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
WALLACE RESEARCH FOUNDATION
C/O RSM US LLP ATTN CARLEY UMSTEAD
Number and street (or P.O. box number if mail is not delivered to street address)201 FIRST ST SE NO 800
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CEDAR RAPIDS, IA52401
A Employer identification number

42-6540579
B Telephone number (see instructions)

(319) 298-5333
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$80,685,625J 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) 323
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,908,271 1,908,271  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 5,782,463
b Gross sales price for all assets on line 6a 18,810,404
7 Capital gain net income (from Part IV, line 2)... 5,782,463
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).......      
12 Total. Add lines 1 through 11........ 7,691,057 7,690,734  
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).........        
b Accounting fees (attach schedule)....... Click to see attachment 60,088 20,163   39,925
c Other professional fees (attach schedule).... Click to see attachment 430,342 430,342   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 142,783 29,783   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 628 596   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 633,841 480,884   39,925
25 Contributions, gifts, grants paid....... 4,025,108 4,025,108
26 Total expenses and disbursements. Add lines 24 and 25 4,658,949 480,884   4,065,033
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 3,032,108
b Net investment income (if negative, enter -0-) 7,209,850
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.............      
2 Savings and temporary cash investments......... 3,324,988 7,345,245 7,345,245
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)....... 32,897,157 Click to see attachment33,873,241 46,499,386
c Investments—corporate bonds (attach schedule)....... 3,948,826 Click to see attachment3,862,449 3,691,273
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 26,570,229 Click to see attachment24,698,106 23,135,808
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment19,646 Click to see attachment13,913 Click to see attachment13,913
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 66,760,846 69,792,954 80,685,625
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 66,760,846 69,792,954
30 Total net assets or fund balances (see instructions)..... 66,760,846 69,792,954
31 Total liabilities and net assets/fund balances (see instructions). 66,760,846 69,792,954
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
66,760,846
2
Enter amount from Part I, line 27a .....................
2
3,032,108
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
69,792,954
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
69,792,954
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 PUBLICLY TRADED SECURITIES P    
b PUBLICLY TRADED SECURITIES P    
c CAPITAL GAINS DIVIDENDS P    
d
e
(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 17,438,022   11,888,383 5,549,639
b 1,110,435   1,139,558 -29,123
c 261,947     261,947
d
e
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       5,549,639
b       -29,123
c       261,947
d
e
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 5,782,463
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 3,955,255 84,086,779 0.047038
2016 4,056,637 77,301,079 0.052478
2015 3,929,636 81,834,914 0.048019
2014 3,296,223 81,700,907 0.040345
2013 2,922,773 77,636,385 0.037647
2
Total of line 1, column (d) .....................
2
0.225527
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
0.045105
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
86,766,667
5
Multiply line 4 by line 3......................
5
3,913,611
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
72,099
7
Add lines 5 and 6........................
7
3,985,710
8
Enter qualifying distributions from Part XII, line 4,.............
8
4,065,033
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 72,099
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 72,099
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 72,099
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 118,989
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 118,989
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 46,890
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet46,890 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)
    bulletIA
    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 ofbulletCARLEY UMSTEAD Telephone no.bullet (319) 298-5333

    Located atbullet201 FIRST STREET SE STE 800CEDAR RAPIDSIA ZIP+4bullet52401
    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
    HENRY D WALLACE PRESIDENT & SECRETARY
    5.00     		0 0 0
    201 FIRST ST SE STE 800
    CEDAR RAPIDS,IA52401
    LINDA WALLACE-GRAY VP & TREASURER
    20.00     		0 0 0
    201 FIRST ST SE STE 800
    CEDAR RAPIDS,IA52401
    MARSHALL GILCHRIST DIRECTOR
    2.00     		0 0 0
    201 FIRST ST SE STE 800
    CEDAR RAPIDS,IA52401
    ALEX GILCHRIST DIRECTOR
    2.00     		0 0 0
    201 FIRST ST SE STE 800
    CEDAR RAPIDS,IA52401
    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
    EAGLE CAPITAL MANAGEMENT INVESTMENT MGMT 192,861
    499 PARK AVENUE
    NEW YORK,NY10022
    MORGAN STANLEY SMITH BARNEY INVESTMENT CONSULT'G 192,148
    370 17TH STREET STE 2800
    DENVER,CO80202
    RSM US LLP GRANT ADMIN/ACCT'G 60,088
    201 FIRST ST SE
    CEDAR RAPIDS,IA52401
    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
    82,745,396
    b
    Average of monthly cash balances.......................
