Hello, first-time poster.
I became curious about this KISS Trust, and decided to do a little digging. What I have found confuses me. Can someone explain it to me?
I will try to stick to cited facts only here, and I'll just go through it step by step, then summarize my confusion at the end.
Source: http://www.news9.com/story/24945303/kiss-trust-and-eastern-point-trust-company-announces-merger-acquisition-of-presidio-securities-incFrom this source we learn the following:
Kiss Trust is a service of Eastern Point Trust Company
Eastern Point Trust Company is a non-depository trust company with multiple regional offices. Eastern Point Trust Company provides fiduciary and trust administration services for clients located in all 50 U.S. states, the U.S. Territories, across North America, South America, the Caribbean, Europe and Asia.
Floyd Simeon [is] Chairman of Eastern Point Trust Company
OK. If we take it from wikipedia just to cross-check, we see similar information:
Source: http://en.wikipedia.org/wiki/Kiss_TrustEastern Point Trust Company is a non-depository, multi-state trust company providing services across North America, South America, Europe, Asia, Africa and the Caribbean. Eastern Point Trust Company’s brokerage subsidiaries are also regulated by FINRA and the SEC.
So on one hand, EPTC does business internationally and in all 50 US States.
On the other hand, I got confused when I reviewed their IRS filings, available here:
Source: http://citizenaudit.org/208327672/Note that these filings are explicitly marked "Open to Public Inspection" - I believe because of the tax-exempt status they have claimed.
The signature on the latest of these filings is Floyd Simeon, so I have to believe this is the same Eastern Point Trust Company, and not some other entity with the same name.
From these filings we learn that EPTC is a 501c3 tax-exempt organization, currently with zero liabilities and total assets of $860.
Taking it chronologically it goes like this:
In 2007, the first filing, we see that the entity was initially called the "Financial Literacy Union" and Edward Armand is signing the documents. The entity was funded by $500 of "contributions, grants, and similar." Another $500 of the same is added in 2008.
Because the entity is funded by grants etc, it is "publicly supported" which is how it qualifies as 501c3 tax-exempt.
Their website from the filing seems to be gone or down right now, but the front page of it can be found in the wayback archive here:
http://web.archive.org/web/20110707074948/http://flunion.org/There you will see that:
The mission of the Financial Literacy Union is: ·
- Increase the wealth-creating assets of Americans through research, education, service and alliances; and
- Advocate for the public policy in areas that affect the financial and tax burden of Americans.
By Jan 3 of 2014 that website seems to redirect to KissTrust.
In the 2010 filing (received in Aug 2012 tho) it starts to be signed by Floyd Simeon, and is still branded as Financial Literacy Union.
In 2011 we still have the FLUnion name, and there have been no further movements of money - the assets of $1,000 remain, and there are no contributions or expenditures yet.
The 2012 return brings a name change to "Eastern Point Trust, Inc." and some small amounts of money begin to move.
The form declares $1,250 of "contributions, gifts, grants, and similar" which constitutes the total revenue. And then there are $1,390 of total expenses, although although I don't quite understand the itemization.
Also of note in this form:
The purpose of the tax-exempt status is "education and financial literacy."
In this year, the entity's accomplishments were "school financial scholarship program - 5 persons" with expenses of $600.
The officers receive zero compensation of any kind for their efforts.
At the end of the story we have Eastern Point Trust Company, a tax-exempt entity with total assets of $860.
My Confusion:OK so the "pure facts" part is over from here.
I am
very ignorant in these matters of corporate structure and tax filings. Please do not construe my question as accusation, it is not meant that way.
But can someone explain to me how it is that EPTC is both a multi-national business with subsidiaries and services doing business all over the place, and also a tax-exempt charity with $860 in assets and almost no movement of money?
One final note... The name mentioned in the threat letter, "National Trust and Fiduciary Services Company" if I google it... well, let's overlook what the top result is, but the Terms and Conditions of Kiss Trust result (down now, but visibile in the google search result as
www.kisstrust.com/terms.htm) says "Eastern Point Trust Company is an affiliate of National Trust and Fiduciary Services Company, Inc."
But I can't find much documentation about that entity, beyond some trademarks and patents that it owns.
Thanks for any insight.
