HLA's 2005 Tax Return

[TheWho]

Hidden Lake Foundation inc (HLF) is a not- for- profit corporation which Buccellato set up for the sole purpose of raising money for HLA.  HLA is split between “Hidden Lake Academy (for profit) and HLA,Inc. (not for profit).

This is a nice way to separate the money (as well as many other advantages).  Buccellato can receive management fees as CEO of HLA, Inc for managing Hidden lake Academy and keep this separate from Hidden Lake Academy fees and expenses.
Its legal, but you need a good accountant to help keep you out of trouble and insulate yourself against lawsuits.

[Anonymous]

Or maybe an audit from the I.R.S.?

[RobertBruce]

Gosh and Len hates when those happen. I wonder who keeps calling the IRS?

[Anonymous]

Why is the value of the loan from Leonard Buccellato dated 6/4/2004 originally valued at $1,088,114 on the 2004 return, but then in 2005 it appears the same loan has a value of $1,247,421? Does this mean that he's making interest off of a loan to HLA, plus collecting over $1M in management fees for HLA? Just curious how this works and if it's legal.

2005 Tax Return:

http://www.guidestar.org/FinDocuments/2 ... b151-9.pdf

2004 Tax Return:

http://www.guidestar.org/FinDocuments/2 ... 0708-9.pdf

2002 Tax Return:

http://www.guidestar.org/FinDocuments/2 ... 95-1-9.pdf

2003 Tax Return for St. Francis Day School:
http://www.guidestar.org/FinDocuments/2 ... 32-1-9.pdf

On HLA's 2002 Tax Return it states a mortgage payable to St. Francis Day School in the amount of $368,073. But on St. Francis's 2003 Tax Return is shows the amount due on the loan is $491,507 - there's a ~$124K difference in the amounts. Can someone with some tax knowledge explain?

[Anonymous]

Why is there nothing about the Chapel Fund in any of these tax returns?