    1b
    5,342,591
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    88,087,987
    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
    88,087,987
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,321,320
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    86,766,667
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    4,338,333
    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
    4,338,333
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    72,099
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    72,099
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    4,266,234
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    4,266,234
    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
    4,266,234
    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
    4,065,033
    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
    4,065,033
    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
    72,099
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    3,992,934
    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 4,266,234
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 3,972,385
    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$ 4,065,033
    a Applied to 2017, but not more than line 2a 3,972,385
    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..... 92,648
    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 ..........     		4,173,586
    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
    ANIMAL FRIENDS OF THE VALLEYS
    33571 MISSION TRAIL
    WILDOMAR,CA92595     		NONE PC VETERINARY OUTREACH PROGRAMS IN AND AROUND THE WILDOMAR, CALIFORNIA AREA ($15,000), IN BELIZE ($80,000), AND IN COSTA RICA ($55,000) 150,000
    ARCHAEOLOGY SOUTHWEST
    4550 CAMINITO CALLADO
    TUCSON,AZ85718     		NONE PC CONTINUED PUBLIC OUTREACH, SITE PROTECTION AND RESEARCH IN REGARDS TO THE GILA RIVER WATERSHED 200,000
    ARCHAEOLOGY SOUTHWEST
    4550 CAMINITO CALLADO
    TUCSON,AZ85718     		NONE PC CONTRIBUTE TO BUILDING THE CORE ENDOWMENT FUND 600,000
    ARCHAEOLOGY SOUTHWEST
    4550 CAMINITO CALLADO
    TUCSON,AZ85718     		NONE PC THE PURCHASE OF A 40-ACRE PARCEL IN MARICOPA COUNTY FOR PRESERVATION 35,000
    ARIZONA GREYHOUND AND ANIMAL RESCUE FUND
    8987 E TANQUE VERDE RD PMB 309-153
    TUCSON,AZ85749     		NONE PC USED TO ASSIST WITH COSTS ASSOCIATED WITH THE PURCHASE OF LAND AND CONSTRUCTION OF SOL DOG LODGE AND TRAINING CENTER 60,000
    ARIZONA STATE UNIVERSITY
    PO BOX 876011
    TEMPE,AZ85287     		NONE PC SUPPORT COLLECTION OF DATA ABOUT LONG-DISTANCE TRADE IN PREHISPANIC TIMES BETWEEN PEOPLES OF THE US SOUTHWEST AND MEXICO 30,000
    AT STILL UNIVERSITY OF HEALTH SCIENCES
    800 W JEFFERSON STREET
    KIRKSVILLE,MO63501     		NONE PC SUPPORT EXPENSES RELATED TO FINALIZING AND ELECTRONICALLY PUBLISHING "INTRODUCTION TO THE FUNCTIONAL PATHOLOGY OF THE MUSCULOSKELETAL SYSTEM" 25,000
    BROOKFIELD CRAFT CENTER INC
    PO BOX 122
