Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2018
Open to Public Inspection
For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018
Name of foundation
THE TANG FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)551 FIFTH AVE 33FL
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY10176
A Employer identification number

38-3973256
B Telephone number (see instructions)

(646) 701-6084
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$87,215,195J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 25,000
2 Check bullet.............
3 Interest on savings and temporary cash investments 46,992 46,992  
4 Dividends and interest from securities... 440,863 440,863  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,251,791
b Gross sales price for all assets on line 6a 3,796,692
7 Capital gain net income (from Part IV, line 2)... 2,251,791
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 2,880 2,880  
12 Total. Add lines 1 through 11........ 2,767,526 2,742,526  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 11,374 0   0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 57,495 7,495   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 418,510 418,359   151
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 487,379 425,854   151
25 Contributions, gifts, grants paid....... 3,861,228 3,861,228
26 Total expenses and disbursements. Add lines 24 and 25 4,348,607 425,854   3,861,379
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,581,081
b Net investment income (if negative, enter -0-) 2,316,672
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2018)
Form 990-PF (2018)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 846,561 4,020,341 4,020,341
2 Savings and temporary cash investments.........      
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 31,692 Click to see attachment17,444 27,347
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 17,205,924 Click to see attachment17,350,132 82,834,627
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment5,231,218 Click to see attachment332,880 Click to see attachment332,880
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 23,315,395 21,720,797 87,215,195
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 23,315,395 21,720,797
30 Total net assets or fund balances (see instructions)..... 23,315,395 21,720,797
31 Total liabilities and net assets/fund balances (see instructions). 23,315,395 21,720,797
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
23,315,395
2
Enter amount from Part I, line 27a .....................
2
-1,581,081
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
1,407,288
4
Add lines 1, 2, and 3 ..........................
4
23,141,602
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
1,420,805
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
21,720,797
Form 990-PF (2018)
Form 990-PF (2018)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a 27,400 SHS CROWN CRAFTS, INC. P 2004-12-13 2018-02-07
b LOSS ON LIQUIDATION OF MPM BIOVENTURES III PARTNERSHIP INTEREST P 2002-05-15 2018-12-31
c 190.7292 SHS QVT OFFSHORE LTD P 2012-03-01 2018-03-31
d 21.6886 SHS QVT OFFSHORE LTD P 2015-06-01 2018-03-31
e 190.7529 SHS QVT OFFSHORE LTD P 2012-03-01 2018-06-30
21.6886 SHS QVT OFFSHORE LTD P 2015-06-01 2018-06-30
190.7529 SHS QVT OFFSHORE LTD P 2012-03-01 2018-09-30
21.6886 SHS QVT OFFSHORE LTD P 2015-06-01 2018-09-30
126.880 SHS REGIMENT CAPITAL LIQUIDATING DISTRIBUTION P    
557.8873 SHS WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND P    
145.292 SHARES RTW OFFSHOE FUND ONE LTD. P    
PASS THRU FROM BUCKINGHAM RAF PARTNERS LP P    
PASS THRU FROM BUCKINGHAM RAF PARTNERS LP P    
PASS THRU FROM COMMONFUND CAPITAL VENTURE PARTNERS VI, L.P. P    
PASS THRU FROM COMMONFUND CAPITAL VENTURE PARTNERS VI, L.P. P    
PASS THRU FROM EINBEITA PARTNERS LP P    
PASS THRU FROM EINBEITA PARTNERS LP P    
