Thread by @mrspanstreppon

Leonard Leo is on the board of two 501(c)3)s related to the Napa Institute founded in '12 to "equip Catholic leaders to defend & advance the Catholic faith in the 'next America'". Napa Institute website...
napa-institute.org

The three related 501(c)(3)s & EINs:
Napa Institute 45-3733093
Napa Institute Foundation 81-1190021
Napa Institute Legal Foundation 83-1067468
Most recent 990s are online at the IRS Charity Search website:
apps.irs.gov/app/eos/

...The Napa Institute's tax exempt status was effective in '12, the Napa Institute Foundation's in Jan '16 & the Napa Institute Legal Foundation's in June '18...
napalegalinstitute.org/about/board-of…

...Timothy R. Busch is the chairman/CEO/president & director of the three Napa Institute entities & his wealth management firm, The Busch Firm, prepares the 990s for each one...
thebuschfirm.com/people2/

...The Napa Institute's revenue has increased significantly since '11. Per the '14 & '19 990s...

...This is where the Napa Institute's finances gets twisty. If the Napa Institute Foundation filed a '17 990, it's not in the IRS Charity database. Which is a big deal since it raised $17.7 million that year....

...Timothy Busch didn't provide revenue by year in the '19 Napa Institute Foundation 990 so I'll do it:
2016 - $4.4 million
2017 - $17.7 million
2018 - ($2.3 million) - loss
2019 - $309k

...Time out for an observation. The Napa Institute appears to have been founded by businessman, Timothy Busch to bring likeminded wealthy Catholics together at his Napa hotel & he donates the wines. A win-win for the Church & his wealth management firm...

...Then along came Leonard Leo. Since the Napa Institute Foundation hasn't filed a '17 990, we don't know how much it donated to the Catholic University of America in DC that year but in '18, the amount was $2.3 million & in '19, $3.1 million...

...The address of the Napa Institute & NI Foundation is The Busch Firm's office in Irvine CA. The Napa Institute Legal Foundation's address is the The Busch Firm's office in Napa. The entities pay substantial occupancy costs but made no related party disclosures in the 990s...

...Whoa! In '19, the Napa Institute Foundation failed to disclose it loaned a total of $2.5 million to companies owned by Timothy P. Busch, President & Director. Maybe not such a hot idea to have Busch's frim prepare the 990s...

...Took another look at the Napa Institute Foundation's '18 990. The $2.5m in loans to Timothy Busch's ventures were already on the books as was $298k in income for resorts hotels, presumably Timothy Busch's...

...If Timothy P Busch donated $14 million to the Napa Institute Foundation in '17 & then NIF invested the bulk of the money in his hotels, I can see why NIF failed to file a '17 990. Busch would have rec'd a huge tax deduction for investing in his own company...

...Napa Institute, Napa Institute Foundation & Napa Institute Legal Foundation 2019 board of directors in that order....

..The Napa Institute Legal Foundation had $250k in revenue in '19, $150k of which was provided by the Napa Institute Foundation. Timothy Busch also loaned the foundation $60. NILF spent $296k including $38k for "occupancy"...

...The Napa Institute Legal Foundation board of directors is something else. Wish I didn't have to wait until Nov for the 2020 990s...
napalegalinstitute.org/about/board-of…

...It just came to my attention Timothy P Busch & Leonard Leo are on the Board of Visitors of the Catholic University of America Tim & Steph BUSCH School of Business. Guess that explains the Napa Institute Foundation's $5.8m++ donation to CAU...
business.catholic.edu/about-us/board…

...According to this May '16 profile of Timothy P. Busch in the Catholic Reporter, Busch donated $15m to the CA business school but the money didn't come from the Busch Family Foundation which never had more than $1m in assets....
catholicworldreport.com/2016/05/19/the…

...In '17, the Busch Family Foundation was liquidated & $5k in cash & $294k in other assets were transferred to the Napa Institute Foundation. Per the '18 990, NIF revenue in '17 was $17.7m. W/o the '17 990, there's no way to tell how much was cash & how much was investments....

...Thinking the Busch deal w CUA was similar to Eric Trump's w St Jude's wherein the donor gets recognition up front but comes up w the donation in the future. The most NIF could have donated in '17 was $5 million per the '18 990....

...Turns out the Napa Institute Foundation's '17 990 is online at Guidestar & the 990 Finder. The $17m in contributions consisted of mainly of $14m non cash contribution & $2.8m in income from an Omni resort...
990s.foundationcenter.org/990_pdf_archiv…..

...Napa Institute Foundation donations to Catholic University of America to fund the business school were:
2017 - $2,208,015
2018 - $2,329,500
2019 - $3,111,000
Total - $7,648,515
At this rate, NIF will fulfill Timothy Busch's $15m commitment in 2022....

...The donations to CUA were all cash so there's no question re the valuation of the $7.6m in donations. Good thing since NIF lost $3.1m on the sale of some of the assets in '18 Busch donated in '17. A loss, no doubt, he didn't anticipate....

...If Napa Institute Foundation is going to fulfill the remainder of Timothy Busch's obligation to CUA, he's going to have to make another donation based on the '19 990 balance sheet...

....The $2.5m investment in Other Securities consists of promissory notes from companies owned by Timothy Busch described above which were donated in '16 & carried at cost. Guessing they're not liquid & cost is not equal to fmv...

...Also note the $2.3 million tax liability which presumably had to be paid in 2020. If the $3m in public securities was sold, that would only leave $700k in cash on hand w/o another donation....

..Timothy Busch apparently is influential in the Church but hasn't fully funded a '16 $15m commitment, collects rent from the three Napa Institute not-for-profits & from at least one other not-for-profit, the Napa Institute holds conferences...
ncronline.org/news/accountab…

...in hotels he owns, he donates wines from his vineyard, donates investments w inflated valuations etc, his CPA firm prepares the 990s w little oversight & fails consistently to disclose related party transactions...

...If Timothy Busch makes a move on the Vatican Bank, I hope the Pope cuts him off at the knees. Joking but for the life of me, I can't see why this guy is well regarded. And that's a wrap for today!

...Just dawned on me why Timothy P Busch donated $14m in securities to the Napa Institute Foundation & not the Busch Family Foundation. He would have to had to disclose the names of the securities & their valuation could be verified publicly....

...If anyone is curious about what Next America is in Opus Dei world, the term was first used in a '10 essay by Denver Archbishop Charles J. Chaput...
firstthings.com/web-exclusives…

...Before I looked into the Napa Institute, I didn't realize how extensive the network of Catholic oriented not-for-profits is. At some point, I'll take a closer look.

..Adding some random stuff re Timothy Busch. He, of course, supported cutting of Holy Communion for Biden....
ncregister.com/commentaries/w…

...Correction: Timothy R. Busch. This March '21 New Republic story by @kathsstewart has lots of info re the influence of wealthy conservative laity in the Church today...
newrepublic.com/article/161626…

...The Tim & Steff Busch Family Foundation website looks impressive but it was only founded in '17 after the Busch Family Foundation was liquidated for reasons having to do w the $15m donation to CUA that hasn't been paid as noted above.....
buschfamilyfoundation.com

...As of Dec 31 '19, the Tim & Steff Busch Family Foundation had assets of $3.6k in cash & liabilities of $211k in the form of a promissory note. Contributions were $41k...

...Thought I'd do a thread today putting this stuff into an easy to follow narrative but I'm still in the fact gathering stage. Just noticed Napa Institute donated a $1.7m promissory note to Napa Institute Foundation in '16....

...Napa Institute revenue & expenses by year from '12 to '19. The $1.7m promissory note is the only non-cash item on NI's financials...