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Nonprofiteer
← ANNE RAY FOUNDATION

Form 990 for tax year 2024

Filed by ANNE RAY FOUNDATION.

Totals

Total revenue
$153,086,190
Total expenses
$172,815,860
Contributions and grants received
$0
Grants paid
$130,904,235
Program service revenue
$0
Investment income
$91,177,950
Other revenue
$61,908,240
Total assets, end of year
$4,971,009,688
Total liabilities, end of year
$138,129,679
Net assets or fund balances, end of year
$4,832,880,009
Program services expenses (Part IX)
$150,481,273
Management and general expenses
$22,334,587
Fundraising expenses
$0
Program service expenses (Part III)
$150,481,273

Program services were 87.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $100,775,216 · unrelated business $1,394,353 · excluded $99,380,863

  • 7a · Gross sales of assets other than inventory

    securities $2,840,602,914

  • 7b · Less cost or other basis and sales expenses

    securities $2,850,200,180

  • 7c · Gain or loss

    securities -$9,597,266

  • 7d · Net gain or loss

    total -$9,597,266 · unrelated business $2,650,747 · excluded -$12,248,013

  • 11a · Other revenue: OTHER INCOME

    total $61,908,240 · unrelated business -$6,741,366 · excluded $68,649,606

  • 11e · Other revenue, total

    $61,908,240

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $130,904,235 · program services $130,904,235

  • 5 · Compensation of officers, directors and key employees

    total $4,145,735 · program services $1,998,619 · management and general $2,147,116

  • 7 · Other salaries and wages

    total $13,888,149 · program services $7,215,605 · management and general $6,672,544

  • 9 · Other employee benefits

    total $4,949,665 · program services $2,759,746 · management and general $2,189,919

  • 11b · Fees: legal

    total $938,784 · program services $158,956 · management and general $779,828

  • 11c · Fees: accounting

    total $297,230 · program services $161,681 · management and general $135,549

  • 11f · Fees: investment management

    total $7,820,623 · management and general $7,820,623

  • 11g · Fees: other

    total $4,288,175 · program services $3,343,822 · management and general $944,353

  • 13 · Office expenses

    total $192,983 · program services $145,889 · management and general $47,094

  • 14 · Information technology

    total $682,248 · program services $541,712 · management and general $140,536

  • 16 · Occupancy

    total $2,040,507 · program services $1,494,056 · management and general $546,451

  • 17 · Travel

    total $728,558 · program services $399,119 · management and general $329,439

  • 19 · Conferences, conventions and meetings

    total $352,635 · program services $289,010 · management and general $63,625

  • 23 · Insurance

    total $108,029 · program services $82,021 · management and general $26,008

  • 24a · Other expenses: FEDERAL UBI TAX BENEFIT

    total -$610,000 · management and general -$610,000

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $749,206 · program services $437,343 · management and general $311,863

  • 24c · Other expenses: OTHER TAXES

    total $674,592 · program services $0 · management and general $674,592

  • 24d · Other expenses: RECRUITING & RELOCATION

    total $381,784 · program services $294,749 · management and general $87,035

  • 24e · All other expenses

    total $282,722 · program services $254,710 · management and general $28,012

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $20,097,450 · end of year $17,368,683

  • 2 · Savings and temporary cash investments

    beginning of year $5,104,343 · end of year $5,737,867

  • 4 · Accounts receivable

    beginning of year $57,266 · end of year $31,061

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,275,000 · end of year $2,300,000

  • 10a · Land, buildings and equipment: cost or other basis

    $44,637

  • 10b · Land, buildings and equipment: accumulated depreciation

    $44,637

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $490,878,866 · end of year $582,966,506

  • 12 · Investments: other securities

    beginning of year $4,350,295,860 · end of year $4,362,605,571

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,015,406 · end of year $18,770,870

  • 18 · Grants payable

    beginning of year $154,450,983 · end of year $119,358,809

  • 27 · Net assets without donor restrictions

    beginning of year $4,697,242,396 · end of year $4,832,880,009

Mission and programs · 2024

Mission

PROVIDE MEANINGFUL SUPPORT TO SOME OR ALL DESIGNATED SUPPORTED ORGANIZATIONS TO MAKE A MEASURABLE AND SUSTAINABLE DIFFERENCE ON OUR SHARED PRIORITY PROBLEMS.