PASS THRU FROM LCP I, L.P. P    
PASS THRU FROM LCP I, L.P. P    
PASS THRU FROM MICROLAM PARTNERS, L.P. P    
PASS THRU FROM MICROLAM PARTNERS, L.P. P    
PASS THRU FROM MPM BIOVENTURES III QP, LP P    
PASS THRU FROM MPM BIOVENTURES IV-QP, LP P    
PASS THRU FROM MPM BIOVENTURES IV-QP, LP P    
PASS THRU FROM SAMSARA BIOCAPITAL LP P    
PASS THRU FROM SAMSARA BIOCAPITAL LP P    
PASS THRU FROM SILCHESTER INT'L INVESTORS P    
PASS THRU FROM SILCHESTER INT'L INVESTORS P    
PASS THRU FROM TAUBENPOST CAPITAL LP P    
PASS THRU FROM TAUBENPOST CAPITAL LP P    
PASS THRU FROM TUCEK PARTNERS II LP P    
PASS THRU FROM TUCEK PARTNERS II LP P    
PASS THRU FROM AMERICAN SECURITIES PARTNERS VII LP P    
LOSS ON DISSOLUTION OF LUMINUS SPECIAL OPPORTUNITIES I PIE, L.P. P 2012-07-06 2018-12-31
QVT SLV AND SPECIAL INVESTMEN DISTRIBUTIONS IN EXCESS OF BASIS P 2012-03-31 2018-12-21
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 192,488   14,248 178,240
b     74,050 -74,050
c 271,545   94,839 176,706
d 27,216   21,689 5,527
e 271,924   94,839 177,085
27,254   21,689 5,565
273,111   94,839 178,272
27,373   21,689 5,684
20,865   16,860 4,005
300,000   77,200 222,800
600,000   145,384 454,616
    268,427 -268,427
198,744     198,744
567     567
120,877     120,877
    140,567 -140,567
219,971     219,971
100,054     100,054
278,376     278,376
    20,870 -20,870
43,699     43,699
    7,155 -7,155
558     558
    12,656 -12,656
25,934     25,934
    486 -486
6,370     6,370
95,791     95,791
3,175     3,175
152,710     152,710
    58,535 -58,535
480,622     480,622
36,064     36,064
    358,879 -358,879
21,404     21,404
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       178,240
b       -74,050
c       176,706
d       5,527
e       177,085
      5,565
      178,272
      5,684
      4,005
      222,800
      454,616
      -268,427
      198,744
      567
      120,877
      -140,567
      219,971
      100,054
      278,376
      -20,870
      43,699
      -7,155
      558
      -12,656
      25,934
      -486
      6,370
      95,791
      3,175
      152,710
      -58,535
      480,622
      36,064
      -358,879
      21,404
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 2,251,791
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2017 3,346,631 78,505,233 0.042629
2016 186,350 70,277,012 0.002652
2015 3,618,842 71,834,480 0.050378
2014 3,507,386 74,024,469 0.047381
2013 2,544,561 70,950,623 0.035864
2
Total of line 1, column (d) .....................
2
0.178904
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5.0, or by the number of years the foundation has been in existence if less than 5 years ......
3
0.035781
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
92,726,637
5
Multiply line 4 by line 3......................
5
3,317,852
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
23,167
7
Add lines 5 and 6........................
7
3,341,019
8
Enter qualifying distributions from Part XII, line 4,.............
8
3,861,379
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2018)
Form 990-PF (2018)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket includes lines 1a and 1b
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Domestic foundations that meet the section 4940(e) requirements in Part V, check 1 23,167
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 23,167
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 23,167
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 34,628
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 30,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 64,628
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 41,461
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet41,461 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletDE
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletCATHERINE L WORNOM Telephone no.bullet (646) 701-6082

