Form990-PF
Click to see attachment

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
2019
Open to Public Inspection
For calendar year 2019, or tax year beginning 07-01-2017 , and ending 06-30-2018
Name of foundation
RAY FOUNDATION INC
 
Number and street (or P.O. box number if mail is not delivered to street address)100 AVIATION DRIVE SOUTH NO 203
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NAPLES, FL34104
A Employer identification number

81-0288819
B Telephone number (see instructions)

(239) 649-5733
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$186,463,819J 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) 12,542,584
2 Check bullet.............
3 Interest on savings and temporary cash investments 249,667 249,667  
4 Dividends and interest from securities... 3,508,178 3,508,178  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,215,299
b Gross sales price for all assets on line 6a 6,220,937
7 Capital gain net income (from Part IV, line 2)... 1,215,299
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 987 987  
12 Total. Add lines 1 through 11........ 17,516,715 4,974,131  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 335,000 67,500   267,500
14 Other employee salaries and wages...... 6,964 0   0
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 55 0   0
b Accounting fees (attach schedule)....... Click to see attachment 3,845 0   0
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 57,082 0   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 64,844 0   0
21 Travel, conferences, and meetings....... 20,888 0   0
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 80,743 0   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 569,421 67,500   267,500
25 Contributions, gifts, grants paid....... 2,792,077 2,792,077
26 Total expenses and disbursements. Add lines 24 and 25 3,361,498 67,500   3,059,577
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 14,155,217
b Net investment income (if negative, enter -0-) 4,906,631
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2019)
Form 990-PF (2019)
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............. 113,108 138,169 138,169
2 Savings and temporary cash investments......... 33,159,387 30,429,821 30,429,821
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet   2,192,832    
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.......... 7,240 28,000 28,000
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 41,440,283 Click to see attachment43,074,801 148,931,866
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).......... 0 Click to see attachment9,106,990 6,465,963
14 Land, buildings, and equipment: basis bullet485,414
Less: accumulated depreciation (attach schedule) bullet15,414 0 Click to see attachment470,000 470,000
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 76,912,850 83,247,781 186,463,819
Liabilities 17 Accounts payable and accrued expenses.......... 7,820,286  
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)......... 7,820,286 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 69,092,564 83,247,781
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 0 0
29 Total net assets or fund balances (see instructions)..... 69,092,564 83,247,781
30 Total liabilities and net assets/fund balances (see instructions). 76,912,850 83,247,781
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 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
69,092,564
2
Enter amount from Part I, line 27a .....................
2
14,155,217
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
83,247,781
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 29 .
6
83,247,781
Form 990-PF (2019)
Form 990-PF (2019)
