Ltr Private Foundation

The Ltr Private Foundation is a nonprofit organization recognized under the United States tax code. Despite not being included in the IRS's most recent list of tax-exempt organizations, it has been associated with various financial and governance activities filed through the Employer Identification Number 455555783.

Organization Details

• Type: Private Foundation. These are typically not-for-profit entities controlled by individuals, families, or businesses, and are organized under Section 501(c)(3) of the Internal Revenue Code for charitable, educational, religious, scientific, and literary purposes[3].
• Governance: The foundation is managed by a board of directors, which includes key employees and officers such as James P. Lisa Jr. (Director/Treasurer), Gene Taylor (Director/Secretary), and Rev. Cannon Philip J. Rapp (Director/President)[1].
• Filing History: The organization files an annual return with the IRS, specifically Form 990-PF, detailing its financial activities, governance, and charitable disbursements[2].

Financial Activities

• Compensation: Historical compensation data for key employees and officers have varied, with figures ranging from $2,000 to $6,500 annually for different directors[1].
• Liabilities: The foundation has reported zero liabilities in available financial data[1].

Operations

Private foundations like Ltr operate primarily by disbursing grants to support other charitable organizations. They are required to distribute a minimum of 5% of their average net assets annually for charitable purposes, which can include grants and certain administrative expenses[3]. However, specific details about the recipients of Ltr's grants or its annual distribution amounts are not readily available.

[1] https://projects.propublica.org/nonprofits/organizations/455555783 [2] https://www.grantthornton.com/content/dam/grantthornton/website/assets/content-page-files/nfp/pdfs/2023/tax-guide-private-foundations.pdf.coredownload.inline.pdf [3] https://www.nonprofitlegalcenter.com/faq/private-foundations-faq/ [4] https://templetonco.com/so-you-want-to-terminate-private-foundation-status-and-become-a-public-charity/ [5] https://www.501c3.org/private-foundation-vs-public-charity/