    BROOKFIELD,CT06804     		NONE PC RECRUITMENT AND RETENTION OF AN ARTIST IN RESIDENCE/EDUCATION DIRECTOR POSITION TO HELP DEVELOP AND EXPAND THE COURSE CURRICULUM AND ADDITIONAL FUNDS WILL BE USED TO SUPPORT INFRASTRUCTURE IMPROVEMENTS TO HISTORIC BUILDINGS AND EQUIPMENT 100,000
    CENTER FOR CLIMATE PROTECTION
    PO BOX 3785
    SANTA ROSA,CA95402     		NONE PC USED TO PLAN, IMPLEMENT, AND EVALUATE THE EXPANSION OF THE CLIMATE ACTION FELLOWSHIP 75,000
    COMMUNITY FOOD BANK INC
    3003 S COUNTRY CLUB RD
    TUCSON,AZ85713     		NONE PC SUPPORT PHASE I OF THE CARIDAD COMMUNITY KITCHEN SOLAR SYSTEM INSTALLATION PROJECT 81,000
    CONQUER CHIARI
    320 OSPREY CT
    WEXFORD,PA15090     		NONE PC SUPPORT THE RESEARCH PROJECT, "MORPHOMETRIC ANALYSES TO ANSWER CLINICAL AND ETIOLOGICAL QUESTIONS ABOUT CM1" 49,990
    CORAL RESTORATION FOUNDATION
    89111 OVERSEAS HIGHWAY
    TAVERNIER,FL33070     		NONE PC TO DEVELOP, DESIGN, AND IMPLEMENT THE FIRST PHASE OF A PLANNED REGISTRY DATABASE, UNDERWRITE A CONFERENCE FOR KEY SCIENTISTS AND RESTORATION PRACTITIONERS, AND GENERATE INTEREST AND FUNDING FOR GENETIC SEQUENCING IN THE CARIBBEAN 100,000
    CORAL RESTORATION FOUNDATION
    89111 OVERSEAS HIGHWAY
    TAVERNIER,FL33070     		NONE PC TO OUTPLANT 1,500 STAGHORN AND 1,500 ELKHORN CORALS AT CARYSFORT REEF 40,000
    DANCING CLASSROOMS INC
    1350 AVENUE OF THE AMERICAS 2ND
    FLOOR
    NEW YORK,NY10019     		NONE PC TO UPGRADE TECHNOLOGY AND BOOST PROFESSIONAL DEVELOPMENT AND EDUCATIONAL OUTREACH 68,460
    DRAPER
    LOCKBOX 3484
    BOSTON,MA02241     		NONE PC TO FUND SENSOR DEVELOPMENT TO ENABLE A WORLDWIDE PLASTIC PARTICLE POLLUTION INDEX 130,000
    HAWK MOUNTAIN SANCTUARY ASSOCIATION
    1700 HAWK MOUNTAIN RD
    KEMPTON,PA19529     		NONE PC STUDY THE MOVEMENT ECOLOGY OF TURKEY VULTURES IN ARIZONA 44,500
    HOLY CROSS MONASTERY
    PO BOX 99
    WEST PARK,NY12493     		NONE PC TO INCREASE ENDOWMENT FUNDS TO ENABLE CAPACITY FOR CURRENT MINISTRY AND EXPANSION OF MINISTRY 250,000
    MASSACHUSETTS AUDUBON SOCIETY
    208 S GREAT RD
    LINCOLN,MA01773     		NONE PC ENHANCE WILDLIFE CONSERVATION EFFORTS IN BELIZE 137,000
    RURAL & MIGRANT MINISTRY INC
    PO BOX 4757
    POUGHKEEPSIE,NY12602     		NONE PC SUPPORT THE COSTS OF A DEVELOPMENT COORDINATOR 86,000
    SAFINA CENTER
    80 NORTH COUNTRY ROAD
    SETAUKET,NY11733     		NONE PC DEEPEN UNDERSTANDING ABOUT THE HUMAN RELATIONSHIP WITH THE LIVING WORLD, ESPECIALLY OCEAN ISSUES AND POTENTIAL SOLUTIONS BY FUNDING 6 FELLOWSHIPS 105,000
    SARSEF
    3247 N CHRISTMAS AVE
    TUCSON,AZ85716     		NONE PC DEVELOP CRITICAL THINKING SKILLS IN STUDENTS IN ARIZONA SCHOOLS BASED ON DATA AND LEARNING HOW TO FORM CONCLUSIONS BASED ON EVIDENCE 50,000
    THE NATURE CONSERVANCY - ALASKA
    715 L ST STE 100
    ANCHORAGE,AK99501     		NONE PC CONDUCT WILDLIFE THINNING AND STREAM RESTORATION ACTIVITIES IN SOUTHEAST ALASKA 72,000
    THE NATURE CONSERVANCY - ARIZONA
    1510 E FORT LOWELL RD
