Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 3 · Investment income

  total $4,335,023 · unrelated business $1,416,069 · excluded $2,918,954

• 7a · Gross sales of assets other than inventory

  securities $160,377,935

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

  securities $70,371,617

• 7c · Gain or loss

  securities $90,006,318

• 7d · Net gain or loss

  total $90,006,318 · unrelated business $1,391,519 · excluded $88,614,799

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $51,781,317 · program services $51,781,317

• 5 · Compensation of officers, directors and key employees

  total $5,383,376 · program services $1,884,182 · management and general $3,499,194

• 7 · Other salaries and wages

  total $389,595 · program services $136,358 · management and general $253,237

• 8 · Pension plan contributions

  total $22,611 · program services $7,914 · management and general $14,697

• 9 · Other employee benefits

  total $50,732 · program services $17,756 · management and general $32,976

• 10 · Payroll taxes

  total $163,332 · program services $57,166 · management and general $106,166

• 11b · Fees: legal

  total $54,242 · management and general $54,242

• 11c · Fees: accounting

  total $95,348 · program services $47,674 · management and general $47,674

• 11f · Fees: investment management

  total $571,546 · program services $285,773 · management and general $285,773

• 11g · Fees: other

  total $40,946 · program services $19,888 · management and general $21,058

• 13 · Office expenses

  total $35,289 · program services $17,645 · management and general $17,644

• 14 · Information technology

  total $186,341 · program services $93,171 · management and general $93,170

• 16 · Occupancy

  total $159,564 · program services $79,782 · management and general $79,782

• 17 · Travel

  total $294,325 · management and general $294,325

• 19 · Conferences, conventions and meetings

  total $133,371 · management and general $133,371

• 20 · Interest

  total $1,115,339 · program services $1,115,339

• 22 · Depreciation, depletion and amortization

  total $42,993 · program services $11,342 · management and general $31,651

• 23 · Insurance

  total $61,325 · program services $4,544 · management and general $56,781

• 24a · Other expenses: STATE AND FOREIGN TAXES

  total $764,163 · program services $0 · management and general $764,163

• 24b · Other expenses: UBTI TAX EXPENSE

  total $302,421 · program services $0 · management and general $302,421

• 24c · Other expenses: BROKER'S COMMISSIONS

  total $96,632 · program services $48,316 · management and general $48,316

• 24d · Other expenses: BANK SERVICE CHARGES

  total $22,675 · program services $12,495 · management and general $10,180

• 24e · All other expenses

  total $12,225 · management and general $12,225

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,873,141 · end of year $823,398

• 2 · Savings and temporary cash investments

  beginning of year $4,320,400 · end of year $12,163,276

• 4 · Accounts receivable

  end of year $1,083,669

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

  $168,162

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

  $125,460

• 10c · Land, buildings and equipment, net

  beginning of year $54,043 · end of year $42,702

• 11 · Investments: publicly traded securities

  beginning of year $81,692,120 · end of year $52,407,082

• 12 · Investments: other securities

  beginning of year $1,428,217,690 · end of year $1,429,687,191

• 15 · Other assets

  beginning of year $1,773,902 · end of year $2,563,202

• 17 · Accounts payable and accrued expenses

  beginning of year $545,512 · end of year $514,556

• 23 · Secured mortgages and notes payable

  end of year $16,500,000

• 25 · Other liabilities

  beginning of year $2,868,720 · end of year $6,831,817

• 28 · Net assets with donor restrictions

  beginning of year $1,514,517,064 · end of year $1,474,924,147

The filer's explanations (Part III)

PART I, LINE 1A

EMPLOYEES TRAVELING ON FOUNDATION BUSINESS ARE PERMITTED TO FLY FIRST CLASS ON OVERSEAS FLIGHTS EXCEEDING 12 CONSECUTIVE HOURS. ALL OTHER AIRLINE TRAVEL MUST BE BOOKED AT THE MOST ECONOMICAL TRAVEL AVAILABLE THAT IS REASONABLE AND EFFICIENT TO THE INTENDED PURPOSE OF THE TRAVEL. CHARTER FLIGHTS ARE NOT PERMITTED. MEMBERSHIP IN A DOWNTOWN SOCIAL CLUB IS MADE AVAILABLE TO THE PRESIDENT/CEO/CIO AND MANAGING DIRECTORS TO PROVIDE AN APPROPRIATE MEETING PLACE FOR FOUNDATION BUSINESS AND FOR ACCOMMODATING FOUNDATION GUESTS. EXPENSES INCURRED FOR PERSONAL USE OF THE CLUB ARE DOCUMENTED BY THE EMPLOYEE AND ARE NOT REIMBURSED BY THE FOUNDATION.

PART I, LINE 4B

EFFECTIVE JANUARY 1, 2014, THE FOUNDATION ESTABLISHED A DEFERRED COMPENSATION PROGRAM FOR THE PRESIDENT/CEO/CIO AND A BONUS PROGRAM FOR OTHER ELIGIBLE EMPLOYEES, BOTH AS SET FORTH IN CODE SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE FOLLOWING BENEFIT AMOUNTS WERE ACCRUED FOR THE YEAR ENDED DECEMBER 31, 2023: EDWARD J. GREFENSTETTE 224,970 MATTHEW CUNNINGHAM 80,170 RYAN L. VACCARO 61,767 LEE S. TILGHMAN 61,629 NANCY A. WATSON 23,640 MARIAH SALAS 19,950 TOTAL 472,126

PART I, LINE 7

EMPLOYEES ARE ENTITLED TO A PERFORMANCE BONUS DETERMINED ANNUALLY AND BASED ON PERFORMANCE REVIEWS. THE AMOUNT OF THE BONUS ACTUALLY PAID IS DISCRETIONARY. THE CEO DETERMINES THE AMOUNT OF EACH EMPLOYEE'S RECOMMENDED BONUS. THE BONUS OF THE CEO IS APPROVED BY THE BOARD OF TRUSTEES BASED ON THE RECOMMENDATION OF THE COMPENSATION COMMITTEE FOLLOWING ITS ANNUAL PERFORMANCE REVIEW OF THE CEO AND CONSIDERATION OF A REASONABLENESS OPINION FROM AN INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT.