Foundation Financials

Viewing or Requesting Copies of Documents:

Public Disclosure Procedures

Internal Revenue Service regulations require that the Foundation’s tax returns and other documents be open to public inspection. Making this information accessible on this Web site satisfies that requirement. Tax returns for each year are posted on this Web site in sections to facilitate downloading by any interested parties. In particular, the schedule of grants, contributions and pledges is available as a separate download for the convenience of grant seekers and others. Other large documents may also be broken into sections for convenience in downloading copies. All documents posted on this Web site are designed to be downloaded, viewed and printed at no charge to the public.

All of the Foundation’s tax returns and appropriate corporate documents are also available for inspection at the Foundation’s office at 180 West Commerce Street, Hernando, MS 38632. Anyone requiring an on-site inspection may do so during regular business hours. An advance appointment is not required under the law, but scheduling such an appointment by calling (662) 449-3699 may expedite the process. The Foundation will make copies of these documents in its offices at the expense of those requesting the documentation. Copying costs are $1.00 for the first page and $0.15 for each additional page.

The Foundation will also provide copies of its tax returns and appropriate documents to those requesting such copies by mail or fax. Requests by mail should be addressed to the Maddox Foundation at 180 West Commerce Street, Hernando, MS 38632. Request by fax should be transmitted to (662) 449-3698. Requests by mail or fax will be honored within thirty (30) days of receipt. Those requesting information will be required to pay costs for copying, as described above, and for the mailing of such information by regular mail.

Foundation Tax Returns:

(Form 990-PF and 990-T)

The Maddox Foundation was created as a charitable trust in 1968. After the move of the trust to Mississippi in 1999, and in accordance with the terms of the underlying trust agreement, a nonprofit corporation was established under Mississippi law on September 13, 1999. Pursuant  to a Plan of Reorganization and Merger all the assets of the trust were to be transferred to the nonprofit corporation upon recognition of its exempt status and the approval by the IRS of the proposed transfer and merger. The Internal Revenue Service, in a Private Letter Ruling issued on July 19, 2003, approved the transfer of assets from the former trust to the new nonprofit corporation, construing this transfer as a reorganization between private foundations.

The transfer of assets to the nonprofit corporation was completed on July 31, 2001. All tax returns prior to 2001, as well as a separate tax return for January through July of 2001, are for the Maddox Foundation Trust, Employer Identification Number 23-7017790. A separate tax return covering August through December of 2001, and all subsequent tax returns, are for the Maddox Foundation, a Mississippi nonprofit corporation, Employer Identification Number 64-091700.

Federal Form 1023: Application for Tax Exempt Status

This form was filed with the Internal Revenue Service by the Maddox Foundation, as a Mississippi Nonprofit Corporation incorporated on September 13, 1999, to obtain tax-exempt status for the Foundation as a Mississippi Nonprofit Corporation. Tax-exempt status was granted by the Internal Revenue Service on March 9, 2000. Documentation includes:

Form 1023, Application for Recognition of Exemption (36 pages)

Form 1023, Exhibit 1, Corporate Documents (20 pages)

Form 1023, Exhibit 2, IRS Tax Exemption and EIN (4 pages)

Form 1023, Exhibit 3, Form 990 PF for 1998 (24 pages)

Form 1023, Exhibit 4, Form 990 PF for 1997 (26 pages)

Form 1023, Exhibit 5, Form 990 PF for 1996 (22 pages)

Form 1023, Exhibits 6-11, Financial Data (19 pages)

Federal Form 4720: Reporting Payment of Certain Taxes

IRS Form 4720 is used for "Reporting of Certain Excise Taxes on Charities and Other Persons Under Chapters 41 and 42 of the Internal Revenue Code."

The Foundation has not been required to file this form within the last three reporting years.

2001 Private Letter Ruling

On May 10, 2000, the Maddox Foundation requested a Private Letter Ruling from the Internal Revenue Service with respect to issues arising from the transfer of assets from the trust, to the Maddox Foundation, as a Mississippi nonprofit corporation, in anticipation of the former trust ceasing operations after such transfer.

On June 25, 2001, the Internal Revenue Service issued a Private Letter Ruling to the trust, in effect approving the transfer of assets and clarifying the tax implications of this transfer. This ruling allowed the final transfer of assets from the trust to the Mississippi nonprofit corporation to take place on July 31, 2001.

Read the Letter

IRS Clear letter for 2001

In 2004, the Maddox Foundation’s financial information for the 2001 calendar year was audited by the Internal Revenue service. The audit included both the final Form 990-PF filed by the Maddox Foundation for the period of January 1 – July 31, 2001, and the first Form 990-PF filed by the Maddox Foundation as a Mississippi nonprofit corporation, for the period of August 1 – December 31, 2001.

On November 23, 2004, the Internal Revenue Service issued a letter to the Maddox Foundation accepting these tax returns as filed for the 2001 calendar year.

Read the Letter