    Located atbullet551 FIFTH AVE 33RD FLOORNEW YORKNY ZIP+4bullet10176
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2018, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
     
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2018?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2018, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2018?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2018 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2018.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2018?
    4b
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    OSCAR L TANG PRESIDENT
    2.00     		0 0 0
    551 FIFTH AVE 33FL
    NEW YORK,NY10176
    HSIN-MEI AGNES HSU DIRECTOR/VICE PRESIDENT
    1.00     		0 0 0
    551 FIFTH AVE 33FL
    NEW YORK,NY10176
    GWENN S WINKHAUS SECRETARY/TREASURER
    1.00     		0 0 0
    551 FIFTH AVE 33FL
    NEW YORK,NY10176
    CATHERINE L WORNOM ASST. SECRETARY
    2.00     		0 0 0
    551 FIFTH AVE 33FL
    NEW YORK,NY10176
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    1,765,916
    b
    Average of monthly cash balances.......................
    1b
    4,516,607
    c
    Fair market value of all other assets (see instructions)................
    1c
    87,856,195
    d
    Total (add lines 1a, b, and c).........................
    1d
    94,138,718
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    94,138,718
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,412,081
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    92,726,637
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    4,636,332
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    4,636,332
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    23,167
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    23,167
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    4,613,165
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    4,613,165
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    4,613,165
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    3,861,379
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    3,861,379
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    23,167
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    3,838,212
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2017     		(c)
    2017     		(d)
    2018
    1 Distributable amount for 2018 from Part XI, line 7 4,613,165
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 3,837,516
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2018:
    a From 2013......  
    b From 2014......  
    c From 2015......  
    d From 2016......  
    e From 2017......  
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 3,861,379
    a Applied to 2017, but not more than line 2a 3,837,516
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2018 distributable amount..... 23,863
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2018. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		4,589,302
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2014....  
    b Excess from 2015....  
    c Excess from 2016....  
    d Excess from 2017....  
    e Excess from 2018....  
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2018, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2018 (b) 2017 (c) 2016 (d) 2015
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ADOPT-A-DOG INC
    PO BOX 11135
    GREENWICH,CT06831     		NONE 501(C)(3) CHARITABLE 2,000
    AMERICAN ACADEMY OF ARTS AND SCIENCES
    136 IRVING STREET
    CAMBRIDGE,MA02138     		NONE 501(C)(3) CHARITABLE 20,000
    AMERICAN ENTERPRISE INSTITUTE
    1789 MASSACHUSETTS AVENUE NW
    WASHINGTON,DC20036     		NONE 501(C)(3) CHARITABLE 5,000
    AMERICAN FRIENDS OF THE SHANGHAI MUSEUM
    1115 FIFTH AVENUE
    NEW YORK,NY10128     		NONE 501(C)(3) CHARITABLE 10,000
    ASIA SOCIETY
    725 PARK AVENUE
    NEW YORK,NY10021     		NONE 501(C)(3) CHARITABLE 1,213,375
    ASIAN AMERICAN FEDERATION
    120 WALL STREET 9TH FL
    NEW YORK,NY10005     		NONE 501(C)(3) CHARITABLE 2,000
    BROOKLYN PUBLIC LIBRARY
    10 GRAND ARMY PLAZA
    BROOKLYN,NY11238     		NONE 501(C)(3) CHARITABLE 500
    BRYN MAWR COLLEGE
    101 NORTH MERION AVENUE
    BRYN MAWR,PA19010     		NONE 501(C)(3) CHARITABLE 2,500
    CARAMOOR CENTER FOR MUSIC & ARTS
    PO BOX 816
    KATONAH,NY10536     		NONE 501(C)(3) CHARITABLE 25,000
    CELEBRATE THE BEAT
    3087 TEJON STREET UNIT A
    DENVER,CO80211     		NONE 501(C)(3) CHARITABLE 10,000
    CHAMBER MUSIC SOCIETY
    70 LINCOLN CENTER PLAZA 10TH FL
    NEW YORK,NY10023     		NONE 501(C)(3) CHARITABLE 1,000
    CHARLES H TAYLOR ARTS CENTER FOUNDATIONTHE HAMPTON ARTS FOUNDATION
    125 EAST MELLEN STREET
    HAMPTON,VA23663     		NONE 501(C)(3) CHARITABLE 1,000
    CITIZENS COMMITTEE FOR NEW YORK CITY
    77 WATER STREET SUITE 202
    NEW YORK,NY10005     		NONE 501(C)(3) CHARITABLE 2,000
    CITY HARVEST
    6 EAST 32ND STREET 5FL
    NEW YORK,NY10016     		NONE 501(C)(3) CHARITABLE 500
    CITYMEALS-ON-WHEELS
    355 LEXINGTON AVENUE
    NEW YORK,NY10017     		NONE 501(C)(3) CHARITABLE 500
    CLASSICAL AMERICAN HOMES PRESERVATION
    69 EAST 93RD STREET
    NEW YORK,NY10128     		NONE 501(C)(3) CHARITABLE 2,500
    COLGATE UNIVERSITY
    13 OAK DRIVE
    HAMILTON,NY13346     		NONE 501(C)(3) CHARITABLE 12,825
    COMMUNITY FOUNDATION OF NORTH TEXAS INC
    306 WEST 7TH STREET SUITE 1045
    FORT WORTH,TX76102     		NONE 501(C)(3) CHARITABLE 25,000
    DANNY & RON'S RESCUE
    PO BOX 604
    CAMDEN,SC29021     		NONE 501(C)(3) CHARITABLE 500
    DUKE UNIVERSITY
    PO BOX 90581
    DURHAM,NC27701     		NONE 501(C)(3) CHARITABLE 10,000
    EAST COAST ASSISTANCE DOGS INC
    PO BOX 831
    TORRINGTON,CT06790     		NONE 501(C)(3) CHARITABLE 500
    FOUNDATION FOR HISTORIC CHRIST CHURCH
    PO BOX 24
    IRVINGTON,VA22480     		NONE 501(C)(3) CHARITABLE 3,000
    FOUNDATION FOR ICHTHYOSIS & RELATED SKIN TYPES
    2616 N BROAD STREET
    COLMAR,PA18915     		NONE 501(C)(3) CHARITABLE 5,000
    GREENWICH LIBRARY
    101 W PUTNAM AVENUE
    GREENWICH,CT06830     		NONE 501(C)(3) CHARITABLE 20,000
    GILLEN BREWER SCHOOL INC
    410 EAST 92ND STREET
    NEW YORK,NY10128     		NONE 501(C)(3) CHARITABLE 2,500
    GORDON PARKS FOUNDATION
    48 WHEELER AVENUE