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 8098 SHS ACCO D 2017-03-28 2017-07-13
b 2678 SHS ACXM D 2017-03-28 2018-01-29
c 369 SHS ADIENT D 2017-03-28 2017-07-13
d 1105 SHS ASIX D 2017-03-28 2017-07-13
e 673 SHS AA D 2017-03-28 2017-07-13
2021 SHS ARNC D 2017-03-28 2017-07-13
27000 SHS T D 2017-03-28 2018-01-16
2712 SHS CBS D 2017-03-28 2018-01-29
2000 SHS CHRW D 2017-03-28 2018-01-29
11385 SHS XOM D 2017-03-28 2018-01-16
3310 SHS FCX D 2017-03-28 2018-01-16
1387 SHS FTR D 2017-03-28 2017-07-13
33800 SHS GE D 2017-03-28 2018-01-16
13158 SHS KMI D 2017-03-28 2018-01-16
FRAC SH MFGP D 2017-03-28 2017-09-19
FRAC SH PRSP D 2017-03-28 2018-06-06
2000 SHS RS D 2017-03-28 2018-01-29
2500 SHS SNN D 2017-03-28 2018-01-29
13610 SHS S D 2017-03-28 2017-07-13
2712 SHS VIAB D 2017-03-28 2018-01-29
6356 SHS WAFD D 2017-03-28 2018-01-29
LP INT IN PAINE FIELD HOTEL DEV D 2017-03-28 2018-06-30
(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 96,280   59,683 36,597
b 72,841   12,573 60,268
c 25,302   17,190 8,112
d 36,139   1,201 34,938
e 23,871   8,558 15,313
49,126   23,462 25,664
990,637   233,774 756,863
160,736   35,579 125,157
193,452   99,406 94,046
983,730   107,135 876,595
64,462   129,127 -64,665
18,412   53,375 -34,963
649,798   730,605 -80,807
249,525   546,518 -296,993
31   3 28
23     23
181,736   93,056 88,680
93,119   44,858 48,261
111,436   58,738 52,698
89,571   54,200 35,371
230,710   26,597 204,113
1,900,000   2,670,000 -770,000
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       36,597
b       60,268
c       8,112
d       34,938
e       15,313
      25,664
      756,863
      125,157
      94,046
      876,595
      -64,665
      -34,963
      -80,807
      -296,993
      28
      23
      88,680
      48,261
      52,698
      35,371
      204,113
      -770,000
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 1,215,299
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))
2018 145,000 65,414,832 0.002217
2017 3,592,790 23,103,298 0.155510
2016 4,404,240 23,690,218 0.185910
2015 1,688,071 20,543,502 0.082171
2014 395,803 17,440,526 0.022694
2
Total of line 1, column (d) .....................
2
0.448502
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
0.089700
4
Enter the net value of noncharitable-use assets for 2019 from Part X, line 5......
4
177,321,328
5
Multiply line 4 by line 3......................
5
15,905,723
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
49,066
7
Add lines 5 and 6........................
7
15,954,789
8
Enter qualifying distributions from Part XII, line 4,.............
8
3,059,577
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 (2019)
Form 990-PF (2019)
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 98,133
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 98,133
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 98,133
6 Credits/Payments:
a 2019 estimated tax payments and 2018 overpayment credited to 2019 6a 28,000
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 90,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 118,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 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 19,867
11 Enter the amount of line 10 to be: Credited to 2020 estimated taxBullet19,867 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)
    bulletCO, FL
    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 2019 or the taxable year beginning in 2019? 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 (2019)
    Form 990-PF (2019)
    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 addressbulletHTTPS://RAYFOUNDATION.US
    14
    The books are in care ofbulletTHE FOUNDATION Telephone no.bullet (239) 649-5733

    Located atbullet100 AVIATION DRIVE SOUTH NO 203NAPLESFL ZIP+4bullet34104
    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 2019, 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 2019?.............
    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 2019, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2019?.............
    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 2019 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 2019.)..................
    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 2019?
    4b
     
    No
    Form 990-PF (2019)
    Form 990-PF (2019)
    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
    CHARLES J AHEARN PRESIDENT/DIRECTOR
    40.00     		225,000 0 0
    100 AVIATION DRIVE SOUTH 203
    NAPLES,FL34104
    JEFFERY J TEMPAS TREASURER/DIRECTOR
    16.00     		55,000 0 0
    5856 S LOWELL BLVD 32-412
    LITTLETON,CO80123
    THEODORE H BROUSSEAU SECRETARY/DIRECTOR
    16.00     		55,000 0 0
    100 AVIATION DRIVE SOUTH 203
    NAPLES,FL34104
    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 (2019)
    Form 990-PF (2019)
    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 (2019)
    Form 990-PF (2019)
    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
    144,399,036
    b
    Average of monthly cash balances.......................
    1b
    28,686,654
    c
    Fair market value of all other assets (see instructions)................
    1c
    6,935,963
    d
    Total (add lines 1a, b, and c).........................
    1d
    180,021,653
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) Click to see attachment.............
    1e
    2,641,027
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    180,021,653
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    2,700,325
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    177,321,328
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    8,866,066
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    8,866,066
    2a
    Tax on investment income for 2019 from Part VI, line 5......
    2a
    98,133
    b
    Income tax for 2019. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    98,133
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    8,767,933
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    8,767,933
    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
    8,767,933
    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
    3,059,577
    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
    3,059,577
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    3,059,577
    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 (2019)
    Form 990-PF (2019)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2018     		(c)
    2018     		(d)
    2019
    1 Distributable amount for 2019 from Part XI, line 7 8,767,933
    2 Undistributed income, if any, as of the end of 2019:
    a Enter amount for 2018 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2019:
    a From 2014......  
    b From 2015......  
    c From 2016...... 800,704
    d From 2017...... 2,452,045
    e From 2018......  
    fTotal of lines 3a through e........ 3,252,749
    4Qualifying distributions for 2019 from Part
    XII, line 4: bullet$ 3,059,577
    a Applied to 2018, but not more than line 2a 0
    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 2019 distributable amount..... 3,059,577
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2019. 3,252,749 3,252,749
    (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 2018. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2019. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2020 ..........     		2,455,607
    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 2014 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2020.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2015....  
    b Excess from 2016....  
    c Excess from 2017....  
    d Excess from 2018....  
    e Excess from 2019....  
    Form 990-PF (2019)
    Form 990-PF (2019)
    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 2019, 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) 2019 (b) 2018 (c) 2017 (d) 2016
             
