Elaine and Jeffrey Lovell Foundation
EIN 873947251 Private FoundationAbout
We respectfully request that the Foundation's quarterly estimated tax payments be treated as timely and request that no underpayment penalties be assessed because the payment delay was due to reasonable cause. Treasury Regulations SEC. 301.6651-1(c)(1) defines reasonable cause 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 submit a payment in a timely fashion for Form 990-PF. The Foundation's administrator initially mailed a request to update the Foundation's name in the Internal Revenue Service's (the "Service") database in advance of the quarterly estimated tax deadlines. Unbeknownst to the Foundation, the name was updated, but the administrator did not enroll the Foundation in EFTPS to make timely quarterly payments. Once this error was discovered, the Foundation was enrolled in EFTPS and the required payments were made. Form 2220 reports the quarterly estimated tax payments as made timely as if the error did not occur, since this was through no fault of the Foundation. The administrator has updated its policies and procedures to ensure that this will not occur in the future. According to the standards set forth in Rev. Proc. 92-85, we believe the Foundation's and its administrator's actions were reasonable and in good faith. The delay in submitting quarterly estimates was not in any way due to an intentional disregard of IRS rules but rather a clerical error. Therefore, we believe the Foundation is entitled to abatement of any penalty.
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 |
|---|---|---|---|---|
| 2021 | N/A | $5.7M | $5.7M | N/A |
| 2022 | $167K | $3.9M | $-1.4M | 16 |
| 2023 | $249K | $4.7M | $565K | 21 |
| 2024 | $350K | $6.2M | $2.1M | 28 |
Grant Size Distribution
Based on 65 grants on record
Geographic Distribution
Texas Counties Served
Top 1 counties
- 1 Collin
Officers & Directors
Grants Awarded (65 total)
| Purpose | ||||
|---|---|---|---|---|
| University of Colorado Foundation | Denver, CO | $100,000 | Athletic Director's Discretionary Fund | 2023 |
| 5430 Foundation | Van Nuys, CA | $100,000 | General & Unrestricted | 2024 |
| University of Colorado Foundation | Denver, CO | $100,000 | Athletic Director's Discretionary Fund | 2024 |
| Vail Health Services Foundation | Vail, CO | $50,000 | General & Unrestricted | 2023 |
| University of Colorado Foundation | Denver, CO | $50,000 | Lovell Family Enrichment Fund for the Leeds Scholars Program | 2022 |
| Vail Health Services Foundation | Vail, CO | $50,000 | General & Unrestricted | 2022 |
| Vail Health Services Foundation | Vail, CO | $25,000 | General & Unrestricted | 2024 |
| Vail Valley Foundation Inc | Avon, CO | $12,000 | General & Unrestricted | 2024 |
| First Liberty Institute | Plano, TX | $10,000 | General & Unrestricted | 2023 |
| Indian River Hospital Foundation Inc | Vero Beach, FL | $10,000 | General & Unrestricted | 2023 |
| The Learning Alliance Inc | Vero Beach, FL | $10,000 | General & Unrestricted | 2023 |
| Vail Valley Foundation Inc | Avon, CO | $10,000 | General & Unrestricted | 2023 |
| Vero Beach Museum of Art Inc | Vero Beach, FL | $10,000 | general & unrestricted | 2023 |
| Vilar Performing Arts Center Inc | Avon, CO | $10,000 | General & Unrestricted | 2023 |
| First Liberty Institute | Plano, TX | $10,000 | General & Unrestricted | 2024 |
| Indian River Hospital Foundation Inc | Vero Beach, FL | $10,000 | General & Unrestricted | 2024 |
| The Learning Alliance Inc | Vero Beach, FL | $10,000 | General & Unrestricted | 2024 |
| Vero Beach Museum of Art Inc | Vero Beach, FL | $10,000 | Director's Gold Society and Athena Society members | 2024 |
| Vilar Performing Arts Center Inc | Avon, CO | $10,000 | General & Unrestricted | 2024 |
| Indian River Hospital Foundation Inc | Vero Beach, FL | $10,000 | To support Digestive Disease & Surgical efforts | 2022 |
| Vail Valley Foundation Inc | Avon, CO | $10,000 | General & Unrestricted | 2022 |
| Vilar Performing Arts Center Inc | Avon, CO | $10,000 | General & Unrestricted | 2022 |
| Johns Island Community Service League | Vero Beach, FL | $6,000 | General & Unrestricted | 2024 |
| Folds of Honor Foundation | Tulsa, OK | $5,000 | General & Unrestricted | 2023 |
| Small Champions Inc | Vail, CO | $5,000 | General & Unrestricted | 2023 |
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