    TUCSON,AZ85719     		NONE PC FUND CAPITAL EXPENSES, FIELD SUPPLIES, AND IMPROVEMENTS FOR THE ARIZONA CHAPTER 81,000
    THE NATURE CONSERVANCY - ARIZONA
    1510 E FORT LOWELL RD
    TUCSON,AZ85719     		NONE PC FUND CAPITAL EXPENSES, FIELD SUPPLIES, AND IMPROVEMENTS AND EXPENSES FOR THE ARIZONA CHAPTER 43,500
    THE NATURE CONSERVANCY - TENNESSEE
    210 25TH AVENUE NORTH STE 810
    NASHVILLE,TN37203     		NONE PC SUPPORT CAVE AND BAT CONSERVATION, PROTECTION, AND RESEARCH 70,000
    THERAPEUTIC RANCH FOR ANIMALS AND KIDS
    3250 E ALLEN ROAD
    TUCSON,AZ85718     		NONE PC FOR ANIMAL ASSISTED LIFE SKILLS AND ACTIVITIES PROGRAM 20,000
    TOHONO CHUL PARK
    7366 N PASEO DEL NORTE
    TUCSON,AZ85704     		NONE PC SUPPORT TOHONO CHULS GARDENS, FACILITIES, AND CONSERVATION EDUCATION PROGRAMS 125,000
    TUCSON BOTANICAL GARDENS
    2150 N ALVERNON WAY
    TUCSON,AZ85712     		NONE PC REPAIR A WATER MAIN PIPE AND HELP WITH RENOVATING THE CHILDRENS DISCOVERY GARDEN 9,000
    TUCSON BOTANICAL GARDENS
    2150 N ALVERNON WAY
    TUCSON,AZ85712     		NONE PC PROVIDE ADDITIONAL SECURITY AROUND A RARE PLANT EXHIBIT AND TO SUPPORT HORTICULTURE AND EXHIBITION PROGRAMMING 75,000
    UNIVERSITY OF ARIZONA
    1303 E UNIVERSITY BLVD BOX 3
    TUCSON,AZ85719     		NONE PC FOR FUNDING RESEARCH ON THE LONG-TERM EFFECTS OF URBAN DEVELOPMENT ON REPTILES 30,000
    UNIVERSITY OF ARIZONA
    1303 E UNIVERSITY BLVD BOX 3
    TUCSON,AZ85719     		NONE PC FUNDING THE RESEARCH PROJECT, "A GENETIC APPROACH TO THE SOLUTION OF HYPERMOBILE EHLERS DANLOS SYNDROME" 299,266
    URBANPROMISE INTERNATIONAL INC
    PO BOX 156
    PENNSAUKEN,NJ08110     		NONE PC FUND AND EXPAND EXPERIENTIAL LEARNING PROGRAMS FOR INNER CITY YOUTH AND ASSIST IN INITIATING NEW URBANPROMISE SITES IN NEW CITIES 150,000
    WILD SALMON CENTER
    721 NW 9TH AVENUE SUITE 300
    PORTLAND,OR97209     		NONE PC TO SUPPORT THE COLD WATER CONNECTION CAMPAIGN TO ENGINEER AND CORRECT PRIORITY FISH PASSAGE BARRIERS IN AN EFFORT TO RECONNECT 150 RIVER MILES 150,000
    WILDCOAST
    925 SEACOAST DR
    IMPERIAL BEACH,CA91932     		NONE PC SUPPORT CONSERVATION OF COASTAL AND MARINE ECOSYSTEMS AND WILDLIFE ON MEXICOS PACIFIC COAST 80,000
    WILDLIFE ALLIANCE INC
    1441 BROADWAY FIFTH FLOOR
    NEW YORK,NY10018     		NONE PC SUPPORT THE LAW ENFORCEMENT AND RESCUE OPERATIONS OF THE WILDLIFE RAPID RESCUE TEAM 90,000
    YALE UNIVERSITY
    PO BOX 1873
    NEW HAVEN,CT06508     		NONE PC CONTINUE TO FUND A RESEARCH PROGRAM STARTED IN 2016 TO ADVANCE THE PRACTICE OF ACADEMIC INTEGRATIVE MEDICINE 99,461
    YALE UNIVERSITY
    PO BOX 1873
    NEW HAVEN,CT06508     		NONE PC FUND TWO INVESTIGATIONS CENTERED ON THE CLINICAL AND BIOCHEMICAL EFFECTS OF REPEATED DOSING OF PSILOCYBIN IN MIGRAINE HEADACHES AND THE CLINICAL AND NEUROPLASTIC EFFECTS OF DMT IN MAJOR DEPRESSION 213,931
    Total .................................bullet 3a 4,025,108
    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 ...........     		         