Activities or mission (Part I)

CHARITABLE GRANTMAKING TO SOME OR ALL DESIGNATED SUPPORTED ORGANIZATIONS.

  • SEE SCHEDULE OOUR GRANTMAKING REFLECTS OUR MISSION, VALUES, AND OUR DONOR'S GUIDING PRINCIPLES.WE SUPPORT THE WORK OF OUR DESIGNATED SUPPORTED ORGANIZATIONS IN COMMUNITIES ACROSS SEVEN PROGRAM AREAS REFERRED TO AS DOMAINS. THE DOMAINS ARE: - ANIMAL WELFARE: WE FOCUS ON THE WELLBEING OF DOMESTIC ANIMALS AND INJURED WILD ANIMALS, AND WAYS TO INCREASE EMPATHY TOWARD ANIMALS AMONG CHILDREN AND ADULTS.- ARTS & CULTURES: WE HELP SUPPORT FOLK ARTS, NATIVE AMERICAN ART, MUSIC, TACTILE ART, AND ARTISTICALLY SIGNIFICANT CRAFTS THAT FOSTER HUMAN CREATIVITY.- DISASTER RELIEF & RECOVERY: WE SUPPORT WORK IN NATURAL DISASTER PREPAREDNESS, RELIEF, AND RECOVERY WITH EMPHASIS ON COMMUNITIES PRONE TO LOW-ATTENTION DISASTERS. - ENVIRONMENT: WE SUPPORT THE CONSERVATION OF NATURAL RESOURCES AND PROTECTION OF NATURAL HABITATS. - LEGACY & OPPORTUNITY: WE PROVIDE FUNDING FOR OPPORTUNITIES AND GEOGRAPHIES THAT WERE IMPORTANT TO OUR DONOR, MARGARET CARGILL, AND ARE ALIGNED WITH OUR STRATEGIC PRIORITIES.- QUALITY OF LIFE: WE SUPPORT CHILDREN, YOUNG ADULTS, FAMILIES, AND OLDER ADULTS THROUGHOUT LIFE'S JOURNEY.- TEACHERS & STUDENTS: WE SUPPORT THE TEACHING PROFESSION AND STUDENT SUCCESS.DURING 2024 ANNE RAY FOUNDATION MADE GRANTS TO DESIGNATED SUPPORTED ORGANIZATIONS FOR A VARIETY OF PROGRAMS AS DETAILED ON SCHEDULE I, PART II. GRANTS REPORTED AT SCHEDULE I REFLECT CASH GRANT PAYMENTS DURING THE YEAR. GRANT EXPENSE AS REPORTED ON PART IX OF THE FORM 990 REPORTS EXPENSE UNDER ACCRUAL BASIS ACCOUNTING RULES.

    Expenses $150,481,273 · Grants $130,904,235

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • CHRISTINE MORSE

    BOARD CHAIR

    Total calculated
    $188,900
    From this org
    $83,620
    From related orgs
    $105,280
    Other
    $0
    Hours/week
    11 + 9 related

    Schedule J breakdown matched by us

    Base
    $83,620 + $105,280 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $83,620 + $105,280 related

  • RIGHT REVEREND JOHN CHANE

    DIRECTOR

    Total calculated
    $113,100
    From this org
    $60,750
    From related orgs
    $52,350
    Other
    $0
    Hours/week
    6 + 4.5 related

  • WIN NEUGER

    DIRECTOR

    Total calculated
    $117,800
    From this org
    $54,100
    From related orgs
    $63,700
    Other
    $0
    Hours/week
    6 + 6 related

  • STUART TOBISMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4 + 4 related

  • PAUL BUSCH

    DIRECTOR

    Total calculated
    $119,000
    From this org
    $55,000
    From related orgs
    $64,000
    Other
    $0
    Hours/week
    6 + 6 related