    PLEASANTVILLE,NY10570     		NONE 501(C)(3) CHARITABLE 50,000
    GRACE CHURCH SCHOOL
    86 FOURTH AVENUE
    NEW YORK,NY10003     		NONE 501(C)(3) CHARITABLE 2,000
    HARVARD BUSINESS SCHOOL
    124 MOUNT AUBURN ST
    CAMBRIDGE,MA02138     		NONE 501(C)(3) CHARITABLE 2,500
    JOB PATH INC
    256 WEST 38TH STREET 2ND FL
    NEW YORK,NY10018     		NONE 501(C)(3) CHARITABLE 1,000
    MASSACHUSETTS AUDUBON SOCIETY INC
    208 SOUTH GREAT ROAD
    LINCOLN,MA01773     		NONE 501(C)(3) CHARITABLE 500
    MILLBROOK SCHOOL
    131 MILLBROOK SCHOOL ROAD
    MILLBROOK,NY12545     		NONE 501(C)(3) CHARITABLE 2,500
    METROPOLITAN MUSEUM OF ART
    1000 FIFTH AVENUE
    NEW YORK,NY10028     		NONE 501(C)(3) CHARITABLE 49,258
    METROPOLITAN OPERA ASSOCIATION INC
    LINCOLN CENTER
    NEW YORK,NY10023     		NONE 501(C)(3) CHARITABLE 247,380
    MUSEUM OF CHINESE IN AMERICA
    215 CENTRE STREET
    NEW YORK,NY10013     		NONE 501(C)(3) CHARITABLE 50,000
    NATIONAL BRAIN TUMOR SOCIETY INC
    55 CHAPEL STREET SUITE 200
    NEWTON,MA02458     		NONE 501(C)(3) CHARITABLE 500
    NEVADA AREA COUNCIL BOY SCOUTS OF AMERICA
    500 DOUBLE EAGLE COURT
    RENO,NV89521     		NONE 501(C)(3) CHARITABLE 50,000
    NEW YORK HISTORICAL SOCIETY
    170 CENTRAL PARK WEST
    NEW YORK,NY10024     		NONE 501(C)(3) CHARITABLE 342,640
    NEW YORK PHILHARMONIC
    10 LINCOLN CENTER PLAZA
    NEW YORK,NY10023     		NONE 501(C)(3) CHARITABLE 300,500
    NEW YORK UNIVERSITY
    15 EAST 84TH STREET
    NEW YORK,NY10028     		NONE 501(C)(3) CHARITABLE 10,000
    NEW YORK LANDMARKS CONSERVANCY INC
    1 WHITEHALL STREET
    NEW YORK,NY10004     		NONE 501(C)(3) CHARITABLE 2,500
    ONE TO WORLD INC
    307 SEVENTH AVENUE SUITE 2003
    NEW YORK,NY10001     		NONE 501(C)(3) CHARITABLE 1,000
    OPERA THEATRE OF SAINT LOUIS
    210 HAZEL AVENUE
    ST LOUIS,MO63119     		NONE 501(C)(3) CHARITABLE 25,000
    POLICE ATHLETIC LEAGUE
    34 1/2 EAST 12TH STREET
    NEW YORK,NY10003     		NONE 501(C)(3) CHARITABLE 1,500
    PAIDEIA INSTITUTE OF HUMANISTIC STUDY
    75 VARICK STREET
    NEW YORK,NY10013     		NONE 501(C)(3) CHARITABLE 2,000
    READING PARTNERS
    180 GRAND AVENUE SUITE 800
    OAKLAND,CA94612     		NONE 501(C)(3) CHARITABLE 1,500
    RIVERDALE COUNTRY SCHOOL
    5250 FIELDSON ROAD
    BRONX,NY10471     		NONE 501(C)(3) CHARITABLE 2,000
    PROSPECT PARK ALLIANCE
    95 PROSPECT PARK WEST
    BROOKLYN,NY11215     		NONE 501(C)(3) CHARITABLE 2,500
    SILK ROAD PROJECT INC
    175 NORTH HARVARD STREET
    BOSTON,MA02134     		NONE 501(C)(3) CHARITABLE 50,000
    SKIDMORE COLLEGE
    815 NORTH BROADWAY
    SARATOGA SPRINGS,NY12866     		NONE 501(C)(3) CHARITABLE 20,000
    SECOND STAGE THEATER
    1501 BROADWAY SUITE 518
    NEW YORK,NY10036     		NONE 501(C)(3) CHARITABLE 36,750
    ST JOHNSBURY ACADEMY
    1000 MAIN STREET PO BOX 906
    ST JOHNSBURY,VT05819     		NONE 501(C)(3) CHARITABLE 252,500
    SEVENTH REGIMENT ARMORY CONSERVANCY INCPARK AVENUE ARMORY
    643 PARK AVENUE
    NEW YORK,NY10065     		NONE 501(C)(3) CHARITABLE 5,000
    SKOWHEGAN SCHOOL OF PAINTING & SCULPTURE INC
    136 WEST 22ND STREET
    NEW YORK,NY10011     		NONE 501(C)(3) CHARITABLE 2,500
