2025-05-05T15:07:49-05:00 2024-06-30 941254756 HOOD & STRONG LLP 2580 N 1ST ST STE 460 SAN JOSE CA 95131 990 2023-07-01 931637027 THE BASIC FUND SCHOLARSHIP FOUNDATION BASI 4159544400 475 14TH STREET 290 OAKLAND CA 94612 MICHAEL MCCARTHY CHAIRMAN & PRESIDENT 4159544400 2025-05-05 1 1 MAGA E KISRIEV P01008919 4089988400 2023 2025-03-06 01:10:19Z MICHAEL MCCARTHY 475 14TH STREET 290 OAKLAND CA 94612 15199263 0 X WWW.BASICFUND.ORG X 2023 CA SUPPORTING AND SUSTAINING THE SCHOLARSHIP PROGRAMS OF THE BASIC FUND. 6 6 0 6 0 0 0 15016027 0 0 0 183236 0 0 0 15199263 0 0 0 0 0 0 0 0 0 0 10019 0 10019 0 15189244 0 15214444 0 0 0 15214444 WITH A PURPOSE OF SUPPORTING AND SUSTAINING THE SCHOLARSHIP PROGRAMS OF THE BASIC FUND, AND GUIDED BY THE BASIC FUND SCHOLARSHIP FOUNDATION'S BOARD OF DIRECTORS, THE FOUNDATION WILL STRATEGICALLY DEPLOY FUNDS RAISED INTO CAREFULLY MANAGED INVESTMENTS. 0 0 0 0 0 FUNDRAISING FOR, HOLDING AND MANAGING AN ENDOWMENT FOR ITS SUPPORTED ORGANIZATION, THE BASIC FUND. MAKE PERIODIC GRANTS TO THE BASIC FUND WHICH IT WILL USE TO MAKE SCHOLARSHIP GRANTS FOR THE PURPOSES FOR WHICH THE BASIC FUND WAS CREATED. 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 CA X JANISHA SABNANI 4159544400 475 14TH STREET 290 OAKLAND CA 94612 X MICHAEL MCCARTHY PRESIDENT 1.00 1.00 X X 0 0 0 JANISHA SABNANI SECRETARY/TREASURER 1.00 1.00 X X 0 0 0 RICHARD BARKER DIRECTOR 1.00 1.00 X 0 0 0 JAMES H HERBERT II DRIECTOR 1.00 1.00 X 0 0 0 JOHN E KERRIGAN JR DIRECTOR 1.00 1.00 X 0 0 0 JOHN COUCH DIRECTOR 1.00 1.00 X 0 0 0 0 0 0 0 0 0 0 0 13515927 1500100 5208330 15016027 183236 183236 15199263 0 0 183236 10019 10019 10019 0 10019 0 0 50 0 9753534 0 457500 0 5003360 0 15214444 0 0 X 0 15214444 0 15214444 0 15214444 15189244 25200 0 X 0 1 X 1 0 X X 1 THE BASIC FUND 943290699 7 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 INTERCOMPANY RECEIVABLES 100000 DONATED AUTOMOBILES HELD FOR SALE 4903360 5003360 X PART X, LINE 2: THE BASIC FUND AND ITS CONSOLIDATED SUPPORTING ORGANIZATION ARE EXEMPT FROM FEDERAL INCOME TAX ON RELATED INCOME UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND CALIFORNIA REVENUE AND TAXATION CODE SECTION 23701D. IN ADDITION, THEY HAVE EACH RECEIVED A DETERMINATION FORM THE IRS THAT THEY ARE NOT PRIVATE FOUNDATIONS. AS OF JUNE 30, 2024 MANAGEMENT EVALUATED THE BASIC FUND'S AND ITS CONSOLIDATED SUPPORTING ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT IT HAD MAINTAINED ITS TAX EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRED ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. X 1 5208330 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER REFLECTS THE NUMBER OF ITEM CONTRIBUTED. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT, MICHAEL MCCARTHY, AND TREASURER, JANISHA SABNANI, REVIEWED IN DETAIL THE FORM 990. A COMPLETED COPY OF THE FORM 990 WAS PROVIDED TO THE BOARD FOR REVIEW BEFORE FILING. SUBSEQUENT TO FILING THE RETURN WITH THE INTERNAL REVENUE SERVICE, THE AUDIT COMMITTEE REVIEWED THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C PRESIDENT MICHAEL MCCARTHY REGULARLY MONITOR THE ACTIVITIES OF THE ORGANIZATION AND ITS BOARD TO ENSURE THERE IS NO CONFLICT OF INTEREST. IT IS MANDATED BY POLICY, THAT ALL DIRECTORS AND OFFICERS MUST NOTIFY THE BOARD OF POTENTIAL CONFLICTS ON A NO LESS THAN ANNUAL BASIS. OUR CONFLICTS OF INTEREST POLICY (THE "POLICY") COVERS ALL DIRECTORS, OFFICERS, AND MEMBERS OF BOARD COMMITTEES WITH BOARD DELEGATED POWERS, AND FAMILY MEMBERS OF SUCH PERSONS. IN CONNECTION WITH ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST, ANY PERSON COVERED UNDER THE POLICY MUST ANNUALLY DISCLOSE THE EXISTENCE OF HIS OR HER FINANCIAL INTEREST AND ALL MATERIAL FACTS TO THE DIRECTOR(S) AND OFFICER(S) DELEGATED BY THE BOARD, CURRENTLY THE CHIEF EXECUTIVE OFFICER AND TREASURER, TO CONSIDER THE TRANSACTION OR ARRANGEMENT. SHOULD THE POTENTIAL CONFLICT WARRANT REVIEW BY THE BOARD, THE DESIGNATED OFFICER(S) ALERT THE CHAIRMAN AND OTHER BOARD COMMITTEE CHAIRS, TO CONSIDER THE TRANSACTION AND DETERMINE WHETHER THERE IS A POTENTIAL CONFLICT. AN INVESTIGATION AND SPECIAL MEETING MAY BE CALLED TO AID IN THE DETERMINATION, IF NECESSARY. A CONFLICT MUST NOT EXIST WITHIN THE ORGANIZATION AT ANY TIME. IF IT IS DETERMINED THAT A TRANSACTION WILL RESULT IN A CONFLICT OF INTEREST THE BOARD MUST TAKE STEPS TO ENSURE THAT THE CONFLICT OF INTEREST DOES NOT ARISE. SHOULD AN ALREADY EXISTING CONFLICT OF INTEREST BE BROUGHT TO THE ATTENTION OF THE BOARD, NECESSARY STEPS TO ELIMINATE THE CONFLICT MUST BE TAKEN. IF THERE IS REASONABLE CAUSE TO BELIEVE THAT AN INDIVIDUAL HAS FAILED TO DISCLOSE A POTENTIAL CONFLICT, THE BOARD SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. IN THE CASE OF A TRANSACTION THAT COULD BE CHARACTERIZED AS AN EXCESS BENEFIT TO A DIRECTOR OR VOTING OFFICER, SPECIAL PROCEDURES ("SANCTIONS") ARE UNDERTAKEN PRIOR TO SUCH A TRANSACTION. THESE SANCTIONS INCLUDE BOARD APPROVAL OF SUCH TRANSACTION, AND INVESTIGATIONS AND DATA GATHERING IS TO HAPPEN PRIOR TO SUCH A VOTE. THE VOTE OCCURS WITHOUT THE PARTICIPATION OF THE DIRECTOR OR OFFICER IN QUESTION, OR THEIR FAMILY MEMBERS. ANY APPROVED TRANSACTIONS ARE DULY RECORDED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF TIME SET FORTH IN SEC. 6104(D). THE BASIC FUND 475 14TH STREET STE 290 OAKLAND CA 94612 943290699 PROVIDING SCHOLARSHIPS TO LOW INCOME FAMILIES CA 501(C)(3) LINE 7 N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1