Center and UCSD Alzheimers Research | 2023 |
| Salk Institute for Biological Studies | La Jolla, CA | $125,000 | The Cancer Center Translational Fund | 2020 |
| U C San Diego Foundation | La Jolla, CA | $120,000 | UCSD Moore's Cancer Center and UCSD Alzheimer's Research Program | 2022 |
| University of Southern California - School of Lett | Los Angeles, CA | $100,000 | General & Unrestricted | 2020 |
| Texas Christian University | Fort Worth, TX | $100,000 | The College of Science and Engineering | 2021 |
| U C San Diego Foundation | La Jolla, CA | $100,000 | Moore's Cancer Center | 2021 |
| University of Southern California - School of Lett | Los Angeles, CA | $100,000 | General & Unrestricted | 2021 |
| University of Southern California - School of Lett | Los Angeles, CA | $100,000 | General Dornsife and Qbio Fund | 2022 |
| Texas Christian University | Fort Worth, TX | $100,000 | athletics fund and nursing school | 2023 |
| U C San Diego Foundation | La Jolla, CA | $100,000 | Moore's Cancer Center | 2024 |
| Catholic Secondary Education- Diocese of San Diego | San Diego, CA | $75,000 | Pre-Engineering Building Project | 2018 |
| Catholic Secondary Education- Diocese of San Diego | San Diego, CA | $75,000 | General & Unrestricted | 2020 |