  • HEATHER KUKLA

    PRESIDENT

    Total calculated
    $1,078,057
    From this org
    $0
    From related orgs
    $897,649
    Other
    $180,408
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $823,919 related
    Bonus
    $0
    Other
    $0 + $73,730 related
    Deferred
    $0 + $129,354 related
    Nontaxable benefits
    $0 + $51,054 related
    Filer's total
    $0 + $1,078,057 related

  • NAOMI HORSAGER

    TREASURER/CFO

    Total calculated
    $772,259
    From this org
    $0
    From related orgs
    $631,982
    Other
    $140,277
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $557,753 related
    Bonus
    $0
    Other
    $0 + $74,229 related
    Deferred
    $0 + $89,639 related
    Nontaxable benefits
    $0 + $50,638 related
    Filer's total
    $0 + $772,259 related

  • ELIZABETH BORER

    SECRETARY/GEN COUNSEL

    Total calculated
    $524,933
    From this org
    $0
    From related orgs
    $424,774
    Other
    $100,159
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $399,038 related
    Bonus
    $0
    Other
    $0 + $25,736 related
    Deferred
    $0 + $64,593 related
    Nontaxable benefits
    $0 + $35,566 related
    Filer's total
    $0 + $524,933 related

  • KURIAN THOMAS

    VP OF PROGRAMS

    Total calculated
    $567,214
    From this org
    $0
    From related orgs
    $444,239
    Other
    $122,975
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $416,822 related
    Bonus
    $0
    Other
    $0 + $27,417 related
    Deferred
    $0 + $67,916 related
    Nontaxable benefits
    $0 + $55,059 related
    Filer's total
    $0 + $567,214 related

  • SHAWN WISCHMEIER

    CHIEF INVESTMENT OFFICER

    Total calculated
    $3,015,559
    From this org
    $0
    From related orgs
    $2,600,920
    Other
    $414,639
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $930,294 related
    Bonus
    $0 + $1,469,400 related
    Other
    $0 + $201,226 related
    Deferred
    $0 + $365,543 related
    Nontaxable benefits
    $0 + $49,096 related
    Filer's total
    $0 + $3,015,559 related

  • MICHAEL RUETZ

    DEPUTY CIO/INVESTMENT DIR.

    Total calculated
    $1,727,311
    From this org
    $0
    From related orgs
    $1,469,321
    Other
    $257,990
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $631,982 related
    Bonus
    $0 + $745,900 related
    Other
    $0 + $91,439 related
    Deferred
    $0 + $208,394 related
    Nontaxable benefits
    $0 + $49,596 related
    Filer's total
    $0 + $1,727,311 related

  • MATTHEW MINNIS

    INVESTMENT DIRECTOR

    Total calculated
    $1,371,799
    From this org
    $0
    From related orgs
    $1,169,575
    Other
    $202,224
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $487,724 related
    Bonus
    $0 + $598,500 related
    Other
    $0 + $83,351 related
    Deferred
    $0 + $167,775 related
    Nontaxable benefits
    $0 + $34,449 related
    Filer's total
    $0 + $1,371,799 related

  • RODNEY OVERCASH

    INVESTMENT DIRECTOR

    Total calculated
    $1,388,679
    From this org
    $0
    From related orgs
    $1,186,225
    Other
    $202,454
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $520,508 related
    Bonus
    $0 + $594,800 related
    Other
    $0 + $70,917 related
    Deferred
    $0 + $168,595 related
    Nontaxable benefits
    $0 + $33,859 related
    Filer's total
    $0 + $1,388,679 related

  • TRICIA SCRIVNER

    INVESTMENT DIRECTOR

    Total calculated
    $1,359,948
    From this org
    $0
    From related orgs
    $1,158,163
    Other
    $201,785
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $493,374 related
    Bonus
    $0 + $578,200 related
    Other
    $0 + $86,589 related
    Deferred
    $0 + $165,806 related
    Nontaxable benefits
    $0 + $35,979 related
    Filer's total
    $0 + $1,359,948 related