    STEAMBOAT ERA MUSEUM
    156 KING CARTER DRIVE
    IRVINGTON,VA22480     		NONE 501(C)(3) CHARITABLE 3,000
    INTERNATIONAL HOUSE
    500 RIVERSIDE DRIVE
    NEW YORK,NY10027     		NONE 501(C)(3) CHARITABLE 2,500
    JULLIARD SCHOOL
    60 LINCOLN CENTER PLAZA
    NEW YORK,NY10023     		NONE 501(C)(3) CHARITABLE 2,500
    THE MASTERS SCHOOL
    49 CLINTON AVENUE DOBBS FERRY
    NEW YORK,NY10522     		NONE 501(C)(3) CHARITABLE 2,000
    MOUNT SINAI HOSPITALMOUNT SINAI HEALTH SYSTEM CRYSTAL PARTY
    ONE GUSTAVE L LEVY PLACE
    NEW YORK,NY10029     		NONE 501(C)(3) CHARITABLE 2,500
    THE RECTORY SCHOOL
    PO BOX 68
    POMFRET,CT06258     		NONE 501(C)(3) CHARITABLE 655,000
    THE SANTA FE OPERA
    PO BOX 2408
    SANTA FE,NM87504     		NONE 501(C)(3) CHARITABLE 50,000
    MUSEUM OF ARTS & DESIGN
    2 COLUMBUS CIRCLE
    NEW YORK,NY10019     		NONE 501(C)(3) CHARITABLE 2,500
    UNIVERSITY OF CALIFORNIA SAN FRANCISCO FOUNDATION
    220 MONTGOMERY STREET 5TH FLOOR
    SAN FRANCISCO,CA94143     		NONE 501(C)(3) CHARITABLE 500
    UNITED ANIMAL NATIONS (RED ROVER)
    PO BOX 188890
    SACRAMENTO,CA95818     		NONE 501(C)(3) CHARITABLE 1,000
    UNITED STATES BOBSLEDSKELETON FOUNDATION
    1631 MESA AVENUE COPPER BUILDING
    SUITE A
    COLORADO SPRINGS,CO80906     		NONE 501(C)(3) CHARITABLE 35,000
    VAIL JAZZ FOUNDATION
    PO BOX 3035
    VAIL,CO81658     		NONE 501(C)(3) CHARITABLE 2,500
    WALKING MOUNTAINS
    PO BOX 9469
    AVON,CO81620     		NONE 501(C)(3) CHARITABLE 50,500
    VAIL VALLEY FOUNDATION INC
    PO BOX 6650
    AVON,CO81620     		NONE 501(C)(3) CHARITABLE 135,000
    VOLUNTEER SQUARE
    304 MAIN AVENUE 424
    NORWALK,CT06851     		NONE 501(C)(3) CHARITABLE 5,000
    WHITNEY MUSEUM OF AMERICAN ART
    99 GANSEVOORT STREET
    NEW YORK,NY10014     		NONE 501(C)(3) CHARITABLE 2,000
    YALE UNIVERSITY
    PO BOX 2038
    NEW HAVEN,CT06521     		NONE 501(C)(3) CHARITABLE 2,500
    YALE-CHINA ASSOCIATION
    442 TEMPLE STREET BOX 208223
    NEW HAVEN,CT06520     		NONE 501(C)(3) CHARITABLE 2,000
    AMERICANS FOR THE ARTS INC
    ONE EAST 53RD STREET 2FL
    NEW YORK,NY10022     		NONE 501(C)(3) CHARITABLECHARITABLE 2,500
    HOSPITAL FOR SPECIAL SURGERY FUND INC
    535 EAST 70TH STREET
    NEW YORK,NY10021     		NONE 501(C)(3) CHARITABLE 12,000
    Total .................................bullet 3a 3,861,228
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		        46,992
    4 Dividends and interest from securities....         440,863
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....         2,880
    8 Gain or (loss) from sales of assets other than
    inventory ............     		        2,251,791
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 0 2,742,526
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    2,742,526
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    3 CHARITABLE CONTRIBUTIONS
    4 CHARITABLE CONTRIBUTIONS
    7 CHARITABLE CONTRIBUTIONS
    8 CHARITABLE CONTRIBUTIONS
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2018)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2018
    Name of the organization
    THE TANG FUND
     