    4 Dividends and interest from securities....     14 1,908,271  
    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.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 5,782,463  
    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 7,690,734 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    7,690,734
    (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.)
    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

    TY 2018 AccountingFeesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY UMSTEAD
    EIN:
    42-6540579
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 60,088 20,163   39,925

    TY 2018 InvestmentsCorpBondsSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY UMSTEAD
    EIN:
    42-6540579
    Name of Bond End of Year Book Value End of Year Fair Market Value
    AMEGEN INC 254,948 251,159
    JP MORGAN CHASE & CO 261,297 257,283
    GENERAL MILLS INC 254,279 247,990
    CVS HEALTH CORP 257,072 248,285
    HARLEY-DAVIDSON INC 255,030 238,853
    CELGENE CORP 253,325 240,665
    GMAC CAP TRUST I 8.125% TO 2/1/16 FLOATS AFTER 132,363 132,555
    CITIGROUP CAPT XIII 7.875% FIX ED 10/30/15 FLOATS AFTER 39,444 40,226
    HARTFORD FINL SVC GRP 7.875% TO 4/15/22 FLOATS AFTER 46,364 41,654
    REINSURANCE GROUP AMERICA INC 63,472 56,895
    APOLLO INVESTMENT CORP 6.875% 31,738 30,789
    QWEST CORP 6.875% 68,863 53,271
    AMTRUST FINANCIAL SERVICES INC 7.50% 21,880 17,330
    QWEST CORP 6.625% 23,504 18,077
    AMERICAN FINANCIAL GROUP 10,526 10,143
    TELEPHONE & DATA SYSTEMS 62,743 58,224
    UNITED STATE CELLULAR CORP 7.25% 9,496 8,643
    UNITED STATES CELLULAR CORP 7.25% 20,143 19,030
    ASSURED GUARNITY MUNI HLDGS INC NT MTY 31,585 31,601
    ANHEUSER-BUSCH INBEV FIN 255,180 243,088
    BANK OF AMERICA CORP 234,642 228,067
    PACKAGING CORP OF AMERICA 229,025 221,099
    ALLSTATE CORP 5.1 FIXED TO 01/23 THEN FLOATS 60,483 55,237
    EBAY INC 6 40,878 40,997
    BERKLEY CORP 20,575 18,686
    WR BERKLEY CORP 9,668 8,654
    REINSURANCE GRP OF AMERICA 96,031 85,887
    TORCHMARK CORP 21,818 21,754
    WESTERN ALLIANCE BANCORPORATION 6.25 20,506 20,545
    QWEST CORP 6.5 71,395 54,365
    NUSTAR LOGISTICS LP 7.625% 21,271 19,668
    GLOBAL INDEMNITY LIMITED 7.875% 30,076 29,159
    STIFEL FINANCIAL CORP 5.2% 10,454 8,557
    AMTRUST FINANCIAL SERVICES INC 7.25% 11,116 8,420
    AT&T INC 5.35% 31,790 30,217
    ENBRIDGE INC 6.375% 62,504 58,285
    DUKE ENERGY CORP 5.625% 10,569 10,067
    CMS ENERGY CORP 5.875% 10,631 10,298
    ALGONQUIN POWER & UTILITIES CORP 6.875% 10,336 10,238
    STATE BANK IND NEW YORK CITY NY CD 250,000 250,013
    CITIBANK 245,000 245,370
    PRUDENTIAL FINANCIAL INC 5.625% 10,429 9,929