    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 e-mail address of the person to whom applications should be addressed:
    CHARLES J AHEARN
    100 AVIATION DRIVE SOUTH SUITE 203
    NAPLES,FL34104
    (239) 649-5733
    bThe form in which applications should be submitted and information and materials they should include:
    SEE ATTACHED STATEMENT 12
    cAny submission deadlines:
    SEE ATTACHED STATEMENT 12
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    SEE ATTACHED STATEMENT 12
    Form 990-PF (2019)
    Form 990-PF (2019)
    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
    ALZHEIMER'S SUPPORT NETWORK
    660 TAMIAMI TRAIL N
    NAPLES,FL34102     		NONE PUBLIC CHARITY OPERATING BUDGET SUPPORT 50,000
    AVIATION EDUCATION FOUNDATION
    100 AVIATION DRIVE SOUTH STE 203
    NAPLES,FL34104     		NONE PRIVATE FOUNDATION OPERATING SUPPORT 100,000
    AVIATION EDUCATION FOUNDATION
    100 AVIATION DRIVE SOUTH STE 203
    NAPLES,FL34104     		NONE PRIVATE FOUNDATION OPERATING SUPPORT 50,000
    AOPA AIR SAFETY FOUNDATION
    421 AVIATION WAY
    FREDERICK,MD21701     		NONE PUBLIC CHARITY SUPPORT FOR 'YOU CAN FLY' PROGRAM 1,000,000
    AOPA AIR SAFETY FOUNDATION
    421 AVIATION WAY
    FREDERICK,MD21701     		NONE PUBLIC CHARITY FLIGHT SCHOLARSHIPS 100,000
    NAPLES ART ASSOCIATION
    585 PARK STREET
    NAPLES,FL34102     		NONE PUBLIC CHARITY COLLEGE SCHOLARSHIP PROGRAM 10,000
    SOUTHEASTERN GUIDE DOGS
    4210 77TH STREET EAST
    PALMETTO,FL34221     		NONE PUBLIC CHARITY OPERATING BUDGET SUPPORT 250,000
    THE HERITAGE FOUNDATION
    214 MASSACHUSETTS AVE NE
    WASHINGTON,DC20002     		NONE PUBLIC CHARITY INTERNSHIPS 30,000
    COMMUNITY FOUNDATION OF COLLIER COUNTY
    1110 PINE RIDGE ROAD STE 200
    NAPLES,FL34108     		NONE PUBLIC CHARITY JAMES C RAY SCHOLARSHIP FUNDING 100,000
    EXPERIMENTAL AIRCRAFT ASSOCIATION
    3000 POBEREZNY ROAD
    OSHKOSH,WI54902     		NONE PUBLIC CHARITY KIDVENTURE OPERATING SUPPORT 40,000
    EAGLE SPORT AVIATION CLUB
    3183 ROYAL BIRKDALE WAY
    PORT ORANGE,FL32128     		NONE PUBLIC CHARITY AIRCRAFT ACQUISITION SUPPORT 20,000
    UNIVERSITY OF ND ALUMNI ASSOCIATION FOUNDATION
    3501 UNIVERSITY AVE STOP 8157
    GRAND FORKS,ND58202     		NONE PUBLIC CHARITY JAMES C RAY FRESHMAN SCHOLARSHIP FUND 500,000
    LAKELAND AERO CLUB
    3952 JAMES C RAY DRIVE
    LAKELAND,FL33811     		NONE PUBLIC CHARITY OPERATING BUDGET SUPPORT 91,000
    LAKELAND AERO CLUB
    3952 JAMES C RAY DRIVE
    LAKELAND,FL33811     		NONE PUBLIC CHARITY HANGAR MODIFICATION AND OPERATING SUPPORT 54,167
    COLLIER COUNTY PUBLIC SCHOOLS
    5775 OSCEOLA TRAIL
    NAPLES,FL34109     		NONE PUBLIC CHARITY OPERATING SUPPORT AVIATION CURRICULUM 158,310
    DC YOUTH AVIATION
    1443 ROCK CREEK FORD ROAD NW
    WASHINGTON,DC20011     		NONE PUBLIC CHARITY MATCHING GRANT AIRCRAFT RESTORATION PROJECT 10,000
    CITIZEN'S FOSTER CARE REVIEW BOARD
    PO BOX 10746
    NAPLES,FL34101     		NONE PUBLIC CHARITY OPERATING GRANT 5,000
    SUN-N-FUN
    4175 MEDULLA ROAD
    LAKELAND,FL33811     		NONE PUBLIC CHARITY OPERATING GRANT 1,600
    MIRACLES FOR MITO
    789 SHERMAN STREER STE 250
    DENVER,CO80203     		NONE PUBLIC CHARITY BIKE PROJECT GRANT 10,000
    CHILDREN'S HOSPITAL COLORADO FOUNDATION
    13123 E 16TH AVE BOX 045
    AURORA,CO80045     		NONE PUBLIC CHARITY RESEARCH GRANT MITOCHONDRIAL DISEASE 40,000
    WINGS OVER THE ROCKIES
    13005 WINGS WAY
    ENGLEWOOD,CO80112     		NONE PUBLIC CHARITY TEACHER FLIGHT PROGRAM SUPPORT GRANT 150,000
    TEENS IN FLIGHT
    13 CHADWICK CT
    PALM COAST,FL32137     		NONE PUBLIC CHARITY OPERATING GRANT 10,000
    EAA CHAPTER 1240
    1 LOCKWOOD LANE
    SEBRING,FL33870     		NONE PUBLIC CHARITY EDUCATION PROGRAM OPERATING SUPPORT 12,000
    Total .................................bullet 3a 2,792,077
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2019)
    Form 990-PF (2019)
    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 ...........     		    14 249,667  
    4 Dividends and interest from securities....     14 3,508,178  
    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.....     14 987  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 1,215,299  
    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 4,974,131 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    4,974,131
    (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 (2019)
    Form 990-PF (2019)
    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 (2019)
    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
    2019
    Name of the organization
    RAY FOUNDATION INC
     