    Employer identification number

    38-3973256
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018) Page 2
    Name of organization
    THE TANG FUND
          		Employer identification number
    38-3973256
    Part I
    Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    NANCY FRANCIS  
    620 SAND HILL ROAD APT 115D
     
    PALO ALTO, CA94304

    		$ 25,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 3
    Name of organization
    THE TANG FUND
          		Employer identification number

    38-3973256
    Part II
    Noncash Property (See instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 4
    Name of organization
    THE TANG FUND
          		Employer identification number

    38-3973256
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    THE TANG FUND
    EIN:
    38-3973256
    Name of Stock End of Year Book Value End of Year Fair Market Value
    CORPORATE STOCK 17,444 27,347

    TY 2018 InvestmentsOtherSchedule2
    Name:
    THE TANG FUND
    EIN:
    38-3973256
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    AMERICAN SECURITIES PARTNERS VII AT COST 259,866 218,659
    EINBEITA PARTNERS LP AT COST 1,000,000 2,082,254
    ISZO CAPITAL PARTNERS LP AT COST 731,730 258,384
    LCP I, LP AT COST 1,500,000 1,316,368
    MICROLAM PARTNERS LP AT COST 250,000 1,242,324
    QVT OVERSEAS LTD. AT COST 1,108,577 3,474,583
    REGIMENT CAPITAL LTD AT COST 84,406 103,639
    REGIMENT CAPITAL SSF V LP AT COST 0 52,584
    RTW OFFSHORE FUND ONE LTD AT COST 1,354,616 6,418,256
    SILCHESTER INTN'L INVESTORS VALUE EQUITY TRUST AT COST 858,257 1,884,840
    TANG CAPITAL PARTNERS INT'L LTD AT COST 4,700,000 50,038,022
    TAUBENPOST CAPITAL L.P. AT COST 2,000,000 3,386,158
    TCW DIRECT LENDING LLC AT COST 654,345 907,432
    WYNNEFIELD SMALL CAP VALUE OFFSHORE AT COST 648,105 2,353,066
    SAMSARA BIOCAPITAL LP AT COST 1,158,735 1,069,984
    BUCKINGHAM RAF PARTNERS LP AT COST 0 1,550,590
    COMMONFUND CAPITAL VENTURE PARTNERS VI, L.P. AT COST 0 612,515
    MPM BIOVENTURES IV QP LP AT COST 0 106,358
    NORTHAVEN PARTNERS LP AT COST 0 12,960
    TCW DIRECT LENDING VII LLC AT COST 541,495 564,179
    AVALON VENTURES VI LP AT COST 0 11,882
    TOCQUEVILLE SELECT FUND AT COST 0 1,496,211
    FAIRMOUNT HEALTHCARE FEEDER FUND LTD AT COST 500,000 499,784
    TUCEK PARTNERS II, L.P. AT COST 0 3,173,595

    TY 2018 LegalFeesSchedule
    Name:
    THE TANG FUND
    EIN:
    38-3973256
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 11,374 0   0


    TY 2018 OtherAssetsSchedule
    Name:
    THE TANG FUND
    EIN:
    38-3973256
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    PARTNERSHIP CASH DISTRIBUTIONS RECEIVABLE 5,231,218 332,880 332,880


    TY 2018 OtherDecreasesSchedule
    Name:
    THE TANG FUND
    EIN:
    38-3973256
    Description Amount
    PARTNERSHIP ADJUSTMENTS(NET INCOME NOT INCLUDED IN BOOK VALUE-ORIGINAL COST) 1,288,176
    ORIGINAL COST IN EXCESS OF TAX BASIS ON LIQUIDATED ASSETS 132,629


    TY 2018 OtherExpensesSchedule
    Name:
    THE TANG FUND
    EIN:
    38-3973256
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT EXPENSES 418,359 418,359   0
    FILING FEES 151 0   151


    TY 2018 OtherIncomeSchedule2
    Name:
    THE TANG FUND
    EIN:
    38-3973256
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MPM BIOVENTURES IV-QP, LP -9 -9 -9
    SILCHESTER INT'L INVESTORS VALUE EQUITY TRUST -5,610 -5,610 -5,610
    BUCKINGHAM RAF PARTNERS, LP 2,378 2,378 2,378
    COMMON FUND CAPITAL VENTURE PARTNERS VI LP 5,996 5,996 5,996
    TUCEK PARTNERS II LP 106 106 106
    EINBEITA PARTNERS, L.P. 12 12 12
    MICROLAM PARTNERS, L.P. 7 7 7


    TY 2018 OtherIncreasesSchedule
    Name:
    THE TANG FUND
    EIN:
    38-3973256
    Description Amount
    DISTRIBUTIONS IN EXCESS OF ORIGINAL COST 1,407,288


    TY 2018 TaxesSchedule
    Name:
    THE TANG FUND
    EIN:
    38-3973256
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 7,495 7,495   0
    FEDERAL TAXES 50,000 0   0