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY UMSTEAD
    EIN:
    42-6540579
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AERCAP HOLDINGS NV 329,261 250,470
    FIRST TR EXCHANGE TRADED FD VI 690,424 623,408
    FIRST TRUST AMEX BIOTECH 1,327,708 2,021,976
    SPDR S&P DIVIDEND 2,820,220 3,759,840
    SPDR S&P MIDCAP 400 ETF TRUST 2,119,110 5,538,861
    VANGUARD HEALTH CARE ETF 2,432,482 3,944,175
    VANGUARD RUSSELL 1000 2,970,541 4,004,305
    AEGON NV 6.3750% SERIES 40,954 40,231
    AEGON NV SERIES 1 19,546 16,240
    ALLSTATE CORP 6.625%-E 27,524 25,572
    ALLSTATE CORP DEP SHS 1/1000 10,797 10,120
    ASPEN INSURANCE HLDG LTD 41,847 36,661
    BANK OF AMERICA CORP 6.5%-Y 43,295 41,496
    BANK OF AMERICAN 6.625%-W 41,845 41,594
    BK OF AMERICA CO 5.875% 10,567 10,428
    CAPITAL ONE FINL CORP 6.70%-D 55,058 52,348
    CHS INC 84,088 77,329
    CHS INC 85,278 76,341
    CITIGROUP INC 6.875%-K 125,803 120,088
    CITIGRP INC 7.125% 29,826 28,521
    DIGITAL REALITY TRUST 7.375%-H 44,880 41,798
    F N B CORP FLA DEP SHS REPSTG 40,095 37,080
    FIFTH THIRD BANCORP 6.625%-I 61,590 58,958
    GOLDMAN SACHS GROUP PFD D 30,908 26,338
    GOLDMAN SACHS GRP INC 5.50%-J 41,828 38,889
    GOLDMAN SACHS GRP INC 6.375%-K 73,682 71,323
    JP MORGAN CHASE & CO 6.1%-Y 19,892 20,074
    JPMORGAN CHASE & CO 6.125%-T 9,208 9,227
    MORGAN STANLEY 6.375%-I 82,394 77,330
    MORGAN STANLEY 6.875%-F 84,325 79,228
    MORGAN STANLEY 7.125%-E 41,442 38,368
    MORGAN STANLEY SER-A 17,344 16,628
    PARTNERRE LTD 7.25% 84,517 78,265
    PNC FINL P 6.125% FLTS 5/01/22 104,138 98,713
    PUBLIC STORAGE 6% 10,509 10,020
    REGIONS FINANCIAL CO 6.375%-B 32,164 28,856
    STATE ST CO 5.90-D FXD-TO-FLT 63,795 58,703
    SYNOVUS FIN CP 7.875 PFD 10,501 9,880
    US BANCORP-F 6.5% FLTS 1/15/22 39,150 35,854
    US BANCORP - 5.5% 10,508 10,370
    VALLEY NATL BANCORP SER-A 20,249 18,912
    VEREIT INC PFD SER F 56,673 54,300
    WELLS FARGO & COMPANY 6.625%-R 160,661 149,691
    WINTRUST FINANCIAL CORP 49,880 48,142
    ZIONS BANCORP 6.30% 64,613 60,203
    HARTFORD FIN SER6.0% 10,408 10,475
    ALPHABET INC CL C 940,947 1,771,929
    AMAZON COM INC 227,292 1,147,505
    AON PLC SHS CL-A 206,578 611,820
    BARCLAY PLC ADR 450,807 307,187
    BANK OF AMERICA CORP 6% 20,625 20,708
    BERKSHIRE HATHAWAY CL-B NEW 826,857 1,557,893
    CITIGROUP INC NEW 1,193,938 1,158,179
    COMCAST CORP (NEW) CLASS A 644,294 654,611
    DISH NETWORK CLASS A 750,063 394,526
    ECOLAB INC 158,184 491,265
    FACEBOOK INC CL-A 630,754 524,360
    GCI LIBERTY INC CL A 679,147 646,418
    GOLDMAN SACHS GRP INC 802,477 846,275
    HILTON WORLDWIDE HLDGS INC 225,772 244,120
