2024-05-14T19:52:58-04:00 2023-12-31 201690699 GLOBAL TAX & BUSINESS SERVICES LLC 1422 CAMDEN HIGHWAY SUMTER SC 29153 990 2023-01-01 471259796 LOUVON FAMILY FOUNDATION LOUV PO BOX 2395 SUMTER SC 29150 JAMES V WILSON SR PRESIDENT 8037731838 2024-05-14 true JAMES WILSON XXX-XX-XXXX true VIOLET SMITH EA P00296578 8037748000 2024-05-14 2 00 AAL1 IAL1 2023 2023-04-26 12:10:37Z JAMES V WILSON SR 77218 false X X 2014 SC IS TO ENCOURAGE, SUPPORT AND CONDUCT PROGRAMS AND ACTIVITIES THAT OPEN OPPORTUNITIES AND CREATE PATHWAYS TO IMPROVED QUALITY OF LIFE FOR INDIVIDUALS AND FAMILIES THAT HAVE NOT BEEN ABLE TO FULLY BENEFIT FROM THE AMERICAN DREAM 5 5 0 25 0 0 339837 30520 2458 0 6450 44240 346287 77218 415282 83597 0 0 0 0 22688 37249 437970 120846 -91683 -43628 538099 494755 0 538099 494755 IS TO ENCOURAGE, SUPPORT AND CONDUCT PROGRAMS AND ACTIVITIES THAT OPEN OPPORTUNITIES AND CREATE PATHWAYS TO IMPROVED QUALITY OF LIFE FOR INDIVIDUALS AND FAMILIES THAT HAVE NOT BEEN ABLE TO FULLY BENEFIT FROM THE AMERICAN DREAM false false 51550 The LouVon Family Foundation addresses the quality of life for the underprivileged members of the community as a whole with specific attention dedicated to our senior citizens. In addition to financial support provided to persons in need of medical attention , pharmacy needs, heating and air conditioning, clothing and assistance with housing needs, LouVon has partnered with local groups and organizations whose mission is same or similar but have more financial means than we have for projects that need additional financing. Additionally, we are strengthening our partnerships with the mental health community as well as other resources that can offer more concentrated support to include licensed practitioners in health fields. We are experiencing an increase in requests for support and assistance in areas such as depression, juvenile mental health, homelessness and care for mentally challenged youth. These request can range from office visits to daycare an 18550 BEAUTIFUL POSSIBILITIES SCHOLARSHIP INITIATIVE FOR VARIOUS COLLEGES The Beautiful Possibilities Scholarship Initiative award program aimed at supporting underrepresented students who strive for a college education but dont have the financial means by which to attend. 8735 FEEDING THE HOMLESS 6538 CHRISTMAS FOR NEEDY FAMILIES 6109 COATS FOR KIDS IS A PROGRAM GIVES BRAND NEW COATS TO CHILDREN IN THE SUMTER COMMUNITY AND THE OUTLYING COUNTIES. 12647 91482 true false false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 true 0 false false false false false false false false false false false false false false false false false false X 5 5 false false false false false false false true true false false true true true true true true true true false SC X JAMES V WILSON SR 8039837448 PO BOX 2395 SUMTER SC 29150 X ERIN J WILSONJAMES VICE BOARDPRESIDENT 10.00 10.00 X 0 0 0 ANDERSON THOMAS SECRETARY 2.00 2.00 X 0 0 0 RODNEY RICHBURG BOARD MEMBER 2.00 2.00 X 0 0 0 JAMES V WILSON SR BOARD CHAIR 10.00 10.00 X 0 0 0 SHELIA J BRADSHAW BOARD MEMBER 2.00 2.00 X 0 0 0 0 0 0 0 false false false 30520 30520 MORTGAGE INTEREST 532000 2458 2458 2458 44240 44240 44240 44240 77218 46698 0 0 X 83597 83597 4753 4753 7110 7110 1509 1509 TAXES 4976 4976 OUTSIDE CONTRACTING 11380 11380 FACILITIES AND EQUIPMENT 775 775 UTILITIES 5366 5366 1380 1380 120846 91482 29364 0 91559 48441 10977 10977 30037 26495 438195 29353 405526 408842 538099 494755 0 0 X 538099 494755 538099 494755 538099 494755 X -43628 284 0 X false false X 44814 87315 192875 339837 30372 695213 44814 87315 192875 339837 30372 695213 39303 655910 7200 31722 6450 44240 89612 784825 0.83570 0.77520 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18000 18000 408959 408959 11236 29353 -18117 408842 SECURITY DEPOSITS Unrelated business income explanation Part V line 3b THE ENTITY HAS PURCHASED HOMES AND RENOVATED THEM TO PROVIDE HOUSING AT BELOW FAIR MARKET RENTS. THE INCOME GENERATED FROM THESES PROPERITIES WILL BE USED FOR THE TAX EXEMPT PURPOSE OF THE LOUVON FAMILY FOUNDATION. Members or stockholder classes and rights Part VI line 6 NA Form 990 governing body review Part VI line 11 EACH BOARD MEMBER WAS GIVEN A COPY OF THE 2021 990 FOR THEIR REVIEW BEFORE FILING Conflict of interest policy compliance Part VI line 12c ARTICLE VII FOUND IN THE BYLAWS FOR LOU VON FAMILY FOUNDATION DETAILS THEIR POLICY ON CONFLICT OF INTEREST. ANY