Dr Kalpesh and Dipti Patel Foundation

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THIS STATEMENT IS SUBMITTED IN CONNECTION WITH THE FINAL FORM 990-PF FOR DR. KALPESH AND DIPTI PATEL FOUNDATION, EIN 85-6690075, FOR THE TAX YEAR ENDING 12/27/24. BACKGROUND AND REASON FOR TERMINATION: THE TRUSTEES OF DR. KALPESH AND DIPTI PATEL FOUNDATION HAVE DETERMINED TO DISSOLVE THE FOUNDATION AND TERMINATE ITS PRIVATE FOUNDATION STATUS. THIS DECISION WAS MADE IN ACCORDANCE WITH THE FOUNDATION'S GOVERNING DOCUMENTS AND APPLICABLE STATE LAW. THE FOUNDATION HAS NO OUTSTANDING LIABILITIES AND HAS COMPLETED ALL REQUIRED FILINGS AND NOTIFICATIONS. ON DECEMBER 27, 2024, THE FOUNDATION PROVIDED NOTICE TO THE DISTRICT DIRECTOR THAT THE FOUNDATION IS TERMINATING UNDER SECTION 507(A) AND TREAS. REG. SECTION 1.507-1 IN A TAXABLE TERMINATION BY PAYING THE TERMINATION TAX. ALONG WITH THIS NOTIFICATION, THE FOUNDATION PROVIDED A COMPUTATION OF THE TERMINATION TAX AND A CHECK IN FULL PAYMENT OF THE TERMINATION TAX. PLEASE SEE ATTACHED DECEMBER 2024 LETTER NOTIFYING THE IRS OF THE TAXABLE TERMINATION. IN CONNECTION WITH THE TAXABLE TERMINATION, THE FOUNDATION PREPARED A RESOLUTION AND CONSENT FOR TAXABLE TERMINATION, AND AN AMENDMENT TO THE FOUNDATION'S TRUST AGREEMENT. CERTIFIED COPIES OF THESE DOCUMENTS ARE ATTACHED. IN CONNECTION WITH THE TERMINATION AND WINDING UP OF ITS ACTIVITIES, THE FOUNDATION AGREED TO NOTIFY THE SERVICE AND PAY THE TERMINATION TAX, DISTRIBUTE ITS REMAINING ASSETS BACK TO ITS DONORS, AND TO FILE A FINAL RETURN WITH THE SERVICE. THE RECIPIENTS OF THE FOUNDATION'S ASSETS ARE 1) KDP PATEL FAMILY TRUST (EIN 85-6684823), 17922 HOWSMOOR PLACE, LUTZ, FL 33559. AND 2) DR. KALPESH PATEL, 17922 HOWSMOOR PLACE, LUTZ, FL 33559. THE KDP PATEL FAMILY TRUST IS A GRANTOR TRUST, AND DR. PATEL IS BOTH THE GRANTOR AND TRUSTEE OF THE TRUST. THE TRUST AND DR. PATEL WERE THE DONORS OF MONEY PREVIOUSLY RECEIVED BY THE FOUNDATION. THE LAST TRUSTEES OF THE FOUNDATION ARE KALPESH AND DIPTIBEN PATEL, AND THEY CAN BE REACHED THROUGH THEIR REPRESENTATIVE, BRIAN R. HARRIS, ESQ. WHO PREVIOUSLY SUBMITTED A FORM 2848, AT 813-682-1720. THE NATURE AND FAIR MARKET VALUE OF THE ASSETS DISTRIBUTED IS DESCRIBED BELOW. THE ASSETS ARE GENERALLY CASH. BECAUSE THE FOUNDATION ONLY NOTIFIED THE SERVICE OF THE TERMINATION ON DECEMBER 27, 2024, A FINAL DISTRIBUTION OF THE ASSETS WAS NOT MADE IN 2024 BUT WOULD BE MADE OR HAS ALREADY BEEN MADE IN 2025. PLAN OF LIQUIDATION AND DISTRIBUTION: PURSUANT TO A PLAN OF LIQUIDATION ADOPTED ON DECEMBER 23, 2024, THE FOUNDATION HAS DISTRIBUTED ALL OF ITS NET ASSETS AS FOLLOWS: 1.RETURN OF ORIGINAL CONTRIBUTIONS: IN ACCORDANCE WITH THE FOUNDATION'S GOVERNING INSTRUMENT AND APPLICABLE STATE LAW, AND AFTER SATISFACTION OF ALL CHARITABLE DISTRIBUTION REQUIREMENTS, THE ORIGINAL CONTRIBUTIONS MADE BY THE FOUNDATION'S OWNER, KALPESH PATEL, AND HIS TRUST WHICH IS NAMED THE KDA PATEL FAMILY TRUST WERE RETURNED IN THE AMOUNT OF $370,098. THIS RETURN WAS MADE ONLY TO THE EXTENT THAT SUCH AMOUNTS DID NOT CONSTITUTE INCOME OR APPRECIATION AND REPRESENTED THE ORIGINAL PRINCIPAL CONTRIBUTED BY THE OWNER. THE RETURN OF CONTRIBUTIONS WAS MADE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL AND STATE LAWS AND AFTER ALL CHARITABLE OBLIGATIONS WERE SATISFIED.

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Grant Size Distribution

Based on 8 grants on record

Geographic Distribution

Grants Awarded (8 total)