    LIBERTY GLOBAL PLC CL C NEW 351,268 727,271
    LIBERTY TRIPADVISOR HLDGS INC 44,621 76,669
    MICROSOFT CORP 442,359 1,599,829
    MOHAWK INDUSTRIES INC 796,797 473,688
    MORGAN STANLEY 416,232 478,774
    ORACLE CORP 638,114 878,168
    TWENTY-FIRST CENTURY FOX CL B 783,577 1,127,608
    UNITED PARCEL SER INC CL-B 441,479 392,558
    UNITEDHEALTH GP INC 127,669 1,079,437
    AMER HOMES 4 RENT 6.35 SER-E 22,302 19,802
    AMERICAN HMS 4 RENT PFD D 6.5 10,880 9,684
    AMERICAN HOMES 4 RENT 6.25 10,550 9,377
    AMTRUST FINL SERV INC 6.95 S-F 27,582 15,652
    ARCH CAP GROUP LTD 5.25 22,783 18,578
    ASPEN INSURANCE HOLDING 5.625 45,210 36,606
    BANK OF AMERICA CORP 6.2 CC 67,530 66,292
    CHARLES SCHWAB CORP 5.95 D 44,269 42,125
    CHS INC/RED PFD CL BS4 44,360 40,315
    CITIGROUP INC 6.3 19,892 19,992
    HUNTINGTON BANCSHARES 6.25 32,938 31,497
    JP MORGAN CHASE & CO 6.3 20,938 19,763
    KEYCORP 6.125 SER-E 60,520 60,574
    KIMCO REALTY CORP 6% 10,467 10,052
    PEOPLES UNITED FIN INC SER A 74,547 63,654
    SANTANDER FINANCE PRF SA FLR 19,348 16,523
    SCE TRUST IV 5.375 10,987 8,709
    SCE TRUST V 5.45 20,593 16,641
    STIFEL FINANCIAL CORP 6.25 20,385 19,059
    WELLS FARGO & CO 5.7 SER-2 10,795 9,901
    MARRIOTT INTL INC NEW CL A 673,162 880,856
    FIRST TRUST WATER ETF (FIW) 668,045 790,380
    VANGUARD TOTAL INTL STOCK ETF 3,065,492 2,657,589
    MB FINANCIAL INC NEW SER C 10,473 9,450
    AEGON NE 6.5000 SERIES 20,757 19,807
    AGNC INVESTMENT CORP 7% 10,377 10,567
    ANNALY CAP MGMNT 6.95% 10,447 10,399
    ARCH CAP GROUP LTD 5.45% 22,054 18,114
    CAPITAL ONE FINL CORP 6.20%-F 10,496 9,881
    COLONY NORTHSTAR INC 7.125%-J 28,924 21,420
    COLONY NORTHSTAR INC 8.75% 10,398 8,978
    DIGITAL RLTY TR INC RED SER C 14,106 14,273
    ENSTAR GROUP LTD 7% 31,306 28,993
    FARMLAND PARTNERS INC 6% 24,248 17,066
    GLOBAL NET LEASE INC PFD SER A 6,217 6,219
    GOLDMAN SACHS GROUP INC 6.3% 22,741 21,226
    INVESCO MTG CAP INC 7.75% 10,416 10,404
    MORGAN STANLEY 5.85% 20,397 19,545
    NATIONAL RETAIL PROP 5.70$ 23,748 21,459
    NATIONAL STORAGE AFFILIA 6% 10,392 9,339
    NEW YORK CMNTY BC INC SER A 62,352 55,042
    NISOURCE INC 6.5% SER B 20,352 20,483
    STATE STREET CORP 5.350% 53,775 47,951
    TCF FINANCIAL CORPN 5.70 10,433 9,479
    TWO HARBORS INVESTM 7.625% 10,423 10,201
    TWO HARBORS INVSTMNT C 7.25% 20,631 19,703
    URSTADT BIDDLE PPTYS INC SER H 6,256 5,827
    VALLEY NATL BANCRP 5.50% 10,208 8,880
    WELLS FARGO & COMPANY 6% 4,145 3,917
    WELLS FARGO 5.85-Q FIXD 42,900 39,730
    GENERAL MTRS CO 575,212 559,451
    TRIPADVISOR INC COM 280,708 467,930
    WELLS FARGO & CO NEW 1,030,286 898,790