  • CHRISTOPHER VOGT

    INVESTMENT DIRECTOR

    Total calculated
    $1,374,299
    From this org
    $0
    From related orgs
    $1,156,794
    Other
    $217,505
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $490,344 related
    Bonus
    $0 + $578,200 related
    Other
    $0 + $88,250 related
    Deferred
    $0 + $165,806 related
    Nontaxable benefits
    $0 + $51,699 related
    Filer's total
    $0 + $1,374,299 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
PERSONS LISTED ON PART VII WHO WERE REQUIRED TO TRAVEL INTERNATIONALLY DURING THE 2024 TAX YEAR HAD THE OPTION TO TRAVEL IN A FARE CLASS ABOVE COACH FARE, CONSISTENT WITH THE EXPENSE REIMBURSEMENT POLICY APPLICABLE TO ALL STAFF AND DIRECTORS. ALL EMPLOYEES INCLUDING THOSE REPORTED IN PART VII ALSO RECEIVED A TAX GROSS-UP RELATED TO THE COST OF LONG-TERM DISABILITY PREMIUMS.
PART I, LINE 3
THE BOARDS OF ANNE RAY FOUNDATION AND MARGARET A. CARGILL FOUNDATION ESTABLISHED A JOINT, INDEPENDENT COMPENSATION COMMITTEE. SEE STATEMENT INCLUDED WITH SCH O FOR DETAILED INFORMATION ON CEO/EXECUTIVE DIRECTOR COMPENSATION AS REQUIRED BY BOTH FORM 990, PART VII AND SCHEDULE J.
PART I, LINE 4B
MARGARET A. CARGILL FOUNDATION, A RELATED ORGANIZATION, SPONSORS AN UNFUNDED, NON-QUALIFIED DEFERRED COMPENSATION PLAN ("THE RESTORATION PLAN") UNDER INTERNAL REVENUE CODE SECTION 457(F) FOR THE PURPOSE OF PROVIDING DEFERRED COMPENSATION FOR A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES. THE RESTORATION PLAN PROVIDES DEFERRED COMPENSATION BENEFITS FOR PARTICIPANTS WHO COULD NOT FULLY MATCH CONTRIBUTIONS TO QUALIFIED DEFINED CONTRIBUTION PLANS WHICH WOULD OTHERWISE HAVE BEEN AVAILABLE BUT FOR INTERNAL REVENUE CODE LIMITS. ANNE RAY FOUNDATION APPROVES AWARDS TO THIS PLAN AS PART OF THE ANNUAL COMPENSATION SETTING AND APPROVAL PROCESSES. AMOUNTS DEFERRED UNDER THE RESTORATION PLAN ARE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE UNTIL VESTED. DURING 2024, THE FOLLOWING ARE AMOUNTS WERE DISTRIBUTED FROM THE RESTORATION PLAN TO PAY TAXES ON THE VESTED PORTION OF THE ACCOUNT. HEATHER KUKLA - $13,474 NAOMI HORSAGER - $12,517 SHAWN WISCHMEIER - $52,249 MICHAEL RUETZ - $26,716 MATT MINNIS - $17,203 RODNEY OVERCASH - $ 20,539 TRICIA SCRIVNER - $18,194 CHRISTOPHER VOGT - $18,445.40 ALSO IN 2024, THE RESTORATION PLAN DISTRIBUTED $56,930 TO PAUL BUSCH RELATED TO SERVICES PROVIDED BEFORE RETIREMENT.
PART I, LINE 7
VARIABLE COMPENSATION AWARDS WERE PROVIDED TO CERTAIN PERSONS LISTED ON PART VII AND WERE MADE FOLLOWING THE COMPENSATION DETERMINATION PROCESS DETAILED WITHIN SCHEDULE O. THESE AWARDS WERE PAID BASED ON THE VARIABLE COMPENSATION PLAN APPLICABLE TO INVESTMENT STAFF.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • ARC NATIONAL