    Employer identification number

    81-0288819
    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) (2019)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019) Page 2
    Name of organization
    RAY FOUNDATION INC
          		Employer identification number
    81-0288819
    Part I
    Contributors
    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
    ESTATE OF JAMES C RAY
     
    100 AVIATION DRIVE SOUTH STE 203
     
    NAPLES, FL34104

    		$ 10,692,014


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    JAMES C RAY 71891 CRUT
     
    100 AVIATION DRIVE SOUTH STE 203
     
    NAPLES, FL34104

    		$ 1,850,570


    (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) (2019)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Page 3
    Name of organization
    RAY FOUNDATION INC
          		Employer identification number

    81-0288819
    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
    1
    		 INTEREST IN LIMITED PARTNERSHIP HELD BY DECEDENT INTEREST IN REAL ESTATE HELD BY DECEDENT. $ 10,692,014 2018-06-01
    (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) (2019)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Page 4
    Name of organization
    RAY FOUNDATION INC
          		Employer identification number

    81-0288819
    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) (2019)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2017 AccountingFeesSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX RETURN PREPARATION 3,845 0   0

    TY 2017 GeneralExplanationAttachment
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Identifier Return Reference Explanation
      PART XV, LINES 2B, 2C, 2D 2B - THE FOUNDATION RECOMMENDS THAT AN APPLICANT INITIALLY SEND A BRIEF LETTER, NOT TO EXCEED TWO PAGES, SUMMARIZING THE GRANT REQUEST CONCEPT. THE FOUNDATION WILL UTILIZE THIS LETTER IN AN INITIAL SCREENING PROCESS. THE LETTER SHOULD CONTAIN THE FOLLOWING:1. THE EXACT NAME OF THE APPLICANT - AS RECOGNIZED BY THE INTERNAL REVENUE SERVICE.2. THE APPLICANT'S ADDRESS AND TELEPHONE NUMBER.3. DATE OF THE APPLICATION.4. NATURE, HISTORY, AND PURPOSE OF APPLICANT'S ORGANIZATION. 5. APPLICANT'S TAX EXEMPT STATUS. 6. BRIEF GENERAL DESCRIPTION OF THE APPLICANT'S NEED OR PROBLEM TO BE ADDRESSED. 7. BRIEF PRELIMINARY BUDGET FOR THE PROJECT, INCLUDING THE AMOUNT TO BE REQUESTED FROM THE FOUNDATION, AND PROPOSED SOURCES AND AMOUNTS OF OTHER FUNDING. 8. PLANS FOR COOPERATING WITH OTHER INSTITUTIONS AND ORGANIZATIONS, IF ANY.9. SIGNATURE AND TITLE OF APPLICANT'S PROJECT DIRECTOR AND CHIEF ADMINISTRATIVE OFFICER (PRESIDENT, EXECUTIVE DIRECTOR, OR OTHER) INDICATING ORGANIZATIONAL APPROVAL OF REQUEST. 2C - THE FOUNDATION HAS NO SUBMISSION DEADLINES. REQUESTS WILL BE CONSIDERED BY THE FOUNDATION AS RECEIVED AND PRESENTED TO THE FOUNDATION BOARD FOR ITS CONSIDERATION AT A REGULARLY SCHEDULED OR SPECIAL MEETING, AS APPROPRIATE. 2D - THE RAY FOUNDATION CONSIDERS A NUMBER OF PARAMETERS IN ITS GRANTMAKING ACTIVITIES. IT IS NOT PRACTICAL TO DETAIL ALL OF THESE CONSIDERATIONS; HOWEVER, THE FOLLOWING CONDITIONS DO APPLY TO ALL APPLICANTS. 1. APPLICANT ORGANIZATIONS MUST BE CLASSIFIED 501(C)(3) BY THE INTERNAL REVENUE SERVICE. 2. THE FOUNDATION WISHES TO ENCOURAGE CREATIVITY, RESPONSIBILITY, AND SELF-RELIANCE ON THE PART OF GRANT PARTICIPANT. 3. THE FOUNDATION HAS A PARTICULAR INTEREST IN AVIATION AND THE DEVELOPMENT OF STRATEGIES AND PROGRAMS WHICH ADDRESS THE INVOLVEMENT AND EDUCATION OF CHILDREN AND YOUNG ADULTS IN AVIATION AND FLIGHT. 4. THE FOUNDATION DOES NOT LIMIT APPLICANTS TO A PARTICULAR GEOGRAPHIC AREA. 5. THE FOUNDATION BOARD OF DIRECTORS MEETS AS NEEDED THROUGHOUT THE YEAR AS WELL AS IN JULY FOR THEIR ANUAL MEETING. APPLICATIONS ARE CONSIDERED AS THEY ARE RECEIVED.