DIRECTOR,OFFICER OR KEY EMPLOYEE WHO HAS AN INTEREST IN A CONTRACT OR OTHER TRANSACTION PRESENTED TO THE BOARD OF DIRECTORS OF LOUVON FAMILY FOUNDATION INC OR A COMMITTEE THEREOF FOR THE AUTHORIZATION, APPROVAL OR RATIFICAION SHALL MAKE APROMPT AND FULL DISCLOSURE OF HIS INTEREST TO THE BOARD OR EXECUTIVE COMMITTEE PRIOR TO IT ACTING ON SUCH CONTRACT OR TRANSACTION SUCH DISCLOSURE SHALL INCLUDE ANY RELEVANT AND MATERIAL FACT KNOWN TO SUCH PERSON ABOUT THE CONTRACT OR TRANSACTION, WHICH MIGHT REASONABLY BE CONSTRUED TO BE ADVERSE TO THE CORPORATIONS INTEREST. CEO executive director top management comp Part VI line 15a MEMBERS OF THE BOARD OF DIRECTORS OF LOU-VON FAMILY FOUNDATION,INC. SHALL NOT BE COMPENSATED IN ANY CAPACITY OTHER THAN AS A BOARD MEMBER FOR REASONABLE EXPENSES IN THE PERFORMANCE OF PROFESSIONAL SERVICES FOR WHICH COMPENSATION IS NORMALLY PAID. THE BOARD MEMBER SHALL REMOVE HIMSELF OR HERSELF FROM THE VOTING PROCESS WHEN DETERMINATIONS OF COMPENSATION, BENEFITS, ETC. ARE MADE, AND SHALL BE PAID AT A LEVEL OF COMPENSATION/SALARIES REASONABLE FOR THE SERVICES RENDERED. SHOULD THE SERVICES PROVIDED EXTEND BEYOND A THIRTY (30) DAY PERIOD THE BOARD MEMBER SHALL RESIGN FROM THE BOARD OF DIRECTORS. Other officer or key employee compensation Part VI line 15b MEMBERS OF THE BOARD OF DIRECTORS OF LOU-VON FAMILY FOUNDATION INC. SHALL BE COMPENSATED IN ANY CAPACITY OTHER THAN AS A BOARD MEMBER FOR REASONABLE EXPENSES IN THE PERFORMANCE OF PROFESSIONAL SERVICES FOR WHICH COMPENSATION IS NORMALLY PAID. THE BOARD MEMBER SHALL REMOVE HIMSELF OR HERSELF FROM THE VOTING PROCESS WHEN DETERMINATIONS OF COMPENSATION, BENEFITS, ETC. ARE MADE, AND SHALL BE PAID AT A LEVEL OF COMPENSATION/SALARIES REASONABLE FOR THE SERVICES RENDERED. SHOULD THE SERVICES PROVIDED EXTEND BEYOND A THIRTY (30) DAY PERIOD THE BOARD MEMBER SHALL RESIGN FROM THE BOARD OF DIRECTORS. Governing documents etc available to public Part VI line 19 SECTION 6.9. PUBLICATION. NOTICE OF BOARD OF DIRECTORS MEETINGS ALONG WITH OTHER ACTIVITIES OF THE CORPORATION SHALL BE PUBLISHED IN ANY NEWSLETTER OR OTHER DOCUMENT THAT MAY BE PUBLISHED BY THE CORPORATION FOR GENERAL DISTRIBUTIONSECTION 6.10. DULY NOTICED. THE BOARD OF DIRECTORS AND ANY OTHER PERSONS WHO REQUIRE NOTICES OF MEETINGS OF THE BOARD WILL BE DULY NOTIFIED IF NOTICES OF MEETINGS ARE CONTAINED WITHIN REPORTS, NEWSLETTERS, MAGAZINES, MAIL, EMAILS OR ELECTRONIC PUBLICATION IF ADDRESSED OR DELIVERED TO THE ADDRESS ON FILE FOR THAT PERSON WITH THE CORPORATION AT THE TIME OF NOTICE.SECTION 6.11. PUBLIC NOTICE. NOTICE OF THE ANNUAL MEETING OF THE CORPORATION AND OF ANY SPECIAL MEETINGS TO WHICH THE PUBLIC IS TO BE INVITED SHALL BE COMMUNICATED BY A NEWSPAPER GENERAL CIRCULATION. Significant program services not listed on prior year return Part III line 2 The Beautiful Possibilities Scholarship Initiative at Morris College is a privately funded scholarship award program aimed at supporting underrepresented students who strive for a college education but dont have the financial means by which to attend. The number of students from minority backgrounds that have the desire and academic standing, has more than tripled in the state of South Carolina. These students are more times than not, the first person in their families that have performed at an academic level that should ensure their college attendance. However, lack of funds and little or no financial resources can act as a deterrent to students seeking to better themselves through higher education. By offering these students a full scholarship which underwrites their tuition, room NOT SURE Cessation of or significant change to any program service Part III line 3 Programs for our tax exempt purpose is picking back up again now that Covid seems to be under control. Explanation of why Form 720 was not filed Part V Line 14b NA Explanation of other changes in net assets or fund balances Part XI line 9 THE CHANGE IN NET ASSETS ARE DUE TO THE SALE OF THE 5200 MIDDLETON STREET PROPERTY. IN LINE WITH THE TAX EXEMPT PURPOSE OF THE LVFF,THE PROPERTY WAS SOLD TO A FAMILY THAT HAS NOT BEEN ABLE TO FULLY BENEFIT FROM THE AMERICAN DREAM, WHICH IS TO BE A HOME OWNER IN AMERICA. List of other expenses Part IX line 24e Lawn Maintenance 800.00Rent Parking Utilities 3290.00 Part XI response or note to any line in Part XI Adjustment for Earnest Money for Sale of Asset 5200 Middleton Street