    501(C)(3) · EMERGENCY RESPONSE AND PREVENTION · DC

  • ASI

    501(C)(3) · PROMOTE KNOWLEDGE OF SWEDISH ART, LITERATURE AND SCIENCE · MN

  • BEREA COLLEGE

    501(C)(3) · POST-SECONDARY EDUCATION · KY

  • IDYLLWILD

    501(C)(3) · ENRICHMENT IN THE ARTS · CA

  • KPBS

    501(C)(3) · PUBLIC MEDIA AND EDUCATIONAL PROGRAMS · CA

  • MARGARET A CARGILL FOUNDATION

    501(C)(3) · CHARITABLE GRANTMAKING · MN · controlled entity

  • MINGEI

    501(C)(3) · FOLK ART MUSEUM · CA

  • NMAI

    501(C)(3) · INCREASE AND DIFFUSION OF KNOWLEDGE · DC

  • PBS

    501(C)(3) · PUBLIC MEDIA · VA

  • PMG

    501(C)(3) · PUBLIC MEDIA PROGRAMMING · CA

  • SA CA

    501(C)(3) · MEETING HUMAN NEED IN THE NAME OF THE CHRISTIAN CHURCH · CA

  • SA NATIONAL

    501(C)(3) · MEETING HUMAN NEED IN THE NAME OF THE CHRISTIAN CHURCH · VA

  • SAR

    501(C)(3) · ADVANCED STUDY AND COMMUNICATION OF KNOWLEDGE · NM

  • SDHS

    501(C)(3) · PROMOTE HUMANE TREATMENT OF ANIMALS · CA

  • ST PAUL'S

    501(C)(3) · SUPPORT FOR LONG-TERM CARE FACILITIES · CA

  • TNC

    501(C)(3) · PROTECTING THE LAND AND WATER ON WHICH THE DIVERSITY OF LIFE DEPENDS · VA

  • YMCA OF THE USA

    501(C)(3) · PROGRAMS THAT BUILD HEALTHY SPIRIT, MIND AND BODY FOR ALL · IL

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • MARATHON MAGNI FUND LP

    INVESTMENT · INVESTMENTS · NY · 60.16% owned · share of income $2,133,116 · share of assets $65,527,610

    Directly controlled by ANNE RAY FOUNDATION

  • SKADI LLC

    INVESTMENT · INVESTMENTS · DE · 60.7% owned · share of income $18,016,893 · share of assets $250,297,721

    Directly controlled by ANNE RAY FOUNDATION

  • ART&ARF PRIVATE EQUITY PARTNERSHIP

    INVESTMENT · INVESTMENTS · NY · 99.49% owned · share of income $2,712,293 · share of assets $9,895,343

    Directly controlled by ANNE RAY FOUNDATION

  • M-DATA CENTER PORTFOLIO CO-INVESTOR LLC

    INVESTMENT · INVESTMENTS · CA · 60% owned · share of income -$29,583 · share of assets $783,672

    Directly controlled by ANNE RAY FOUNDATION

  • ASEAN CHINA INVESTMENT FUND (US) V LP

    INVESTMENT · INVESTMENTS · NY · 54.87% owned · share of income -$443,889 · share of assets $10,419,054

    Directly controlled by ANNE RAY FOUNDATION

  • SILVER ROCK SAGA FUND LLC SERIES A

    INVESTMENT · INVESTMENTS · CA · 59.83% owned · share of income $4,772,240 · share of assets $66,768,822

    Directly controlled by ANNE RAY FOUNDATION

  • SILVER ROCK SAGA FUND LLC SERIES B

    INVESTMENT · INVESTMENTS · CA · 59.95% owned · share of income $2,874,966 · share of assets $33,833,712

    Directly controlled by ANNE RAY FOUNDATION

  • MA-NOVVA CO-INVESTOR LLC

    INVESTMENT · INVESTMENTS · CA · 60% owned · share of income -$312,871 · share of assets $1,787,670

    Directly controlled by ANNE RAY FOUNDATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • AG ANDVARI FUND LP

    C · INVESTMENTS · CJ · 63.78% owned

    Directly controlled by ANNE RAY FOUNDATION

  • LANDFAIR EUROPEAN DISLOCATED OPPORTUNITIES FEEDER SCSS

    C · INVESTMENTS · LU · 60% owned · share of income -$24,839 · share of assets $9,305,632

    Directly controlled by ANNE RAY FOUNDATION

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202523189349304162

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