    TY 2017 InvestmentsCorpStockSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Name of Stock End of Year Book Value End of Year Fair Market Value
    8000 AET 69,500 1,468,000
    9152 A 51,918 565,960
    8055 AKAM 4,014 589,868
    18100 AABA 317,693 1,325,101
    2352 ALVR 29,625 12
    12000 AXP 848,195 1,176,000
    20244 APA 156,900 946,407
    62960 AAPL 1,417,045 11,654,526
    311000 T 3,326,933 9,986,210
    2989 AZO 32,764 2,005,410
    35716 BAC 841,735 1,006,834
    1500 BDX 284,344 359,340
    5000 BA 208,254 1,677,550
    40000 BP 659,279 1,826,400
    14000 BMY 658,484 774,760
    4000 CAH 163,294 195,320
    7000 CAT 262,851 949,690
    36012 CHV 615,760 4,552,997
    15714 CIEN 52,545 416,578
    26512 CSCO 127,056 1,140,811
    6000 C 502,831 401,520
    9980 KO 250,378 437,723
    174214 CMCSA 1,543,561 5,715,961
    42286 COP 233,079 2,943,951
    10000 DHR 294,686 986,800
    5015 DVMT 11,797 424,169
    4800 DPS 41,921 585,600
    4466 DXC 43,134 360,004
    3862 EMN 14,837 386,046
    6979 EXQNF 47,809 17,448
    4859 ESRX 97,450 375,163
    132054 XOM 1,242,658 10,924,827
    60000 F 716,395 664,200
    5000 FTV 91,683 385,550
    4690 FCX 182,962 80,949
    23000 GRMN 905,491 1,403,000
    10000 GSK 77,163 403,100
    2500 GS 557,384 551,425
    1504 GOOG 386,360 1,677,938
    1500 GOOGL 387,631 1,693,785
    13260 HCP 167,925 342,373
    52000 HPE 67,770 759,720
    52000 HPQ 154,568 1,179,880
    37920 HON 645,868 5,462,376
    274550 HRL 433,274 10,216,006
    3191 NGVT 43,465 258,024
    5000 INTC 94,202 248,550
    20800 JPM 532,877 2,167,360
    8400 JBL 150,612 232,344
    10000 JNJ 616,868 1,213,400
    3695 JCI 50,151 123,598
    4578 KEYS 19,019 270,121
    4000 KHC 181,682 251,280
    4166 LLY 249,132 355,485
    17000 LOW 519,379 1,624,690
    4000 MPC 22,631 280,640
    13699 MDT 599,959 1,172,771
    27460 MRK 736,733 1,666,822
    8000 MDLZ 188,332 328,000
    4300 MSI 258,401 500,391
    9162 NCR 34,384 274,677
    15000 NSRGY 77,163 1,161,450
    15000 NWN 255,438 957,000
    9000 NVS 244,963 679,860
    44081 NUAN 107,733 612,065
    21000 ORCL 270,200 925,260
    5400 ORLY 151,869 1,477,278
    7000 PAYX 204,885 478,450
    928 PNR 11,942 39,050
    34617 PFE 811,615 1,255,905
    21143 PSX 73,494 2,374,570
    11393 PTC 42,521 1,068,777
    3000 RAYS# 3,666 0
    20000 SLB 152,417 1,340,600
    27684 SNPS 61,023 2,368,920
    26070 TMUS 41,456 1,557,683
    3870 TEL 74,299 348,532
    9162 TDC 38,942 367,854
    5500 TRV 583,987 672,870
    7000 UTX 275,779 875,210
    38379 USB 363,485 1,919,718
    80678 VZ 1,861,141 4,058,910
    63485 VSAT 4,317 4,172,234
    29256 VOD 296,275 711,213
    4200 WBA 152,071 252,063
    17194 WF 298,026 953,235
    19150 MWV 400,941 1,091,933
    7500 ZBH 627,910 835,800
    4000 IYF 214,056 468,760
    41800 ITOT 1,286,530 2,613,336
    35250 VB 5,053,803 5,487,368
    33000 VO 4,972,463 5,202,120
    928 NVT 5,989 23,293
    2500 MMM 510,570 491,800
    7140 MFGP 19,201 123,308

    TY 2017 InvestmentsOtherSchedule2
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    BEECHWOOD BARTOW LLC AT COST 4,248,990 3,016,783
    UNIVERSITY HOTEL DEV AT COST 618,000 438,780
    BEECHWOOD LAKELAND AT COST 3,220,000 2,286,200
    BEECHWOOD PLAZA OSHKOSH AT COST 1,020,000 724,200

    TY 2017 LandEtcSchedule2
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    COMPUTER AND PERIFERALS 10,814 10,814 0  
    CARPET 4,600 4,600 0  
    HANGAR 470,000 0 470,000  


    TY 2017 LegalFeesSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 55 0   0


    TY 2017 OtherExpensesSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK FEES 20,910 0   0
    FILING FEES 123 0   0
    PAYROLL SERVICE FEE 1,661 0   0
    CUSTODIAL ACCOUNT FEE 58,049 0   0


    TY 2017 OtherIncomeSchedule2
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MISCELLANEOUS 987 987 987


    TY 2017 ReductionExplanationStatement
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Explanation:
    INTERESTS IN 4 HOTEL PARTNERSHIPS HAVE BEEN REDUCED BY 29% DUE TO THEIR LACK OF MARKETABILITY. ATTEMPTS TO SELL THESE INTERESTS HAVE MET WITH LITTLE SUCCESS. THE 29% DISCOUNT RATE IS BASED ON THE ACTUAL SALE OF A FIFTH HOTEL INTEREST AT 71% OF ITS BOOK VALUE. BOOK VALUE DERIVED FROM ESTATE VALUE AT THE DATE OF DEATH OF CONTRIBUTOR JAMES C RAY.

    TY 2017 TaxesSchedule
    Name:
    RAY FOUNDATION INC
    EIN:
    81-0288819
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX ON INVESTMENT INCOME 24,443 0   0
    FOREIGN TAX PAID 9,588 0   0
    PAYROLL TAXES 23,051 0   0