    ALPHABET INC CL C 5,271 7,249
    APPLE INC 7,779 9,622
    BERKSHIRE HATHAWAY CL-B NEW 658 2,654
    BOEING CO 3,220 8,063
    CISCO SYS INC 2,809 6,066
    CME GROUP INC 1,084 3,386
    JP MORGAN CHASE & CO 1,995 4,295
    MICROSOFT CORP 2,046 9,751
    THERMO FISHER SCIENTIFIC 552 3,804
    UNITEDHEALTH GP INC 0 7,474
    JP MORGAN CHASE & CO. 5.75% 10,567 10,588
    BRIGHTSPHERE INVT GROUP LLC NT 47,128 39,862

    TY 2018 InvestmentsOtherSchedule2
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY UMSTEAD
    EIN:
    42-6540579
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    JP MORGAN STRAT INC OPP SEL AT COST 2,933,731 2,800,479
    LOOMIS SAYLES STRATEGIX INC Y AT COST 4,219,161 3,554,639
    LORD ABBETT SHT DURATION INC F AT COST 4,486,608 4,163,830
    MAINSTAY HI YLD CORP BOND I AT COST 3,046,785 3,318,677
    MATTHEWS ASIA DIVIDEND INV AT COST 2,727,835 2,458,894
    ARTISAN FUNDS INC MID CAP VALUE FD INV SHS ARTQX AT COST 27,967 24,334
    ARTISAN FDS INC INTERNAITIONAL FUND INV ARTIX AT COST 28,206 34,995
    DIAMOND HILL LONG-SHORT FUND CL I DHLSX AT COST 41,793 57,974
    DODGE & COX INCOME FD DODIX AT COST 104,592 105,598
    HARRIS ASSOC INVT TR OAKMARK INTL FUND CL I OAKIX AT COST 25,114 34,725
    JPMORGAN MID CAP VALUE FUND CL I FLMVX AT COST 20,042 28,248
    ROYCE FUND PENNSYLVANIA MUTUAL FD INVESTMENT CL PENNX AT COST 49,182 42,542
    PIMCO FDS PAC INVT MGMT SER EMERGING MKTS BD RD INSTL CL PEBIX AT COST 15,091 13,430
    PRINICIPAL FUNDS INC PREFERRED SECURITIES INSTAL CLASS PPSIX AT COST 32,609 30,561
    TEMPLETON INCOME TR GLOBAL BD FD ADVISOR CL TGBAX AT COST 14,683 13,276
    TWEEDY BROWNE FD INC GLOBAL VALUE FD TBGVX AT COST 20,283 24,928
    VANGUARD GNMA FD CL I VFIIX AT COST 20,354 19,977
    FIRST EAGLE OVERSEAS 1 AT COST 6,884,070 6,408,701

    TY 2018 OtherAssetsSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY UMSTEAD
    EIN:
    42-6540579
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    DIVIDEND RECEIVABLE 19,646 13,913 13,913


    TY 2018 OtherExpensesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY UMSTEAD
    EIN:
    42-6540579
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK SERVICE CHARGES 628 596   0


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY UMSTEAD
    EIN:
    42-6540579
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SB INVEST CONSULTING FEES 192,148 192,148   0
    INVESTMENT MANAGEMENT FEES 238,194 238,194   0


    TY 2018 TaxesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY UMSTEAD
    EIN:
    42-6540579
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 29,783 29,783   0
    EXCISE TAXES 113,000 0   0